Keppel O&M secures $4.03b contract to build offshore vessel

The contract is for a Brazilian oil company.

Keppel Offshore & Marine (Keppel O&M)’s wholly-owned subsidiary, Keppel Shipyard, has won a tender from Brazil’s National Oil Company, Petroleo Brasileiro S.A (Petrobras), to undertake the engineering, procurement and construction (EPC) of P-83, a Floating Production, Storage and Offloading vessel (FPSO), for $4.03b.

The P-83 is a repeat order of the P-80 FPSO that Keppel O&M secured in August this year. The contract will be on progressive milestone payments and adds approximately $3.8b to Keppel O&M’s orderbook bringing it to about $11.8 as of 28 September 2022.

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The P-83 will be identical to the P-80 in specifications and execution methodology. It will build on the synergies reaped from the P-80, including adapting the design and engineering as well as leveraging economies of scale in the procurement of materials.

The fabrication of the topside modules will be replicated across Keppel O&M’s facilities in Singapore, China and Brazil, while the construction of the hull and accommodation module will be done by CIMC Raffles in China. Integration of the separate components will be carried out in Singapore, with the final phase of offshore commissioning works undertaken by Keppel O&M when the FPSO arrives at the Buzios field.

The P-83 will be the third FPSO that Keppel O&M is building for Petrobras for the Buzios field. The vessel is scheduled for delivery in H1 2027.

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