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Repsol Sinopec Brasil News

10 May 2023

MODEC to Deliver Highly Complex FPSO for Equinor's $9B Project Offshore Brazil

Credit: MODEC

Japanese FPSO supplier MODEC has won a contract with Equinor to supply an FPSO vessel for the BM-C-33 block of the Campos Basin offshore Brazil. The order comes just days after Equinor and its partners Repsol Sinopec Brasil, and Petrobras took the $9 billion investment decision to develop the BM-C-33 project in Brazil. Located in the Campos Basin, BM-C-33 comprises three different pre-salt discoveries – Pão de Açúcar, Gávea and Seat – containing natural gas and oil/condensate…

03 Aug 2015

BG Group Starts up Sixth FPSO in the Santos Basin

FPSO Cidade de ItaguaĂ­ (Photo: BG Group)

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the group's discoveries in the Santos Basin, offshore Brazil. The FPSO will produce from the Iracema North area of the Lula field in the Petrobras-operated BM-S-11 block. Anchored 240 kilometers off the coast of Rio de Janeiro, the Cidade de Itaguaí is approximately 2,220 meters above the ocean floor. This is the second leased…

27 Feb 2015

MES Delivers FPSO Hull to MODEC

Photo: MES

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) delivered the hull of a floating production, storage and offloading unit (FPSO) for MODEC, Inc. The FPSO hull sailed out from MES’ Chiba Shipyard on February 27, 2015. The FPSO will be chartered to a consortium formed by Petrobras (45%), BG Group (30%) and Repsol Sinopec Brasil S.A. (25%) after topside integration and commissioning work by MODEC. This is MES’ second FPSO hull, following Kerr-Mcggy Global Producer III delivered in 2000.

07 Feb 2014

FPSO Arrives in Brazil to Integrate Modules

FPSO Cidade de Ilhabela (Photo: Petrobras)

The FPSO Cidade de Ilhabela, the floating oil and gas production, storage and offloading vessel scheduled to operate in the Sapinhoá field, Santos Basin, has arrived at the Brasa shipyard in Niterói (RJ) to finish lifting and integrating thirteen modules into its processing plant. The new platform was converted from an oil tanker at the CXG shipyard in China. The modules will be integrated at the Brasa shipyard in a partnership with companies SBM Offshore and the Synergy Group. The shipyard is also responsible for building thirteen of the eighteen modules for the FSPO’s processing plant.

18 Dec 2013

Four Companies Proceed with FPSO Chartering Project

MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production, storage and offloading system (FPSO) for use in the Carioca area of a pre-salt oil field off the coast of Brazil. The four companies have entered into definitive agreements today. Based on these agreements, Mitsui, MOL and Marubeni will invest in Carioca MV27 B.V., a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV27 has signed a long-term chartering agreement for the deployment of the vessel by the BM-S-9 Consortium – Petrobras (45%), BG Group (30%) and Repsol Sinopec Brasil S.A. (25%).

04 Sep 2013

Ocean Rig Updates on Financing, Newbuildings & Contracts

The Company announced that it has signed a supplemental agreement to amend certain provisions in its $1.35b Senior Secured Facility dated February 28, 2013. “We are pleased that our syndicate of commercial banks and export credit agencies agreed to our request to amend certain provisions in their facility. The Company announced that on August 20, 2013, it successfully took delivery of its newbuilding drillship the Ocean Rig Mylos. The Ocean Rig Mylos is the first in the series of three 7th Generation Ultra Deepwater Drillships the Company expects to take delivery in 2013. The drillship is currently mobilizing to offshore Brazil and is expected to commence drilling operations under the 3-year drilling contract with Repsol Sinopec Brasil S.A. by November 2013.

03 Sep 2013

DryShips: Ocean Rig Financing, Fleet and Contract Developments

DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargos, through its majority owned subsidiary, Ocean Rig UDW Inc., an offshore deepwater drilling service company, made several company announcements. Ocean Rig announced that it has signed a supplemental agreement to amend certain provisions in its $1.35 billion Senior Secured Facility dated February 28, 2013. Under the terms of the agreement, the existing dividend restriction of up to 50% of preceding fiscal year net income will be amended to apply on a cumulative basis from July 1, 2013 onwards (50% of cumulative net income and 100% of cumulative losses) and include a carve-out to pay additional dividends up to the higher of $150m and 5% of the Ocean Rig's net tangible assets.

23 Jul 2012

Petrobas Action Ten Brazil Contracts for FPSO Modules

Photo credit Petrobas

Petrobras subsidiaries Tupi BV and Guará BV, together with consortium members BG Group, Petrogal Brasil, and Repsol Sinopec Brasil SA, have given the go-ahead for ten contracts totaling US$4.5 billion for the construction of the first six topside modules (processing plant, utilities and living quarters) for eight identical (“Replicant”) FPSOs (Floating, Production, Storage and Offloading units). The modules are to be constructed in Brazil for pre-salt projects (a geophysical layer) in Santos Basin blocks BM-S-9 and BM-S-11. The contracts will be signed in the next few days.