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OILFIELD SERVICES & CONTRACTORS => FPSO/FSO/FPU contracts => FPSO, FPU, FSO, FDPSO, FSRU, FLNG, Jack-Up, Drilling Rigs => SBM Offshore => Topic started by: Administrator on Apr 15, 2026, 09:32 AM

Title: Brazil - SEAP II - P-87 FPSO
Post by: Administrator on Apr 15, 2026, 09:32 AM
Petrobras Advances SEAP Development with FID on SEAP I

Petrobras has taken Final Investment Decision (FID) on the SEAP I module in the Sergipe-Alagoas Basin, marking a key step in the phased development of the Sergipe Deepwater Project (SEAP), an emerging offshore production hub in Brazil. This follows the earlier FID for SEAP II in December 2025, confirming full-field development progression.

Project Economics and Commercial Structuring

Project sanction was enabled by a combination of cost optimization measures, supply chain engagement, and revised commercial frameworks. Petrobras worked closely with contractors to restructure contractual terms and improve project economics, enhancing overall IRR and resilience under oil price volatility scenarios.

A notable outcome was the joint procurement strategy for the P-81 (SEAP I) and P-87 (SEAP II) FPSOs. Bundling these units allowed Petrobras to capture synergies, standardization benefits, and economies of scale—key factors in achieving commercially viable agreements.

As a result, SEAP I has been incorporated into Petrobras' Base Implementation Portfolio, reinforcing the role of collaborative supplier engagement in unlocking complex deepwater developments.

Execution Model and Contracting Strategy

Both FPSOs will be delivered under a BOT (Build, Operate, Transfer) model, with SBM Offshore responsible for EPCIC and operations during the initial contract period prior to asset transfer. This model provides capital efficiency, schedule acceleration, and operational continuity.

Contract signing is expected in May 2026, subject to final governance approvals and partner alignment, enabling transition into the execution phase.

Production Capacity and Timeline

Combined, the two FPSOs will deliver:


First oil is targeted for 2030, with gas export infrastructure coming online in 2031.

Field Development Scope

The SEAP development plan includes:


Tendering for subsea hardware is already in progress, with additional packages scheduled for bid in 2026.

Strategic Importance

SEAP represents a major addition to Brazil's upstream portfolio, with total capex exceeding BRL 60 billion and expected recovery above 1 billion boe. Beyond liquids production, the project is strategically positioned to expand domestic gas supply, supporting energy security and infrastructure development in the Northeast region.

Asset Breakdown

SEAP I (P-81 FPSO):

SEAP II (P-87 FPSO):
Title: Re: Brazil - SEAP II - P-87 FPSO
Post by: Administrator on May 31, 2026, 08:52 AM
Petrobras Awards SBM Offshore Contracts for Two 120,000-bpd FPSOs in Sergipe Deepwater Development

Petrobras has awarded SBM Offshore contracts for the construction and operation of two large floating production, storage and offloading (FPSO) vessels for the Sergipe Águas Profundas (SEAP) development in the Sergipe-Alagoas Basin offshore northeastern Brazil. The awards cover FPSO SEAP-I (P-81) and FPSO SEAP-II (P-87), which will play a central role in one of Petrobras' largest deepwater oil and gas developments planned for this decade.

The contracts were formally announced during a Petrobras investment event attended by Brazilian President Luiz Inácio Lula da Silva in Sergipe state. Petrobras confirmed that more than R$60 billion will be invested in the SEAP development, part of a broader R$70 billion investment package in Sergipe that includes upstream oil and gas projects, fertilizer production and offshore decommissioning activities.

Under the agreement, Petrobras-led consortia will retain ownership of both FPSOs, while SBM Offshore will be responsible for engineering, procurement, construction, installation, operation and maintenance of the facilities. Separate operations and maintenance contracts will run for an initial period of 6.5 years following startup.

The two FPSOs will be based on SBM Offshore's Fast4Ward® standardized design program, utilizing the company's 11th and 12th multipurpose newbuild hulls. The approach is intended to reduce project execution risk, improve schedule certainty and accelerate delivery for large-scale offshore developments.

FPSO P-87 (SEAP-II) will have a production capacity of 120,000 barrels of oil per day, associated gas treatment capacity of 425 million standard cubic feet per day and water injection capacity of 120,000 barrels per day. The vessel is scheduled for delivery in 2030 and will operate approximately 80 kilometres offshore in water depths of around 2,500 metres.

FPSO P-81 (SEAP-I) will also be designed to produce 120,000 barrels of oil per day. The unit will feature gas processing capacity of 355 million standard cubic feet per day and water injection capacity of 200,000 barrels per day. Delivery is expected in 2031, with operations located roughly 100 kilometres offshore in water depths of approximately 2,500 metres.

Combined, the two FPSOs will provide installed production capacity of 240,000 barrels of oil per day and significant offshore gas processing capability. Petrobras plans to begin oil production from the project in 2030, while gas exports are expected to commence in 2031.

A key feature of the SEAP development is its integrated gas export strategy. Unlike many offshore projects where associated gas is reinjected or flared, both FPSOs will be connected to an export pipeline system enabling direct gas delivery to onshore markets. Petrobras expects the development to substantially increase domestic gas supply, with the Northeast region's share of Brazil's natural gas availability projected to rise from approximately 16% today to around 31% by 2035.

According to Petrobras President Magda Chambriard, the project will transform Sergipe into the largest oil-producing state in northeastern Brazil while expanding regional gas supply. Each FPSO will incorporate dedicated natural gas processing facilities, supporting the company's objective of increasing production and improving long-term market availability.

Beyond the FPSOs, the SEAP project includes the drilling and connection of 32 subsea wells and the installation of approximately 134 kilometres of production and export pipelines. Procurement activities are already underway for subsea production systems, including wet Christmas trees and related subsea infrastructure.

Petrobras estimates that the development, including offshore facilities and pipeline construction, will generate more than 25,000 direct and indirect jobs during execution and operations. The project is expected to become one of Brazil's most significant deepwater investments, reinforcing the strategic importance of the Sergipe-Alagoas Basin within Petrobras' long-term growth portfolio.

Commenting on the award, SBM Offshore Chief Executive Officer Øivind Tangen said the contracts reinforce the company's long-standing partnership with Petrobras and highlight SBM Offshore's expertise in advanced offshore gas processing systems. He noted that the gas export infrastructure will contribute to greater energy availability in northeastern Brazil while creating long-term economic value for local communities and stakeholders.

The contract awards further strengthen SBM Offshore's leading position in the global FPSO market and underscore Petrobras' commitment to expanding production from Brazil's deepwater pre-salt and frontier offshore developments while accelerating the commercialization of offshore natural gas resources.
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