Petrobras has once again postponed the Barracuda-Caratinga tender proposal deadline. While the market often interprets this as a reflection of Petrobras’s diminished ability to attract players, especially in light of the single offer result for SEAP I and II, the reality is different.
The number of FPSO operators has actually increased in recent years with the entry of BW Offshore, Yinson, and MISC Group. On the local shipyard front, Seatrium has also strengthened its position, committing to the utilization of their combined Angra dos Reis and Aracruz facilities.
The complexity of projects has significantly increased, with advancements in technology such as electrification and Carbon Capture, Utilization, and Storage (CCUS) gaining prominence. Petrobras’s tenders are highly prescriptive, and their demanding requirements as charterers lead to naturally longer and more detailed tender processes.
We anticipate that Petrobras will address the current FPSO tenders with renewed focus and soon resolve the SEAP units, continuing its growth trajectory in the segment.
