MODEC, Inc. has secured a 25-year contract with Petrobras for the supply and operation of a Floating Production Storage and Offloading (FPSO) vessel dedicated to the revitalization of the Marlim project in Brazil.

Information on the Target

MODEC, Inc. is pleased to announce the receipt of a Letter of Intent (LOI) for the supply, charter, and operation of a Floating Production Storage and Offloading (FPSO) vessel dedicated to the revitalization project at Marlim, commissioned by Petróleo Brasileiro S.A. (Petrobras). This contract represents MODEC's 16th endeavor in the Brazilian market, with a contract duration of 25 years. The first oil production from the FPSO is projected for 2022, marking a significant milestone in the Marlim cluster revitalization.

The Marlim field is exclusively operated by Petrobras and is located in the Campos Basin, approximately 150 kilometers off the coast of Rio de Janeiro State at a water depth of around 670 meters. The FPSO is designed with the capability to process 80,000 barrels of crude oil per day, alongside gas processing up to 7.0 million standard cubic meters per day, and water injection capacity of 390,000 barrels per day. Additionally, it boasts a minimum crude oil storage capacity of 1,000,000 barrels, highlighting its operational efficiency. This new vessel marks MODEC's sixth deployment in the Campos Basin since 2003.

Industry Overview in Brazil

The oil and gas sector in Brazil has undergone significant growth and modernization in recent years, driven by increased investments and technological advancements. Brazil's offshore oil territories, particularly the pre-salt reserves, have attracted global attention due to th