Sembmarine snags $4.4 billion shipbuilding contract from Brazil's Petrobras

The P-82 is characterised by its high production capacity and technologies that reduce CO2 emissions. PHOTO: SEMBCORP MARINE

SINGAPORE - Sembcorp Marine (Sembmarine) on Wednesday said its subsidiary won a US$3.1 billion (S$4.4 billion) engineering, procurement and construction contract via an international tender from Brazilian state-owned oil and gas producer Petroleo Brasileiro (Petrobras).

This is for a P-82 floating, production, storage and offloading vessel, which will be one of the largest vessels to be deployed in the Buzios field - an 853 sq km ultra-deepwater oil and gas field about 180km off the coast of Rio de Janeiro in Brazil.

The vessel is scheduled for delivery in the first half of 2026 and is expected to start commercial operations in the same year, Sembmarine said in a Singapore Exchange filing.

The P-82, part of Petrobras' new generation of production facilities, is characterised by its high production capacity and technologies that reduce CO2 emissions.

The P-82 contract is also the largest one obtained by Sembmarine from Petrobas to date, adding about $4.3 billion to Sembmarine's order book, which stands at $2.5 billion as at end-June.

The group does not expect the contract to have a material impact on its net tangible assets or earnings per share for the current fiscal year.

Shares of mainboard-listed Sembmarine closed 0.3 cent, or 2.8 per cent, higher at 10.9 cents on Tuesday. THE BUSINESS TIMES

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