Keppel Offshore & Marine (Keppel O&M)’s wholly-owned subsidiary, Keppel Shipyard, has won an international tender from Brazil’s National Oil Company, Petroleo Brasileiro S.A (Petrobras), for the engineering, procurement, and construction (EPC) of P-80, a Floating Production, Storage and Offloading vessel (FPSO) for about USD 2.9bn. Scheduled for completion in 1H 2026, the P-80 is the second FPSO that Keppel O&M will be building for Petrobras for the Buzios field in Brazil. The first FPSO, P-78, is currently under construction by Keppel Shipyard. The P-80 is structured on progressive milestone payments and will be cash-flow neutral during its execution lifecycle. It would add over S$4bn to Keppel O&M’s orderbook.
The P-80 will be one of the largest floating production units in the world with a production capacity of 225,000 barrels of oil per day (bopd), water injection capacity of 250,000 bpd, 12 million cubic metres of (Sm3/d) of gas processing per day and a storage capacity of two million barrels of oil. When completed, the P-80 will be on par with the largest oil producing platforms in Brazil.
Keppel O&M will harness its global network of yards, offices, and partners to undertake the project execution. The design and engineering will be carried out through its centres in Singapore, Brazil, China, and India. The fabrication of the topside modules which weigh about 47,000 metric tonnes (MT) in total will be spread across its facilities in Singapore, China, and Brazil, with the integration and commissioning, works to be completed in Singapore. Construction of the hull and accommodation will be carried out by CIMC Raffles in China. Keppel O&M will also undertake the final phase of offshore commissioning works when the FPSO arrives at the Buzios field.
