MODEC, Inc. (MODEC) announced that on June 1, 2021, Equinor Brasil Energia Ltda, a subsidiary of Equinor ASA (Equinor), took its Final Investment Decision (FID) for a Floating Production Storage and Offloading (FPSO) vessel for the Bacalhau field offshore Brazil.
Following a Sales and Purchase Agreement (SPA) for the FPSO which was signed between Equinor and MODEC in January 2020, with respect to the Front End Engineering Design (FEED) and pre-investment of the FPSO, MODEC has now officially been awarded the contract for Engineering, Procurement, Construction and Installation (EPCI) for the FPSO. MODEC will also provide Equinor with operations and maintenance service of the FPSO for the first year from its first oil production, after which Equinor plans to operate the FPSO until the end of the license period in 2053.
The FPSO will be deployed at the Bacalhau field in the BM-S-8 and Carcará North blocks located in the giant “pre-salt” region of the Santos Basin some 185 kilometers off the coast of the municipality of Ilhabela/SP, in the state of São Paulo. Equinor’s field partners are ExxonMobil (40%), Petrogal Brasil (20%), and Pre-sal Petroleo SA (PPSA).
The FPSO vessel will be permanently moored at a water depth of approximately 2,050 meters by a spread mooring system to be supplied by MODEC group company, SOFEC, Inc.