Brazil · Companies

Key Facts

—New contract model. Petrobras has abandoned chartering for six new FPSOs, switching entirely to the Build, Operate, and Transfer (BOT) format.

—First deal signed. SBM Offshore won the first two BOT contracts for the SEAP I and SEAP II units, totaling roughly US$ 8.4 billion.

—Cost target. The state-controlled firm aims to cap spending at US$ 3.5 billion per FPSO, well below previous charter-era figures.