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Last Friday Petrobras received offers for their last AHTS-TS opportunity, which sought to hire just one vessel. The preliminary classification displayed a modest competition, with just 3 vessels participating in the tender. This bidding process was the first one to follow the new modality of Petrobras for public opportunities, in which a reference budget is disclosed, and offers are judged not by most competitive price, but biggest discount from the budget itself. With a budget set at USD 48.166,17 by Petrobras, CBO managed to secure the first place after presenting a discount of USD 5.513,17 for A.H. Liguria, and a final day rate of USD 42.653,00. Following the list are Solstad in second with Normand Topázio and Asgaard Bourbon with an undisclosed vessel. Expected mobilization for this tender is March/24, with a contract duration of 4 years firm.

Petrobras’ FPSO Almirante Barroso, operating in Búzios field, Santos Basin, reached a peak production of 150 thousand barrels of oil per day (boed) last Tuesday (24). This was achieved in record time: 146 days after the first oil. The company’s previous record was the FPSO P-76 which reached maximum production capacity in 234 days, also in Búzios field. Chartered from Modec, the platform is located 180 km off the coast of Rio de Janeiro, in a water depth of 1,900 meters. Petrobras is the operator of the
field with a 88.99% stake, with CNOOC as partners with 7.34% and CNODC with 3.67%.

Last week, part of our team of brokers and advisors was at OTC Brasil. The conference is always a great opportunity to meet with clients and make new ones. We had the pleasure to meet several of
our clients including our good friends at Grupo CBO and discuss about on-going and future opportunities. The expo was teeming with relevant oil and gas professionals which reflects the current agitated market scenario.

AHTS 21000 Normand Statesman has concluded her contract with Petrobras earlier this week and is expected to leave Brazil in the coming weeks. The vessel is owned by Ocean Yield ASA and was
under a bareboat charter with Normand Chartering AS, a subsidiary company of Solstad Offshore. Ocean Yield ASA has exercised its right under the bareboat charter to have the vessels redelivered.
Normand Statesman was working as an AHTS-R (AHTS with ROV) in Brazil for Petrobras since October 2020 when she was chartered for a 1095 days firm contract.

The PSV GSP Perseu left Malta, in Europe, enroute to Suape Port in Brazil with expectation to arrive next November 6. Once in the country, she will pass tests and procedures as well as having her name changed to Mestre dos Mares.
Thereafter, the Posidonia controlled vessel will be chartered to Petrobras, more details yet to be disclosed. She was built in 2006, is DP2 and her length overral is 93,45m. Earlier this month Posidonia also announced the acquisition of a PSV 3000 named Posidonia Tiger which is underway to Brazil for another Petrobras contract.

Locar announced that their new PSV which recently went through modifications in China to become an OTSV (Offshore Terminal Support Vessel) is underway to Brazil. This vessel type category is specifically employed by Petrobras to support FPSO and FSOs in offloading operations and maintenance
of hose lines.

Petrobras currently only has one vessel chartered for this position, namely the UP Opal. As previously
reported in our Weekly Market Update and One.Energy magazine, the tender in which Locar’s vessel got awarded dates to back to mid-2022 where only Locar and Oceanpact presented offers.

Last Monday, Petrobras received firm offers for Shallow Diving Support Vessels (SDSVs) in the public tender nº 7004114860. The tender sought to hire diving vessels with and without ROV, in two different mobilization windows, March 2024 and March 2025. Most of the offers presented were aiming at the earliest mobilization, and equipped onboard with a ROV, which was also Petrobras’ hiring priority. Only 4 Owners participated in the tender, presenting in total 7 vessels all Brazilian or REB flag, with the first 3 spots of the main hiring priority going to Oceanica which proposed three vessels from abroad, with diving and ROV systems at just below USD 70.000/d. Petrobras has already received the technical documents for all offers and will now proceed to the technical and commercial evaluation phase, following the standard public tender procedures.

Oceanicasub XI, a 2009 built PSV acquired by Oceanica that will be modified into yet another RSV for Petrobras has arrived in Brazil to start the adaptation process. This vessel is the last in a series of 3 PSVs that will be converted into RSV for Petrobras’ contracts. Oceanica sub XI will follow the same path of Oceanicasub VIII and IX which are already working for the Brazilian Oil Major under charters. Her contract will have a 4-year firm duration and the vessel will also be converted to REB flag.

Enauta informed the company’s total production reached 40.6 thousand boed in September, a reduction of 79.4% compared to the previous month, when production reached 197.1 thousand barrels. The numbers were already ex pected by the market as in September, production at the Atlanta Field, in Santos
Basin, was interrupted for maintenance. The normal production is expected to resume in November

Shell has concluded another drilling campaign in Brazil. The drilling activities led by semi-submersible rig Noble Developer and supported by PSVs Tantalus Tide, UP Rubi and Vega Challenger at the CM-659 block have officially ended, with all units now being demobilized from their respective Shell contracts. The CM-659 block was acquired by Shell (40%) in partnership with Chevron (35%) and QPI (25%) on the 16th bidding round from ANP. The block is located in the pre-salt area of Campos Basin and Shell had licensed to drill up to 6 wells at the location.