Keppel Offshore & Marine’s wholly owned subsidiary, Keppel Shipyard, has won an international tender from Brazil’s National Oil Co., Petroleo Brasileiro S.A (Petrobras), for the engineering, procurement and construction (EPC) of P-80, a floating production, storage and offloading vessel (FPSO) for approximately $2.9 billion.
Scheduled for completion in the first half of 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 more than $2.9 billion 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, water injection capacity of 250,000 barrels per day, 42.4 million cubic feet of gas pr