Petrobras PLSV Tender Overview

Brazilian oil company Petrobras has received over a dozen commercial proposals in a tender for flexible pipelaying support vessels (PLSVs) to operate in the Santos and Campos basins. The company currently operates a fleet of 16 PLSVs with Subsea7, TechnipFMC, DOF Subsea, and Seagems, with three charters expiring within the next eight months. Petrobras is seeking both Brazilian-flagged and foreign-flagged vessels, splitting the tender into several lots with operations starting between January 2028 and October 2028.

Lot Structure and Vessel Requirements

The tender is divided into three main lots: Lot A and its subdivisions are for large PLSVs with high tonne-tension capacity designed for ultra-deep waters; Lot B is for units working in relatively shallow waters; and Lot C is for a special vessel type featuring a horizontal lay system (HLS). An HLS vessel installs flexible pipes, umbilicals, and risers by storing them on deck-mounted carousels or reels and laying them horizontally before transitioning to a vertical position for subsea deployment, making it highly efficient for subsea umbilicals, risers, and flowlines (SURF) projects, especially with heavy loads or rigid minimum bend radius requirements.

Competitive Bidding and Key Proposals

Industry sources indicate that Norskan Offshore, a DOF subsidiary, emerged as the top bidder in several lots with the Skandi Buzios vessel. Norskan offered this vessel in eight subdivisions of Lots A and B with dayrates between $240,690 and $336,760, and total prices (including services and fuel) ranging from $337.8 million to $400.6 million. Norskan also proposed the Skandi Olinda and Skandi Recife PLSVs solely in Lot B for dayrates of $256,055 and $259,055, with full prices of $323 million and $326 million, respectively. Seagems was the only other competitor in Lot A, offering the Sapura Jade vessel with dayrates of $244,300 and $275,100, resulting in proposals totaling $363.2 million and $407.2 million.

Lot C Competition and HLS Category

Lot C, a novelty in the tender, is expected to require investments from shipping companies in adapting existing vessels with HLS. In the Brazilian-flagged category, Seagems was the sole bidder with the Neptune vessel at a dayrate of $315,350 and a full price of $387.3 million. In the foreign-flagged category, Subsea7 finished first with the Seven Pegasus vessel at a dayrate of $147,400 and a full price of $307 million, while Seagems also proposed the Neptune vessel at a dayrate of $224,000 and a total price of $336.3 million.

Contract Duration and Potential Value

Petrobras is offering four-year charters in all lots. Depending on the number of PLSVs contracted, the company could disburse close to $2 billion to renew its fleet, including at least one vessel in the HLS category. Brazilian-flagged vessels have priority under local legislation, but sources suggest it is unlikely Petrobras will fill its quota solely with such units, particularly for larger PLSVs. It remains unclear how many vessels will be contracted in Lots A and B, but with only four PLSVs offered, all appear to have a chance.