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, with operations scheduled to begin between January 2028 and October 2028.

Tender Structure and Lots

The tender is divided into several 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 operating in relatively shallow waters. Lot C is a new category for a special vessel type featuring a horizontal lay system (HLS).

Competitive Bids and Key Players

Industry sources indicate that Norskan Offshore, a DOF subsidiary, emerged as a top contender in several lots. Norskan offered the Skandi Buzios vessel in eight subdivisions of lots A and B, with dayrates between $240,690 and $336,760, and total prices ranging from $337.8 million to $400.6 million. Norskan also proposed the Skandi Olinda and Skandi Recife PLSVs solely in Lot B, with dayrates of $256,055 and $259,055, and 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. Sources note that with only four PLSVs offered across lots A and B, all appear to have a chance of being contracted.

Lot C: Horizontal Lay System Vessels

Lot C represents a novelty in the tender, likely requiring shipping companies to invest in adapting existing vessels with HLS technology. In the Brazilian-flagged category, Seagems was the sole bidder with the Neptune vessel, offering 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, proposing a dayrate of $147,400 and a full price of $307 million. Seagems also proposed the Neptune vessel in this category with a dayrate of $224,000 and a total price of $336.3 million.

Contracting Priorities and Financial Implications

Under local legislation, Brazilian-flagged vessels have priority in contracting, but sources indicate it is unlikely Petrobras will fill its quota solely with such units, especially for larger PLSVs. Petrobras is offering four-year charters across all lots. Depending on the number of PLSVs contracted, the company could disburse close to $2 billion in this bidding competition to renew its fleet, including at least one vessel in the HLS category.

Technical Context of HLS Vessels

A PLSV featuring HLS is a specialized vessel designed to install 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. These systems are highly efficient for subsea umbilicals, risers, and flowlines (SURF) projects, particularly when handling heavy loads or rigid requirements for minimum bend radius.