Singapore-headquartered contractor Seatrium is positioning itself to bid for build-operate-transfer (BOT) floating production, storage and offloading (FPSO) contracts, a strategic move into a lucrative market where contracts often exceed US$1 billion. The company confirmed this strategy during its 2025 results call, with the CEO stating it will require an operating partner and a defined bidding strategy to compete for these projects. The approach may involve partnerships on a project-by-project basis or through long-term alliances, depending on aligned interests.

Target Markets and Strategic Positioning

Seatrium has specifically conveyed its intent to bid for BOT projects to Brazil's state-controlled Petrobras, a key long-term customer. The company sees strong, sustained opportunities in Brazil, citing Petrobras's disclosed tender pipeline for the next five years. Seatrium's established local presence, through three yards in Brazil, provides strong leadership for meeting local content requirements. Furthermore, the company is well-positioned in Guyana for high-value integration and topsides fabrication work, having participated in all FPSO projects for the ExxonMobil-operated Stabroek block to date.

Proven Capabilities and Financial Backdrop

The contractor has recently demonstrated its expanded capabilities by delivering the P-78 FPSO to Petrobras, which achieved first oil in December. This project, the first of six advanced P-Series floaters Seatrium is building for Petrobras, involved work from engineering through to offshore commissioning. Financially, Seatrium has a robust bid pipeline valued at S$32 billion net over the next 24 months. Of this total, approximately S$23 billion is attributed to oil and gas projects, with more than half targeting the South American market.