Karoon Energy has formally assumed operatorship of the FPSO Cidade de Itajaí from Altera & Ocyan, strengthening its role in offshore oil production in Brazil.
The vessel is deployed at the Baúna project in BM-S-40, offshore Brazil. Karoon Energy acquired the FPSO Cidade de Itajaí at the end of April 2025 and signed a transition services agreement with Altera & Ocyan to support continuity during the handover.
The operatorship transfer was completed at the end of May 2026. Preparatory work included recruitment, contract transfers, management systems and processes, and Brazilian regulatory approvals.
More than 80% of the existing FPSO team moved to Karoon Energy and its main maintenance contractor, Gran Services. The transition services agreement with Altera & Ocyan ended on 1 June 2026, enabling further operating cost optimization for the unit.
The company said the transfer is a strategic milestone and reflects its development into a full offshore production operator. Karoon Energy also said it remains focused on safety performance and reliable output from the Baúna project.
The company launched Baúna revitalization and life extension projects in August 2025. Planned expenditure is approximately $55–65 million in 2026 and $80–90 million between 2030 and 2034.
Ongoing maintenance shutdown and flotel campaign work are expected to improve system stability and support sustained FPSO uptime, with efficiency targeted at 90–95%.
The Baúna project includes the Baúna, Piracaba and Patola fields in concession BM-S-40. The FPSO Cidade de Itajaí began operating in Brazil in February 2013 and can operate in water depths of up to 1,000 m.
Built at Singapore’s Jurong shipyard in 1995 and converted in 2012, the unit has a production capacity of 80,000 barrels of oil per day and a gas compression capacity of 2 million m³ per day.
