Petrobras and SBM Offshore have signed a $7.8 billion agreement for two floating production, storage, and offloading units for Brazil’s Sergipe-Alagoas deepwater project.
The contract covers P80 and P87 under a build-operate-transfer model. SBM Offshore will supply the two units with contract values of about $4.0 billion for P80 and $3.79 billion for P87. Each vessel is designed to produce 120,000 barrels of oil per day and process up to 12 million cubic meters of natural gas per day.
The development has already passed key project steps. SEAP II received final investment approval in December 2025, while Brazil’s ANP also granted regulatory approval. Concession terms were extended to 2057 for SEAP I and 2055 for SEAP II. Funding support for the construction of both units includes R$8.56 billion from Brazil’s Merchant Marine Fund.
SEAP II is scheduled to start operating in 2030 and targets light oil fields with 38–41° API. SEAP I includes the Agulhinha, Agulhinha Oeste, Cavala and Palombeta fields. As operator, Petrobras holds interests ranging from 60% to 100% across the concessions, together with ONGC Campos Limitada and IBV Brasil Petróleo.
The agreement marks one of the largest offshore floater contracts awarded in recent years and adds two major units to Brazil’s deepwater development pipeline.
