Weekly Market Update - WSB One - Week 2

west tellus in buzios field

The drilling rig West Tellus has just started its drilling campaign for Petrobras in the Buzios oil field located in the pre-salt of Santos Basin. Owners Seadrill also have West Jupiter and West Carina chartered to the Brazilian national oil company to operate at this same asset. It is expected that West Tellus will remain in operation for Petrobras at least until Q4 2024. Drilling rig Etesco Takatsugu J, owned by Etesco, is also employed in the drilling campaign of Buzios field.

petrobras UMS tender

Petrobras’ tender Nova 05 aiming to hire one accommodation unit closed yesterday. This turn, all types of hulls were evaluated. The units had to have 440 PAX capacity and 805m2 of free deck area. Aquarius Brasil was placed first with a daily rate of USD 88.000,00 followed by an undisclosed unit from Venus Shipping at USD 99.500,00 and Arendal Spirit at USD 125.000,00. Curiously, OOS International and Prosafe offered the same unit in the tender, namely Stavanger Spirit. Contract period is of 515 days firm plus 450 days option and the unit shall arrive in Brazilian waters 30 days upon contract execution.

normand cutter arrived the top 3

Following an adaptation period in a Norwegian yard, Solstad’s subsea Construction Support Vessel (CSV) Normand Cutter has arrived in Brazil. The vessel is chartered by Ocyan for an EPRD (Engineering, Preparation, Removal and Disposal) contract awarded by Petrobras nearly one year ago. The project scope comprises of the decommissioning of remaining subsea structures and equipment in Campos and Sergipe Basins, with Normand Cutter engaged in the recovery of flexibles from the FPSOs Cidade do Rio de Janeiro, Cidade de Rio das Ostras and Piranema.

According to ANP’s latest oil and gas production report from November 2022, Equinor is the international oil company with the largest total production equivalent to 74.626 boe per day. The Norwegian operator currently has under charter 5 large PSVs and one AHTS providing support to its oil production in Peregrino field and development of Bacalhau field. Next of the top 3 is PRIO which, after the acquisition of Frade and Tubarão Martelo fields, reached a total production of 49.050 boe per day. The Brazilian operator has a total of 5 PSVs and 2 AHTSs as part of their offshore support fleet. Completing the podium, comes Total Energies with a production of 35.076 boe per day. The French operator has 3 large PSVs, 1 CTV (cargo transfer vessel), 1 AHTS and 1 dedicated OSRV supporting production in Lapa field.

Normand Cutter

UMS Aquarius Brasil - taken from WSB’s office