Japanese floater specialist Modec International has emerged as the front runner in the double tender for the charter of the Libra and Sepia floating production, storage and offloading vessels, after Brazil’s Petrobras disqualified rivals SBM Offshore, Bluewater and BW Offshore on technical grounds.
Well-informed sources told Upstream that Modec was the only company that fully complied with the very detailed technical framework laid out by Petrobras for both FPSO tenders, despite complaints over high local content requirements and other clauses that made it difficult for contractors to secure proper funding.
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