Brazil's Petrobras has called Modec into exclusive negotiations in an attempt to find a solution to a long-running contracting saga over the Buzios-5 floating production, storage and offloading unit, for which Belgium’s Exmar was the lowest-priced bidder.
Brazilian bidding rules means that Exmar now has to stand aside while Modec enters talks with the state-controlled company, but the Japanese giant will still face an uphill struggle to match its competitors low rate, unless Petrobras has another solution in mind.
