Petrobras reports that it has signed letters of intent (LoI) with the Japanese company Modec (Marlim Unit 1) and the Malaysian company Yinson (Marlim Unit 2), for the chartering of two FPSO platforms. The units will be used in the production development project of the Marlim and Voador fields revitalization - modules 1 and 2, located in the Campos Basin.

The platforms will be installed around 150 km off the brazilian coast, in water depths of approximately 670 meters (FPSO Marlim 1) and 930 meters (FPSO Marlim 2).

The two projects will have capacity to process up to 80,000 bpd (FPSO Marlim 1) and 70,000 bpd (FPSO Marlim 2) of oil and 7 million m³/day (FPSO Marlim 1) and 4 million m³/day (FPSO Marlim 2) of natural gas.

The production start-up is scheduled for the years 2022 and 2023, according to the 2019-2023 Business and Management Plan. The units will be operated and chartered for 25 years.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

About MODEC

MODEC Offshore Production Systems (Singapore) Pte. Ltd. is a subsidiary of MODEC, Inc. MODEC is a general contractor specialising in engineering, procurement, construction and installation of floating production systems including FPSO vessels, FSO vessels, Tension Leg Platforms (TLPs), Production Semi-Submersibles, Floating LNG vessels, Mobile Offshore Production Units (MOPUs) and other new technologies which will meet the challenges of various types of gas production floaters. MODEC provides Floating Production System operation and maintenance services around the world.