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Petrobras to charter 2 vessels from Yinson, Modec for work offshore Brazil

State-owned Petróleo Brasileiro SA, or Petrobras, signed letters of intent with MODEC Inc. and Yinson Holdings Bhd. to charter two floating, production, storage and offloading, or FPSO, vessels, which will be used in the Marlim and Voador fields revitalization modules 1 and 2 located in Brazil's Campos basin, according to an Oct. 15 release.

Modec will provide the Marlin Unit 1 FPSO, which will have the capacity to process 80,000 barrels of oil per day and 7 million cubic meters of gas per day. The unit will be installed in a water depth of approximately 670 meters.

In a separate Oct. 16 release, Modec said first oil is planned for 2022. In addition, the company will also provide three more FPSOs, which will be deployed in the presalt of Brazil's Santos basin. Financial details were not disclosed.

Yinson will provide the Marlim Unit 2, which will have the capacity to process 70,000 bbl/d of oil and 4 million cubic meters per day of gas. The unit will be installed in water depths of 930 meters.

In a separate Oct. 16 release, Yinson said its subsidiary Yinson Production Pte. Ltd. was granted two letters of intent by the Brazilian oil major. Following the letters of intent, Yinson's Netherlands incorporated unit Yinson Boronia Production BV will enter into a charter contract while the company's Brazil incorporated subsidiary Yinson Boronia Serviços de Operação Ltda. will enter into an operation and maintenance contract. Yinson said the aggregate value of the contracts is US$5.4 billion.

According to Petrobras, both units will be operated and chartered for 25 years.