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    A010140   KR7010140002


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Exclusive: Samsung, Hyundai, Daewoo prepare for Petrobras oil platform tender -sources

01/28/2021 | 10:18am EDT
FILE PHOTO: Employees work on the final stage of the construction of the new  P-56 semi-submersible production platform for the oil company Petrobas at the Brasfels shipyard in Angra dos Reis

RIO DE JANEIRO (Reuters) - Three consortia including Asian shipyards are preparing to compete to build Brazilian state-controlled oil firm Petrobras' first two in-house platforms in more than seven years, according to four people familiar with the tender.

Samsung Heavy Industries Co, Daewoo Heavy Industries & Machinery Ltd, and Hyundai Heavy Industries Holding Co Ltd have formed separate consortia that are expected to bid after seven months of preparations, the sources said, declining to be named as the information is private.

Offers are due on Monday, Feb. 1. Samsung and Petrobras declined to comment. Daewoo and Hyundai did not immediately respond to requests for comment.

The competition marks Petrobras' comeback as a key customer for Asian shipyards. Similarly sized units have previously cost around $1.7 billion each to build, one of the sources said.

Petrobras, as Petroleo Brasileiro SA is known, requires units each able to produce 180,000 barrels of oil per day and 7.2 cubic meters of gas for its massive Buzios field, the second most productive in the country.

The platforms are effectively massive ships with deep-water production equipment that are vital in some offshore oil basins. They are known as FPSOs, or floating production, storage and offloading units.

The debate on where Petrobras should build its platforms has been a key issue in presidential campaigns over the past two decades in Brazil.

Construction of the hull is labor-intensive, leading past administrations to create domestic-content rules. Those were eased after a corruption scandal, although the exact percentage of local content will only be known once a winner is selected.

Brazil's biggest-ever corruption investigation - known as Car Wash - exposed multi billion-dollar bribe payments from Petrobras suppliers aimed at securing contracts, including for platform construction in Brazil and in Asia.

Buried in debt, Petrobras spent more than seven years only leasing its platforms, using long-term contracts that can be amortized over 20 years. Dutch-based SBM Offshore NV and Japan's Modec Inc split the biggest contracts. Modec and SBM declined to comment.

Modec and SBM pre-qualified to participate in the latest tender but have dropped out of the competition, preferring the leasing model in which they can use their own engineering instead of Petrobras'.

Ten companies pre-qualified for the tender launched by Petrobras in July 2020.

Hyundai has associated with Keppel and its Brazil-based BrasFELS shipyard for the bid, the sources said. Daewoo has partnered with Saipem, while Samsung is prepared to bid with Toyo and its Brazil-based shipyard EBR, they added.

Keppel and Saipem declined to comment. Toyo did not immediately respond to a request for comment.

(Reporting by Sabrina Valle and Marta Nogueira; Editing by Marguerita Choy, Jan Harvey and Bernadette Baum)

By Sabrina Valle and Marta Nogueira

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 1.67% 6.1285 Delayed Quote.-4.38%
HYUNDAI CORPORATION -1.26% 19600 End-of-day quote.22.88%
HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD. -1.01% 68500 End-of-day quote.20.81%
HYUNDAI MOTOR COMPANY -1.80% 218000 End-of-day quote.13.54%
KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. -3.33% 130500 End-of-day quote.20.28%
LONDON BRENT OIL -0.34% 75.48 Delayed Quote.44.56%
MODEC, INC. -3.28% 1828 End-of-day quote.-2.40%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS 0.36% 27.81 End-of-day quote.-1.87%
SAIPEM S.P.A. -4.44% 1.936 Delayed Quote.-8.12%
SAMSUNG ELECTRONICS CO., LTD. -0.63% 78500 End-of-day quote.-3.09%
SAMSUNG HEAVY INDUSTRIES CO., LTD. 0.00% 6540 End-of-day quote.-7.10%
SBM HOLDINGS LTD -1.73% 4.55 End-of-day quote.26.39%
SBM OFFSHORE N.V -2.90% 12.235 Real-time Quote.-19.05%
TOYO CORPORATION 0.62% 1145 End-of-day quote.-1.80%
TOYO ENGINEERING CORPORATION -3.60% 830 End-of-day quote.104.43%
WTI 1.04% 73.983 Delayed Quote.50.25%
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Capitalization 3 984 B 3 489 M 3 458 M
EV / Sales 2021 1,05x
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Samsung Heavy Industries Co., Ltd. Technical Analysis Chart | A010140 | KR7010140002 | MarketScreener
Technical analysis trends SAMSUNG HEAVY INDUSTRIES CO., LTD.
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Joon-Wu Nam Chief Executive Officer & Director
Dong-Seol Kim Managing Director & Head-Finance
Jin-Taek Jeong Managing Director & Head-Technology
Hyun-Dong Lee Vice President & Head-Compliance Management
Jong-Gye Shin Independent Director