Project Overview

FPSO P81 (SEAP I) is a Floating Production, Storage & Offloading Vessel developed by SBM Offshore as the first of two modules for the Sergipe Deepwater (SEAP) project in the Sergipe-Alagoas Basin. It has an oil production capacity of approximately 120,000 barrels per day. 

The contract was formally signed on May 29, 2026, alongside the sister SEAP-II (P-87) contract, with first oil production expected in 2031. While SEAP II reached Final Investment Decision in December 2025, SEAP I didn’t reach its FID until April 2026. SBM Offshore was awarded both under the same Build, Operate and Transfer (BOT) framework.

Petrobras-led consortia own the vessels from construction, while SBM Offshore designs, builds, installs, and operates each for an initial 6.5-year period under separate Operations and Maintenance contracts. 

Both vessels are built on SBM Offshore's Fast4Ward® programme; P-81 uses the company's 11th new-build Multi-Purpose Floater hull, immediately preceding the 12th hull used for SEAP-II (P-87). It was the same standardised hull platform SBM has used for its recent Búzios and Guyana deliveries, including FPSO Jaguar for ExxonMobil's Whiptail development. 

FPSO P81 & FPSO P87 Comparison

FPSO P81 Location

FPSO P-81 is part of Petrobras’ Sergipe Deepwater (SEAP) project in the offshore Sergipe-Alagoas Basin, in northeastern Brazil. The unit will be installed approximately 100 km from the coast, in ultra-deep water of around 2,500 metres. 

SEAP I covers the Agulhinha, Agulhinha Oeste, Cavala and Palombeta fields, located in the BM-SEAL-10 and BM-SEAL-11 concession areas. 

Project Background

As appraisal work confirmed sufficient reserves across the BM-SEAL-4, BM-SEAL-4A, and BM-SEAL-10 concessions to justify dedicated floating production infrastructure, Petrobras split the development into SEAP I and SEAP II, each requiring its own FPSO, but drawing on a shared concession area and reservoir system. 

Petrobras has stated explicitly that the SEAP-I project only achieved sufficient financial returns for inclusion in the company's base implementation portfolio after the company revised contractual terms and conditions to enable a joint negotiation of both the P-81 and P-87 FPSO contracts together. 

Once the joint-negotiation approach unlocked SEAP-I's economics, Petrobras moved quickly: FID for SEAP-I followed in April 2026, and by May 29, 2026, both the P-81 and P-87 contracts were signed with SBM Offshore on the same day.

FPSO P81 Current Status

As of October 2026, FPSO P-81 is in the early construction phase of the Sergipe Águas Profundas I (SEAP-I) project. Petrobras awarded the contract to SBM Offshore in May 2026. According to SBM Offshore’s Half-Year 2026 project update, SEAP-I was under construction and less than 25% complete as of 30 June 2026. The FPSO is scheduled for delivery in 2031.

Stakeholder Details

FPSO P81 Cost Details

The total estimated cost for FPSO P81 (SEAP I) is not disclosed officially. However, Petrobras confirmed the combined program investment of over 60 billion Brazilian reais  (USD 12 billion) and the BOT contract with SBM Offshore for two FPSOs.

Project Timeline

Design & Engineering Details

Conclusion

Located in ultra-deep water roughly 100 km off Sergipe’s coast, the FPSO P81 is intended to unlock large-scale production from the SEAP I fields, with capacity to produce 120,000 barrels of oil per day and process substantial volumes of associated gas. Its development also supports the creation of new offshore-to-onshore gas infrastructure for Brazil’s Northeast.

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