Project Overview

The Maromba FPSO is a Floating Production, Storage and Offloading (FPSO) project developed by BW Energy. It is located approximately 100 km offshore Rio de Janeiro state. The project reached final investment decision on May 5, 2025, and targets first oil by late 2027 from 123 million barrels of 2P reserves in an oil field that holds approximately 1 billion barrels in place. BW Energy acquired 100 percent of the field from Petrobras (70%) and Chevron (30%) in 2019 for a total of USD 115 million. 

The centrepiece of the development is the FPSO BW Maromba, formerly known as the FPSO Polvo. It is a vessel purchased from BW Offshore in April 2022 for USD 50 million and is currently undergoing extensive upgrades and refurbishment at COSCO's shipyard in China. 

The FPSO has a total liquid handling capacity of 85,000 barrels per day, oil production capacity of 65,000 barrels per day, and storage of 1.2 million barrels. Phase 1 of the development targets approximately 50,000 barrels per day from low-risk Maastrichtian reservoir oil. 

The project uses an innovative integrated development concept: rather than conventional subsea well completions (the original plan), BW Energy will acquire and convert a Gorilla-class drilling jackup into an integrated Wellhead Platform (WHP) with dry tree completions and up to 16 well slots.

USD 365 million in project finance was secured on September 9, 2025. On the same date, BW Energy signed a rig lease for the Gorilla-class jackup that will be converted to the WHP. The FPSO is simultaneously being refurbished at COSCO China, targeting completion of all offshore installations by Q3 2027 and first oil by late 2027. 

Maromba FPSO Location

The Maromba FPSO (BW Maromba) is located at the Maromba oil field in Block BC-20A in the southern Campos Basin, approximately 100 km offshore Rio de Janeiro state. It is moored in about 160 m of water.  

Project Background

The FPSO BW Maromba was previously known as the FPSO Polvo, a vessel that takes its name from the Portuguese word for 'octopus,' reflecting a naming convention used for the Polvo oil field in the Campos Basin where it previously operated. The Polvo FPSO was operated by BW Offshore, the parent company from which BW Energy separated as an independent entity, and served the Polvo field in the Campos Basin for multiple years before being laid up when that field's economics no longer supported its continued operation. 

In April 2022, BW Energy agreed to purchase the FPSO Polvo from BW Offshore for USD 50 million. The purchase price was structured with USD 30 million paid on vessel transfer and USD 20 million as a seller's credit extended by BW Offshore. BW Energy made the final USD 20 million payment (plus interest) in May 2024, at which point BW Offshore confirmed the full closure of the FPSO sale. 

Following its purchase, the vessel was sent to COSCO's shipyard in China for the extensive upgrades necessary to prepare it for Maromba field service. The refurbishment programme includes hull integrity works, process equipment upgrades, safety system modernisation, and accommodation improvements. 

Maromba FPSO Current Status

As of August 2026, the Maromba FPSO (BW Maromba) is in the final stages of its life-extension and conversion at the COSCO Dalian yard in China, with hull steel renewal very near completion and work now focused on topside piping and equipment reinstatement. The target is to complete refurbishment and deliver the vessel to the Maromba field location in time for the Q3 2027 installation milestone and late 2027 first oil. 

Stakeholder Details

Maromba FPSO Cost Details

Project Timeline

Design & Engineering Details

Conclusion

The Maromba development is a strategically important, low‑cost offshore project for BW Energy that converts existing assets into a modern, phased production system in the prolific Campos Basin. With the FPSO’s hull steel renewal nearing completion and topside recommissioning underway as of August 2026, the project remains on track to deliver first oil in late 2027.

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