Petrobras has suspended MODEC Inc.’s eligibility to participate in new competitive bidding for 13 months from March 31, 2021.
(Courtesy MODEC)
The FPSO Cidade de Niterói MV18 operates at the Marlim Leste field in the Campos basin offshore Brazil.
Offshore staff
TOKYO – MODEC Inc. has received a notification from Petrobras that its eligibility to participate in new competitive bidding has been suspended for 13 months from March 31, 2021.
According to the notification, the main basis for this administrative sanction is losses to Petrobras presumably caused by the performance of three FPSO vessels under charter services that MODEC has provided in the past and/or is presently providing to the company.
MODEC said there is no expectation of further developments or implications, including on its financials, as this administrative sanction does not impact the execution of the current contracts in place between the two companies.
The company also said it remains committed to improving its practices, in order to eliminate any issues in its activities under the current contracts.
