{"id":336265,"date":"2026-02-12T19:41:45","date_gmt":"2026-02-12T23:41:45","guid":{"rendered":"https:\/\/inspenet.com\/noticias\/seatrium-initiates-international-arbitration-against-petrobras-for-the-p-54-fpso\/"},"modified":"2026-02-13T08:24:00","modified_gmt":"2026-02-13T12:24:00","slug":"seatrium-initiates-international-arbitration-against-petrobras-for-the-p-54-fpso","status":"publish","type":"noticias","link":"https:\/\/inspenet.com\/en\/news\/seatrium-initiates-international-arbitration-against-petrobras-for-the-p-54-fpso\/","title":{"rendered":"Seatrium initiates international arbitration against Petrobras for the P-54 FPSO"},"content":{"rendered":"\n

Seatrium <\/strong>has initiated international arbitration proceedings through its subsidiary Jurong Shipyard <\/strong>against Petrobras Netherlands B.V.<\/strong>, specifically to the FPSO P-54<\/strong> conversion contract signed in 2004 and subsequently amended to reflect exchange rate variations and market conditions.<\/p>\n\n

The activation of the arbitration procedure by the FPSO P-54<\/h2>\n\n

The focus of the dispute is the withholding of US$55.7 million corresponding to a settlement agreement signed in 2008. That agreement established a total payment of US$152.3 million to close all claims arising from the offshore contract<\/strong>. In addition, some part of the amount was conditioned to the final decision of the Brazilian Court of Auditors. <\/p>\n\n

The audit initiated by the Tribunal de Contas da Uni\u00e3o<\/strong> in 2007 reviewed the contractual amendments linked to the P-54 project. After years of review, the agency issued its final decision in November 2023. According to Seatrium’<\/em>s position, the basis justifying the retention ceased to exist with that ruling. <\/p>\n\n

However, Petrobras <\/em>is withholding the amount. Also, the parent company Petr\u00f3leo Brasileiro S.A.<\/strong> filed a claim for alleged overpayments amounting to US$135.3 million. After deducting the amount withheld, the net claim amounts to US$79.6 million. <\/p>\n\n

The P-54 contract provides for any dispute to be settled by arbitration based in London under the UNCITRAL <\/strong>rules and under English law. Under this framework, Jurong Shipyard<\/em> seeks to recover the amount withheld and block any further compensation attempts related to the contract. <\/p>\n\n

From a legal point of view, the case combines English contract law with an international arbitration process. This element introduces a relevant dimension for the offshore sector and for future FPSO conversion contracts. FPSO conversion contracts<\/a><\/strong>. <\/p>\n\n

The company has indicated that there is no balance sheet exposure in respect of the US$55.7 million and that no provision has been made. The proceeding is at a preliminary stage, so the financial impact will depend on the final award. <\/p>\n\n

Finally, Seatrium, as a global provider of engineering solutions for marine and offshore energy, maintains a presence in Asia, the Americas, Europe and the Middle East. And with its expertise in construction, conversion and repair of floating assets, it is positioned as a reference in complex projects such as the FPSO P-54. <\/p>\n\n

Source and photo: Seatrium<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The US$55.7 million FPSO P-54 dispute escalates to international arbitration in London.<\/p>\n","protected":false},"author":8404,"featured_media":336198,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_acf_changed":false,"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categoria_noticias":[13026,13048],"etiqueta_noticias":[],"class_list":["post-336265","noticias","type-noticias","status-publish","has-post-thumbnail","hentry","categoria_noticias-energy","categoria_noticias-maritime"],"acf":[],"_links":{"self":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/noticias\/336265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/noticias"}],"about":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/types\/noticias"}],"author":[{"embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/users\/8404"}],"replies":[{"embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/comments?post=336265"}],"version-history":[{"count":0,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/noticias\/336265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/media\/336198"}],"wp:attachment":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/media?parent=336265"}],"wp:term":[{"taxonomy":"categoria_noticias","embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/categoria_noticias?post=336265"},{"taxonomy":"etiqueta_noticias","embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/etiqueta_noticias?post=336265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}