EXMAR'S problems in turning its winning bid for Brazil's Buzios-5 floating production, storage and offloading vessel into a contract may be seen by many industry insiders as linked to perceptions of a low-priced bid, write Gareth Chetwynd and Xu Yihe. However, Modec's growing dominance in recent FPSO tenders - plus the appearance of just three bidders in the recent Marlim FPSO tender - also supports the idea that the Petrobras contracting format needs a shake-up. Between them, SBM Offshore and Modec have about two dozen FPSOs operating in Brazil. "Petrobras is keen to encourage more floater companies to participate in its tenders, but it is more difficult for newcomers than for the established players," one source said.
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