Momentum on Buzios and SEAP in Brazil, Qatargas shortlists contractors, seismic award Petrobras is due to receive bids for the SURF workscopes related to the Buzios-9 and Buzios-10 pre-salt projects this month, each likely to be worth c$1bn, while the Brazilian NOC has also launched a new $400m tender for subsea equipment to serving production units in the Sergipe Alagoas basin. Qatargas has prequalified four contracting groups, including Saipem, for a major $4bn+ package to deliver offshore compression facilities for its NFPS project. Contracts for key FEED work to expand Adnoc''s Das Island LNG project are expected to be awarded within a month or two, while commercial proposals for its Meram project are due by the 14th of June. Elsewhere, Chevron this week submitted a revamped all-subsea plan to develop its Aphrodite gas project offshore Cyprus and TotalEnergies announced a key extension to a production license off Nigeria, paving the way for the development of its Preowei tie-back project. Award of mega-crew seismic surveys to BGP by Aramco this week should lead to major equipment orders from CGG''s Sercel, we think. Bay du Nord delayed three years on cost pressures Equinor surprised the market this week after notifying that it had decided to postpone the development of its challenging Bay du Nord project offshore Newfoundland, Canada, by up to three years due to rising costs that have challenged project economics. FID on the c$10bn development had originally been targeted in 2024 and the subsea scopes had been a major prospect for TechnipFMC and Subsea 7 amongst our coverage. With services companies continuing to raise pricing incrementally in a capacity constrained market, we think greenfield projects with marginal economics may be ''pushed to the right'', though equally projects with advantaged resources are likely to be ''pulled to the left''. Note Bay du Nord breaks even at Brent prices of $49-63/bbl at IRR''s of 15-20% according to...