SBM Offshore Awarded Contracts for Fourth FPSO in Guyana Based on
its Fast4Ward® Program
November 17, 2021
SBM Offshore is pleased to announce it has been
awarded contracts to perform Front End Engineering and Design
(FEED) for a Floating Production, Storage and Offloading vessel
(FPSO) for the Yellowtail development project. The FEED contract
award triggers the initial release of funds by ExxonMobil’s
subsidiary Esso Exploration and Production Guyana Limited (EEPGL)
to begin FEED activities and secure a Fast4Ward® hull.
Following FEED and subject to government
approvals in Guyana of the development plan, project sanction
including final investment decision by ExxonMobil, and EEPGL’s
release of the second phase of work, SBM Offshore will construct,
install and then lease the FPSO and operate it for a period of up
to 2 years. First oil is expected in 2025.
SBM Offshore will design and construct the FPSO
using its industry leading Fast4Ward® program allocating the
Company’s sixth new build, Multi-Purpose Hull combined with several
standardized topsides modules. The FPSO will be designed to produce
250,000 barrels of oil per day, will have associated gas
treatment capacity of 450 million cubic feet per day and water
injection capacity of 300,000 barrels per day. The FPSO will be
spread moored in water depth of about 1,800 meters and will be able
to store around 2 million barrels of crude oil.
Building on the experience to date on the Liza
Destiny, Liza Unity and Prosperity FPSOs, SBM Offshore continues to
commit to local content development in Guyana through sourcing
fabrication scope locally and the integration of Guyanese engineers
in the execution and operational teams.
In order to strengthen its execution model given
the current challenging market environment, SBM Offshore
established a special purpose company (SPC) with McDermott for the
execution of the turnkey phase of the project. This SPC will
benefit from the combined engineering and fabrication capacity as
well as the experience of both companies in delivering EPC
solutions to the energy industry. SBM Offshore will hold 70% and
McDermott will hold 30% equity ownership in this SPC. The FPSO will
be fully owned by SBM Offshore.
Bruno Chabas, SBM Offshore’s Chief Executive Officer:
“SBM Offshore is proud to announce ExxonMobil
has awarded the contracts for the fourth FPSO to be deployed in
Guyana. When finished, the FPSO will be the largest producing unit
ever built by the Company. This project again demonstrates the
value that our industry leading Fast4Ward® program continues
to bring to our clients and other stakeholders. We are also pleased
to announce our partnership with McDermott and look forward to
working together through the execution phase and deliver this world
class project.”
Samik Mukherjee, McDermott’s Executive Vice President and Chief
Operating Officer:
“Our people and resources bring the proven
project execution, integrated engineering and modularization
capabilities essential for delivery assurance and success. We will
align these strengths with those of SBM Offshore to drive a
cohesive, efficient execution strategy together.”
About McDermott
McDermott is a premier, fully-integrated
provider of engineering and construction solutions to the energy
industry. Its customers trust its technology-driven approach
engineered to responsibly harness and transform global energy
resources into the products the world needs. From concept to
commissioning, McDermott's innovative expertise and capabilities
advance the next generation of global energy
infrastructure—empowering a brighter, more sustainable future for
all. Operating in over 54 countries, McDermott's locally-focused
and globally-integrated resources include more than 30,000
employees, a diversified fleet of specialty marine construction
vessels and fabrication facilities around the world. To learn more,
visit www.mcdermott.com.
Corporate
Profile
The Company’s main activities are the design,
supply, installation, operation and the life extension of floating
production solutions for the offshore energy industry over the full
lifecycle. The Company is market leading in leased floating
production systems, with multiple units currently in operation.
As of December 31, 2020, the Company employs
approximately 4,570 people worldwide spread over offices in our key
markets, operational shore bases and the offshore fleet of
vessels.
SBM Offshore N.V. is a listed holding company
headquartered in Amsterdam, the Netherlands. It holds direct and
indirect interests in other companies.
Where references are made to SBM Offshore N.V.
and /or its subsidiaries in general, or where no useful purpose is
served by identifying the particular company or companies “SBM
Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our
website at www.sbmoffshore.com.
The Management BoardAmsterdam, the Netherlands,
November 17, 2021
Financial Calendar |
Date |
Year |
Full Year 2021 Earnings |
February 10 |
2022 |
Annual General Meeting |
April 6 |
2022 |
First Quarter 2022 Trading Update |
May 12 |
2022 |
Half Year 2022 Earnings |
August 4 |
2022 |
Third Quarter 2022 Trading Update |
November 10 |
2022 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraGroup Treasurer and IR
Mobile: |
+31 (0) 6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent
KempkesGroup Communications Director
Mobile: |
+377 (0) 6 40 62 87 35 |
E-mail: |
vincent.kempkes@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Disclaimer
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation. Some of the statements contained in this release that
are not historical facts are statements of future expectations and
other forward-looking statements based on management’s current
views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance, or
events to differ materially from those in such statements. Such
forward-looking statements are subject to various risks and
uncertainties, which may cause actual results and performance of
the Company’s business to differ materially and adversely from the
forward-looking statements. Certain such forward-looking statements
can be identified by the use of forward-looking terminology such as
“believes”, “may”, “will”, “should”, “would be”, “expects” or
“anticipates” or similar expressions, or the negative thereof, or
other variations thereof, or comparable terminology, or by
discussions of strategy, plans, or intentions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in this release as anticipated, believed, or
expected. SBM Offshore NV does not intend, and does not assume any
obligation, to update any industry information or forward-looking
statements set forth in this release to reflect subsequent events
or circumstances. Nothing in this press release shall be deemed an
offer to sell, or a solicitation of an offer to buy, any
securities.
- SBM Offshore Awarded contracts for Fourth FPSO in Guyana Based
on its Fast4Ward® Program
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