By Kiana Wilburg
CEO, Guyana Energy Conference and Supply Chain Expo
Dutch shipbuilder, SBM Offshore, disclosed to the market on Thursday that key contract awards from Guyana contributed to its net profit soaring to US$128 million for the first half of 2024, up from US$36 million in the year-ago period.
As it relates to revenue, the company said this was US$1.8 billion, a 23% increase compared with the same period in 2023.
For Turnkey revenue, SBM said this rose to US$662 million compared with US$558 million in the year-ago period. This 19% increase reflects mainly the FPSO Jaguar contract award for the ExxonMobil-operated Stabroek block offshore Guyana.
Turning to its year-to-date Directional Lease and Operate revenue, SBM said this stood at US$1.2 billion, up 26%, compared with the same period in the prior year. This increase is driven in part by SBM’s lease and operate arrangement in place for Guyana’s third FPSO, Prosperity, which operates at the Payara project.
In providing an update on other projects under construction for Guyana, its report was as follows:
FPSO ONE GUYANA
The FPSO One Guyana will be the largest producing unit ever built by SBM. The vessel’s design is based on SBM’s Fast4Ward concept that utilizes a newbuild, multipurpose hull with several standardized topside modules. SBM said on Thursday that the topside modules lifting campaign has been successfully completed. Integration and commissioning activities are progressing in line with plan.
The vessel, built for ExxonMobil’s Yellowtail development project in the Stabroek block, will produce 250,000 barrels of oil per day, carry an associated gas treatment capacity of 450 million standard cubic feet per day, and a water injection capacity of 300,000 barrels per day.
ExxonMobil previously stated that the FPSO will develop an estimated resource of more than 900 million bbl of oil. According to its initial announcement, the US$10 billion project will include six drill centers and up to 26 production and 25 injection wells. First oil is set for the second half of 2025.
FPSO Jaguar
FPSO Jaguar will be the sixth vessel of its kind to operate in Guyana’s Stabroek block, specifically at the Whiptail project.
As planned, SBM said the Fast4Ward® MPF hull was launched out of drydock in the second quarter of 2024.
Notably, the FPSO Jaguar’s design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s 7th new build, multi-purpose floater 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 540 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 1,630 meters and will be able to store around 2 million barrels of crude oil.First oil is expected in 2027.