MODEC Wins Full EPCI Contract for Hammerhead FPSO Project

MODEC has secured the full EPCI contract to deliver a floating production, storage and offloading (FPSO) vessel for the Hammerhead development in Guyana. The FPSO will have an initial average production capacity of 150,000 barrels of oil per day and is set to be moored in 1,025m of water. MODEC will also deliver operations and maintenance services for a ten-year period. The project is operated by ExxonMobil Guyana and has a total investment of $6.8bn.

Japan’s MODEC has been awarded the full Engineering, Procurement, Construction, and Installation (EPCI) contract for the floating production, storage, and offloading (FPSO) vessel destined for ExxonMobil’s Hammerhead development in Guyana. The contract encompasses the design, construction, and installation of the FPSO, with operations and maintenance services to be provided by MODEC for a ten-year period from the first oil date.

The Hammerhead project, located approximately 200 km off the Guyanese coast in water depths of about 1,000 meters, is expected to add between 120,000 and 180,000 barrels per day (bpd) to the country’s overall production capacity, increasing it to nearly 1.5 million bpd once operational MODEC tasked with full scope of Guyana-bound FPSO for ExxonMobil’s $6.8B oil project^[2].

The initial average production capacity of the FPSO is set to be 150,000 barrels of oil per day, with the vessel moored in 1,025 meters of water using SOFEC’s spread mooring system. The FPSO is scheduled to start operations in 2029, subject to required government approvals MODEC tasked with full scope of Guyana-bound FPSO for ExxonMobil’s $6.8B oil project^[2].

MODEC’s involvement in the Hammerhead project follows its successful completion of the FPSO for ExxonMobil Guyana’s Uaru project. The Japanese company’s strategic relationship with ExxonMobil Guyana positions it to continue delivering value throughout the project lifecycle MODEC tasked with full scope of Guyana-bound FPSO for ExxonMobil’s $6.8B oil project^[2].

The total investment for the Hammerhead development is $6.8 billion, with ExxonMobil (operator with 45% interest), Hess (now part of Chevron, 30%), and CNOOC Petroleum Guyana (25%) as partners in the Stabroek block MODEC tasked with full scope of Guyana-bound FPSO for ExxonMobil’s $6.8B oil project^[2].

The contract award for MODEC signifies a significant milestone in the development of Guyana’s oil sector, contributing to the country’s economic growth and energy security.