Japan-based FPSO builder MODEC Inc. is crediting much of its strong 2025 performance to work it secured in Guyana, particularly the new contract with ExxonMobil Guyana for the Hammerhead development in the Stabroek Block.
For the first nine months of 2025, MODEC said it received US$8.4 billion in orders, a massive 1,327% jump compared to the same period last year. This surge was mainly due to two major FPSO projects: one for Brazil’s Gato do Mato field and the other for Guyana’s Hammerhead field.
Hammerhead will be MODEC’s second FPSO for Guyana, following the Errea Wittu built for the Uaru project.
The company said it received the green light earlier this year to begin limited engineering work while Exxon awaited final approvals. That initial phase has since been completed, and MODEC has now moved into full planning and execution for the vessel.
The Hammerhead FPSO is expected to start producing oil in 2029. It is being designed to pump about 150,000 barrels of oil per day and manage both gas and water. The project will also include a line connecting to the Gas-to-Energy pipeline, allowing gas to be transported to shore. The vessel will be moored in about 1,025 metres of water using SOFEC’s spread mooring system. As with the Uaru project, MODEC will operate and maintain the Hammerhead FPSO for 10 years after first oil.
MODEC also reported that its order backlog has grown by 47.4% since the end of 2024, reaching US$19.08 billion. Its revenue climbed 11.9% to US$3.35 billion, supported by continuous progress on FPSO construction work, including those for Guyana.
The company said the outlook for deepwater oil projects remains strong, even with oil prices fluctuating between US$60 and US$70 per barrel. MODEC expects that ongoing project execution and new orders, particularly in South America, will keep its earnings strong for the rest of the year.
