TechnipFMC Bags Exxon Deal Worth At Least $500MM

TechnipFMC Bags Exxon Deal Worth At Least $500MM
The company defines a 'large' contract as being worth between $500 million and $1 billion.
Image by igorbondarenko via iStock

TechnipFMC has announced that it has been awarded a “large” contract by ExxonMobil Corporation affiliate Esso Exploration and Production Guyana Limited to supply the subsea production system for the Uaru project offshore Guyana.

The company, which defines a “large” contract as being worth between $500 million and $1 billion, said it will provide project management, engineering, and manufacturing to deliver the overall subsea production system. The award covers 44 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment, TechnipFMC revealed.

The business said it currently employs more than 100 Guyanese and added that it expects to continue to hire and train additional local staff in support of this award.

“We are very proud to continue our relationship with ExxonMobil Guyana through this award, which is our fifth within the Stabroek block,” TechnipFMC Subsea President Jonathan Landes said in a company statement.

“This is ExxonMobil Guyana’s first project utilizing our Subsea 2.0 system, which leverages our configure-to-order model to deliver on an accelerated schedule,” he added in the statement.

Uaru FID

On April 26, ExxonMobil announced that it had made a final investment decision for the Uaru development “after receiving required government and regulatory approvals”.

The company said it expects Uaru to add approximately 250,000 barrels of daily capacity after a targeted startup in 2026. ExxonMobil noted that the $12.7 billion Uaru project plans to include up to 10 drill centers and 44 production and injection wells aimed at developing an estimated resource of more than 800 million barrels of oil.

“Our fifth, multi-billion-dollar investment in Guyana exemplifies ExxonMobil’s long-term commitment to the country’s sustained economic growth,” Liam Mallon, the President of the ExxonMobil Upstream Company, said in a company statement.

“Our Guyana investments and unrivalled development success continue to contribute to secure, reliable global energy supplies at this critical time,” Mallon added in the statement.

ExxonMobil made a final investment decision on the fourth Guyana offshore project, dubbed Yellowtail, in April last year. Two FPSOs, the Liza Destiny and Liza Unity, are currently operating offshore Guyana, and a third FPSO, the Prosperity, is expected to be operational later this year, ExxonMobil outlined in its April 26 announcement.

In that announcement, the company confirmed that it is targeting to have six FPSOs online by the end of 2027, “bringing Guyana’s production capacity to more than 1.2 million barrels per day”.

TechnipFMC Awards

TechnipFMC has announced several contract awards this year, including a “substantial” deal by Azule Energy, on February 28, to supply flexible pipe for the Agogo Integrated West Hub Development Project offshore Angola.

The company, which defines a “substantial” contract as being worth between $250 million and $500 million, said at the time that the deal is one of its largest ever awards for flexible pipe in West Africa.

On February 20, TechnipFMC announced that it had been awarded a “significant” contract by TotalEnergies EP Angola for the Girassol Life Extension (GIRLIFEX) Project and on February 16, it announced that it had been awarded a “significant” subsea contract for Equinor’s Irpa Development. The business defines a “significant” deal as being worth between $75 million and $250 million.

On the same day, the company announced an award for a “significant” subsea project by Equinor for the Verdande field and on January 31 it revealed that it had been awarded a “large” Integrated EPCI contract for AKER BP’s Utsira High Development.

On January 24, TechnipFMC announced the award of a “substantial” subsea services offshore Brazil contract by Petrobras and on January 10 it revealed that it had been awarded a “significant” subsea contract by Wintershall Dea.

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