TechnipFMC is expected to supply 400 subsea trees in the period 2024-2029, with 35% for ExxonMobil’s developments in Guyana.
Highlighting this in an August 12 release, Rystad Energy indicated that Guyana and Brazil will account for 57% of the supply altogether, with Petrobras in Brazil accounting for the other 22%.
TechnipFMC has secured contract awards for the subsea production systems for all six of Exxon’s sanctioned Guyana oil projects. Exxon also hired TechnipFMC to install risers and pipelines for Gas-to-Energy, a smaller project that is mainly intended to use associated gas from the Liza field for domestic power generation.
Doug Pferdehirt, TechnipFMC’s Chairman, said the company has been instrumental in the success of Exxon’s projects in Guyana, having delivered over 100 subsea trees already.
The Chairman said during TechnipFMC’s Q2 earnings call that the company backlog was a record US$13.9 billion, with Guyana being a key driver of this growth.
Pferdehirt stressed the company’s commitment to local content in Guyana. “For TechnipFMC, it’s not about building capacity and growing headcount, it’s about developing people and creating an advantaged ecosystem that provides growth and opportunities for decades to come,” he stated.
80% of the TechnipFMC workforce is local talent, he said, with nearly half of management positions held by Guyanese people. This was credited to the company’s work, since 2016, establishing training programs and hiring engineers from the University of Guyana even before the commencement of tendering activities.
“Overall, TechnipFMC’s success in Guyana is attributed to its ability to meet the accelerated schedules of an emerging basin, driven by a strategy rooted in commitment, collaboration, and innovation,” Pferdehirt said.
Guyana’s significance in the subsea sector is also demonstrated by Exxon’s leadership among companies in subsea tree installations. Rystad Energy said Exxon is expected to boost installations significantly in 2024. It is projected to contribute 12% with a primary focus on Guyana, following Equinor at 17%.
In 2024, Exxon’s installations are driven by the Yellowtail and Payara projects. Payara started production in November 2023. Yellowtail is expected to begin production in 2025.
