Guyana’s Uaru was MODEC’s highest earning EPCI project of 2023

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MODEC unveiled its 2023 financial results, spotlighting a significant profit uplift due to the successful advancement of its engineering, procurement, construction, and installation (EPCI) projects, alongside enhanced asset integrity of its older Brazil floating production, storage and offloading (FPSO) units. Central to this financial prosperity were four EPCI undertakings, with the Uaru project in Guyana, commissioned by ExxonMobil, standing out as the top revenue generator.

From MODEC’s earnings presentation

The Uaru project and Equinor’s Raia project were highlighted among the FPSOs awarded in 2023 as exemplars of MODEC’s EPCI work progress. The company reported that the Uaru project alone contributed an amount in the vicinity of US$800 million to its earnings, outpacing the Raia, Bacalhau, and Sangomar projects, which earned about US$500 million, US$500 million, and US$400 million, respectively. Its total EPCI earnings in 2023 were approximately US$2.5 billion, contributing to overall revenue of approximately US$3.6 billion. 

The FPSO Sangomar, tasked to MODEC by Woodside Energy, represents a significant milestone, being the first FPSO to arrive in Senegal. Already delivered to Senegal, this vessel is designed to produce 100,000 barrels of oil per day, showcasing a storage capacity of 1.3 million barrels and a gas production capability of 130 million standard cubic feet per day. Moored in waters 780 meters deep, the Sangomar FPSO underscores Senegal’s entry into offshore oil production.

In Brazil, MODEC has been advancing with the FPSO Bacalhau and Raia FPSOs, ordered by Equinor. The Bacalhau FPSO, set for first oil in 2025, will operate in water depths of 2,027 meters, boasting a storage capacity of 2 million barrels, and capable of producing 220,000 barrels of oil and 500 million standard cubic feet of gas per day. The Raia FPSO, targeting first oil in 2027, shares similar storage capacity with 125,000 barrels per day output.

The FPSO Errea Wittu, earmarked for ExxonMobil’s UAru project in Guyana, is set to make a major impact. Scheduled for first oil in 2026, this vessel is designed for deepwater operations at 1,690 meters, with a storage capacity of two million barrels, an oil production capacity of 250,000 barrels per day, and a gas production capability of 540 million standard cubic feet per day. This vessel is a giant in the global FPSO market.

With the Uaru FPSO’s deployment set for 2026, Guyana’s offshore oil production is set to exceed a million barrels per day, reaching a cumulative output of approximately 1.1 million barrels per day across all operational FPSOs by that year.

MODEC’s ventures into the Guyanese market, marked by the Uaru FPSO, signal a shift in the competitive landscape, traditionally dominated by SBM Offshore. The MODEC competitor has been contracted by ExxonMobil to deliver five FPSOs, three of which are already operational. 

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