Dutch contractor, SBM Offshore’s full-year guidance remains on track after good performance in the first quarter of 2023.
Its report released on May 11, noted that the company has upped its Lease and Operate revenue to US$453 million – a 12% increase from the same period last year. The company said this was mainly driven by Guyana’s Liza Unity vessel operating over the full quarter compared with a partial contribution over the first quarter last year. SBM Offshore even ordered its 8th Fast4Ward® Multi-Purpose Floater (MPF) hull from CMHI (China Merchants Heavy Industry Co. Ltd.).
The company had several milestones this past quarter, according to Chief Executive Officer (CEO) Bruno Chabas. Those include the safe arrival of the Prosperity production vessel for ExxonMobil’s Payara development in the Stabroek Block and obtaining the US$1.63 billion financing for Brazil’s Almirante Tamandaré production vessel.
Chabas noted that despite the various remaining challenges related to the COVID-19 pandemic, supply chain constraints and general inflation, the overall margin on vessel projects under construction remains robust at a portfolio level.
“On the operational front, we achieved a solid performance and the fleet uptime stood at 99.2% for the first quarter,” He added. “We recently signed a 10-year agreement for the operations and maintenance of our FPSO fleet in Guyana through an Integrated Operation Model with ExxonMobil Guyana, leveraging the combined operational excellence of both parties. This model is the first of its kind in the industry, and we believe it will set a new performance benchmark for the industry.”
An update on individual project schedules is listed below:
FPSO Sepetiba– The topsides integration phase is nearing completion and the onshore commissioning campaign continues to progress. The project targets first oil in the second half of 2023.
FPSO Almirante Tamandaré – The Fast4Ward® MPF hull has been safely delivered to the integration yard allowing the commencement of topsides’ integration. The FPSO delivery continues to be on track for 2024. The client is now expecting first oil from the field in early 2025.
FPSO Alexandre de Gusmão – The Fast4Ward® MPF hull has been safely delivered to the integration yard and topsides fabrication continues to progress. First oil is expected in 2025.
FPSO ONE GUYANA – The Fast4Ward® MPF hull entered drydock in Singapore and the topsides fabrication is progressing in line with plan. Start-up is expected by year-end 2025.
Fast4Ward® MPF hulls – The Company has ordered a new MPF hull with CMHI (China Merchants Heavy Industry Co. Ltd.) under its Fast4Ward® program bringing the total number of hulls to eight. Six have been delivered to projects while exclusivity for the seventh has been granted to ExxonMobil Guyana.
