Offshore Energy · March 24, 2026 (Mar 24) · 1 min read

SBM Offshore’s FPSO deal with ExxonMobil opens FEED gate for Guyana’s oil project

Isometric technical illustration of offshore oil and gas operations with drillship and support vessel — Illustration: ExxonMobil

Analysis

AI-assisted analysis · reviewed by Yuri Kan

SBM Offshore has been awarded the FEED contract for an FPSO destined for an ExxonMobil-operated oil project, presumably offshore Guyana. This award signals continued progress and investment in Guyana's burgeoning oil sector.

Key Facts

SBM Offshore will conduct FEED studies for the FPSO.
The FPSO is intended for an ExxonMobil-operated oil project.
The location of the oil project is likely offshore Guyana, though not explicitly stated in the provided excerpt.

Market Impact

This contract award reinforces SBM Offshore's position as a leading FPSO provider and demonstrates ExxonMobil's continued commitment to developing its offshore assets. The FEED study is a crucial step towards a potential final investment decision (FID) and subsequent construction and deployment of the FPSO, which would further increase Guyana's oil production capacity.

Why This Matters for Cyprus

This FEED award is significant because it indicates further development and investment in Guyana's offshore oil resources, creating opportunities for contractors and suppliers in the oil and gas industry.

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