MODEC reported first-quarter 2026 revenue of $1.08 billion and operating profit of $122.7 million, supported by progress on existing FPSO construction projects. Orders received were $129.3 million, mainly reflecting specification changes on existing projects, while backlog was $17.86 billion at March 31. The company retained its full-year forecast of $4.6 billion in revenue and $460 million in operating profit.
Equinor plans to increase production to 2.3 million boe/d by 2030, including 1.35 million boe/d from the Norwegian continental shelf and approximately 950,000 boe/d from its international portfolio. Around 60% of 2028–2030 capital expenditure is expected to go to the NCS, where the company plans six to eight new tie-back developments annually through 2035. Equinor also intends to add USD 1 billion of investment in 2027 for high-return oil and gas projects while limiting power investment to about 10% of capital expenditure.
Equinor and its partners have agreed the development concept for Ringvei Vest, combining seven discoveries and the Grønngylt prospect in a proposed subsea tieback to Troll B in the Norwegian North Sea. The approximately 240-million-boe project is planned around 13 wells and six subsea templates, with seabed separation and processing, power and well control provided through Troll B. A DG2 continuation decision is targeted for the end of 2026, while investment, FID, development-plan and production-start dates remain undecided.
Petrobras’ board has approved the final investment decision for the RPBC Biorrefino project at the Refinaria Presidente Bernardes in Cubatão, São Paulo. The approximately $1.2 billion project will add capacity for up to 15,000 barrels per day of sustainable aviation fuel and renewable diesel. Final contracting is expected to precede construction starting by the end of 2026, with operations targeted for 2030.
Petrobras and Petróleos Mexicanos (PEMEX) signed a two-year memorandum of understanding to evaluate potential joint work across hydrocarbon exploration and production and industrial processes. The scope includes mature-field revitalization, seismic reprocessing and opportunities in deepwater and ultra-deepwater areas, including the Gulf of Mexico. The memorandum can be renewed but does not commit either company to invest or establish a company, consortium or joint venture; any projects will require separate agreements, feasibility work and approvals.
Equinor said its Norwegian operations and associated supply chain generated NOK 142 billion of value creation and supported 82,000 full-time man-years in 2025. Procurement reached NOK 147.6 billion, including NOK 140.5 billion awarded to Norwegian suppliers, with more than 1,900 domestic companies delivering goods and services. The article illustrates the Johan Castberg FPSO but reports no new milestone for the unit.
Brazil’s Búzios field produced a record average of 1.1 million barrels of oil per day on June 23, 2026, exceeding the one-million-bpd level reached in October 2025. Petrobras said rising output from the P-78 and P-79 FPSOs and the connection of additional wells are supporting the increase. Eight FPSOs are operating at Búzios, while P-80, P-82 and P-83 are under construction and the Búzios 12 unit is in tendering.
Equinor and the Wisting licensees have submitted a proposed environmental-impact-assessment programme for a 16-week public consultation. The partnership has selected an FPSO-based development approach, while final concept selection is targeted for late 2026 and a possible final investment decision for late 2027. The project remains subject to further commercial and technical improvement, and a potential carbon-capture solution is still under assessment.
Shape Digital, a MODEC spin-off, has entered a strategic collaboration with Halliburton to combine Halliburton Landmark’s Digital Field Solver with Shape Digital’s Lighthouse, Aura and Reef applications. The integrated offering will connect reservoir, well and production-network models with surface intelligence covering equipment reliability, energy efficiency, safety and asset integrity. MODEC links the initiative to its wider use of predictive maintenance, AI-enabled digital twins and digital barrier management in asset operations.
SBM Offshore has signed $465 million of project financing for the newbuild FSO Chalchi. Funding from international banks and institutional investors, with partial insurance from China Export & Credit Insurance Corporation, will be drawn during construction and become non-recourse after operations begin. The Suezmax-based unit is intended for the Trion field offshore Mexico under 20-year lease-and-operate contracts with Woodside Energy through its Mexican affiliate.
