MODEC’s first-half operating profit rises 70% as FPSO projects advance
MODEC reported a 70.2% increase in first-half operating profit to $293.0 million as progress on FPSO construction projects lifted revenue and gross profit. The floating production contractor ended June with a $17.02 billion order backlog and retained its 2026 earnings forecast.
MODEC’s revenue increased 18.0% year on year to $2.45 billion in the six months ended June 30, 2026, with the company attributing the improvement to revenue and gross-profit recognition from the steady progress of FPSO construction projects. Operating profit rose 70.2% to $293.0 million, while profit attributable to owners of the parent increased 54.4% to $224.0 million.
Orders received during the period totaled $481.2 million, and MODEC reported an order backlog of $17.02 billion at the end of June. The release did not provide a project-level breakdown or delivery profile for either figure, but the backlog represents substantial forward workload for the company and its floating-production supply chain.
MODEC said oil companies continue to pursue deepwater developments and described demand for floating offshore oil and gas production facilities as firm, particularly for large ultra-deepwater projects. The company maintained its full-year 2026 forecast of $4.60 billion in revenue, $460 million in operating profit and $370 million in profit attributable to owners of the parent.
Operating cash flow nearly doubled to $645.2 million during the half, helping raise cash and cash equivalents to $1.91 billion at June 30. That liquidity, together with the reported backlog, may support execution of MODEC’s existing FPSO construction portfolio, although the results document did not announce any new named project award or asset milestone.