Project analysis, contract awards and market movements across the FPSO and offshore energy sectors, researched by the Intelatus team.
Baleine Phase 2 achieved first oil in December 2024 using FPSO Petrojarl Kong and FSO Yamoussoukro, raising field production to 60,000 barrels per day of oil and approximately 70 MMscf/d of associated gas. Altera Infrastructure said the fast-track redeployment was completed without a lost-time injury.
MODEC’s FPSO Errea Wittu has arrived in Guyana for final offshore preparations and commissioning ahead of first oil. The two-million-barrel vessel will serve the Snoek, Mako and Uaru resources in the Stabroek block, about 200 kilometers offshore in 1,690 meters of water.
Equinor has agreed to supply ORLEN with between 5 million tonnes and more than 9 million tonnes of crude annually under a three-year agreement beginning in early September. The arrangement primarily covers Johan Sverdrup production and could provide as much as one-quarter of ORLEN’s annual crude requirement.
Saipem has secured an approximately $1.8 billion offshore EPCI contract in the Middle East covering engineering, procurement, construction and installation of offshore and subsea facilities. The contractor said the work will draw on its regional vessels and engineering capabilities, but did not identify the client, project, exact location or execution schedule.
INPEX has released its consolidated financial results for the six months ended June 30, 2026, together with supporting IFRS materials. The announcement page did not disclose headline financial figures or provide updates on individual offshore projects and assets.
INPEX has authorized the repurchase of up to 50 million common shares for a maximum ¥140 billion, citing capital efficiency and shareholder returns. Market purchases are scheduled to run from August 10 through December 31, 2026.
The Tupi asset in Brazil’s Santos Basin pre-salt has reached cumulative production of 4 billion barrels of oil equivalent, Petrobras said. The offshore asset also surpassed average oil production of 1 million barrels per day again in 2026.
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.
BW Offshore lowered its full-year 2026 EBITDA guidance to $310 million-$340 million after reduced commercial uptime on BW Opal and amended BW Catcher terms. The FPSO operator nevertheless reported $568.3 million of available liquidity, a $490 million backlog increase from the Catcher extension and progress on Equinor’s Bay du Nord FPSO FEED.
MODEC and Eld Energy have signed an MOU covering development of a 1.2 MW solid-oxide fuel-cell power system integrated with carbon capture for future FPSO applications. Eld Energy is expected to lead power-system design, procurement, construction and validation, while MODEC will develop the carbon-capture facility and FPSO system integration. Onshore testing is targeted for 2029, followed by a long-term demonstration.
