Project analysis, contract awards and market movements across the FPSO and offshore energy sectors, researched by the Intelatus team.
Boskalis has approved an investment in a cable-lay vessel with 24,000 tonnes of carousel capacity for long-distance interconnector and offshore wind cable installation. The vessel, which is expected to enter service in 2029, will carry two 12,000-tonne carousels and accommodate longer continuous cable sections.
MODEC reported first-half 2026 revenue of $2.45 billion and adjusted EBITDA of $297 million as work advanced on the Hammerhead, Gato do Mato, Raia and Uaru FPSOs. The company retained its full-year guidance while highlighting a $25 billion backlog, Gato do Mato’s forward-hull completion and the restart of FPSO Baobab Ivoirien.
Carlyle has completed its acquisition of Altera Infrastructure’s FPSO business, which will continue operating under the Altera name as a standalone floating production company. Led by CEO Chris Brett, Altera plans to pursue organic growth and strategic acquisitions across the offshore energy market.
Repsol said its Exploration and Production business will prioritize free cash flow, efficient project execution and active portfolio management, with more than 80% of investment directed to the United States. The company is targeting average production of 580,000–600,000 barrels of oil equivalent per day. Repsol also highlighted renewable and synthetic fuel projects in Spain, an expansion of its Sines industrial complex in Portugal and the planned 2029 start-up of Ecoplanta in Tarragona.
BW Group and BW Offshore have appointed Matthew White as CEO of their 50/50 floating desalination joint venture, BW Elara. White takes the role following the completion of Industrie De Nora’s acquisition of BW Water, where he had served as CEO and executive chairman.
Yinson Production has marked the naming of the 500,000-barrel FSO PTSC Lac Da Vang as the newbuild enters final outfitting, commissioning and testing. The vessel is expected to begin storage and offloading services at Vietnam’s Lac Da Vang field in the fourth quarter of 2026 under a 10-year firm contract.
PTTEP has relocated and reinstalled the complete Jakrawan K wellhead platform in the Funan field, cutting the execution period to six months and construction costs by an estimated 35–50% compared with a newbuild. The operator plans to apply the reuse model to about 10 additional platforms during 2027–2029.
PETRONAS LNG Ltd. has signed a seven-year LNG sale and purchase agreement with Shizuoka Gas Co., Ltd. for approximately 0.84 million metric tonnes, with deliveries scheduled to begin in 2032. The companies also intend to explore decarbonization opportunities along the LNG value chain, extending a commercial relationship that began with PETRONAS' first LNG delivery to Shizuoka Gas 30 years ago.
Equinor will commence the third tranche of its 2026 share buyback programme on 23 July, with a maximum tranche value of $1.125 billion. Up to $371.3 million of shares will be purchased in the market, while the total also includes the proportional redemption of Norwegian State holdings. The tranche is scheduled to end by 26 October 2026.
Equinor reported adjusted operating income of USD 11.48 billion and net income of USD 4.84 billion for the second quarter of 2026. Offshore developments included a final investment decision for Greater PAJ in Angola, production starts at Eirin and Symra, awards for an initial wave of Norwegian continental shelf tie-back projects and transactions intended to advance Ringvei Vest. Equity production increased 3% year on year to 2.165 million boe per day.
