China's BOMESC Secures FPSO Topside Module Contract from SBM Worth Up to RMB 2.1 Billion

en.Wedoany.com Reported - On September 29, BOMESC Offshore Engineering Company Limited announced that its wholly-owned subsidiary, Tianjin BOMESC Offshore Engineering Co., Ltd., signed a contract with SBM for the construction of topside modules for a Floating Production Storage and Offloading (FPSO) vessel. The contract value is estimated at approximately RMB 1.6 billion to RMB 2.1 billion, comprising both a fixed price and a variable price component. The contract scope primarily covers the design, procurement, and construction of FPSO topside modules. The project is scheduled for completion in the second half of 2028, and the FPSO will be deployed in South America upon completion.

This order marks a new milestone in the long-term partnership between Tianjin BOMESC and SBM, transitioning into a specific FPSO construction project. In March 2026, Tianjin BOMESC established a long-term partnership with SBM, covering FPSO topside module fabrication, integration, and related construction services, with engineering design and engineering, procurement, and construction (EPC) included as future collaboration directions. Following this contract signing, the cooperation between the two parties has advanced from a long-term framework into the specific module design, procurement, and manufacturing execution phase.

SBM currently has multiple large FPSOs in South America under construction, in design, or in early development stages. In the first half of 2026, the company's projects under construction include the Guyana FPSO Jaguar and the Suriname FPSO GranMorgu, with GranMorgu utilizing a Fast4Ward standard hull designed for a crude oil processing capacity of 220,000 barrels per day. Topside module fabrication is currently underway, with delivery planned for 2028. In Brazil, SBM secured contracts from Petrobras in May of this year for two FPSOs, SEAP I and SEAP II, both utilizing the Fast4Ward platform with a designed crude oil processing capacity of 120,000 barrels per day each, scheduled for delivery in 2031 and 2030, respectively.

In addition to the aforementioned awarded projects, SBM is also advancing the Longtail development project in Guyana. The company obtained a FEED contract from ExxonMobil Guyana in March of this year and has reserved a Fast4Ward hull for the project. Subsequent FPSO construction and installation remain subject to approval of the development plan by the Guyanese government, ExxonMobil's final investment decision, and the release of Phase 2 work. As of the end of June 2026, SBM had ordered a total of 13 Fast4Ward hulls, of which 5 are still under construction, 1 has been allocated to Longtail, 2 have been allocated to SEAP I and SEAP II, and another 2 are designated for ongoing customer tender projects.

BOMESC's announcement did not disclose the corresponding FPSO name, specific oilfield, or end owner, so it is currently not possible to directly link this module contract to GranMorgu, SEAP I, SEAP II, or any other specific project. According to SBM's disclosed project execution status, GranMorgu topside module fabrication has already entered a relatively advanced construction stage, while SEAP I and SEAP II have just entered the engineering design and procurement phase. The company also retains unallocated Fast4Ward hulls for future project tenders.

The contract price adopts a combination of a fixed portion and a variable portion, with the final settlement amount to be determined based on the actual workload during project execution. BOMESC will advance engineering design, material procurement, and module construction over the subsequent contract period, and will recognize revenue based on actual execution progress. The company stated that this contract will increase workload for subsequent projects and will have an impact on the operating results of the current period and future years, with the specific financial contribution still depending on actual execution and final settlement results.