IRVING (dpa-AFX) - SBM Offshore Amsterdam B.V. Tuesday said that it has been awarded contracts by ExxonMobil Guyana Ltd, an affiliate of Exxon Mobil Corp. (XOM) to carry out Front End Engineering and Design or FEED studies for a Floating Production, Storage and Offloading or FPSO vessel for the Longtail development project in Guyana.
The award initiates the first release of funds to begin FEED work and allocate a Fast4Ward hull for the project.
The oil equipment and services company said that subject to government approvals, a final investment decision by ExxonMobil, and project sanction, it will proceed with the construction and installation of the FPSO. Ownership of the vessel is expected to transfer to the client upon completion of construction and prior to the start of operations, SBM Offshore added.
SBM Offshore said that it will operate the FPSO under its integrated operations and maintenance model, combining its expertise with ExxonMobil's experience and leveraging operational learnings from existing units in Guyana.
According to the company, the FPSO is designed to process 1,200 million cubic feet of gas per day and produce 250,000 barrels of condensate daily. It will be spread moored in approximately 1,750 meters of water depth and have a storage capacity of around 2 million barrels of condensate, SBM Offshore added.
On the NYSE, XOM ended Monday's trading at $161.13, up $1.46 or 0.91 percent. In the overnight trading, the stock is up 0.59 percent at $162.08.
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