Nov. 11 (oilnow.gy) Japan’s MODEC earned more construction revenue from ExxonMobil’s Hammerhead project offshore Guyana in the first nine months of 2026, the company said in its November 10 investor presentation.
Group revenue rose 10.1% to US$3.69 billion, while profit attributable to shareholders increased 24.8% to US$306.5 million.
MODEC said revenue from Hammerhead and Shell’s Gato do Mato project in Brazil increased “as they progressed into the second year of their construction phase.”
The company records construction revenue as work progresses. Gains from the two projects more than offset lower construction revenue from several others, including Guyana’s Uaru development.
Hammerhead is ExxonMobil’s seventh development in the Stabroek Block. It is expected to start production in 2029 and add about 150,000 b/d. MODEC secured the contract to design, build and install the floating production, storage and offloading vessel in September 2025. It will also operate and maintain the vessel for 10 years from first oil.
MODEC also raised its full-year revenue forecast to US$4.9 billion from US$4.6 billion and its profit forecast to US$410 million from US$370 million. The company cited progress on construction projects, steady performance from vessels already in service and higher interest income.
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