Japanese offshore engineering company MODEC has reported a 10.1 per cent increase in revenue for the first nine months of 2026, with construction work on Guyana's Hammerhead and Uaru developments contributing to its ongoing project activity.
In its financial results released on November 10, MODEC reported revenue of approximately US$3.69 billion for the nine months ending September 30, compared with US$3.35 billion for the corresponding period in 2025.
Profit attributable to the company's owners increased by 24.8 per cent to approximately US$306.5 million, while operating profit rose 27.8 per cent to US$390.2 million.
The company attributed the stronger performance partly to progress on its floating production, storage and offloading (FPSO) construction projects.
In its third-quarter investor presentation, MODEC identified Guyana's Hammerhead and Uaru developments among the projects progressing during the period, alongside Brazil's Gato do Mato and Raia projects.
The company said higher engineering, procurement, construction and installation (EPCI) revenue reflected the advancement of Hammerhead and Gato do Mato into the second year of construction, which more than offset lower revenue from more mature projects, including Uaru and Raia.
MODEC also reported increased revenue from its operations and maintenance business, supported partly by the addition of new projects, including Uaru.
The developments are part of Guyana's expanding offshore production pipeline, as ExxonMobil and its partners continue preparations for additional production capacity in the Stabroek Block.
MODEC was awarded the contract to build the Hammerhead FPSO in September 2025. The project is expected to add another production vessel to Guyana's offshore operations, while Uaru is also among the developments for which MODEC is providing construction services.
The company's latest results also show the financial significance of long-term offshore contracts. MODEC reported a total project backlog of US$23.8 billion at the end of the third quarter, reflecting work across its engineering, construction, operations and maintenance businesses.
Following the results, MODEC increased its full-year 2026 revenue forecast from US$4.6 billion to US$4.9 billion and raised its projected net income from US$370 million to US$410 million.
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