As Guyana's offshore oil sector continues to grow, SBM Offshore has announced a joint venture with Solstad Offshore to construct a next-generation installation and construction vessel capable of supporting FPSO deployments and other offshore infrastructure projects in deepwater and shallow-water environments. The vessel is expected to enter service in 2029.
SBM Offshore, which supplies and operates the floating production, storage and offloading (FPSO) vessels used in Guyana's Stabroek Block developments, said the new vessel will be built through a joint venture company in which it holds a 49.9 per cent stake, while Solstad Offshore will own the remaining 50.1 per cent.
The companies have already entered into a Letter of Intent with a selected shipyard for the construction of the vessel, which is targeted for delivery during the first half of 2029.
According to SBM Offshore, the vessel is being designed to support the installation of a wide range of ocean infrastructure, including FPSOs, and forms part of the company's broader strategy to strengthen its offshore installation capabilities.
The vessel will build on the experience gained from the Normand Installer, a multi-purpose offshore construction vessel that has supported installation activities on major offshore projects. SBM said the new vessel will feature an optimized design capable of operating efficiently in both shallow and deepwater environments.
The investment comes as demand for offshore energy infrastructure continues to increase globally, including in Guyana where multiple oil developments are planned over the coming years.
SBM Offshore said the vessel will enhance its ability to provide full Engineering, Procurement, Construction, Installation and Operations (EPCIO) services by improving delivery reliability and expanding the range of offshore installation work that can be executed directly by the company.
The company believes the additional capability will help reduce project execution risks, improve scheduling predictability and strengthen its competitive position in the growing offshore energy sector.
Once completed, the vessel will be managed by Solstad Shipping, while SBM Offshore will charter it for use on its projects worldwide. During periods when it is not required for SBM Offshore operations, the joint venture may also charter the vessel to third-party clients.
While SBM Offshore has not indicated where the vessel will be deployed, the investment further expands the company's offshore installation capacity as it continues to support major FPSO developments, including those that underpin Guyana's rapidly expanding oil production industry.
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