Progress on Guyana’s Hammerhead development contributed to an 18 per cent increase in MODEC’s first-half revenue as construction of the project’s floating production, storage and offloading vessel advanced.
MODEC reported revenue of US$2.447 billion for the six months, compared with US$2.074 billion during the corresponding period in 2025. Net income increased 54 per cent to US$224 million, while adjusted earnings before interest, taxes, depreciation and amortisation climbed 65 per cent to US$297 million.
The company said higher revenue from Hammerhead and Shell’s Gato do Mato project in Brazil outweighed declining contributions from developments that are further along in construction, including Guyana’s Uaru project and Brazil’s Raia development.
MODEC is constructing the Essequibo 1899 FPSO for Hammerhead under a contract awarded after ExxonMobil Guyana and its Stabroek Block partners approved the development in 2025. The company will also operate and maintain the vessel for 10 years after production begins.
The financial results demonstrate how Guyana’s offshore expansion is generating considerable income for international engineering and maritime companies long before the first barrel is produced. It also signals continued demand for fabrication, subsea equipment, marine transportation, technical services and qualified workers.
