Italian oilfield services giant Saipem has secured approval to advance its $500 million contract for engineering, procurement, construction, and installation (EPCI) works on ExxonMobil’s seventh deepwater oil project in Guyana’s Stabroek block.
The green light follows ExxonMobil’s final investment decision (FID) on the $6.8 billion Hammerhead development, expected to add 120,000–180,000 barrels per day by 2029, boosting Guyana’s output to nearly 1.5 million bpd.
Saipem’s scope covers subsea umbilicals, risers, and flowlines (SURF) for both oil production and gas export systems. Operations, to be executed using Saipem FDS2 and Shen Da, will be supported entirely from Guyana’s Vreed-en-Hoop Shorebase (VEHSI), driving local job creation and logistics.
Hammerhead cements Saipem’s role in Guyana, where it already works on ExxonMobil’s six prior developments, including Liza Phase 1 & 2, Payara, Yellowtail, Uaru, and Whiptail. ExxonMobil operates the block with a 45% stake, alongside partners Hess (30%) and CNOOC (25%).
The Hammerhead project’s FPSO unit, developed by MODEC, will be moored in 1,025m waters, around 160 km offshore Georgetown.
