250,000-bpd ONE GUYANA FPSO Marks One Year in Operation; SBM to Continue Operating Until 2035

ONE GUYANA has completed its first year of safe operations after reaching 250,000 bpd, while SBM Offshore will continue O&M through 2035 following ExxonMobil Guyana’s acquisition.

On August 17, 2026, SBM Offshore announced that the ONE GUYANA FPSO, deployed at the Yellowtail field offshore Guyana, had completed its first year of safe operations. The vessel achieved first oil on August 8, 2025, approximately four months ahead of schedule, and was the largest FPSO deployed in Guyana at the time.

ONE GUYANA is designed for an initial average oil production rate of 250,000 barrels per day, with gas processing capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day. The spread-moored FPSO can store approximately two million barrels of crude oil and operates in a water depth of around 1,800 metres, approximately 200 kilometres offshore Guyana.

In November 2025, ExxonMobil confirmed that the Yellowtail development had reached its initial average production capacity of 250,000 barrels per day, helping lift total production from the Stabroek Block to 900,000 barrels per day. This indicates that ONE GUYANA completed its initial production ramp-up within approximately three months of achieving first oil.

In its first-anniversary update, SBM Offshore described the vessel’s operational performance as strong but did not disclose its cumulative production, operational uptime or any periods of production shutdown during the year. The company also confirmed that it no longer owns the FPSO.

In February 2026, ExxonMobil Guyana exercised its purchase option ahead of schedule and acquired ONE GUYANA for a total cash consideration of approximately US$2.32 billion. The vessel’s maximum contractual lease term would otherwise have expired in August 2027. SBM Offshore used the net proceeds primarily to repay the FPSO’s US$1.74 billion project financing in full, materially reducing the company’s net debt.

The transfer of ownership did not end SBM Offshore’s involvement in the project. Under the revised arrangement, SBM will continue to operate and maintain ONE GUYANA until 2035. The transaction allowed SBM to monetise the asset and recover its project capital earlier than originally planned, while retaining nearly a decade of operations and maintenance work.

ONE GUYANA was developed under SBM Offshore’s Fast4Ward programme, which combines a newly built multi-purpose floater hull with standardised topside modules. According to SBM, it was the eighth FPSO delivered under the Fast4Ward programme.

The project’s turnkey phase was executed through a special-purpose company established by SBM Offshore and McDermott, with ownership interests of 70% and 30%, respectively. McDermott’s scope included project management, basic design, procurement, engineering, integration and commissioning services. The FPSO’s topside modules have a combined weight of approximately 17,000 tonnes.

The hull was built by Shanghai Waigaoqiao Shipbuilding in China, while several topside modules were fabricated by Qingdao McDermott Wuchuan Offshore Engineering, or QMW. The vessel subsequently underwent final integration and commissioning at Seatrium’s yard in Singapore.

The Stabroek Block is operated by ExxonMobil, which holds a 45% interest. Chevron holds 30% following its acquisition of Hess, while CNOOC Petroleum Guyana, a subsidiary of CNOOC Limited, holds the remaining 25%.

In 2025, SBM Offshore brought three large FPSOs into production within six months: Almirante Tamandaré and Alexandre de Gusmão offshore Brazil, followed by ONE GUYANA offshore Guyana. Together, the three vessels added 655,000 barrels per day of oil production capacity.

SBM Offshore’s next FPSO for Guyana is Jaguar, which will serve ExxonMobil’s Whiptail development and is scheduled to arrive and enter operation in 2027. Jaguar will become the fifth SBM Offshore FPSO deployed in Guyana.