SBM Offshore has confirmed that the FPSO Jaguar, the sixth floating production vessel destined for Guyana's offshore waters, is now more than 75% complete and remains on schedule to deliver first oil in 2027.

The status was disclosed in the Dutch offshore engineering group's third-quarter 2026 trading update, published on Thursday. The vessel is being constructed for ExxonMobil Guyana, the operator of the Stabroek Block, and the company stated that the project remains on schedule for its expected delivery next year.

Topside lifts finished, integration phase under way

The key engineering achievement reported in the update is the successful completion of the lifting of the vessel's topside modules, a significant step in assembling a floating production, storage and offloading vessel. With the heavy lifts behind it, the Jaguar has transitioned into integration and commissioning activities, which are now continuing as the project enters its final phases.

SBM Offshore characterised the Jaguar as more than 75% but less than 100% complete.

Integration on an FPSO involves connecting individual modules with the hull and each other to form a fully functioning production facility, while commissioning comprises the systematic testing of systems ahead of the vessel's voyage to Guyanese waters and eventual start-up.

The company did not detail the specific remaining activities, but it made no indication of any deviation from the timeline, explicitly confirming that first oil remains expected in 2027. As of the November 2026 update, no revised completion figure, cost detail, or schedule adjustment had been issued beyond the confirmation that the vessel is more than 75% complete, on schedule, and targeting first oil in 2027.

Design output of 250,000 barrels per day

Once operational, the FPSO Jaguar is designed to produce up to 250,000 barrels of oil per day, adding a quarter-million barrels of daily design capacity to Guyana's offshore output.

The vessel will also carry gas-handling capacity of 540 million standard cubic feet per day, supporting the processing of associated gas produced alongside the oil from the development.

That combined oil and gas handling capability places the Jaguar among the larger production vessels slated for Guyana's offshore sector, and each new vessel in the country's sequence of floating production units adds incremental capacity to the offshore oil industry.

Sale and Operate structure with full SBM ownership

Commercially, the Jaguar is being built under a Sale and Operate contract, with SBM Offshore holding a 100% share in the project. Under this model, the company is both selling and operating the asset, retaining full equity during the stated phase.

The 100% shareholding means SBM Offshore is carrying the project within its own construction portfolio rather than sharing it with partners.

The Jaguar is one of five projects currently in SBM Offshore's construction portfolio, which also includes developments in other offshore markets. The company reports completion percentages across its construction portfolio through regular trading updates, and the third-quarter 2026 update grouped the Jaguar alongside four other projects, underscoring the scale of simultaneous work the contractor is managing.

Sixth vessel in the Stabroek Block sequence

The Jaguar represents the next step in a sequence of floating production vessels deployed to the Stabroek Block over successive development phases, as ExxonMobil Guyana continues to expand the country's offshore production capacity. When the vessel achieves first oil in 2027 as expected, it will become the country's sixth FPSO in operation.

ExxonMobil Guyana, as operator of the Stabroek Block, is the customer for the vessel.

SBM Offshore, one of the world's established providers of floating production systems, builds, sells and operates such vessels under long-term arrangements with oil companies.

The vessel's progress keeps it aligned with the broader pace of development in Guyana's offshore sector, where successive projects in the block are being brought toward production. Its 2027 first oil expectation was reiterated in the Thursday update, with no changes signalled from prior guidance, and the remaining less-than-25% of work now consists of the integration and commissioning phase under way.