The FPSO Jaguar, Guyana's sixth offshore production vessel, has moved past the 75% construction-completion mark, with first oil still on track for 2027, according to the vessel's builder, SBM Offshore.

The milestone was disclosed in the Dutch-based offshore engineering company's third-quarter 2026 trading update, released on Thursday. SBM Offshore, which is constructing the vessel for ExxonMobil Guyana, said the project remains on schedule for its expected delivery next year.

Construction Progress and Remaining Work

According to the update, the lifting of the vessel's topside modules has been successfully completed, a significant step in the assembly of a floating production, storage, and offloading vessel (FPSO). With the heavy lifts finished, integration and commissioning activities are now continuing as the project moves into its final phases.

SBM Offshore characterized the Jaguar as being more than 75% but less than 100% complete, a status that places it in the final stages of construction and preparation ahead of its expected 2027 delivery. The company made no indication of any deviation from the timeline, stating explicitly that the project remains on schedule with first oil expected in 2027.

The Jaguar is one of five projects currently in SBM Offshore's construction portfolio, which also includes developments in other offshore markets. The company has not detailed the specific remaining integration and commissioning activities, but the transition from topside lifting to integration and commissioning marks the point at which individual modules are connected into a fully functioning production facility, and systems are tested ahead of operations.

Capacity and Design Specifications

Once operational, the FPSO Jaguar is designed to produce up to 250,000 barrels of oil per day. The vessel will also carry a gas-handling capacity of 540 million standard cubic feet per day (MMscf), which will support the processing of associated gas from the development.

That combined oil and gas handling capability makes the Jaguar one of the larger production vessels slated for Guyana's offshore sector. The 250,000 barrels per day figure represents the additional production capacity the vessel will bring online once it reaches first oil, adding to the country's growing offshore output.

Commercial Structure

The vessel is being built under a Sale and Operate contract, with SBM Offshore holding a 100% share in the project. Under this contractual model, the company is both selling and operating the asset, retaining full equity in the project 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 company's third-quarter update grouped the Jaguar alongside four other projects in its construction portfolio, underscoring the scale of simultaneous work the contractor is managing across multiple offshore markets.

Context Within the Stabroek Block Buildout

The latest update on the Jaguar comes as Guyana continues to expand its offshore production capacity through successive developments in the Stabroek Block, which is operated by ExxonMobil Guyana.

As the sixth FPSO destined for the country's waters, the Jaguar represents the next step in a sequence of floating production vessels that have been deployed to the block over successive development phases.

Each new vessel in the sequence adds incremental production capacity to Guyana's offshore oil industry, and the Jaguar's planned 250,000 barrels per day will continue that pattern once operational.

The vessel's gas-handling capacity of 540 MMscf will additionally support the processing of associated gas produced alongside the oil, an increasingly relevant component of the developments in the block.

ExxonMobil Guyana, as the operator of the Stabroek Block, is the customer for the Jaguar. The FPSO is being constructed by SBM Offshore, one of the world's established providers of floating production systems, which builds, sells and operates such vessels under long-term arrangements with oil companies.

What Remains Ahead of 2027

With topside module lifting complete, the remaining work on the Jaguar centers on integration, connecting the topsides with the hull and each other, and commissioning, the systematic testing of systems before the vessel can be declared ready for its voyage to Guyanese waters and eventual start-up.

SBM Offshore has confirmed these activities are under way, and the company's more-than-75%-complete assessment indicates that the bulk of construction work is behind the project.

The timeline matters for Guyana's production outlook: first oil in 2027 would bring the Jaguar's 250,000 barrels per day of design capacity online next year, adding to the capacity contributed by the vessels already producing in the Stabroek Block. The 2027 first oil expectation was reiterated in the company's Thursday update, with no changes signaled from prior guidance.

For SBM Offshore, the progress report on the Jaguar forms part of its regular trading updates, through which the company reports completion percentages across the projects in its construction portfolio. The third-quarter 2026 update placed the Jaguar firmly in its final construction stretch, with the remaining less than 25% of work consisting of the integration and commissioning phase now under way.

The Jaguar's advance to the 75%-plus mark keeps it aligned with the broader pace of development in Guyana's offshore sector, where ExxonMobil Guyana continues to bring successive projects in the Stabroek Block toward production.

When the vessel achieves first oil in 2027 as expected, it will become the country's sixth FPSO in operation, adding a quarter-million barrels of daily design capacity and substantial associated gas handling capability to the burgeoning petroleum economy.

As of the November 2026 update, no revised completion figure, cost detail, or schedule adjustment had been issued beyond the confirmation that the Jaguar is more than 75% complete, on schedule, and targeting first oil in 2027.

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