Project Overview

FPSO Jaguar is an FPSO (Floating Production, Storage & Offloading) Vessel under construction by SBM Offshore for ExxonMobil Guyana's Whiptail Development. Named after Guyana's national animal, Jaguar will be the sixth FPSO operating in Guyana's Stabroek Block upon commissioning, expected by 2027.

The vessel is designed to produce 250,000 barrels of oil per day, treat 540 MMcfd (Million Standard Cubic Feet per day) of associated gas, inject 300,000 barrels per day of water for reservoir pressure support, and store more than 2 million barrels of crude oil. Project financing of USD 1.5 billion was completed on November 21, 2024, secured from a consortium of 16 international financial institutions. 

The project will add 250,000 barrels of oil per day (bopd) to the country's offshore production capacity and push Guyana's total output beyond 1.3 million barrels per day. FPSO Jaguar is built on SBM Offshore's Fast4Ward® Multi-Purpose Floater (MPF) platform. It is the fifth MPF hull in SBM's programme, designated MPF5 after being the fifth hull fabricated by SWS (Shanghai Waigaoqiao Shipbuilding) in Shanghai, China.

The FPSO Jaguar project is structured as a sale-and-operate model. SBM builds and installs the FPSO, then transfers ownership to ExxonMobil Guyana Limited (EMGL) before the FPSO's installation offshore Guyana. SBM Offshore then operated the vessel for 10 years under the Operations and Maintenance Enabling Agreement signed with ExxonMobil in 2023. 

FPSO Jaguar Location

FPSO Jaguar is located in the Stabroek Block offshore Guyana, about 200 kilometers off Guyana’s coast. It is planned for the Whiptail development and will operate in very deep water of about 1,630 meters. The unit is currently being worked on at Seatrium’s dry dock in Singapore before installation offshore. 

Project Background

The Whiptail discovery was made by ExxonMobil Guyana in the Stabroek Block in 2019, as part of an extraordinary run of discoveries that began with the Liza find in May 2015. By 2024, Stabroek Block recoverable resources were estimated at approximately 11 billion barrels of oil equivalent. 

ExxonMobil submitted the Field Development Plan (FDP) and Environmental Impact Assessment (EIA) to Guyana's regulatory authorities in 2023. Government approval came in Q1 2024 as expected, clearing the path for Final Investment Decision. ExxonMobil simultaneously awarded FEED (Front-End Engineering Design) work to SBM Offshore in October 2023, enabling construction preparation to begin before FID was formally taken. 

On April 12, 2024, ExxonMobil announced FID for the Whiptail development, confirming USD 12.7 billion of total investment. The contracts for SBM Offshore to build, install, and operate FPSO Jaguar were formally awarded the same day. SBM Offshore's Fast4Ward MPF5 hull had already been reserved and was under fabrication at SWS China. 

MPF5 was launched from SWS on 25 June, 2024, after the completion of hull erection, equipment installation, and piping outfitting. On 12 November, 2024, a steel strike ceremony was held at Guyana Shore Base Incorporated (GYSBI). It marked the official start of Guyana-based fabrication contributions to the FPSO. 

On 30 November, 2024, the hull sailed from SWS Shanghai to Singapore. It arrived at Seatrium in December 2024. Meanwhile, on 21 November, 2024, SBM Offshore completed the USD 1.5 billion project financing with a 16-bank international syndicate. 

In Singapore, the dry-dock campaign at Seatrium was completed by early 2026. By 5 March 2026, SBM Offshore confirmed that the FPSO had been relocated quayside for the integration phase. Topside module installation had started, and two modules had been loaded and lifted onto the vessel. Welding, cabling, and piping integration between the hull and the modules will occupy the majority of 2026, before the vessel is prepared for offshore tow to Guyana.

FPSO Jaguar Current Status

As of the first week of August, FPSO Jaguar is under construction and in the pre-installation phase for ExxonMobil’s Whiptail development in Guyana’s Stabroek Block. In July 2026, offshore subsea installation for the Whiptail field had already started, specifically for the SURF system, ahead of Jaguar’s arrival and offshore installation, so the project is moving toward hook-up, commissioning, and first oil targeted for 2027. 

Stakeholder Details

FPSO Jaguar Cost Details

SBM Offshore completed the project financing of USD 1.5 billion, secured from a consortium of 16 international financial institutions. This financing supports the cost of vessel construction & integration works. The total Whiptail Development cost is approximately USD 12.7 billion. 

Project Timeline

Design & Engineering Details

Conclusion

The FPSO Jaguar project is marked as a milestone for ExxonMobil Guyana’s Whiptail development and boosts the production capacity at the Stabroek Block. It is expected to strengthen Guyana’s offshore oil output and support the country’s growing position as a major deepwater petroleum province. 

With first oil targeted for 2027 and the project reported to be progressing ahead of schedule, Jaguar stands out as a strategically important asset that will add substantial production capability once fully operational.

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