On October 8, BOMESC Offshore Engineering Company Limited (hereinafter referred to as “BOMECO”) issued an “Announcement by BOMECO and Its Wholly-Owned Subsidiary Regarding the Signing of a Major Contract”.
The announcement disclosed that BOMECO and its wholly-owned subsidiary, Tianjin BOMECO Offshore Engineering Company Limited (Tianjin BOMECO), have signed contracts for an offshore floating production, storage and offloading (FPSO) vessel project with Offshore Frontier Solutions Pte. Ltd. (OFS), a subsidiary of MODEC Inc. (MODEC), ABB Pte. LTD. (ABB), and VWS Westgarth Limited (VWS). The contract value is approximately US$190 million to US$240 million. Upon completion, the FPSO will be deployed in the Guyana oil fields.
According to the announcement, the aforementioned contracts are primarily divided into four sections: the topside module, chemical skid, electrical room, and water treatment module. The scope of work covers design, material procurement and construction.
The contract signing dates and scheduled completion dates for each component vary: the topsides contract was signed in September 2025, with a planned completion date of June 2027; the chemical skid contract was signed in July 2025, with a planned completion date of May 2027; the electrical room contract was signed in July 2025, with a planned completion date of September 2026; and the water treatment module contract was signed in September 2025, with a planned completion date of January 2027. All contracts are contracted on a free-on-board (FOB) basis, with the contracts effective October 1, 2025.
BOMECO stated that based on the long-term cooperative relationships established with MODEC, ABB, and VWS, as well as the successful completion of multiple projects for these clients with guaranteed quality and quantity, the company has once again secured module construction projects in the offshore oil and gas sector from MODEC, ABB, and VWS. The execution of this FPSO project will further deepen the company’s cooperative relationships with these clients, laying a solid foundation for future business development. The signing of these contracts will effectively secure the company’s workload and positively impact its performance in the current and future fiscal years. This contract signing represents a significant demonstration of the company’s market expansion capabilities.
It is worth noting that BOMECO has a longstanding partnership with MODEC, one of the primary clients for this contract. Public records indicate that the two companies have maintained a cooperative relationship since 2007, having collaborated on over a dozen FPSO topside module projects. This enduring partnership contributes significantly to ensuring the project’s smooth execution.
This contract is the second major FPSO project contract BOMECO has announced in 2025. Previously, on January 16, BOMECO issued an “Announcement on the Signing of a Major Contract.” This announcement disclosed that BOMECO had signed a contract with STS VOF for the construction of FPSO topside modules. The contract value is between RMB 750 and RMB 1 billion, and the main scope of work includes the design, material procurement, and construction of the FPSO topside modules. The successive major orders provide future revenue security for the company’s performance amid the current complex international landscape, solidifying its position in the global FPSO module construction market and expected to have a positive impact on the company’s performance in 2025 and beyond.
The announcement shows that MODEC is the world’s leading provider of floating liquefied natural gas production, storage and offloading equipment, mainly involved in the business of offshore floating oil and gas production equipment. OFS is a joint venture between MODEC and Toyo Engineering Corporation. ABB is a technology leader in electrification and automation, whose solutions combine engineering expertise and software to optimize product manufacturing, mobility, power supply, and operation. VWS primarily designs and builds sulfate removal water treatment plants, and provides post-construction services.
BOMECO specializes in natural gas liquefaction, offshore oil and gas development, and mining operations, providing integrated module design and construction services to premium clients worldwide. In the first half of 2025, the company achieved total operating revenue of RMB 1.043 billion and net profit attributable to shareholders of RMB 12.3858 million.