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Investing.com -- SBM Offshore has signed a Memorandum of Agreement with COSCO for the construction of a new Fast4Ward FPSO hull, expanding its existing partnerships for hull construction.
The offshore oil and gas services company, which already collaborates with SWS and CMHI for yard slots for hull constructions, saw its shares rise 2% in Amsterdam on Wednesday.
The memorandum is expected to be converted after the Chinese New Year 2026. SBM Offshore currently has two hulls under construction that have not yet been assigned to specific FPSO projects.
This move to construct another hull signals the company’s confidence in its project pipeline and future contract awards. The Fast4Ward program is SBM Offshore’s standardized FPSO design aimed at reducing delivery time and costs for floating production facilities.
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