Reassess Mobilisation Options as Offshore EPC Absorbs Capacity

Illustration; Source: Saipem On the heels of McDermott’s announcement, Saipem has confirmed the signing of a letter of intent (LOI) for the ExxonMobil-operated Rovuma LNG Phase 1 project in Mozambique. The final award to the Italian giant within the SMDC joint venture, which entails McDermott, Saipem, Daewoo Engineering & Construction, and China Petroleum Engineering & Construction Corporation (CPECC), is subject to FID and government and regulatory approvals expected within 2026

Home Fossil Energy $30 billion LNG project nears FID: Saipem confirms preliminary award shortly after McDermott August 7, 2026, by Following a project update from its joint venture partner, McDermott, Italy’s engineering, drilling, and construction services giant Saipem has corroborated the progress made in moving forward with the next phase of one of Africa’s most closely watched liquefied natural gas (LNG) developments, as new activity signals continued momentum toward a final investment decision (FID) for Moz

The final award of the engineering, procurement and construction (EPC) contract to the SMDC joint venture is subject to positive FID by the Area 4 deepwater block partners and receipt of the necessary government and regulatory approvals, which is expected within 2026

S. -headquartered technology player SLB has signed off on a long-term stimulation assignment on the Norwegian Continental Shelf (NCS) with Norway’s state-owned energy giant Equinor

MV Island Captain; Source: SLB SLB and Equinor’s multi-year agreement for advanced reservoir stimulation services across the Norwegian Continental Shelf will result in a major upgrade of the MV Island Captain well stimulation vessel to secure additional capability for tight offshore reservoirs. The ship will be converted into a fully proppant-capable stimulation vessel

The ship will be converted into a fully proppant-capable stimulation vessel

The current cost estimate for the Rovuma LNG project is around $30 billion, although the exact final cost has not been fixed because the project has not yet reached FID. Michael McKelvy, Chief Executive Officer and Chair of the Board for McDermott, commented: “Our work on Rovuma LNG builds on McDermott’s established LNG expertise in Mozambique and our disciplined approach to execution

Mozambique Rovuma Venture (MRV), comprising ExxonMobil, Eni, and China National Petroleum Corporation (CNPC), is the operator of the Area 4 block exploration and production concession contract with a 70% interest in the concession, with the remaining 30% split evenly between KOGAS, Empresa Nacional de Hidrocarbonetos (ENH), and ADNOC, after it inked a deal to acquire Galp’s 10% interest in May 2024

and China Petroleum Engineering & Construction Corporation (CPECC), has been awarded by ExxonMobil Moçambique, on behalf of the Area 4 partners, a letter of intent, including limited engineering and procurement services, for the continuation of the Rovuma LNG Phase 1 midstream development. While emphasizing that the SMDC joint venture brings extensive global experience in the engineering, procurement, and construction of LNG facilities, McDermott explains the work with ExxonMobil supports continued project de

The arrangement is the fifth… EnerMech Lands Offshore Services Job for North Sea Operator Aug 05, 2026 EnerMech has secured a multi-year contract to provide topside process and shutdown services across the offshore asset portfolio of a leading North Sea operator, expanding a partnership that has spanned more than a decade. The award is the second… Petrobras Pauses $1B Brazil Gas Pipeline Studies on Regulatory Uncertainty Aug 05, 2026 Brazil's Petrobras is reassessing a major natural gas infrastructure investment

S. waters and to direct the funds to LNG and natural gas power plant projects

The award is the second… Petrobras Pauses $1B Brazil Gas Pipeline Studies on Regulatory Uncertainty Aug 05, 2026 Brazil's Petrobras is reassessing a major natural gas infrastructure investment in Brazil amid regulatory uncertainty surrounding a proposed government program that could also impact a project by Norway's Equinor, sources told Reuters