Core Insights - MODEC has secured a full engineering, procurement, construction, and installation (EPCI) contract for a floating production, storage, and offloading (FPSO) vessel for the Hammerhead development, with project start-up anticipated in 2029 pending government approvals [1][6] - The first phase of the contract, focusing on front-end engineering and design (FEED), has been completed, and MODEC is now progressing to the full EPCI phase [2] - The FPSO is expected to have an initial average production capacity of 150,000 barrels of oil per day (bopd) and will be moored in approximately 1,025 meters of water [4][5] Company and Project Details - MODEC's strategic relationship with ExxonMobil Guyana is highlighted, emphasizing the collaboration's potential to create lasting value throughout the project lifecycle [4] - The Hammerhead project represents the seventh development in Guyana's Stabroek block, with ExxonMobil holding a 45% interest, while Hess Guyana Exploration and CNOOC Petroleum Guyana hold 30% and 25% stakes, respectively [6] - This FPSO will be MODEC's second unit in Guyana, following the Errea Wittu unit, which is currently under construction for the Uaru development [5]