Japanese floater giant Modec is inching closer to a first major contract award from the ExxonMobil-led consortium in charge of developing at least 11 billion barrels of oil equivalent on the Stabroek block offshore Guyana.

ExxonMobil has so far put two floating production, storage and offloading vessels into operation on Stabroek, with more on the way and is fast-tracking plans to take this to six by 2027, when crude-processing capacity is expected to pass the 1 million barrels per day mark.