Under the terms of the deal, SBM will engineer and design a second floating production, storage and offloading vessel (FPSO) for the Liza oil and gas field in Guyana’s Stabroek block.
The deal is “very positive” for SBM, KBC Securities analyst Cedric Duinslaeger said in a note, as the new FPSO will be considerably larger in size than the first one Exxon Mobil ordered from SBM for the Liza field. SBM shares traded up 8.8 percent at 14.09 euros at 0906 GMT.
The shares are down more than 4 percent on the year, as the company is still awaiting the conclusion of a Brazilian investigation into its role in corruption cases. The probe has forced it to suspend its involvement in tenders with Brazilian oil company Petrobras, a major customer.
In 2014, SBM paid $240 million to Dutch and U.S. authorities in an out-of-court settlement related to bribery in Brazil, its largest market, where oil company Petrobras (PETR4.SA) was its main client.