Main Content start here
Main Layout
Report Description

Report Description

Floating production system market is expected to thrive during the forecast period 2024-2028 due to rising offshore oil & gas exploration.

Floating production storage and offloading vessels (FPSO) are offshore production facilities that house both processing equipment and storage of produced hydrocarbons. The basic design of most FPSOs includes a hull-shaped vessel with a processing unit or upper part on the ship's deck and a hydrocarbon storage facility beneath the double hull. After processing, FPSOs regularly store the oil and gas before loading and unloading them onto shuttle tankers or transporting the processed oil by pipeline.

Anchored by various mooring systems, FPSOs are effective development solutions in both deepwater and ultra-deepwater areas. A central mooring system allows the vessel to rotate freely to best respond to weather conditions and wind vanes, while a distributed mooring system anchors the vessel from different locations on the seabed. FPSOs are typically tied to multiple offshore oil fields and collect hydrocarbons from offshore production wells via a series of pipelines on site. After exploitation from the subsea well, hydrocarbons are sent through flowlines to the riser where the oil and gas are transported from the seafloor to the ship's tower and then to FPSO on the surface. 

FPSOs are particularly effective in remote areas and deep water where subsea pipelines are less cost effective. FPSOs eliminate the need to run expensive long-haul lines from processing facilities to land terminals. This can be an economically attractive solution for small oilfields that may deplete in a few years and cannot justify the cost of installing a pipeline. Once the field is depleted, the FPSO can be moved to a new location. 

Newly built FPSOs have high initial costs (up to USD1 billion) but require limited maintenance. Moreover, being able to relocate/reuse them means they will last decades longer than the life of a manufacturing plant. A low-cost alternative to smaller platforms is to convert an oil tanker or similar vessel for less than USD100 million. 

Increasing government investments is expected to drive the global floating production system market

In 2022, state-owned ONGC Videsh Ltd (OVL) announced its intention to increase its stake by investing around USD1 billion in offshore hydrocarbon blocks in Brazil. Brazilian state-owned Petroleo Brasileiro SA (Petrobras) operates BM Seal-4 block with 75% interest, with OVL owning the remainder. A large gas discovery was made in 2019 and production is expected to start after 2026. Interest in OVL's block is expected to increase after the investment. OVL's investment decision follows the Declaration of Commercialization (DoC) for the BM Seal-4 block, with a final investment decision (FID) expected soon. The block is located in the Sergipe Lagoas offshore basin covering an area of ​​320 km².

In February 2023, Indian oil and gas producer ONGC announced an investment of over USD2 billion to drill 103 wells at its main gas holding facility in the Arabian Sea, bringing production to 100 million. The Oil and Natural Gas Corporation (ONGC) has three major facilities off the west coast such as Mumbai High, Heera and Neelam, and Bassein and Satellite) and these facilities have produced 21.7 million tonnes of oil and 216.8 billion cubic meters of oil.

In 2021, Abu Dhabi National Oil Company (ADNOC) announced a USD744 million (AED 2.73 billion) contract for the full development of the Belbazem offshore concession, unlocking the value of all Abu Dhabi oilfields and unlock expansion and maximize oil production capacity to 5 million barrels per day (mmbpd) by 2030. The Belbazem concession is located 120 kilometers northwest of Abu Dhabi city and consists of three so-called marginal offshore fields, Belbazem, Umm al Salzal, and Umm al Dolow. Al Yasat Petroleum Operations Company Ltd (Al Yasat), a subsidiary of ADNOC and a joint venture (JV) with China National Petroleum Corporation (CNPC), signed an Engineering, Procurement and Construction (EPC) contract with National Petroleum Construction Company (NPCC) tied. ADNOC and CNPC own 60% and 40% shares of Al Yasat respectively. The EPC contract will be awarded after a competitive bidding process. As part of ADNOC's In-Country Value (ICV) program, which continues its 2030 strategy, 65% of the winning bid value will be returned to the UAE economy. The scope of this award includes the engineering, procurement, construction, and engineering of the offshore facility necessary to enable full production capacity of 45,000 bpd gas oil with an API gravity of approximately 35 degrees and 27 million standard cubic feet per day (mmscfd).

Floating Production System Market

Download Free Sample Report

Latest projects fueling the growth of the
global floating production system market

In April 2023, Reliance Industries Ltd announced the start of natural gas production from the deepest discovery in the KG-D6 block this quarter, supplying 15% of India's gas demand. KG-D6 off the coast of Andorra is the only deepwater block in production in India. Reliance and its partner UK supermajor BP are now nearing the start of production on the massive MJ deepwater project. This will significantly increase gas production from valuable East Coast assets. Reliance and BP are spending about USD5 billion to advance KG-D6 through three separate projects aimed at revitalizing gas production from offshore projects. The first of two developments - R-Cluster and Satellite Cluster - have started gas production, but MJ is now nearing completion. The two partners plan to deploy a floating production system offshore in the Bay of Bengal to bring into production the deepest gas discovery in the KG-D6 block.

In 2021, ExxonMobil announced that it had selected Dutch conglomerate SBM Offshore to perform the Front-End Engineering and Design (FEED) of its Floating Production Storage and Offloading Vessel (FPSO). The vessel will be part of Exxon’s Yellowtail development project offshore Guyana and will be the group’s fourth multi-billion-dollar manufacturing unit at the site. The new unit has a storage capacity of approximately 2 million barrels of crude oil, a gas processing capacity of 450 million cubic feet per day and a water injection capacity of 300,000 barrels per day. Under the terms of the contract, SBM Offshore is to build, install, and lease her FPSO using her Fast4Ward program. The group will also operate the vessel for up to two years, expecting its first oil in 2025.  To deliver the new unit, SBM has partnered with engineering firm McDermott to increase its design and manufacturing capabilities, while SBM retains full ownership of the FPSO. The company reportedly aims to produce 800,000 barrels of oil per day by 2025. This is a figure that makes Guyana the group's most active and productive fossil fuel base in the world.

In 2021, South Korean shipbuilder Hyundai Heavy Industries (HHI) won a (USD577 million (KRW659.2 billion) engineering, procurement, and construction contract for its floating production system 'FPS' from Beacon Offshore set in the Shenandoah Oil Field in the Gulf of Mexico. The FPS is a semi-submersible with characteristics similar to Murphy Oil's HHI unit built for the King's Quay project. It is 91m long, 91m wide, and 90m high, and is scheduled to be handed over at the end of September 2024. Beacon's Shenandoah oil field is located in the Walker Ridge region of the Gulf of Mexico, 300km off the coast of Louisiana.

Market Segmentation

The global floating production system market is segmented on the basis of type, water depth, build, and region. Based on type, the market is bifurcated into floating production, storage, and offloading (FPSO), tension leg platforms (TLP), spar platform, and others. Based on water depth, the market is further bifurcated into shallow water, deepwater, and ultra-deepwater. Based on build, the market is bifurcated into new build and conversion. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Market player

Major market players in the Global Floating Production System Market are BW Offshore Limited, Keppel Offshore and Marine Ltd, Samsung Heavy Industries Co. Ltd, SBM Offshore NV, Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Mitsubishi Heavy Industries Ltd, TechnipFMC PLC, MODEC Inc., and Teekay Corporation.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Type

Water Depth

Build

Region

Regional scope

North America, Asia-Pacific, Europe, South America, and Middle East & Africa

Country scope

United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Spain, Italy, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, and UAE

Key companies profiled

BW Offshore Limited, Keppel Offshore and Marine Ltd, Samsung Heavy Industries Co. Ltd, SBM Offshore NV, Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Mitsubishi Heavy Industries Ltd, TechnipFMC PLC, MODEC Inc., and Teekay Corporation

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:
In this report, the global floating production system market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Floating Production System Market, By Type:

o    Floating Production, Storage, and Offloading (FPSO)

o    Tension Leg Platforms (TLP)

o    Spar Platform

o    Others    

·         Floating Production System Market, By Water Depth:

o    Shallow Water

o    Deepwater

o    Ultra-Deepwater    

·         Floating Production System Market, By Build:

o    New Build

o    Conversion

·         Floating Production System Market, By Region:

o    North America

§  United States

§  Canada

§  Mexico

o    Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o    Europe

§  Germany

§  United Kingdom

§  France

§  Spain

§  Italy

o    South America

§  Brazil

§  Argentina

§  Colombia

o    Middle East

§  Saudi Arabia

§  South Africa

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global floating production system market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The global floating production system market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at sales@techsciresearch.com

Table of content

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Baseline Methodology

2.2.  Key Industry Partners

2.3.  Major Association and Secondary Sources

2.4.  Forecasting Methodology

2.5.  Data Triangulation & Validation

2.6.  Assumptions and Limitations

3.    Impact of COVID-19 on Global Floating Production System Market

4.    Executive Summary

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Key factors for selecting vendor

5.3.  Key satisfaction level

5.4.  Key challenges faced 

6.    Global Floating Production System Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type (Floating Production, Storage, and Offloading (FPSO), Tension Leg Platforms (TLP), Spar Platform and Others)

6.2.2.    By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater)

6.2.3.    By Build (New Build, Conversion)

6.2.4.    By Region

6.3.  By Company (2022)

6.4.  Market Map

7.    North America Floating Production System Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Water Depth

7.2.3.    By Build

7.2.4.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Floating Production System Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.     By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.     By Type

7.3.1.2.2.     By Water Depth

7.3.1.2.3.     By Build

7.3.2.    Canada Floating Production System Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.     By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.     By Type

7.3.2.2.2.     By Water Depth

7.3.2.2.3.     By Build  

7.3.3.    Mexico Floating Production System Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.     By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.     By Type

7.3.3.2.2.     By Water Depth

7.3.3.2.3.     By Build

8.    Asia-Pacific Floating Production System Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Water Depth

8.2.3.    By Build

8.2.4.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Floating Production System Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.     By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.     By Type

8.3.1.2.2.     By Water Depth

8.3.1.2.3.     By Build  

8.3.2.    India Floating Production System Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.     By Value 

8.3.2.2.        Market Size & Forecast

8.3.2.2.1.     By Type

8.3.2.2.2.     By Water Depth

8.3.2.2.3.     By Build 

8.3.3.    Japan Floating Production System Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.     By Value 

8.3.3.2.        Market Size & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Water Depth

8.3.3.2.3.           By Build 

8.3.4.    South Korea Floating Production System Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.     By Value 

8.3.4.2.        Market Size & Forecast

8.3.4.2.1.     By Type

8.3.4.2.2.     By Water Depth

8.3.4.2.3.     By Build 

8.3.5.    Australia Floating Production System Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.     By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.     By Type

8.3.5.2.2.     By Water Depth

8.3.5.2.3.     By Build

9.    Europe Floating Production System Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Water Depth

9.2.3.    By Build

9.2.4.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Floating Production System Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.     By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.     By Type

9.3.1.2.2.     By Water Depth

9.3.1.2.3.     By Build 

9.3.2.    United Kingdom Floating Production System Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.     By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.     By Type

9.3.2.2.2.     By Water Depth

9.3.2.2.3.     By Build 

9.3.3.    France Floating Production System Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.     By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.     By Type

9.3.3.2.2.     By Water Depth

9.3.3.2.3.     By Build 

9.3.4.    Italy Floating Production System Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.     By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.     By Type

9.3.4.2.2.     By Water Depth

9.3.4.2.3.     By Build 

9.3.5.    Spain Floating Production System Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.     By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.     By Type

9.3.5.2.2.     By Water Depth

9.3.5.2.3.     By Build  

10. South America Floating Production System Market Outlook

10.1.             Market Size & Forecast

10.1.1.     By Value

10.2.             Market Share & Forecast

10.2.1.     By Type

10.2.2.     By Water Depth

10.2.3.     By Build

10.2.4.     By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Floating Production System Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.   By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.   By Type

10.3.1.2.2.   By Water Depth

10.3.1.2.3.   By Build 

10.3.2. Argentina Floating Production System Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.   By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.   By Type

10.3.2.2.2.   By Water Depth

10.3.2.2.3.   By Build 

10.3.3. Colombia Floating Production System Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.   By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.   By Type

10.3.3.2.2.   By Water Depth

10.3.3.2.3.   By Build

11. Middle East & Africa Floating Production System Market Outlook

11.1.             Market Size & Forecast

11.1.1.     By Value

11.2.             Market Share & Forecast

11.2.1.     By Type

11.2.2.     By Water Depth

11.2.3.     By Build

11.2.4.     By Country

11.3.             Middle East & Africa: Country Analysis

11.3.1. Saudi Arabia Floating Production System Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.   By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.   By Type

11.3.1.2.2.   By Water Depth

11.3.1.2.3.   By Build 

11.3.2. South Africa Floating Production System Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.   By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.   By Type

11.3.2.2.2.   By Water Depth

11.3.2.2.3.   By Build 

11.3.3. UAE Floating Production System Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.   By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.   By Type

11.3.3.2.2.   By Water Depth

11.3.3.2.3.   By Build  

12. Market Dynamics

12.1. Drivers

12.2. Challenges

13. Market Trends & Developments

14. Company Profiles

14.1.     BW Offshore Limited

14.1.1.               Business Overview

14.1.2.               Key Revenue and Financials

14.1.3.               Recent Developments

14.1.4.               Key Personnel

14.1.5.               Key Product/Services

14.2.     Keppel Offshore and Marine Ltd  

14.2.1.               Business Overview

14.2.2.               Key Revenue and Financials

14.2.3.               Recent Developments

14.2.4.               Key Personnel

14.2.5.               Key Product/Services

14.3.     Samsung Heavy Industries Co. Ltd

14.3.1.               Business Overview

14.3.2.               Key Revenue and Financials

14.3.3.               Recent Developments

14.3.4.               Key Personnel

14.3.5.               Key Product/Services

14.4.     SBM Offshore NV

14.4.1.               Business Overview

14.4.2.               Key Revenue and Financials

14.4.3.               Recent Developments

14.4.4.               Key Personnel

14.4.5.               Key Product/Services

14.5.     Bumi Armada Berhad

14.5.1.               Business Overview

14.5.2.               Key Revenue and Financials

14.5.3.               Recent Developments

14.5.4.               Key Personnel

14.5.5.               Key Product/Services

14.6.     Hyundai Heavy Industries Co. Ltd

14.6.1.               Business Overview

14.6.2.               Key Revenue and Financials

14.6.3.               Recent Developments

14.6.4.               Key Personnel

14.6.5.               Key Product/Services

14.7.     Mitsubishi Heavy Industries Ltd

14.7.1.               Business Overview

14.7.2.               Key Revenue and Financials

14.7.3.               Recent Developments

14.7.4.               Key Personnel

14.7.5.               Key Product/Services

14.8.     TechnipFMC PLC

14.8.1.               Business Overview

14.8.2.               Key Revenue and Financials

14.8.3.               Recent Developments

14.8.4.               Key Personnel

14.8.5.               Key Product/Services

14.9.     MODEC Inc.

14.9.1.               Business Overview

14.9.2.               Key Revenue and Financials

14.9.3.               Recent Developments

14.9.4.               Key Personnel

14.9.5.               Key Product/Services

14.10.   Teekay Corporation

14.10.1.            Business Overview

14.10.2.            Key Revenue and Financials

14.10.3.            Recent Developments

14.10.4.            Key Personnel

14.10.5.            Key Product/Services

15. Strategic Recommendations

15.1.   Dominating Market by Type

15.2.   Fastest Growing Market by Water Depth

15.3.   Dominating Market by Region

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

Frequently asked questions

FPSOs are floating bodies that receive liquids (oil, water, and various other things) from an undersea reservoir via risers and separate the liquids into crude oil, natural gas, water, and contaminants within onboard production on top.

BW Offshore Limited, Keppel Offshore and Marine Ltd, Samsung Heavy Industries Co. Ltd, SBM Offshore NV, Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Mitsubishi Heavy Industries Ltd, TechnipFMC PLC, MODEC Inc., and Teekay Corporation are the major market players in the global floating production system market.

Floating Production, Storage, and Offloading (FPSO) is expected to be the leading segment during the forecast period due to their additional ability to store and offload the produced crude oil.

South America is expected to dominate the market during the forecast period as the region is a part new projects by various companies such as Exxon Mobil and Petrobras.

Related Reports

We use cookies to deliver the best possible experience on our website. To learn more, visit our Privacy Policy. By continuing to use this site or by closing this box, you consent to our use of cookies. More info.