Floating production systems remain in demand, despite concerns about keeping up with demand, financial pressures and reservations that activity could drop off over the long term.
The market for floating production, storage, and offloading (FPSO) units almost brushed off the pandemic’s effect in 2021 and is likely to continue apace in 2022, with 10 new awards expected, according to a Rystad Energy report.
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An expected surge in FPSO awards in 2021 and 2022 is set to double fabricators’ pipeline - Rystad Energy
01 Jul 2021
Τhe FPSO market is booming this year, with more contracts awarded in the second quarter of 2021 than during the full year 2020.
Rystad Energy expects FPSO awards to reach a total of 10 units in 2021, with another 10 following next year, creating a very healthy project line-up for contractors, effectively doubling their pipeline.
Four FPSOs were awarded in the second quarter and we believe another four will be awarded before the end of the year. Including the two awards from the first quarter, this will bring the total tally up to 10 FPSO contract awards in 2021 – more than triple the three awards from 2020 – signaling a rapid comeback in FPSO contracting activity, despite the Covid-19 pandemic.