Pace of FPSO awards tipped to quicken

The pace of FPSO awards is expected to quicken in the coming months on the back of an improving price for a barrel of crude.

A new report from Energy Maritime Associates shows there were three FPSO awards in the first quarter, the same as in Q1 2020.

EMA expects the pace of awards to increase toward the end of 2021 and has identified 29 projects – including 14 FPSOs and five production semis – that are most likely to be sanctioned in the next 12 months. This assumes continued management of the global pandemic and oil prices remaining in the $60s.

EMA data shows there are currently 297 production units and 103 FSOs in operation, 201 projects in the planning pipeline and 41 production units, eight FSOs and two MOPUs on order.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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