An FPSO (Floating Production Storage and Offloading unit or vessel) facilitates oil and gas production, processing, and storage at sea. But what exactly is an FPSO company? Simply put, it’s a company that either operates or builds these massive floating facilities, which extract, process, store, and offload oil and gas directly from offshore fields. 

As of 2025 April, there are over 200 FPSOs in operation globally, with 64 new projects planned between 2024 and 2029. These vessels are especially vital in deepwater regions where pipelines are not feasible, making them a popular choice in places like Brazil, West Africa, and Southeast Asia.

Largest FPSO operators like Petrobras and Shell use FPSOs to run their energy projects, engineering specialists like SBM Offshore and MODEC are responsible for designing and constructing these complex vessels. According to Blackridge Research’s global FPSO market report, the FPSO market is expected to grow from USD 13.06 billion in 2025 to USD 19.65 billion by 2030.

In this blog, we spotlight the top companies in the FPSO industry, from operators like ExxonMobil and TotalEnergies to contractors like Yinson Holdings and Bluewater Energy Services. 

List of Top 10 FPSO Companies (operators) in the World - Ranked by FPSO Fleet Size

Petrobras 

Founded: 1953

Location: Rio de Janeiro, Brazil

Petróleo Brasileiro S.A. (also known as “Petrobras”) is a globally leading oil, natural gas, and energy company renowned globally for its ultra-deepwater oil exploration technology. As of July 2022, Petrobras’ fleet consisted of 123 owned and chartered vessels in Latin America. It plays a significant role in FPSO projects in Brazil .

While Petrobras’ main operations cover basins, refineries, terminals, and pipelines, as well as thermal power plants, in offshore Brazil its areas of expertise comprise the following:

• Oil and gas exploration and production (major components of Petrobras’ portfolio)

• Refining

• Supply of natural gas

• Generation of electric energy

• Transportation and trade

Petrobras’ activities focus on Brazil’s deepwater and ultra-deepwater oil reservoirs—accounting for 95% of its total production.

As most of its oil reserves are in offshore fields, Petrobras undertakes offshore drilling activities to reach ever-greater depths to meet the increasing energy demand.

In Brazil, Petrobras works with over a hundred production platforms, mostly fixed platforms.

Here are the different types of platforms that Petrobras uses for its offshore operations:

• Fixed: A drilling and production platform that reaches depths of up to 300 m.

• Jack-up: A drilling rig that reaches depths of up to 150 m.

• Semi-submersible: A drilling and production platform that reaches depths greater than 2,000 m.

• FPSO and FPSO Monocolumn: Production, storage, and offloading platforms that reach depths greater than 2,000 m.

• TLWP (Tension Leg Well Platform): A production platform that reaches depths of up to 1,500 m.

• Drilling Vessel: A drilling rig that reaches depths greater than 2,000 m.

FPSO Fleet

Petrobras’ FPSO fleet includes:

• FPSO P-34 (Jubarte field, Campos Basin)

• FPSO P-50 (Albacora Leste field, Campos Basin)

• FPSO P-54

• FPSO P-62

• FPSO P-63 (operates at the Papa-Terra field in the southern area of the Campos Basin)

• Cidade de Angra dos Reis

• FPSO Cidade de São Vicente (Tupi Field (currently Lula), Santos Basin)

• FPSO Cidade de Paraty (operating in the Tupi Field (currently Lula))

• FPSO Cidade de Itajaí (“part of the production system at the Baúna and Piracaba fields in the post-salt region of the Santos Basin”)

• Petrobras: P-78 FPSO Brazil

In July 2025, Seatrium Ltd successfully delivered the P-78 FPSO vessel to Petrobras, its first turnkey FPSO for the Brazilian energy company. The vessel will be deployed in the Búzios field in Brazil’s pre-salt Santos Basin.

According to Petrobras, the FPSO P-63 can process “140,000 barrels of oil, a million cubic meters of gas, and inject 340,000 barrels of water per day.”

An FPSO is ideal for production in deep and ultra-deep waters. In an FPSO, the shuttle vessels drain the oil while the gas flows through flexible pipelines.

The FPSO is anchored to the seabed and reaches a water depth of more than 2,000 m (modern anchoring systems (mooring systems) can install it at greater depths).

In most cases, the FPSO is converted from an oil tanker. Furthermore, the FPSO’s storage capacity enables it to operate at great distances from the coast where it is not feasible to build pipelines. 

In April 2025, Petrobras issued a new tender to contract a mid-sized FPSO vessel aimed at revitalizing the mature Albacora field in the Campos Basin. The relaunch follows a previously cancelled tender, in which proposals from BW Offshore (Norway) and Ocyan (Brazil) were both disqualified due to pricing concerns.

FPSO Monocolumn

The Piranema Platform is an FPSO Monocolumn that reaches a water depth of more than 2,000 m (depth at the installation/operation site). It shares similar characteristics with an FPSO, but has a cylindrical hull type and smaller movements than those of an FPSO-type vessel.

In addition, the production flow of the FPSO and FPSO Monocolumn involves offloading the oil to tankers, which offload the oil later at the terminals.

With responsible investments in refining, logistics, and gas, Petrobras is committed to efficiently meeting customer needs, increasing operational reliability and safety, and supporting emission reduction.

CNOOC Ltd. 

Founded: 1999

Location: Beijing, China

CNOOC Ltd. (China National Offshore Oil Corporation) is one of the world’s largest independent E&P companies and “China’s largest offshore natural gas and crude oil producer.”

As a globally leading O&G company, CNOOC explores, develops, produces, and sells crude oil and natural gas and has O&G assets worldwide, including:

• Africa

• Asia

• Europe

• North America

• Oceania

• South America

CNOOC’s core operation areas comprise the following:

• Bohai

• The East China Sea (in offshore China)

• The Eastern South China Sea

• The Western South China Sea

CNOOC and its subsidiaries lease various global floating production storage and offices for its operations. For example, the 2022 Annual Report states that “CNOOC Energy Technology & Services Limited leased FPSO vessels for use in oil production operations.”

According to a news release, the FPSO “Hai Yang Shi You 123” was delivered to CNOOC in Nantong, Jiangsu.

It is the first smart FPSO in China that integrates digital technologies, including AI (Artificial Intelligence), Big Data, cloud computing, edge computing, and IoT (the Internet of Things).

Additionally, the FPSO applies digital twin technology to share data between the onshore and offshore units—allowing for intelligent production and operation management.

Recently, CNOOC Ltd has advanced its offshore capabilities with the construction of a second cylindrical FPSO unit. This decision follows the successful deployment of Asia’s first cylindrical FPSO in 2024. The new unit is slated for the Kaiping South oilfield in the Pearl River Mouth Basin, an area within the South China Sea known for harsh marine conditions and frequent typhoons. The cylindrical design is particularly well-suited to such environments, offering improved stability and operability, making it a strategic choice for CNOOC’s growing deepwater portfolio.

TotalEnergies SE 

Founded: 1924

Location: Courbevoie, France

TotalEnergies SE is an integrated energy and petroleum company and one of the seven supermajor oil companies. As a global multi-energy company, TotalEnergies is active in close to 130 countries and produces and markets the following:

• Natural gas and green gas

• Oil and biofuels

• Renewables and electricity

A company press release reported an important milestone of an agreement related to the future development of the Cameia and Golfinho fields (located on Blocks 20 and 21) in the Kwanza basin. TotalEnergies EP Angola (operator) holds an 80% interest in each block, while Sonangol Pesquisa e Produção S.A. holds 20% as part of the agreement.

ExxonMobil Corporation

Founded: 1999

Location: Irving, Texas, United States

ExxonMobil Corporation (Exxon) is known as one of the largest integrated fuels, lubricants, and chemical companies in the world and “the largest direct descendant of John D. Rockefeller’s Standard Oil.”

Ranked among the world’s top oil companies, ExxonMobil was formed by the merger between Exxon Corporation and Mobil Corporation.

ExxonMobil’s primary businesses include upstream, product solutions, and low-carbon solutions.

ExxonMobil – A Leading Floating Production Unit Operator

ExxonMobil operates diverse floating production units, including:

FPSO

• Bosi

• Erha

• Errea Wittu FPSO

• Fast4Ward Hull #7

• Gagak Rimang

• Kaieteur/Canje Blocks

• Kizomba A FPSO

• Kizomba B FPSO

• Liza Destiny

• Liza Unity

• Mondo

• One Guyana FPSO

• Prosperity FPSO

• Saxi-Batuque

• Serpentina

• Stabroek Block #10

• Stabroek Block #6 (Whiptail)

• Stabroek Block #7 (Fangtooth)

• Stabroek Block #8

• Stabroek Block #9

• Usan

• Yoho

• Zafiro Producer

The FPSO Liza Unity, operated by SBM Offshore, has been awarded the prestigious SUSTAIN-2 notation by the American Bureau of Shipping (ABS). This recognition marks a significant step forward in maritime sustainability.

SUSTAIN-2 represents the next level in ABS’s vessel sustainability program, which is designed to support fleets aligned with the United Nations’ Sustainable Development Goals (SDGs). The notation acknowledges the FPSO’s performance across key environmental and human element criteria, underscoring its role in promoting responsible operations in offshore oil and gas production.

SPAR

• Hoover/Diana

TLP

• Kizomba A WTLP

• Kizomba B WTLP

ExxonMobil is supporting a lower-emission future by investing heavily in the development of global energy resources and contributing significantly to the expansion of LNG projects worldwide.

Equinor ASA 

Founded: 1972

Location: Stavanger, Norway

Formerly known as “StatoilHydro” and “Statoil,” Equinor ASA is one of the world’s largest O&G suppliers. Equinor has transitioned from a Norwegian O&G company into an international energy company with a global presence in 30+ countries.

Equinor was founded by the Norwegian government to manage the country’s vast O&G resources. Over the years, Equinor has been a major contributor to Norway’s status as a leading O&G exporter through O&G exploration, development, and production.

Equinor’s decades of progress have earned it recognition in various ways, such as:

• “A world-leading offshore operator”

• “An international pioneer in renewables and low-carbon solutions”

• “The largest oil and gas operator in Norway”

• “The second-largest gas supplier in Europe”

• “The largest gas producer on the Norwegian Continental Shelf”

According to an industry news source, an Equinor ASA subsidiary (Equinor Brasil Energia Ltd.) has signed an agreement with MODEC, Inc. for an FPSO vessel expected to be delivered in 2027.

While Equinor is the operator at BM-C-33 with 35% interest, Repsol Sinopec Brasil (35%) and Petrobras (30%) are partners.

The two-phase lump sum turnkey contract covers FEED (Front End Engineering Design) and EPCI for the FPSO, which will be permanently moored at a water depth of about 2,900 m.

Compared to conventional VLCC (Very Large Crude Carrier) tankers, the FPSO will feature MODEC’s new build and full double hull design to accommodate larger topsides and larger storage capacity with a longer design service life.

MODEC is reported to provide Equinor with FPSO O&M service for the first year from first oil production, with Equinor subsequently taking over as the operator.

Additionally, it will be a fully electrified FPSO that generates power using a combined cycle system to reduce carbon emissions.

Shell plc

Founded: 1907

Location: London, United Kingdom

Shell plc (Shell) is one of the world’s major O&G companies and known as “the world’s largest LNG trader.” Originally known as “Royal Dutch Shell Plc,” the company changed its name to “Shell plc” in 2022. As a global group of energy and petrochemical companies, Shell operates in 70+ countries.

As an LNG pioneer for more than 50 years, Shell is reported to have started today’s global trade by shipping the first commercial cargo from Algeria’s LNG liquefaction plant to the UK in 1964.

Shell continues to expand LNG availability around the world by improving LNG technology and supporting the development of safe designs for onshore and offshore LNG facilities, ships, and terminals.

As one of the world’s largest LNG shipping operators, Shell manages and operates LNG carriers constituting around 11% of the global LNG shipping fleet.

Apart from LNG supply projects in 10 countries, Shell has major interests in regasification plants and long-term access to capacity in many others in Asia, Europe, North America, and the Middle East.

North Sea Assets

Shell’s O&G operated assets in the North Sea include:

Central and Northern North Sea

• Gannet (the Gannet Complex comprises a fixed drilling and production platform for Gannet A, B, C, D, F, and G fields)

• Nelson (the Nelson installation consists of a single, manned drilling and production platform and a subsea satellite tied back to the platform).

• Pierce (FPSO)

• Shearwater (an integrated PUQ (Process, Utilities, and Quarters) platform, which is a bridge linked to a WH (Wellhead) platform)

• Fife NGL Plant

• St Fergus Gas Terminal

Southern North Sea

• Bacton gas terminal

• Clipper (includes the compression platform, production platform, and wellhead platform)

• Leman Alpha Complex

Pierce

Pierce is an FPSO located in the license blocks 23/22a and 23/27a, which is used for extracting, processing, storing, and offloading crude oil from the Pierce North and South fields.

The FPSO extracts crude oil through subsea wells, processes and stores it in cargo tanks prior to offloading via a shuttle tanker. On the other hand, processed gas is exported via a pipeline to the SEGAL (Shell Esso Gas and Associated Liquids) system.

Woodside Energy Group Ltd. 

Founded: 1954

Location: Perth, Australia

Formerly known as “Woodside Petroleum Ltd.,” Woodside Energy Group Ltd. (Woodside) is a world-renowned petroleum exploration and production company and “the largest Australian natural gas producer.”

Named after the small Victorian town of Woodside, the Australian energy giant is not only famous as “Australia’s LNG pioneer” but also a leading supplier of condensate, crude oil, LPG (Liquefied Petroleum Gas), and pipeline natural gas.

With 35+ years of operating experience in Australia, Woodside’s expanded global portfolio now comprises quality operating assets in the Gulf of Mexico (U.S.) and Trinidad and Tobago.

Woodside has an excellent track record in integrated shipping, operations, marketing, and trading activities across condensate, crude, LNG, and NGL cargoes.

Apart from LNG trains and offshore gas platforms, Woodside operates FPSO vessels and a network of pipeline and subsea infrastructure in the Australian waters.

Woodside’s international exploration assets are located in various regions, including Africa, Asia-Pacific, Europe, and the Americas.

A company media release reported the completion of the FPSO facility construction for the Sangomar Field Development Phase 1, which will be Senegal’s first offshore oil project encompassing the FPSO, 23 wells, and supporting subsea infrastructure that allows the tie-in of subsequent phases.

Woodside is the operator with 82% participating interest in the project, and PETROSEN holds the remaining 18%.

COSCO, BOMESC, MODEC, and PJOE have played a key role in completing the fabrication and conversion works of the FPSO vessel, a converted VLCC with a capacity to produce 100,000 barrels per day of oil.

Chevron Corporation 

Founded: 1879

Location: San Ramon, California, United States

Chevron Corporation is an integrated O&G company active in more than 180 countries. Formerly known as the “Standard Oil Company of California,” Chevron is the second-largest direct descendant of Standard Oil.

Founded as “Pacific Coast Oil Co.,” the company was bought by the Standard Oil Co. & Trust in 1900. Later, it took on the name “Chevron” in 1984. Chevron runs California’s two largest oil refineries in El Segundo and Richmond and maintains 25,700 service stations worldwide under the brands “CalTex,” “Chevron,” and “Texaco.”

As per an industry news source, Chevron reportedly canceled a USD 1.8 billion FPSO for use at Chevron’s Rosebank O&G field. Designed to survive severe storms, the FPSO would have been one of the UK continental shelf’s deepest-moored vessels—handling “up to 100,000 barrels per day of oil and 80 million cubic feet per day of natural gas.”

Chevron is helping meet the global energy demand through a consistent focus on operational excellence, targeted investments, and major operations in some of the world’s most significant O&G regions.

Other significant players in this segment include BW Energy Ltd., Dana Petroleum plc, Jadestone Energy, and Prio SA (formerly known as “PetroRio SA”).

Vår Energi ASA 

Founded: 2018

Location: Sandnes, Norway

Vår Energi ASA is an industry-leading independent O&G producer and one of Norway’s largest E&P companies.

With 50 years of operations on the Norwegian Continental Shelf (NCS), Vår Energi has a diversified and robust asset portfolio and a strong exploration track record.

Vår Energi’s O&G production comes from 39 different fields in the Barents Sea, the North Sea, and the Norwegian Sea.

The Jotun FPSO re-float and turret installation have been safely completed as per Vår Energi’s second-quarter 2023 results presentation, which also refers to the completion of seven of 15 producing wells.

The Balder Future Project

As one of the largest NCS projects, the Balder Future Project is key to Vår Energi’s future growth and production, with the first oil planned for the third quarter of 2024. The project focuses on the development, life extension, and exploration of established oil extraction areas.

For example, development in the area involves upgrading and extending the life of the Jotun production ship (FPSO). The refurbishment and relocation of the Jotun FPSO from the Jotun field to the Balder area will accommodate tie-ins of 14 new production wells and one new water injection well with future expansion capacity.

In addition, the project will extend the Jotun FPSO’s technical lifetime beyond 2045.

Aker BP ASA 

Founded: 1971

Location: Fornebu, Norway

Aker BP ASA is a globally recognized O&G exploration and production company and one of Europe’s largest independent listed oil companies.

Aker BP operates six assets, including:

• Alvheim

• Ivar Aasen

• Skarv

• Edvard Grieg

• Ula

• Valhall

Alvheim FPSO

Alvheim is located in the North Sea’s central part (close to the British sector) and has large recoverable O&G resources.

The Alvheim FPSO was discovered in 1998 and production started in 2008.

Aker BP’s aims to produce “one billion barrels through the Alvheim FPSO” and extend the lifetime of the field center—debottlenecking to improve the FPSO capacity is underway to facilitate tie-in of more discoveries in the future.

• Production 2021 (71,1 mboepd)

• Production efficiency 2021 (95%)

Skarv FPSO

Skarv is a field in the Norwegian Sea’s northern part and has “one of the world’s largest offshore gas-processing plants.” The Skarv FPSO was discovered in 1998 and production started in 2013.

• Production 2021 (126,3 mboepd)

• Production efficiency 2021 (82%)

Aker BP is also a partner of Johan Sverdrup.

Aker BP ASA focuses on operating with the “lowest possible costs and emission per produced barrel.”

An industry news source reported that Aker Solutions—the Norwegian oilfield services provider—secured multiple contracts with Aker BP, with the projects representing “Aker Solutions’ highest-ever quarterly order intake.”

List of Top 10 FPSO Companies (Contractors) - Ranked by Fleet Size

*as per publicly available information (August 2025)

MODEC, Inc. 

Founded: 1968

Location: Chuo-ku, Tokyo, Japan 

MODEC, Inc. (MODEC stands for “Mitsui Ocean Development & Engineering Company) is an industry-leading global supplier and operator of offshore floating platforms. 

MODEC has evolved from a specialized marine equipment and vessel contractor into a reliable partner for challenging offshore O&G production projects, such as for ultra-deepwater and harsh environments. 

Owning and operating its own floating production facilities enables MODEC to provide comprehensive and competitive solutions for O&G companies worldwide. 

MODEC aims to optimize its business portfolio while pioneering new business frontiers in seabed mineral resource harvesting and offshore wind power utilization.

EPCI Project Execution

MODEC’s EPCI (Engineering, Procurement, Construction, and Installation) project execution encompasses the following:

• Project management (including customer relationship management)

• Design and detailed engineering

• Procurement

• Construction and commissioning

• Offshore installation works

MODEC has over 50 years of experience in providing various floating O&G production systems, including:

• FPSOs

• FSOs (Floating Storage and Offloading vessels)

• MOPUs (Mobile Offshore Production Units)

• Production semi-submersibles (ideal for producing O&G satellite wells in deep and ultra-deepwater depths)

• TLPs (Tension Leg Platforms)

According to a company press release, MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. (MOL), and Marubeni Corporation agreed to collaborate on the deepwater FPSO charter project for the Tartaruga Verde and Tartaruga Mestiça oil fields off the coast of Brazil.

The FPSO named “FPSO Cidade de Campos dos Goytacazes MV29” will be chartered for 20 years under the charter agreement. ​The FPSO Bacalhau, developed by MODEC for Equinor, stands as Brazil's largest floating production, storage, and offloading (FPSO) vessel. Designed to operate in the pre-salt region of the Santos Basin, approximately 185 km off the coast of Ilhabela, São Paulo.

SBM Offshore N.V. 

Founded: 1969

Location: Amsterdam, Netherlands 

Founded as a wholly owned subsidiary of IHC Holland, N.V., SBM (SBM stands for “Single Buoy Moorings”) Offshore N.V. is a global leader in floating production and mooring systems. 

With its roots going back to 1862, SBM Offshore has over 100 years of experience in building floating machinery for the offshore energy industry. SBM Offshore continuously invests in energy-efficient technologies and creates environmentally friendly, sustainable solutions at every level of its operations.

FPSO Turritella: In 2016, SBM Offshore installed the world’s deepest floating production system “FPSO Turritella” in the Gulf of Mexico. SBM Offshore’s main activity is to design, supply, install, operate, and maintain FPSO vessels. 

SBM Offshore’s fleet spans the globe and comprises the following units: 

• 17 FPSOs

• 1 Semi-submersible Unit

FPSO Fleet: 

Georgetown Shorebase

• FPSO Liza Destiny

• FPSO Liza Unity 

Vitória

• FPSO Capixaba

• FPSO Cidade de Anchieta

Rio de Janeiro Shorebase

• FPSO Espirito Santo

• FPSO Alexandre de Gusmão

Santos

• FPSO Cidade de Paraty

• FPSO Cidade de Ilhabela

• FPSO Cidade de Maricá

• FPSO Cidade de Saquarema

Malabo

• FPSO Serpentina

• FPSO Aseng

Kuala Lumpur Shorebase

• FPSO Kikeh

Luanda

• FPSO Mondo

• FPSO Saxi Batuque

• N’goma FPSO

It is reported that SBM Offshore has a contract with Petrobras for the “22.5 years lease and operation of FPSO Sepetiba.” SBM Offshore’s state-of-the-art technology and operating experience make it the trusted partner for global energy providers.

Yinson Holdings Berhad 

Founded: 1983

Location: Kuala Lumpur, Malaysia 

Yinson Holdings Berhad is a global energy infrastructure and technology company, running the following business units:

• Yinson Production (one of the largest independent FPSO leasing companies globally)

• Yinson Renewables (a global clean energy producer)

• Yinson GreenTech (a green solutions provider with investments in novel green businesses, R&D, and strategic partnerships)

• Farosson (an advisory, investment, and asset management group)

• Regulus Offshore (owns and charters OSVs) 

FPSO Fleet

Yinson’s FPSO fleet includes:

• FPSO PTSC Lam Son (Vietnam)

• FPSO John Agyekum Kufuor (Ghana)

• FPSO Helang (Malaysia)

• FPSO Abigail-Joseph (Nigeria)

• FPSO Anna Nery (Brazil)

• FPSO Maria Quitéria (Brazil)

• FPSO Atlanta (Brazil)

• FPSO Agogo (Angola) 

Zero Emissions FPSO

Yinson’s “Zero Emissions FPSO” concept aims to lower emissions with innovative solutions, such as:

• Carbon capture, utilization, and storage

• Closed flaring system

• Direct air capture

• Hydrocarbon blanketing 

Yinson has an impressive track record of maintaining a fleet uptime of above 99% since 2014, with the FPSO units operating 24 hours a day, 365 days a year in harsh weather conditions.

An industry news source reported that Anna Nery achieved its first oil following a successful 72-hour testing—marking the commencement of the firm charter for 25 years, until 2048. 

Anna Nery FPSO is the unit of Yinson Production (YP is Yinson Holdings Berhad’s offshore production business unit) and its project partner, Sumitomo Corporation.

Altera Infrastructure 

Founded: 2006 

Location: Hamilton, Bermuda 

Altera Infrastructure (also known as “Altera”) is a world-renowned energy infrastructure services group primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of Brazil, the East Coast of Canada, and the North Sea. 

Altera’s offshore assets include:

• A unit for maintenance and safety

• FPSOs

• FSOs

• Shuttle tankers

• TLWP

• Towing vessels 

FPSO Fleet

As a market leader in FPSO solutions, Altera designs, provides, and operates ship-shaped and cylindrical FPSOs to extract challenging hydrocarbons in harsh weather conditions and deep waters for its O&G clients. 

According to Altera Infrastructure, its FPSO fleet, highly skilled employees and a 45-year experience in the floating sector make it “the largest and most experienced independent FPSO operator in the North Sea and the world’s fourth-largest leased FPSO operator.”

The following vessels comprise Altera Infrastructure’s FPSO fleet:

Furthermore, Altera’s extensive experience in providing bespoke duty holder services for existing and new operators enables it to deliver production, cost, and field life efficiencies while maintaining a key focus on environment, health, and safety.

Bumi Armada Berhad 

Founded: 1995 

Location: Federal Territory of Kuala Lumpur, Malaysia 

Bumi Armada Berhad (Bumi Armada) is an industry-leading provider of offshore energy infrastructure and services. The Bumi Armada Group consists of diversified subsidiaries and joint venture companies. 

Bumi Armada operates in over 10 countries and provides engineering, marine transportation, and maintenance services to the offshore O&G industry. 

Bumi Armada’s range of capabilities includes:

• Field development support

• Hook-up and commissioning

• Installation and operations

• Pipe-laying

• Production facilities 

Bumi Armada’s FPO (Floating Production and Operation) business specializes in engineering, procurement, construction, commissioning, and the operations of floating O&G facilities as per clients’ specific requirements. 

Bumi Armada currently operates the following:

• 3 jointly owned FPSOs

• 4 wholly owned FPSOs

• 1 LNG FSU (Liquefied Natural Gas Floating Storage Unit)

• 1 partially owned FPSO under construction 

Here’s the list of Bumi Armada’s FPSOs:

Over the years, Bumi Armada has earned a positive reputation for its innovative solutions, quality facilities, and project management capabilities. 

MISC Berhad 

Founded: 1968

Location: Federal Territory of Kuala Lumpur, Malaysia 

Incorporated as “Malaysia International Shipping Corporation Berhad,” MISC Berhad is Malaysia’s leading international shipping line and a premier provider of energy-related maritime solutions. 

As one of the world’s leading floating offshore solution providers (FPSO/FSO owner) with 14 assets, MISC’s reach spans Brazil, Malaysia, Thailand, Vietnam, and other strategic locations to meet the global requirements of the O&G industry. 

According to MISC, it owns the “first and largest semi-submersible floating production system in Asia.” 

MISC is also credited with excellent asset performance (with uptime of over 99%). 

MISC MMEGA

According to an industry news source, MISC unveiled the MMEGA (Mega-Module Engineering & Green Architecture)—believed to be “one of the world’s largest and greenest FPSOs.” 

The NBFPSO (New Build Floating Production Storage and Offloading) vessel is a spread-moored FPSO with a double-sided, single-bottom hull and a design life of 35 years. 

Designed for deepwater and ultra-deepwater fields, “the world’s first future-ready NBFPSO” features the latest mega-module topsides technology that offers various benefits, such as:

• Optimize capital expenditure

• Optimize system integration

• Reduce the EPCIC (Engineering, Procurement, Construction, Installation, and Commissioning) schedule 

Furthermore, the MMEGA is reported to store “two million barrels of oil and offload one million barrels of oil in 24 hours.” 

MISC is confident that the MMEGA will reduce project costs and timelines and generate maximum economic value for its customers. 

PetroFirst is another major player in this segment—a floating energy infrastructure owner and a provider of O&G production and processing services. 

In the FPSO history, Keppel Shipyard, which leads the Marine Division of Keppel Offshore & Marine Ltd. (now part of the Seatrium Group), is renowned for being “the first shipyard in Asia to convert a tanker to an FPSO in 1981.” 

Keppel Shipyard states that it has a successful track record of completing “the most number of FPSO, FSO, FSRU, and FLNG conversion projects in the world to date.” 

Bluewater Energy Services 

Founded: 1978 

Location: Hoofddorp, the Netherlands 

Founded by floating production industry experts, Bluewater Energy Services (Bluewater) designs, manufactures, supplies, and installs FPSO, FSO, and SPM systems for its clients, including global oil companies, through turnkey supply and lease contracts.

In addition, Bluewater provides operational and logistics management and support for FPSO and FSO systems. 

Bluewater Energy Services’ solutions include:

• Renewable energy solutions

• Mooring and transfer systems

• CALM buoy terminals

• Advanced loading towers

• FPSO and FLNG mooring

• FSU and FSO mooring

• Multiproduct swivel stacks

• Floating production and storage units

FPSO Operations

Bluewater’s FPSO operations comprise the following:

• Asset integrity and maintenance of all equipment and systems

• Crew training and competency

• Duty holder of the FPSO facility and the subsea pipelines

• Gas treatment, gas injection, gas lift, gas metering, and gas export

• Logistics guard vessels, helicopters, supply vessels, etc.

• Oil storage, oil metering, offloading, and shuttle tanker management

• Oil, water and gas separation

• Safety and environmental management

• Supply, operations, inspection and maintenance of subsea moorings, flow lines, and riser systems

• Water treatment 

FPSO Fleet

Bluewater owns and operates the following FPSO fleet:

Aoka Mizu: Aoka Mizu is a self-propelled, turret-moored, disconnectable O&G production facility designed for a harsh environment and under contract in the Atlantic region. 

Haewene Brim: Haewene Brim is a self-propelled, turret-moored, disconnectable production facility that has been converted from O&G injection to O&G export. It is permanently moored in the Central North Sea. 

Bleo Holm: Bleo Holm is a permanently turret-moored O&G production facility operated under a bareboat charter located in the Central North Sea. 

Glas Dowr (available for redeployment): Glas Dowr is a permanently turret-moored O&G production facility. 

Munin (available for redeployment): Munin is a disconnectable turret-moored O&G production facility with proven capability as a full DP FPSO. 

The FPSOs are designed to produce oil and gas from offshore O&G fields cost-effectively and safely, the produced oil and gas are exported through shuttle tankers and/or subsea pipelines to the shore.  

BW Offshore Limited 

Founded: Oslo, Norway

Location: 1982 

BW Offshore Limited is a globally leading FPSO owner and operator with over four decades of experience in operating advanced offshore production systems and executing complex projects, including 10 FSO and 30 FPSO projects. 

Using existing FPSOs has been a crucial component of BW Offshore’s business strategy, as FPSO redeployment requires less capital and time than a new build or traditional tanker conversion. 

Furthermore, the BW Group (BW) , a leading global maritime company engaged in deepwater O&G production, floating infrastructure, new sustainable technologies, and shipping is a significant shareholder in BW Offshore. 

BW manages a fleet of over 490 vessels, including 200 LNG and LPG ships reported to constitute “the largest gas fleet in the world.”

FPSO Fleet

BW Offshore’s lease model allows for reduced investments and enables clients to lease the production assets from BW Offshore while focusing on their reservoir development and management competencies. 

Here are the key technical specifications of BW Offshore’s fleet:

BW Offshore continues to create tailored offshore energy solutions based on its extensive floating production experience and engineering and operating expertise. 

BW Offshore’s clean energy plans also include a strategic investment in floating offshore wind.

Century Energy Services Ltd. 

Founded: 1998 

Location: Lagos, Nigeria 

Century Energy Services Ltd. (CESL) is one of the largest providers of O&M services and quality field development solutions. 

CESL is part of the Century Group a leading energy investment de-risking and infrastructure firm and the first domestic energy infrastructure provider to fully own and manage the following FPSOs: 

FPSO Tamara Nanaye

Apart from a power steam boiler and a storage arrangement, including single-bottom center tanks and double-bottom wing tanks, FPSO project Tamara Nanaye’s key features include:

• Crude oil storage capacity (769,608 barrels (total – main tanks plus slop tanks)

• Production capability (40,000 bopd)

• Produced water specifications (9,000 bwpd)

FPSO Tamara Tokoni

Apart from gas-handling and gas-processing capabilities, FPSO Tamara Tokoni’s key features include:

• Cargo offloading pump (3x3500 m3/hr)

• Fresh water generation (1,300 T)

• Crude oil storage capacity (1,106,000 barrels (at 98% capacity)

• Production capability (40,000 bopd)

Since 2002, CESL has been operational in Nigeria and the West African sub-region.

The Century Group’s operational portfolio includes:

• 3 FPSOs

• 4 flow stations

• 1 MOPU

• 1 FSO

The Century Group provides the following services:

• General energy asset development

• Infrastructure management for upstream production assets and midstream production facilities (such as flow stations, pipelines, processing plants, storage facilities, terminals, and wellheads)

• Infrastructure supply and support

• Re-entry support services for moribund assets

• Well intervention solutions 

Over the years, the Century Group has remained at the frontline of the evolving energy mix and supply while developing its capacity and risk appetite to enhance its industry experience.

MTC Engineering 

Founded: 2009 

Location: Selangor, Malaysia 

MTC Engineering (MTCE) was founded to provide FPSO leasing, field production operation, and turnkey development services for mature and marginal fields, such as developing and co-managing customers’ assets for late-life mature fields. 

MTCE is committed to delivering fully integrated business solutions to its clients. 

MTC Group

MTC Engineering is part of the MTC Group—an engineering and strategic asset development entity with six affiliate companies across sectors and specializing in cost-effective, fast-track, and fit-for-purpose solutions for any scope of work regardless of complexity or size.

As an experienced offshore engineering entity, the MTC Group provides a diverse range of solutions and services, including:

• FPSO and Flowline Development and Lease

• Modification of Facilities

• Operations & Maintenance (O&M)

• Project Management

• Relocatable Solution for Wellhead Platforms

• Transportation & Installation (T&I)

• EPCIC Services 

According to the MTC Group, it has delivered “two of its own FPSOs across a span of 6 fields in total.” 

Humming Bird Offshore Solutions®

MTC’s “Hummingbird Offshore Solutions®” is a one-stop package—a fast-track offshore solution suitable for FPSO multi-redeployment and tailored to the client’s economic model and asset monetization plan, particularly for the following:

• Mature/late-life fields

• Marginal O&G fields

• Stranded oil recovery

• Early production system 

The Hummingbird Offshore Solutions® is provided on the “bareboat charter rate or time charter with a minimal CAPEX for the client.” The tanker size and the topside processing capacity can be designed according to the targeted production and offtake schedule. 

In addition, onboard topside facilities allow for the floater to be tied up to a minimal WHP (Wellhead Platform), which not only offers a low construction cost but also ensures minimum capital investment by facilitating rapid construction and installation time. 

Conclusion

In recent years, the following have been the major demand drivers of the FPSO market size:

• A rise in crude oil prices

• Continued capital spending on deepwater exploration

• Depleting onshore O&G reserves

• New deepwater asset discovery

• Short development schedules

An FPSO contract between the client and the owner typically includes the following:

• Performance criteria and technical requirements

• The hire structure

• The scope of the owner’s rights and obligations toward the FPSO client

Similar to an oil FPSO, an LNG FPSO produces and stores LNG prior to transferring LNG products through offloading facilities to LNG carriers. In addition, an LNG FPSO facilitates end-use applications of offshore-associated gas resources and marginal gas fields.

 FPSO companies provide a wide range of FPSO and FSO services even in increasingly remote areas at low cost and with fast rollout, flexible installations, as well as reduced investment and underwater infrastructure.

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