Published on 22nd August 2023
A floating production system (FPS) is a large ship equipped with production, processing, and living facilities and moored to a location for a long time.
Floating production systems include a broad range of vessels, such as:
Since the 1970s, FPSOs have been used in offshore production—particularly in the North Sea, the Mediterranean Sea, Asia Pacific, offshore Brazil, and offshore West Africa.
An FPSO vessel refers to a floating facility typically based on an oil tanker hull and equipped with hydrocarbon processing equipment to separate and treat crude oil, gases, and water arriving onboard from subsea wells via flexible pipelines.
Cargo tanks in an FPSO store produced oil that is periodically offloaded through a loading hose onto a shuttle tanker. Specifically designed offloading systems are used for this critical task in offshore operations.
Floating production systems represent the potential of affordable, safe, and sustainable offshore energy from the oceans and seas.
Keep reading to learn more about the key players in the FPS market.
Table of Contents
Global Top 7 Floating Production System (FPS) Companies [2023]
Petrobras
SBM Offshore N.V.
MODEC, Inc.
ExxonMobil Corporation
Shell plc
Bumi Armada Berhad
BW Offshore Limited
Blackridge Research & Consulting – Global Floating Production Systems Market Report
Wrapping Up
Here are the world’s leading floating production system (FPS) companies (ranking is based on fleet size):
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.
While Petrobras’ main operations cover basins, refineries, terminals and pipelines, as well as thermal power plants, its areas of expertise comprise the following:
Petrobras’ activities focus on Brazil’s deepwater and ultra-deepwater oil reservoirs—accounting for 95% of its total production in 2021.
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 operations at sea:
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.
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.
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.
Here are some significant milestones of SBM Offshore’s historical heritage:
emissionZERO® program: In 2021, SBM Offshore launched the “emissionZERO® program” targeted at floating energy production solutions with near-zero emissions.
Fast4Ward® Program: In 2016, SBM Offshore launched the “Fast4Ward® Program” to leverage standardized designs for constructing multi-purpose floater hulls and topsides and delivering products faster and at lower cost to clients.
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:
FPSO Fleet
SBM Offshore’s state-of-the-art technology and operating experience make it the trusted partner for global energy providers.
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:
MODEC has over 50 years of experience in providing various floating O&G production systems, including:
With expertise in the execution of complex, large floating production systems, MODEC continues to support its clients globally with world-class chartering, operations, and asset maintenance services.
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.
A Global LNG Leader
As a global LNG leader, ExxonMobil’s attention to safety and the environment, excellent financial strength, and proven project execution make it the partner of choice in the capital-intensive and complex LNG value chain.
ExxonMobil’s broad portfolio of global LNG operations encompasses LNG activities—from production and liquefaction to shipping, regasification, and sales.
Additionally, ExxonMobil is engaged in the development and application of new technologies to construct the world’s largest LNG ships and trains, which help minimize unit costs and maximize the value of natural gas from Qatar’s North Field.
The globally leading O&G company plans to nearly double its LNG production by 2030.
ExxonMobil – A Leading Floating Production Unit Operator
ExxonMobil operates diverse floating production units, including:
FPSO
SPAR
TLP
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.
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.
Prelude FLNG
Shell’s Prelude FLNG is stated to be “the world’s largest offshore FLNG production facility” that accesses gas resources from underwater fields too uneconomic or difficult to reach from land.
For many years, it seemed impossible to fit a complex range of processing equipment into a single facility.
According to a news source, Shell carried out research for over 10 years to make this FLNG project a reality.
With more than 600 engineers working on the facility’s design options, Prelude FLNG is a massive marine engineering masterpiece with unprecedented scale, size, and 3.6 mtpa of LNG production capacity.
Prelude FLNG is co-owned by Shell, INPEX, KOGAS (Korea Gas Corporation), and Chinese Petroleum Corp. (CPC).
Prelude FLNG eliminates the need for land-based processing plants with the ability to produce natural gas at sea, turn it into LNG, and transfer it directly to the ships that transport LNG to customers.
In June 2019, Prelude FLNG reached an important milestone by shipping its first LNG cargo to customers in Asia.
Located off the coast of Western Australia, the Prelude FLNG facility is expected to stay at the location for 20-25 years to develop gas fields—opening up new opportunities to develop gas resources and bring more natural gas to the market.
A media release reported that Shell plans to leverage the expertise gained from the Prelude project to develop potential future floating facilities.
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:
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:
Here’s the list of Bumi Armada’s FPSOs:
|
Name of the FPSO |
Production Capacity
|
Storage Capacity |
Year Built |
Year Converted to an FPSO |
|
ARMADA TGT 1 |
55,000 bpd |
620,000 bbls |
1996 |
2011 |
|
ARMADA STERLING |
60,000 bpd (liquid production capacity) |
580,000 bbls |
1997 |
2012 |
|
ARMADA STERLING II |
26,500 bpd (oil production capacity) |
510,000 bbls |
1999 |
2014 |
|
ARMADA OLOMBENDO |
80,000 bpd (oil production capacity) |
1,700,000 bbls |
1999 |
2016 |
|
KARAPAN ARMADA STERLING III |
8,008 bpd (HC/Gas Condensate) |
570,000 bbls condensate and 1600 M3 molten sulfur (COT (Cargo Oil Tank) Storage) |
1999 |
2017 |
|
ARMADA LNG MEDITERRANA |
LNG (HC/Gas Condensate) |
123,780.103 m3 (COT Storage) |
1985 |
2016 |
|
ARMADA KRAKEN |
80,000 bopd (oil production capacity) |
600,000 bbls |
2007 |
2016 |
|
ARMADA CLAIRE (available for redeployment) |
30,000 bpd (oil production capacity) |
800,000 bbd |
1993 |
2013 |
Over the years, Bumi Armada has earned a positive reputation for its innovative solutions, quality facilities, and project management capabilities.
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 30 FPSO and 10 FSO 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 FPSO fleet:
|
Name of the FPSO |
Contract Duration/ Conversion Year |
Oil Processing Capacity |
Storage Capacity |
Location/Field |
|
Abo FPSO
|
2003-2023 |
44,000 bbl/d |
940,000 bbl |
Nigeria/Abo (Africa) |
|
BW Adolo
|
2018-2028 (2038) |
40,000 bbl/d |
1,350,000 bbl |
Gabon/Dussafu (Africa) |
|
BW Catcher
|
2018-2025 (2043) |
60,000 bbl/d |
650,000 bbl |
UK/Catcher (Europe) |
|
BW Pioneer
|
2012-2025 (2030) |
80,000 bbl/d |
600,000 bbl |
U.S./Cascade & Chinook (Americas) |
|
FPSO Polvo |
2007 (conversion year) |
90,000 bbl/d |
1,266,000 bbl |
Americas |
|
Petróleo Nautipa |
2002 (conversion year) |
20,000 bbl/d |
1,075,000 bbl |
Africa |
BW Offshore continues to create tailored offshore energy solutions based on its extensive floating production experience and engineering and operating expertise.
Let’s look at other related achievements in the FPS industry:
Aker Solutions: Aker Solutions (a leading sustainable energy solutions company) provides complete and integrated fixed and floating offshore production facilities for safe and efficient O&G production.
Hyundai Heavy Industries: According to an industry news source, Hyundai Heavy Industries (South Korea’s leading shipbuilder) received a contract to build a floating production platform for a Mexican offshore project.
Keppel Offshore & Marine Ltd.: Keppel Offshore & Marine Ltd. (now part of the Seatrium Group) is known for fast-track FLNG, FPSO, FSO, and FSRU conversions with a successful track record of completing over 120 such projects with quick turnaround times for its customers.
MHB: Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) is credited with completing the Gumusut-Kakap semi-floating production system said to be “the world’s largest such facility” fully built and integrated on land.
Blackridge Research & Consulting’s Global Floating Production Systems Market report provides a comprehensive analysis of the FPS market, including:
In addition, the report provides deep insights into the competitive landscape, key market players, industry-leading strategies, and more.
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Clean, reliable energy production solutions, such as floating production systems, are essential for economically viable extraction and processing of hydrocarbons in challenging offshore locations.
The cost-effectiveness, flexibility, and scalability of floating production systems make them ideal for various offshore projects.
FPS solutions also play a key role in supporting global energy transition and driving future value creation.
For example, FPSOs and FSOs are suitable for diverse environmental conditions and water depths and can stay on location for continuous operations for 20 years or more.
Here are the key advantages of FPSOs/FSOs:
Furthermore, these floating production systems are moored to the seabed via various mooring systems, including disconnectable mooring systems provided for hurricane-, typhoon-, and cyclone-prone areas.
In recent times, the FPS market growth has been driven by various factors, such as increasing offshore exploration, rising energy demand, and technological advancements.
Companies specializing in floating production systems provide a wide range of vessels varying in complexity and size to meet the ever-changing needs of offshore O&G development projects across the world.
