February 2019 Monthly Floating Production Systems Report
The number of FPSO projects approaching final investment decision continues to grow and at least two dozen FPSO contracts are queued up for award over the next eighteen months. Within the past month Woodside selected Modec for its FPSO project off Senegal and SBM said it plans to order a third speculative Fast4Ward FPSO hull to position for anticipated contracts. Meanwhile oil prices have climbed into the mid $60s – driven by the OPEC+ crude supply cuts, declining crude inventory and continued strong crude demand. All is discussed in our February report. Also in the data section are details for 224 floater projects in the planning stage, 45 production or storage floaters now on order, 302 floating production units currently in service and 31 production floaters available for redeployment contracts. Charts in the report update the location where floating production and storage systems are being planned, operating and under construction. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 25 February.