February 2021 Monthly Floating Production Systems Report

February 27, 2021

The oil sector continues to rebound from the Covid crash. Crude inventory is now at seasonal level as a result of supply cuts. Brent is trading around $66, up 30% from beginning of the year. The futures market sees crude trading in the low to mid-$60s through the first half of this year – then slowly declining into the mid-$50s from 2022 forward. Generally positive news has sent market values of major offshore oil companies up an average of 30% since beginning January. But Petrobras has again fallen out of investor favor as a result of government interference in management decisions. Meanwhile, SBM speculatively ordered a sixth hull for use on a future FPSO project, BWO wrote down the book value of six off-field FPSOs, several FPSO contractors are now eyeing the floating offshore wind space and SBM’s $850 million over subscribed debt offering confirms investor interest in FPSO financings. All is discussed in the February WER report. Also in the data section of the report are details for 207 floater projects in the planning stage, 42 production or storage floaters now on order, 306 floating production units currently in service and 44 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.

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