February 2023 Monthly Floating Production Systems Report
Oil prices have continued to hover in the low to mid-$80s and the futures market sees Brent prices gradually declining to the mid-$60s over the next 5+ years. Meanwhile the recent pace of production floater contracts is in line with our market forecast for the next five years. Three FPSO contracts were awarded since the year began – Rosebank, PY-3 and Agogo --and the backlog of near- term contracts remains in the mid-30s. But ability of the supply chain to absorb new orders continues to limit the pace of awards. All is described in WER's February floater report. Also in the data section of the report are details for 200 floater projects in the planning stage, 74 production or storage floaters now on order, 310 floating production units currently in service and 22 production floaters available for redeploy contracts. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 22 February.
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