June 2021 Monthly Floating Production Systems Report

June 28, 2021

The deepwater market continues to climb out of the big downturn. Oil inventory has fallen further, crude is now trading in the mid-$70 and the number of deepwater projects lined up for investment commitment in 2021/22 keeps growing. Around two dozen floating production projects with an aggregate EPC contract value of $40 billion are lined up to proceed to development by end next year -- assuming capacity is available to take on all these contracts within the short time frame. While rising activity is good news, the industry supply chain is getting clogged -- and cost pressures and delivery delays are bound to grow. In industry news, Petrobras in June awarded Saipem/DSME a $2.3 billion contract to build the 8th FPSO for its Buzios complex -- and EPC contractors are now preparing offers for FPSOs #9 and #10 for the same complex. Elsewhere, CNOOC EnerTech signed an LOI with SK Innovation for a new FPSO to use offshore China and SBM finalized financing for its Guyana-bound Prosperity FPSO. All is discussed in the June WER report. Also in the data section of the report are details for 204 floater projects in the planning stage, 47 production or storage floaters now on order, 307 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 June.

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