May 2023 Monthly Floating Production Systems Report

May 22, 2023

Pullback in crude prices from 2022 highs lowered profits of upstream companies in Q1 2023. But upstream operators are rolling in cash and market sentiment remains very strong, with wide expectations that near term oil demand will continue to grow. There continues to be a deep queue of near-term floating production projects. Thirty-seven floater projects are lined up for an investment decision within the next 18 months, though supply chain tightness and (maybe) financing access will limit the pace of awards. Meanwhile, several major floater contracts were awarded over the past month. Modec received two big contracts -- a large FPSO for Equinor to use offshore Brazil and a large FPSO for ExxonMobil to use off Guyana. SBM contracted with CMHI to build a Fast4Ward hull to have available for use on a future FPSO contract offshore Guyana or Brazil. Golar LNG signed an MOU to supply an FLNG to develop stranded gas resources offshore Nigeria. In all a very active month. All is described in WER's May floater report. Also in the data section of the report are details for 203 floater projects in the planning stage, 73 production or storage floaters now on order, 318 floating production units currently in service and 20 production floaters available for redeploy contracts. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 22 May.

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