WER's 2019/23 forecast of floating production system orders is now available. The report provides our assessment of the underlying market situation likely to prevail in deepwater development over the next five years. We examine oil/gas demand growth, deepwater's role in the future energy supply mix, risk of future oil/gas supply disruption, expected oil and gas prices, competitiveness of deepwater with shale, capex budgets of field operators, access to capital for deepwater projects, deepwater supply chain constraints and the future pace of Brazilian offshore recovery. This is followed by our forecast of orders for five types of production systems under three market scenarios. Our capex forecast for 2019/23 is 9% higher than last year, the result of a larger number of FPSOs and FPUs forecast to be ordered. Driving the higher numbers is the generally better industry outlook and the expected strong revival of FPSO orders in Brazil.