Three FPSO units on order from Q2 2024 - Energy Maritime Associates
After a year without a significant FPSO order, three units have been ordered since Q2 2024:
A $8.16 Billion EPC award from Petrobras to Seatrium for the P 84 (Atapu 2) & P 85 (Sepia 2) FPSOs. Seatrium was the only bidder after COOEC withdrew its proposal for the P 84 FPSO.
A $3.7 Billion order to Saipem to provide and operate an FPSO as well as the SURF package for Total’s Kaminho project in Angola.
In addition, SBM announced that TotalEnergies had reserved a Fast4Ward hull for the Block 58 development offshore Suriname and will allocate the hull ordered in March 2023 at CMHI (China Merchants Heavy Industry). FID is expected in Q4 2024 with first oil in 2028. The FPSO is expected to have processing capacity of around 200,000 b/d. Following their model of having one available FPSO hull at all times, SBM ordered another unit from CMHI and has two slots available with CSSC-SWS in 2025.
Additional floating production orders are expected in the second half of 2024 and into 2025. Energy Maritime Associates (EMA) has identified 29 projects that are most likely to be awarded within the next 12 months. These include 16 FPSOs, 7 FSOs, 3 FLNGs, 2 Semis, and 1 MOPU. These will be for multiple units in Brazil, new frontier regions such as Namibia and the Falkands, as well as the re-emergence of mature areas like Angola, Indonesia, Ivory Coast, and Malaysia. Over half of these orders would be leases. There could be up to five FPSOs awarded for Brazil. However, awards for leased Petrobras units could be further delayed, due to high prices and lack of competition.
Further details are included in the 260 page Q3 2024 Floating Production Systems Report, which covers:
177 Projects in planning pipeline
52 Production floaters and 8 storage floaters currently on order
23 Units currently available (14 FPSOs, 3 Semis, 2 FSOs, 2 FSRUs, 1 Barge, and 1 SPAR)
345 production floaters and 114 storage floaters currently in service or available
414 production floaters, 190 storage floaters, and 24 MOPUs delivered or redeployed since 1996
Energy Maritime Associates (EMA), part of the Archer Knight Group, is recognized the foremost independent authority in delivering data and consultancy advice on the floating production market.
