Floating Production Storage & Offloading Market Set for Strong Growth to US$ 45.99 billion by 2032: Offshore Oil & Gas Production Insights

Floating Production, Storage & Offloading (FPSO) market was valued at US$ 25.68 billion in 2024 and is projected to grow to US$ 45.99 billion by 2032, registering a CAGR of 7.67% during the forecast period from 2025 to 2032.

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United States: Recent Industry Developments

✅ November 2025: U.S. offshore operators advanced FPSO project evaluations in the Gulf of Mexico to support deepwater oil and gas production.

✅ October 2025: Major energy companies announced upgrades to FPSO designs focusing on lower emissions and digital asset monitoring.

✅ September 2025: Increased investments in subsea tiebacks strengthened FPSO demand across U.S. offshore fields.

Japan: Recent Industry Developments

✅ November 2025: Japanese shipbuilders enhanced FPSO hull and topside engineering capabilities to support global offshore projects.

✅ October 2025: Japanese energy firms collaborated with international operators to supply FPSO modules for LNG-linked offshore developments.
✅ September 2025: Technological advancements in corrosion-resistant materials improved FPSO lifecycle performance.

GCC: Recent Industry Developments

✅ November 2025: National oil companies in the GCC assessed FPSO deployment for offshore oil field expansion projects.

✅ October 2025: Regional EPC players secured contracts for FPSO topside integration and offshore maintenance services.

✅ September 2025: GCC governments encouraged offshore production optimization, indirectly supporting FPSO adoption in mature fields.

Key Players:

MODEC, Inc., Teekay Corporation, SBM Offshore N.V., BW Offshore Limited, Shell, ExxonMobil, Chevron, Bumi Armada, ABB Group, BP plc.

Key Industry Development:

Regional and project trends

1. Brazil remains the FPSO focal point: Petrobras is advancing mega‐units such as Petrobras 86, SEAP‐1 and SEAP‐2, and ultra‐deepwater projects like Mero (where FPSO Marechal Duque de Caxias started operations in October 2024) continue to drive high‐capacity unit demand.​

2. Guyana and Suriname stay central to growth, with ExxonMobil and partners commissioning large FPSOs and SBM Offshore, MODEC and others holding major contracts; Black Sea, West Africa and new frontiers like Namibia's Orange Basin also feature in 2025 opportunity maps.​

Vessel size, newbuilds vs conversions

✅ Classification‐society commentary notes a clear shift toward very large newbuild FPSOs (>200,000 bbl/d), often too big for traditional tanker conversions, which raises capex but improves field economics for giant deepwater discoveries.​

✅ Conversions still play a role for smaller and marginal fields, but the share of fully newbuilt hulls is increasing for flagship deepwater developments in Brazil and Guyana.​

Technology, digitalization and sustainability

✅ 2025 trend reports highlight wider use of digital twins, condition‐based maintenance, and advanced hull/asset‐integrity monitoring to reduce OPEX and downtime on long‐life FPSOs.​

✅ There is growing focus on lower‐carbon FPSOs: gas handling and reinjection, flare‐reduction measures, and integration with subsea electrification or potential future CCS schemes are becoming standard design themes.​
Competitive and strategic developments

✅ Major FPSO contractors and lessors SBM Offshore, MODEC, BW Offshore, Yinson, Bumi Armada, Saipem and others enter 2025 with strong backlogs and are pursuing collaborative financing and local‐content models (e.g., with Brazilian and African partners).​

✅ New cooperation agreements, such as Technip Energies' 2025 FEED awards for the gas FPSO in INPEX's Abadi LNG project (Indonesia), illustrate FPSOs' role beyond oil supporting gas/LNG value chains as well

Growth Forecast Projected:

The Global Floating Production Storage and Offloading Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Floating Production Storage and Offloading Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

By Propulsion: (Self-Propelled, Towed)
By Hull Type: (Single Hull, Double Hull)
By Type: (New Build, Converted)
By Usage: (Shallow Water, Deep Water, Ultra-deep Water)

Regional Analysis for Floating Production Storage and Offloading Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Lays the foundation by defining the scope of the report, highlighting core market segments across regions, product types, and applications. It delivers a clear snapshot of current market size, growth potential, and how the industry is expected to evolve in both the near and long term.

Chapter 2: Spotlights the most impactful market insights, unveiling the transformative trends and forces shaping the future of the industry.

Chapter 3: Provides a deep dive into the competitive landscape of , covering revenue shares, strategic initiatives, and notable mergers & acquisitions that are reshaping the market.

Chapter 4: Presents detailed company profiles of leading players featuring financial performance, product portfolios, profit margins, and key milestones that set them apart in the industry.

Chapters 5 & 6: Break down revenue analysis at both regional and country levels, offering precise data on market size, growth drivers, and expansion opportunities across global markets.

Chapter 7: Analyzes the market by product type, spotlighting segment-specific opportunities and helping stakeholders identify untapped, high-growth areas.

Chapter 8: Explores the market through application-based segmentation, assessing demand across industries and pinpointing downstream sectors with the strongest potential for growth.

Chapter 9: Maps the industry's supply chain in detail, tracing upstream and downstream activities to provide clarity on value creation across the ecosystem.

Chapter 10: Wraps up with a concise summary of the report's key insights distilling the most critical findings and strategic takeaways for decision-makers and stakeholders.

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FPSO projects reaching FID (Nov 2024-Sep 2025)

Hammerhead FPSO (Guyana, Stabroek block)

✅ In September 2025, ExxonMobil and Stabroek partners took final investment decision (FID) on the Hammerhead project, the seventh Stabroek development.​

✅ The project will use a new FPSO with about 150,000 barrels per day (bbl/d) oil‐processing capacity, similar in scale to the Payara and Yellowtail units.​
GranMorgu / Block 58 FPSO (Suriname, Krabdagu-Sapakara)

✅ TotalEnergies and APA Corporation announced FID on the GranMorgu development (Block 58 offshore Suriname) in late 2024, within the reference window for "recent" FPSO FIDs.​

✅ The scheme includes a 220,000 bbl/d FPSO designed with capacity for future tie‐backs from additional discoveries on Block 58.​

Brazil pre‐salt FPSOs - ongoing 2024-25 sanctioning

✅ Sector analyses note that Petrobras has continued sanctioning a string of large pre‐salt FPSOs (e.g., for Búzios and Sépia/Atapu) over 2024-25; some individual units had FIDs before November 2024, but they drive the "steady but elevated" FID count seen in 2025 market outlooks.

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Operators leading FPSO project sanctions (Nov 2024-Sep 2025)

ExxonMobil
✅ Led the Hammerhead FID (seventh Stabroek FPSO) in Guyana in September 2025.​

✅ Continues to be one of the most important FPSO sanctioning operators globally via its Guyana program (Liza, Payara, Yellowtail, Uaru, Whiptail, Fangtooth, Hammerhead).​

TotalEnergies (with APA Corporation)

✅ cOperator for Block 58 offshore Suriname and leader of the GranMorgu FID, which includes a new 220 kbbl/d FPSO.​

✅ Also heavily involved in Brazilian pre‐salt FPSOs (e.g., Mero series) though those specific FIDs fell slightly earlier.​

Petrobras

✅ While key pre‐salt FPSO FIDs (e.g., some Búzios and Sépia/Atapu units) pre‐date November 2024, Petrobras remains the single largest FPSO operator and buyer, with multiple units in execution and additional projects in late‐stage pre‐FID in 2025.

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