FPSO Market (2026): MODEC, ExxonMobil, Petrobras, Guyana Projects, Deepwater Production and Global Offshore Growth

FPSO Market reached USD 16.14 billion in 2025 and is expected to reach USD 26.72 billion by 2033, growing with a CAGR of 6.5% during the forecast period 2026-2033.

DataM Intelligence has released its latest "Floating Production, Storage, and Offloading (FPSO) Market Size 2026" report, delivering comprehensive insights into market trends, growth opportunities, competitive dynamics, and regional performance. The report covers market size by value and volume, CAGR forecasts, and emerging opportunities, the report delivers data-driven insights into industry developments, competitive trends, and future market outlook, enabling more effective strategic planning and market expansion.

MODEC's FPSO Errea Wittu Reaches Guyana

• MODEC + ExxonMobil: FPSO Errea Wittu arrived offshore Guyana for final preparations ahead of Q4 2026 first oil at Uaru.

• Capacity: The FPSO will produce 250,000 bpd and store approximately 2 million barrels of crude.

• Technology: AI-enabled systems and a gas turbine combined-cycle system are designed to improve efficiency, safety and emissions performance.

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United States: Recent Industry Developments

✅ July 2026: Saipem secured an approximately US$2 billion EPCI contract for the Kutei North Hub FPSO project in Indonesia, supporting offshore production infrastructure.

✅ June 2026: MODEC completed charter and O&M services for the FPSO Cidade de Niterói MV18 after approximately 17 years of operations for Petrobras, marking the vessel's transition to recycling.

✅ May 2026: SBM Offshore secured contracts from Petrobras for two FPSOs, SEAP-I and SEAP-II, with the company responsible for design, construction and operation for an initial 6.5 years.

✅ April 2026: BW Offshore signed a FEED agreement with Equinor for the Bay du Nord FPSO development offshore Newfoundland and Labrador, Canada.

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Jumbo Offshore Completes Uaru Mooring Installation

• Jumbo Offshore + MODEC + ExxonMobil: Completed pre-lay mooring activities for Errea Wittu using the Fairplayer installation vessel.

• Deepwater Project: Uaru is located around 200 km offshore Guyana at approximately 1,750 meters water depth.

• Project Value: The Uaru development carries an estimated US$12.7 billion investment, with ExxonMobil 45%, Hess 30% and CNOOC 25% interests.

Top List of Key Player:

BP Plc, Aker Solutions AS, Shell Global, Bluewater Energy Services B.V., Bumi Armada Berhad, BW Offshore, Chevron, ExxonMobil Corporation, MODEC, Inc. and Petrobras.

Key Industry Developments 2026:

✅ July 2026: Saipem, together with PT Tripatra Engineers and Constructors, secured an approximately US$2 billion contract for its share to engineer, procure, construct, and install an FPSO for the Kutei North Hub project in Indonesia.

✅ June 2026: SBM Offshore signed an agreement with Shanghai Waigaoqiao Shipbuilding and China Shipbuilding Trading for the construction of its seventh Fast4Ward® multi-purpose floater hull, strengthening its standardized FPSO delivery capacity.

✅ May 2026: Petrobras signed contracts with SBM Offshore for two FPSOs, SEAP-I and SEAP-II, for the Sergipe Deepwater project in Brazil. The units will be designed, built, and operated by SBM Offshore, with initial operations and maintenance contracts lasting 6.5 years.

✅ April 2026: BW Offshore extended its BW Catcher FPSO contract with Harbour Energy and its partners through December 2030, increasing the company's firm operating cash flow backlog by approximately US$490 million.

✅ March 2026: SBM Offshore received FEED contracts from ExxonMobil Guyana for an FPSO supporting the Longtail development, triggering initial funding for FEED activities and allocation of a Fast4Ward® hull.

✅ February 2026: MISC, through Vietnam Offshore Floating Terminal, secured a contract from Petrovietnam for FPSO Ruby II, extending its lease, operation, and maintenance services through December 2027 and including life-extension work.

✅ January 2026: MODEC partnered with Norway-based Eld Energy through a joint development agreement to advance an integrated solid oxide fuel cell and carbon capture system for future FPSOs, targeting lower emissions from offshore power generation.

How Our Market Research Process Works 2026-2033:

The Floating Production, Storage, and Offloading (FPSO) Market report by DataM Intelligence delivers comprehensive insights backed by extensive primary and secondary research. It analyzes key market trends, competitive dynamics, regulatory developments, technological advancements, emerging innovations, and growth opportunities while highlighting potential challenges and evolving market conditions. The report provides actionable intelligence to support strategic planning and identify future market potential.

Latest M & A/ partnerships in 2026:

• July 2026: BP agreed to sell its 37.2% stake in the Bay du Nord offshore project to Equinor, making Equinor the sole owner of the Canadian development, which is planned around an FPSO with first oil targeted for 2031.

• June 2026: Karoon Energy completed the operational transition of the Baúna FPSO, following its US$115 million acquisition from Altera & Ocyan, with approximately US$8 million in transaction costs.

• May 2026: Petrobras finalized agreements with SBM Offshore for two FPSOs, P-81 and P-87, supporting deepwater developments in Brazil's Sergipe-Alagoas basin.

• May 2026: Occidental Petroleum acquired a 10% interest in ExxonMobil's UD(1) deepwater exploration block offshore Trinidad and Tobago; financial terms were not disclosed, strengthening participation in a deepwater area adjacent to Guyana's prolific Stabroek Block.

• April 2026: Petrobras approved the Final Investment Decision for the SEAP-I offshore project in Brazil, advancing an FPSO-led development in partnership with BPCL and other consortium participants.

• February 2026: Transocean announced its US$5.8 billion all-stock acquisition of Valaris, creating a combined offshore drilling company with an expected 73-rig fleet, highlighting continued consolidation across the offshore production ecosystem supporting FPSO developments.

• January 2026: Brava Energia announced a US$450 million acquisition of Petronas' 50% interests in Tartaruga Verde and Module III of the Espadarte field in Brazil's Campos Basin, assets that produced an average 55,600 boe/d in 2025.

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Japan: Recent Industry Developments

✅ July 2026: MODEC completed the forward hull section of the FPSO Gato do Mato at Sumitomo Heavy Industries' Yokosuka shipyard and shipped it to China for integration with the aft hull.

✅ June 2026: MODEC and Eld Energy signed an MOU to develop a 1.2 MW SOFC power system integrated with carbon capture for future zero-emission FPSOs.

✅ May 2026: MODEC reported four FPSOs under construction and continued development of its FPSO portfolio, including Gato do Mato, Raia, Uaru and Hammerhead projects.

✅ January 2026: MODEC integrated its U.S. subsidiary SOFEC into its Mooring Solutions Business Unit, strengthening its FPSO mooring and offshore floating-systems capabilities.

Key Segmentation Plannings (2026):

By Type: Oil, LPG, LNG, Others

By Carrier Type: Converted Ship, New Build Ship, Redeployed

By Water Depth: Shallow Water, Deep & Ultra-deep Water

By Hull Type: Single Hull, Double Hull

Long-Idle FPSO Finds New Home in Falkland Islands

• Falkland Islands: An FPSO that remained unwanted for more than 10 years has secured a new deployment opportunity.

• Transaction: The vessel was acquired for approximately US$125 million, marking a significant second-life opportunity for an older FPSO asset.

Global Market Growth Regional Analysis:

⇥ North merica (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 - Market Overview: Provides a comprehensive introduction to the Floating Production, Storage, and Offloading (FPSO) Market, including key segments by region, product type, and application, along with market size, growth potential, and short- and long-term outlook.

Chapter 2 - Emerging Trends: Highlights the latest industry trends, technological advancements, and innovations driving market transformation.

Chapter 3 - Competitive Landscape: Analyzes the competitive environment, including market share, strategic developments, partnerships, and recent mergers and acquisitions.

Chapter 4 - Leading Company Profiles: Presents detailed profiles of major market participants, covering revenue, product portfolios, operating performance, and recent developments.

Chapters 5 & 6 - Regional and Country Analysis: Delivers in-depth insights into market performance across key regions and countries, highlighting revenue trends, growth opportunities, and market potential.

Chapter 7 - Market Segmentation: Examines the market by type, identifying key segments, growth prospects, and high-opportunity areas.

Chapter 8 - Application Analysis: Explores major application areas, emerging demand trends, and sectors contributing to market expansion.

Chapter 9 - Supply Chain Analysis: Maps the end-to-end industry value chain, providing insights into upstream suppliers, downstream channels, and overall market structure.

Chapter 10 - Key Insights and Strategic Outlook: Summarizes the report with actionable insights, strategic recommendations, and growth opportunities to support future market planning.

Petrobras' Alexandre de Gusmao FPSO Reaches 180,000 BPD

• Petrobras: The Alexandre de Gusmao FPSO is now producing 180,000 barrels per day at Brazil's Mero field.

• Mero Field: Mero is Brazil's third-largest oil-producing field, behind Búzios and Tupi.

• Regulatory Update: Brazil's MPF requested clarification from Ibama regarding Petrobras' plans for three additional exploratory wells in the Foz do Amazonas basin.

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Key Market Drivers

• Deepwater and Ultra-Deepwater Projects - New offshore developments in Brazil, Guyana, Africa, and other regions are increasing the need for floating production solutions.

• Offshore Oil & Gas Investments - Higher capital allocation toward offshore field development is supporting new FPSO contracts and subsea projects.

• Cost-Efficient Floating Production - FPSOs provide flexible production, storage, and offloading without requiring large fixed offshore platforms, making them suitable for remote fields.

• Energy Security Initiatives - Governments and operators are supporting offshore resource development to strengthen domestic energy supply, including new deepwater programs in India and Nigeria.

FAQ's

Q1: What is the current market size of the Floating Production, Storage, and Offloading (FPSO) Market and its future outlook?

Ans: The global Floating Production, Storage, and Offloading (FPSO) Market reached USD 16.14 billion in 2025 and is forecast to attain USD 26.72 billion by 2033

Q2: How fast is the Floating Production, Storage, and Offloading (FPSO) Market expected to grow during the forecast period?

Ans: The market is projected to expand at a CAGR of 6.5% from 2026 to 2033, reflecting strong growth potential over the forecast period.

Q3: Which region leads the Floating Production, Storage, and Offloading (FPSO) Market?

Ans: North America accounted for the largest market share in 2025

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