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Published Date: 2015-12-29Number of Pages: 102

FPSO Market, By Type (Converted, New-build, and Redeployed), By Water Depth (Shallow water, Deepwater, and Ultra-deepwater) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021

Floating, production, storage, and offloading (FPSO) vessel are a category of floating production system (FPS), capable of receiving or extracting raw hydrocarbons from the sea bed and processing them onboard. Additionally, FPSOs are also equipped with onboard storage facility for the temporary storage of oil following which the processed oil and gas is transferred or offloaded through an oil tanker or pipeline to the receiving terminals or distribution facilities. Installation of fixed processing and production infrastructure in remote locations is technically complex and also lesser cost effective. However, deployment of FPSO in remote locations omits the need for installation of large fixed oil and gas production platforms. Moreover, use of oil tankers to transport processed oil and gas eliminates the requirement of laying costly long-distance seabed pipelines from offshore oil fields to the receiving platforms.

Demand for floating, production, storage, and offloading (FPSO) units is expected to surge with the increased investment in offshore exploration of oil and gas during the past few years, especially in deepwater and ultra-deepwater. Depletion of existing onshore oil and gas fields is pushing the exploration of new oil and gas fields offshore into deepwater. Currently, the exploration of oil and gas is concentrated in offshore fields primarily in areas such as the North Sea, Brazil, and West Africa. Investment in deepwater projects is projected to exceed USD 260 billion during the next few years. Moreover, increasing demand for oil and gas due to rise in consumption of fuel is driving development and increasing investment in new oil and gas fields globally. Furthermore, demand for FPSOs is expected to rise during the forecast period attributed to growth in the upstream oil and gas industry, supported by government incentives to boost offshore oil and gas exploration.

The global FPSO market is categorized based on type into converted, new-build and redeployed. In 2014, converted FPSO segment held the majority of the global FPSO market. Converted FPSOs are generally transformed oil tankers known as Very Large Crude Carriers (VLCCs). Moreover, surplus and aging tanker hulls are also modified into a converted FPSO unit. Converted FPSOs are typically capable of producing an average of 60,000 to 150,000 barrels of oil per day. Requirement of low capital investment and quicker deployment of converted FPSOs as compared to new-build FPSOs is driving the growth of this segment during the forecast period. The market for redeployed FPSOs is still in its initial phase. However, its growth possibilities are significantly strong in the long term due to increasing expenditure on the exploration of new offshore oil fields and requirement of faster deployment of FPSOs in the new oil fields.

The global FPSO market is segmented on the basis of water depth into shallow water (up to 499 meters), deepwater (500 meters to 1,499 meters) and ultra-deepwater (1,500 meters and above). Capital expenditure for exploration of offshore fields beyond 500 meters is approximately 75% of total capital expenditure for offshore exploration in 2014. Deepwater dominated the market in 2014, accounting for around 40.0% share of the global market in terms of revenue. Increasing capital expenditure for the exploration of deepwater oil reserves is projected to drive growth of this segment during the forecast period. However, legal complexities over proposed field, rising environmental concern and local content requirements is leading to delay in project execution and cost overruns, restraining the market growth. 

Key players in the floating, production, storage, and offloading (FPSO) market include MODEC, Inc. (Japan), BW Offshore (Norway), Bumi Armada Berhad (Malaysia), Hyundai Heavy Industries Co., Ltd. (South Korea), SBM Offshore N.V. (Netherlands), Yinson Holdings Berhad (Malaysia), Bluewater Energy Services B.V. (Netherlands), and Teekay Corporation (Bermuda) among others.

fpso-market

 


Chapter 1 Preface
1.1 Research description
1.2 Research Scope
1.3 Research Methodology

Chapter 2 Executive Summary

Chapter 3 Market Overview
3.1 Introduction
3.2 Key Trend Analysis
3.3 Market Dynamics : Impact Analysis 
      3.3.1 Market Drivers 
      3.3.2 Market Restraints 
      3.3.3 Market Opportunities 
3.4 FPSO Market : Competitive Landscape 
3.5 FPSO: Market Attractiveness by Type  
3.6 FPSO Market : Value Chain Analysis

Chapter 4 Global FPSO Market Analysis, by Type 2014–2021 (USD Billion)
4.1 Overview
      4.1.1 By Type: Revenue share, 2014 vs 2021
4.2 Converted FPSO Market, 2014 – 2021: (USD Billion)
4.3 New-build FPSO Market, 2014 – 2021: (USD Billion)
4.4 Redeployed FPSO Market, 2014 – 2021: (USD Billion)

Chapter 5 Global FPSO Market Analysis, by Water Depth 2014–2021 (USD Billion)
5.1 Overview
      5.1.1 By Water Depth: Revenue share, 2014 vs 2021
5.2 Shallow Water Market, 2014 – 2021: (USD Billion) 
5.3 Deepwater Market, 2014 – 2021: (USD Billion)
5.4 Ultra-deepwater Market, 2014 – 2021: (USD Billion)

Chapter 6 Global FPSO Market Analysis by Geography 2014–2021 (USD Billion)
6.1 Overview
      6.1.1 By region: Revenue share, 2014 vs 2021
6.2 Americas FPSO Market, 2014 – 2021: (USD Billion)
      6.2.1 Americas FPSO Market, 2014–2021: By Type (USD Billion)
      6.2.2 Americas FPSO Market, 2014–2021: By Water Depth (USD Billion)
      6.2.3 Americas FPSO Market, 2014–2021: By Country (USD Billion)
              6.2.3.1 U.S. FPSO Market, 2014–2021 (USD Billion)
              6.2.2.2 Canada FPSO Market, 2014–2021 (USD Billion)
              6.2.2.3 Mexico FPSO Market, 2014–2021 (USD Billion)
              6.2.2.4 Brazil FPSO Market, 2014–2021 (USD Billion)
6.3 Europe FPSO Market, 2014 – 2021: (USD Billion)
      6.3.1 Europe FPSO Market, 2014–2021: By Type (USD Billion)
      6.3.2 Europe FPSO Market, 2014–2021: By Water Depth (USD Billion)
      6.3.3 Europe FPSO Market, 2014–2021: By Country (USD Billion)
              6.3.3.1 U.K. FPSO Market, 2014–2021 (USD Billion)
              6.3.3.2 Norway FPSO Market, 2014–2021 (USD Billion)
              6.3.3.3 Italy FPSO Market, 2014–2021 (USD Billion)
6.4 Asia FPSO Market, 2014 – 2021: (USD Billion)
      6.4.1 Asia FPSO Market, 2014–2021: By Type (USD Billion)
      6.4.2 Asia FPSO Market, 2014–2021: By Water Depth (USD Billion)
      6.4.3 Asia FPSO Market, 2014–2021: By Country (USD Billion)
              6.4.3.1 India FPSO Market, 2014–2021 (USD Billion)
              6.4.3.2 China FPSO Market, 2014–2021 (USD Billion)
              6.4.3.3 Southeast Asia FPSO Market, 2014–2021 (USD Billion)
6.5 Africa FPSO Market, 2014 – 2021: (USD Billion)
      6.5.1 Africa FPSO Market, 2014–2021: By Type (USD Billion)
      6.5.2 Africa FPSO Market, 2014–2021: By Water Depth (USD Billion)
      6.5.3 Africa FPSO Market, 2014–2021: By Country (USD Billion)
              6.5.3.1 West Africa FPSO Market, 2014–2021 (USD Billion)
              6.5.3.2 Rest of Africa FPSO Market, 2014–2021 (USD Billion)
6.6 Oceania FPSO Market, 2014 – 2021: (USD Billion)
      6.6.1 Oceania FPSO Market, 2014–2021: By Type (USD Billion)
      6.6.2 Oceania FPSO Market, 2014–2021: By Water Depth (USD Billion)
      6.6.3 Oceania FPSO Market, 2014–2021: By Country (USD Billion)
              6.6.3.1 West Africa FPSO Market, 2014–2021 (USD Billion)
              6.6.3.2 Rest of Africa FPSO Market, 2014–2021 (USD Billion)

Chapter 7 Company Profiles
7.1 MODEC, Inc.
7.2 SBM Offshore N.V.
7.3 BW Offshore
7.4 Bluewater Energy Services B.V.
7.5 Aker Solutions ASA
7.6 Hyundai Heavy Industries Co., Ltd.
7.7 Teekay Corporation
7.8 Bumi Armada Berhad
7.9 Yinson Holdings Berhad
7.10 Samsung Heavy Industries Co., Ltd.

List of Figures 

FIG. 1 Market Segmentation of Global FPSO Market
FIG. 2 Market share of key players: By number of FPSOs in operation and under construction, 2014 (%)
FIG. 3 Market attractiveness analysis, by type, 2014
FIG. 4 Value Chian Analysis
FIG. 5 Global FPSO revenue share, by type, 2014 vs 2021
FIG. 6 Global converted FPSO market, 2014 – 2021, (USD Billion)
FIG. 7 Global new-build FPSO market, 2014 – 2021, (USD Billion)
FIG. 8 Global redeployed FPSO market, 2014 – 2021, (USD Billion)
FIG. 9 Global FPSO revenue share, by water depth, 2014 vs 2021
FIG. 10 Global shallow water market, 2014 – 2021, (USD Billion)
FIG. 11 Global deepwater market, 2014 – 2021, (USD Billion)
FIG. 12 Global ultra-deepwater market, 2014 – 2021, (USD Billion)
FIG. 13 Global FPSO revenue share, by region, 2014 vs 2021
FIG. 14 Americas FPSO market, 2014-2021, (USD Billion)
FIG. 15 U.S. FPSO market, 2014-2021, (USD Billion)
FIG. 16 Canada FPSO market, 2014-2021, (USD Billion)
FIG. 17 Mexico FPSO market, 2014-2021, (USD Billion)
FIG. 18 Brazil FPSO market, 2014-2021, (USD Billion)
FIG. 19 Europe FPSO market, 2014-2021, (USD Billion)
FIG. 20 U.K. FPSO market, 2014-2021, (USD Billion)
FIG. 21 Norway FPSO market, 2014-2021, (USD Billion)
FIG. 22 Italy FPSO market, 2014-2021, (USD Billion)
FIG. 23 Asia FPSO market, 2014-2021, (USD Billion)
FIG. 24 India FPSO market, 2014-2021, (USD Billion)
FIG. 25 China FPSO market, 2014-2021, (USD Billion)
FIG. 26 Southeast Asia FPSO market, 2014-2021, (USD Billion)
FIG. 27 Africa FPSO market, 2014-2021, (USD Billion)
FIG. 28 West Africa FPSO market, 2014-2021, (USD Billion)
FIG. 29 Rest of Africa FPSO market, 2014-2021, (USD Billion)
FIG. 30 Oceania FPSO market, 2014-2021, (USD Billion)
FIG. 31 Australia FPSO market, 2014-2021, (USD Billion)
FIG. 32 New Zealand FPSO market, 2014-2021, (USD Billion)

List of Tables

TABLE 1 Global FPSO Market Snapshot
TABLE 2 Americas FPSO Market Revenue and Forecast by Type, 2014–2021 (USD Billion)
TABLE 3 Americas FPSO Market Revenue and Forecast by Water Depth, 2014–2021 (USD Billion)
TABLE 4 Europe FPSO Market Revenue and Forecast by Type, 2014–2021 (USD Billion)
TABLE 5 Europe FPSO Market Revenue and Forecast by Water Depth, 2014–2021 (USD Billion)
TABLE 6 Asia FPSO Market Revenue and Forecast by Type, 2014–2021 (USD Billion)
TABLE 7 Asia FPSO Market Revenue and Forecast by Water Depth, 2014–2021 (USD Billion)
TABLE 8 Africa FPSO Market Revenue and Forecast by Type, 2014–2021 (USD Billion)
TABLE 9 Africa FPSO Market Revenue and Forecast by Water Depth, 2014–2021 (USD Billion)
TABLE 10 Oceania FPSO Market Revenue and Forecast by Type, 2014–2021 (USD Billion)
TABLE 11 Oceania FPSO Market Revenue and Forecast by Water Depth, 2014–2021 (USD Billion)

A floating, production, storage and offloading (FPSO) vessel are a type of floating production system used for offshore production, storage and offloading of oil and gas. Generally, a FPSO vessel is a converted oil tanker, or a newly constructed FPSO unit. A FPSO is often similar in appearance to a ship, equipped with production and processing facilities onboard. Furthermore, FPSOs consist of offloading facilities for the purpose of transporting processed oil and gas to onshore receiving facilities through a shuttle tanker.

FPSO market is expected to see a robust growth during the forecast period attributed to the rising investment in offshore oil and gas exploration, especially in deepwater (500 to 1,499 meters) and ultra-deepwater (1,500 meters and above). Depleting present oil and gas fields globally is leading to rising concern for exploration of new oil and gas reserves for the purpose of meeting future energy requirements. Due to this factor, the oil and gas exploration companies have pushed exploration of oil and gas, from onshore to offshore, which in turn is driving the FPSO market growth. Furthermore, requirement of high investment or capital expenditure and technical challenges involved in installation of fixed production platforms or infrastructures in remote locations is driving the FPSO market growth. Additionally, ability of FPSOs to sustain harsh working environment and capability of FPSO to be moored at different locations after depletion of existing operating oil field is further driving the demand for FPSOs from oil and gas producers across the globe.

However, high capital expenditure requirement for construction or building of a new FPSO vessel is restraining the market growth. Moreover, volatile oil prices is affecting the flow of cash in the FPSO industry, limiting the market growth. Additionally, rising environmental concern related to the pollution caused by oil spills due to leakage and damage of a FPSO vessel is further restricting the growth of FPSO market during the forecast period. Moreover, legal complexities over proposed field and local content requirements is leading to delay in project execution and cost overruns, restraining the market growth.

Key opportunity of the global FPSO market lies in conversion of oil tankers, refurbishment and upgrades of FPSOs. Presently, majority of the FPSO contracts between FPSO providers and oil companies are based on the lease and operate structure. To meet the complex requirement for building and construction of advanced FPSOs, opportunities lies in collaboration and partnership among various players present in different stages of the value chain of FPSO industry.

This market research study analyzes the global FPSO market and provides estimates in terms of revenue (USD Billion) from 2015 to 2021. It recognizes the drivers, restraints and opportunities affecting the industry and analyzes their impact over the forecast period.

By geography, market is segmented into Americas, Europe, Asia, Africa and Oceania. In addition, the report segments the market based on the type, which include converted, new-build and redeployed. It also segments the market on the basis of water depth as shallow water (up to 499 meters), deepwater (500 meters to 1,499 meters) and ultra-deepwater (1,500 meters and above). All these segments have also been estimated on the basis of geography.

For better understanding of the global FPSO market, key trend analysis is also provided. Furthermore, the study comprises a market attractiveness analysis, where the types of FPSOs are benchmarked based on their market scope, growth rate and general attractiveness.

The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company overview, financial overview, business strategies, and the recent developments in the field of FPSO. Major market participants profiled in this report include MODEC, Inc. (Japan), SBM Offshore N.V. (Netherlands), BW Offshore (Norway), Bluewater Energy Services B.V.(Netherlands), Aker Solutions ASA (Norway), Hyundai Heavy Industries Co., Ltd. (South Korea), Bumi Armada Berhad (Malaysia), Yinson Holdings Berhad (Malaysia), Teekay Corporation (Bermuda) and Samsung Heavy Industries Co., Ltd.

Global FPSO Market: By Type

  • Converted
  • New-build
  • Redeployed

Global FPSO Market: By Water Depth

  • Shallow water
  • Deepwater
  • Ultra-deepwater

Global FPSO Market: By Geography

  • Americas
    • U.S.
    • Canada
    • Mexico
    • Brazil
  • Europe
    • U.K.
    • Norway
    • Italy
  • Asia
    • India
    • China
    • Southeast Asia
  • Africa
    • West Africa
    • Rest of Africa
  • Oceania
    • Australia
    • New Zealand

The report provides a cross-sectional analysis of all the above segments with respect to the following regions:

  • Americas
  • Europe
  • Asia
  • Africa
  • Oceania