LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global floating production storage and offloading market report. This research report also lists five other prominent vendors that are expected to impact the market during the forecast period.
The global floating production storage and offloading market is expected to grow at a moderate rate during the forecast period. The decline in crude oil prices, which started in July 2014 had a major impact on the E&P activities of the oil and gas industry. The industry had witnessed a huge decline in upstream investments between 2015 and 2016.
Competitive vendor landscape
The global floating production storage and offloading market is fairly consolidated with the presence of many large international vendors across the globe. The top five vendors constitute approximately one-third share of the market. The major players in the market are Bumi Armada, BW Offshore, MODEC, Petrobras, and SBM Offshore. The vendors include only the floating production storage and offloading operators.
“The market is highly competitive with the players competing to gain more market share. Intense competition, rapid advances in technology, and the ever-changing market dynamics are the key factors fueling competition among vendors. The competitive environment in this market is expected to intensify during the forecast period with the increase in product extensions and technological innovations. It could also result in mergers and acquisitions,” says Thanikachalam Chandrasekaran, a lead oil and gas research analyst from Technavio.
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Top five floating production storage and offloading market vendors
As of 2016, Bumi Armada owns and operates one liquified natural gas (LNG) FSU and nine floating production storage and offloading units worldwide, out of which three are under joint venture operations. The company has extensive experience across Europe, Asia, Africa, and Latin America.
BW Offshore is one of the major players in the global floating production storage and offloading market. As of March 2017, the company has delivered 38 projects, out of which 28 are floating production storage and offloading projects with an average uptime of 98%.
As on 2016, the company operates 19 floating production storage and offloading vessels. It has also delivered nine floating production storage and offloading projects to its customers. The company averages 99% uptime in its operations. The FPSO Cidade de Campos dos Goytacazes MV29 is under construction with delivery in Q4 2017.
As on 2016, Petrobras has a total fleet size of 184 vessels including 56 owned vessels. These vessels include FPSOs, drilling vessels, and oil and gas tankers. The company owns 14 FPSO vessels and operates 13 out of them. Other vessels are operated under joint ventures or where Petrobras is the majority shared owner. Petrobras operates in the pre-salt and post-salt areas offshore Brazil using its vessels such as P-58, P-62, FPSO Cidade de Mangaratiba, Cidade de Ilhabela and others.
As on 2016, the company operates and maintains 14 floating production storage and offloading vessels. The company added 3 FPSOs to its fleet in 2016. Its average oil production uptime is 96.80%. FPSO Turritella installed at a depth of 2,896 meters is the deepest FPSO in the world.
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