Floating Production Storage and Offloading Market

Bumi Armada (Malaysia) and Shell (Netherlands) are the Major Players in the Floating Production Storage and Offloading Market

The floating production storage and offloading market is projected to grow from an estimated USD 19.5 billion in 2019 to USD 26.0 billion by 2024, recording a CAGR of 5.9% during the forecast period. The growth of this market is driven by the increasing focus on offshore exploration and production and the rising deep-water and ultra-deepwater oil & gas production.

The floating production storage and offloading market is dominated by a few major players that have an extensive regional presence. The leading players in the floating production storage and offloading  market are Bumi Armada (Malaysia), Shell (Netherlands), BP (UK), ExxonMobil (US), and  Petrobras (Brazil).

The major strategies adopted by the players include contracts & agreements and mergers & acquisitions. Contracts & agreements were the most commonly adopted strategy from January 2016 to August 2019.

To know about the assumptions considered for the study download the pdf brochure

Bumi Armada (Malaysia) is one of the leading service providers of offshore energy and facilities. The company operates through two business segments, namely, floating production & operations and offshore marine services. It offers floating production storage and offloading (FPSO) under its floating, production & operations business segment. In May 2019, the company through its joint venture company Shapoorji Pallonji Bumi Armada Godavari, won a contract from Oil and Natural Gas Corporation for the west coast of Kakinada. Under this contract, Bumi Armada would supply and operate for nine years floating, production, storage, and offloading vessel. In addition, in August 2018, Bumi Armada continued its operations of floating, production, storage, and offloading vessel Armada TGT 1. The company uses innovative technologies such as high-pressure swivels, topsides, turrets, and marine solutions for designing FPSO. This strategy helped in generating revenues for the company in floating, production, storage, and offloading business.

Shell (Netherlands) is an oil and gas giant that has expertise in exploration, production, development, refining, and marketing. The company operates through three business segments, namely, integrated gas, upstream, and downstream. The company offers FPSO under the upstream business segment. In January 2018, the company executed a contract for penguins’ oil and gas field in the UK, North Sea. Under this contract, Shell operated the FPSO vessel. Sevan Marine provided the technical support during the designing phase, while Fluor provided the EPC services for FPSO. The company’s future strategy is to focus on increasing the share of low carbon energy products and also to reduce its carbon footprint. As the installation of energy-efficient equipment’s in FPSO vessels is expensive, it will ultimately impact the market for FPSO. The company aims to widen its growth prospects in the market by increasing the proportion of biofuels, natural gas, and hydrogen in its product mix.

Related Reports:

Floating Production Storage and Offloading Market by Type (New-Build & Converted), Hull Type (Single & Double), Propulsion (Self-propelled & Towed), Usage (Shallow water, Deepwater & Ultra-Deepwater), and Region - Global Forecast to 2024

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Report Code
EP 7345
RI Published ON
9/6/2019
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Floating Production Storage and Offloading Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved