Mitsubishi Heavy Industries Ltd. and Nippon Yusen Kabushiki Kaisha (NYK Line) entered into a joint venture with SBM Offshore N.V. for the charter, operation, and maintenance of a Floating, Production, Storage, and Offloading (FPSO *1) system for Petrobras.
Shell International B.V.’s Appomattox floating production system (FPS) in the deep-water Gulf of Mexico achieved its first production using TechnipFMC’s full-field subsea solution.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 3826
Published Date: Jul 21, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
The increasing demand for crude oil and natural gas along with the growing oil and gas industry and rising offshore exploration activity are the major factors driving the growth of the floating production system market.
The market size of the floating production system is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2023 ï¿½ 2035.
The major players in the market are Mitsubishi Heavy Industries Ltd., Nippon Yusen Kabushiki Kaisha (NYK Line), Shell International B.V., TechnipFMC PLC, Hyundai Heavy Industries Co. Ltd., Keppel Offshore & Marine Ltd., Samsung Heavy Industries Co. Ltd., Bumi Armada Group, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Teekay Tankers Ltd., Reliance Naval and Engineering Limited.
The FPSO segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The market in the Latin America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.