Chinese industry conglomerate China Merchants Group (CMG) has carved out a clear strategy it believes will position it as a world leader in building, financing, operating and owning floating production, storage and offloading vessels.

CMG, with facilities in Haimen city of eastern China’s Jiangsu province, is building on its expertise as one of China’s top FPSO fabricators and has lined up partners to help it implement the new strategy.

The company’s ambition is supported by strong global FPSO demand. Dutch floater specialist SBM Offshore predicts that about 33 FPSO contracts could be awarded between now and the end of 2025.