The global floating production storage and offloading vessel market is poised for a huge uptick in the coming years, with up to 50 floaters likely to be awarded before the end of this decade, a report by Rystad Energy has claimed.

The Norwegian consultancy noted that increased spending on oil and gas projects “will provide a solid springboard for offshore activity and supplier opportunities”, which could lead to a higher number of FPSO awards until 2030.

“From 2023 to 2030, Rystad Energy forecasts 48 FPSOs will be awarded for new greenfield developments.