The FPSO Industry remains one of Vivo Asia’s biggest clients, as we continue a strong order intake for a variety of communication and security systems.
What Is the FPSO Industry?
FPSO stands for ‘Floating Production Storage and Offloading’ and generally refers to the offshore vessels used by the oil and gas industry for storage and processing. The vessels store oil and gas in deep waters until it is transferred to a tanker for transportation or further refining.
FPSO’s have several benefits over traditional offshore oil platforms, such as lower costs and higher flexibility. They also do not require pipeline infrastructure, making them ideal for deep sea oil and gas storage and processing.
Market Value and Global Trends
The FPSO has seen an upward trend in demand due to the increase in offshore oil production. There has been a significant decline in new onshore oil production sites over the past decade. Bloomberg forecasts that the FPSO industry will value at USD 21.83 billion by 2028, growing by nearly 8% (CAGR).
The largest FPSO in the world is the Egina FPSO, operated by TotalEnergies. It can store over 2.3 million barrels and is valued at USD 3 billion. The massive vessel was recently anchored at the Egina Oil Field, off the coast of Nigeria.
Vivo Asia's Role In the Industry
Vivo Asia Engineering & Trading has successfully completed several projects in the FPSO industry over the past 10 years. We supply all the internal and external communication systems on board the FPSO. We also supply security systems such as CCTV and E-mustering Systems.
Our professional and expert team of engineers continues to gain recognition in the field for the efficient installation and integration of systems.