Westwood Sees Surge in FPSO Contract Expirations on the Horizon

Journal of Petroleum Technology 

A large number of floating production, supply, and offloading units (FPSO) leases are set to expire in 2022 according to new analysis from energy market research and consultancy firm Westwood Global Energy Group. The average yearly expiring FPSO contract since 2015 has been around three; however by the end of next year, a potential of 30 units could become available. Westwood's Global Floating Production Systems Market Report report notes under a scenario where no contract extensions are taken on current leased FPSOs, 14 additional units would become available in 2022. Alternatively, if all available extension options were taken, nine units would come off contract, adding to the 16 units currently awaiting upgrade or redeployment. Of those coming off contract in 2022, 36% are 40 years old and are potential candidates for scrapping.

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