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Armstrong Industrial Safety General Trading Co. Nigeria Limited is a reliable power tools distribution company with offices in Port Harcourt and Lagos, all in Nigeria. We possess vast knowledge and years of experience in delivering, purchasing, and supplying civil engineering services and manpower supplies, which makes us different from our competitors.

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Westwood: 30 FPSOs to become available by end of 2022

Oilfield
22-05-2021
A new analysis from Westwood Global Energy Group revealed that the number of FPSO leases set to expire in 2022 is significantly higher than the yearly average of around 3 since 2015, with the potential of 30 units becoming available by end of 2022.

Westwood’s Global Floating Production Systems 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 per cent are 40+ years old and are potential candidates for scraping.

Even younger FPSOs are heading for the scrapyard. One such example is the Petrojarl Banff which, after 21 years in the North Sea, is now moored alongside the Modern American Recycling Services Europe (MARS) quayside in Denmark in preparation for green recycling. The unit is 24 years old.

Mark Adeosun, a senior analyst at Westwood, said: “This outlook uncovers a risk for FPS lease contractors such as BW Offshore and Modec who have recently enjoyed resurgent EPC activity but are now facing potentially significant backlog and revenue issues in the operations and maintenance part of their businesses”.

However, the Westwood analysis also highlighted upside potential for E&Ps sitting on marginal reserves. These operators could take advantage of the current rebound in oil prices and FPSO availability to accelerate project sanctioning and in turn enjoy more cost-effective field development.

“There has been significant growth in FPS orders since 2016 and that improved market sentiment has translated into operators revisiting projects previously stalled by the 2020 oil price crash.

“We expect to see up to 17 FPS awards, valued at around $18 billion over 2021, up 72 per cent on our Q4 2020 outlook. This underlines the importance of near-real-time data and analysis when market dynamics are moving rapidly to ensure you stay ahead of the competition”, Adeosun added.
Source: Offshore Energy

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