Westwood Global Energy Group expects the floating production system (FPS) market to recover to $13 billion annually from 2021-24, assuming an average oil price of $60/bbl from 2022. This year, Westwood expects EPC awards for FPS projects to slump by 59% to just over $5 billion (against close to $13 billion), based on an average oil price of $37/bbl. This is 73% down on the consultant’s pre-COVID-19 outlook. Over the 2020-24 period, the consultant estimates probable FPS engineering, procurement, and construction contract awards totaling $56 billion – including 40 FPSOs, nine FPSs, and seven FLNG systems.
