The market for FPSOs has historically been hit by laggardly demand as increased topsides complexity and capital expenditure have resulted in project delays and cost overruns, leading to consolidation in the sector that has seen the number of players shrink from about 25 to less than 10 today.
However, the tide now appears to be turning for the languishing sector with a consensus of industry players and analysts at a recent Oslo floating production conference predicting annual awards of about 12 FPSO projects over the next few years.
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