After years of sinking under the weight of the global oil downturn, the market for FPSOs or Floating Production Storage and Offloading vessels, is rising once again. As global deepwater activity regains favour, with blockbuster discoveries such as Guyana’s Liza discovery in 2015, the need for versatile FPSOs that can go where new oil is has been rising. And that activity seems to be concentrated in the western part of the Atlantic, in the waters of Latin America.
There are currently nearly 200 FPSOs in operation worldwide, forming the majority of all types of Floating Production Units (which include storage-only FSOs, expanded drilling capabilities FDPSOs and FLNG units). Between now and 2025, data from market intelligence firms GlobalData and Rystad Energy show that an additional 67 FPSOs are likely to start operations, with 33 in the short-term through 2021. The spread of projects is global, covering Africa, Asia and Europe, but is led by Latin America with 27. The kingpin in this arena remains Brazil, which has 21 planned and announced projects, coinciding with a revival in its upstream fortunes.
Brazil, through Petrobras, is already the world’s largest operator of FPSOs, with almost 50 vessels plying the deep Atlantic waters off its vast coast. These vessels, which formed part of Petrobras’s drive in the early 2000s to exploit the vast deepwater crude volumes in the pre-salt Campos and Espirito Santo Basins, are key to Brazil’s upstream industry. However, corruption scandals and the global oil downturn led to Petrobras’ fall from grace. The market for FPSOs shrank in response. Petrobras is only just beginning to pick up the pieces by transforming itself into a leaner, meaner upstream-focused player (selling off much of its downstream assets), while the enforced opening of the Brazilian upstream sector to foreign investment has removed much of the pressure on Petrobras to shoulder the burden of the industry alone.
So, with a reviving Petrobras, the FPSO market is heating up in tandem. Last week, Petrobras signed letters of intent with Japan’s Modec Inc and Malaysia’s Yinson Holdings to charter two new FPSOs with processing capacity of 80,000 b/d (Modec’s Marlim 1) and 70,000 b/d (Yinson’s Marlim 2). Looking further ahead, Petrobras has also hinted that it may return to its older strategy of commissioning and owning its own FPSO vessels, instead of using chartered units as it sees the market for leased units shifting in power balance.
And Petrobras won’t be alone. Brazil’s latest upstream auction round that focused on deepwater acreage was a resounding success, attracting the interest of supermajors and upstream heavyweights. With the country’s Car Wash corruption scandal blown over and substantial pre-salt discoveries to be made, FPSOs remain the most cost-efficient way to exploit Brazil’s offshore riches. Which is why Brazil is expected to account for a third of all new FPSO projects through 2025. There will also be heavy activity further up the South American coast, where the nature of the blockbuster offshore discoveries in Guyana also lend themselves well to FPSO deployment. Couple that with new FPSO demand elsewhere in the world and the next few years will be healthy for FPSO shipyards. Hope floats and after a long while, the FPSO market is regaining its buoyancy.
Expected FPSO additions (2019-2015):
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Funko Action Figuresare a popular collectible toy that is now being incorporated into the workplace to motivate employees. The action figures have been used as an alternative to the traditional desk calendar or as a prize for top performers. With this type of incentive, employers can expect their employees to feel more motivated and productive.
Many employers have found that Funko Action Figures are a great way to motivate their employees and provide incentives for high performance at work. Funko Action Figures are a popular collectible toy that is now incorporated into the workplace. These small collectibles are given to employees to motivate them. Funko figures were once only available at comic book stores, but now they are being used in offices for this purpose.
The company is called Zappos and they first introduced this idea back in 2009. They gave these figurines to their employees as a way of motivating and rewarding them for their hard work and dedication. Although it’s not very clear why the action figures themselves motivate people, we can see that it has been working well for Zappos as they have continued to use it since 2009. These soft-bodied vinyl figures, often called "Pop!" Figures were originally conceived by Mike Becker and founded by Alan Becker.
The Funko Pop! Action Figure is a line of collectible toys produced by the company Funko LLC. They are typically stylized vinyl figures depicting characters from various media and entertainment. First introduced to the public in 2005, the company was originally founded as a bobblehead company in 1998 and became popular through distribution at chain retailers such as Walmart and Target. The first wave of Funko Pops was based on Disney properties like Mickey Mouse as well as other popular culture icons such as Conan O’Brien and Catwoman.
Funko Action Figures are collectible figurines that often depict pop culture characters. They are often used in the office to motivate employees and provide a sense of community. Funko has established itself as a major player in the toy industry with its trademarked Pop! vinyl figures. This company is taking on new ventures like collecting by introducing Funko Action Figures, for example, Boba Fett from the Star Wars movies. This type of product is sometimes called a 'blind box' because you don't know which figure you're getting until you open it. The Boston-based company, BuzzFeed, has introduced this type of toy into their office to help with team building and morale. The employees at this company seem to have a lot of fun with them.
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