South America’s $112B FPSO Pipeline: Projects Awarded, Leading Regions and Key Operators

South America continues to anchor global FPSO activity, with 21 units awarded between 2021 and 2025 - accounting for more than $112 billion in greenfield capital.

The region’s project pipeline remains robust, as Rystad Energy projects roughly four new awards per year through 2028, representing an additional ~$53 billion in commitments. Against this backdrop, this report examines how award activity is unfolding across the region.

✔ FPSO awards split by region
✔ Brazil’s greenfield capex outlook - and what it signals for offshore spending
✔ FPSO awards expected between 2026–2028, segmented by major region and company
✔ Newbuild vs. conversion trends shaping contractor strategy
✔ Share of FPSOs awarded in South America (2021–2025), by build type, oil capacity, and storage capacity
✔ And more..

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South America’s $112B FPSO Pipeline: Projects Awarded, Leading Regions and Key Operators

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