Staying afloat in the North Sea

Staying afloat in the North Sea

Amid stabilising oil prices and a projected global growth of US$30 billion by 2025, Europe’s FPSO market is grappling with changing standards and sustainability issues.

At the same time, an ageing workforce, manpower shortages and rising costs continue to pose significant challenges for Europe’s FPSO industry. While overall market sentiment remains positive — with eight projects to be developed over the next decade — oil and gas professionals have to continue considering ways to move the industry forward to ensure long-term success.

This includes strengthening public-private partnerships, improving sustainability efforts, incorporating digitisation and automation, and exploring creative financing models to keep FPSO projects afloat in the North Sea.

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