Brazil and Guyana will continue to anchor global growth in floating production, storage and offloading (FPSO) vessel deployments, according to a January whitepaper by Norway-based Rystad Energy.
“Petrobras and ExxonMobil will remain the region’s key players, leading the way in new FPSO orders, particularly in Brazil and Guyana,” the report stated.
Rystad Energy said the two countries helped South America secure nearly half of all global floater contracts awarded over the past five years. The region has maintained a strong preference for newbuild FPSOs, even as refurbished and redeployed units gained momentum globally from early 2022.
Since 2020, South America has recorded 18 newbuild FPSO awards, with only two vessels redeployed. The Atlanta FPSO began operations in December 2025 at the Brava Energia-operated Atlanta field under a 15-year lease agreement with Yinson. BW Energy’s Maromba FPSO is slated for deployment at the Maromba field in 2026 or 2027, following completion of required upgrades.
Guyana, Brazil driving global FPSO market this decade – Rystad | OilNOW
Brazil remains the largest FPSO market in the region. Around 70% of all newbuild FPSOs contracted in South America over the past five years were allocated to Brazilian projects. Petrobras-operated fields accounted for 11 of these units, while Equinor secured FPSOs for its Raia and Bacalhau developments.
Guyana has emerged as a major FPSO hub. ExxonMobil secured four new FPSO contracts between 2020 and 2024 for developments in the Stabroek Block. All are currently operating offshore Guyana: Liza Destiny, Liza Unity, Prosperity and ONE GUYANA supporting production at the Liza Phase One, Liza Phase Two, Payara and Yellowtail projects. ONE GUYANA started production in August last year.
Rystad said FPSO projects awarded since 2020 will add a combined 3.8 million barrels per day of oil processing capacity in the region. This volume exceeds 85% of Brazil’s current oil production. Twelve of the FPSOs awarded during this period were designed to process more than 200,000 barrels per day.
The consultancy projects that about one-third of all FPSOs contracted globally over the next five years could be allocated to projects in the region, led by continued activity in Brazil and Guyana.
