In 2050, world energy demand is forecast to be twice as high as it was in 2000, increasing the importance of floating, production, storage and offloading (FPSO) vessels to the global exploration and production (E&P) market as existing wells closer to shore become redundant. The move to deeper waters and harsher environments coincides with increased investment in floating production systems capable of serving that demand. Between 2013 and 2017, £91 billion is to be spent on such equipment, an increase of 100% over the preceding five-year period. With 63% of this to be invested in deep waters as new wells are identified further out to sea, the pressure on vessels’ resources has never been greater.
The importance of power to FPSO vessels is not to be underestimated. Disruption to power not only puts a crew’s safety at risk but also has detrimental effects on production levels, reducing efficiency. As the costs of E&P increase year-on-year (the sector saw a 6.1% rise from 2013-14), reduced productivity and efficiency caused by an unreliable power source, as well as any costs associated with litigation, will affect margins – making power a mission-critical utility for any FPSO-related project.