The top 10 FPSO operators collectively manage the majority of the approximately 180 floating production, storage and offloading vessels operating globally in 2026 — processing an estimated 12% of total global offshore oil output. Brazil’s pre-salt basins and Guyana’s Stabroek block are driving the most significant new FPSO deployments, with both regions commissioning multiple ultra-deepwater units through the decade.
How We Ranked the Top 10 FPSO Operators
Rankings are based on four criteria: contracted fleet size, total production capacity handled across operated units, geographic reach across active basins, and 2026 backlog and strategic position. The list distinguishes between dedicated owner-operators — companies that build, own and lease FPSOs on long-term contracts to oil companies — and self-operating producers such as Petrobras and TotalEnergies, which own and operate FPSOs within their own upstream portfolios. Both models are represented here by fleet scale.
1. SBM Offshore — Netherlands
SBM Offshore is the world’s largest commercial FPSO owner-operator with 15 units on lease and operate contracts, generating approximately $5.5bn in revenue in 2025. Its fleet anchors the two most active deepwater basins globally: Liza Destiny and Liza Unity serve ExxonMobil’s Stabroek block in Guyana, while Prosperity — delivered 2023 — handles production from the Payara development. In Brazil, Turritella operates on Shell’s Stones field and Anna Nery serves a Petrobras contract in the Santos Basin.
SBM’s Fast4Ward programme — a standardised FPSO hull designed for faster replication and delivery — gives it a structural cost advantage on new contract bids. No other FPSO lessor currently matches SBM’s combination of fleet scale, backlog depth and deepwater track record.
2. Modec — Japan
Tokyo-based Modec has operated or constructed 35+ FPSOs and FSOs since founding and generates approximately $2bn in annual revenue. Its fleet is concentrated in Brazil, where multiple Petrobras contracts across the BM-S and Santos Basin fields provide long-term contract stability. Additional units operate in Ghana’s Jubilee field, Malaysia and Australia.
Modec’s longstanding Petrobras relationship — Brazil’s pre-salt programme is one of the most active FPSO deployment programmes globally — gives it a privileged position in new bid rounds. Japanese engineering discipline and procurement efficiency underpin competitive pricing on complex deepwater topsides.
3. BW Offshore — Norway
Part of the BW Group, BW Offshore operates 8 FPSOs across Brazil, Malaysia, Gabon, Senegal and Norway, generating approximately $700m in revenue. BW Adolo operates on the Dussafu field in Gabon; BW Cidade de São Vicente is contracted to Petrobras in Brazil. The most strategically significant recent delivery is the Sangomar FPSO for Woodside’s field offshore Senegal — first oil was achieved in 2024, marking Senegal’s entry as an oil-producing nation.
BW’s fleet is smaller than SBM and Modec but contract quality is high. Utilisation across its operating fleet remained above 95% in 2025.
4. Yinson Holdings — Malaysia
Kuala Lumpur-based Yinson is the fastest-growing FPSO operator globally, expanding its fleet from 5 to 8+ units through 2026 and approaching $1bn in revenue. FPSO John Agyekum Kufuor operates in Ghana; the company holds a stake in the Anna Nery FPSO in Brazil alongside SBM. Yinson is backed by Mitsui and targets net-zero operations across its fleet — a differentiated ESG position in a sector under increasing emissions scrutiny.
Yinson’s growth trajectory is the most significant competitive dynamic in the FPSO market. If it continues at current pace, it challenges BW Offshore for the third-placed lessor position within two to three years.
5. Teekay Corporation — Bermuda
Teekay was among the earliest FPSO operators and built a substantial offshore portfolio, but has rationalised significantly in recent years. Its current offshore exposure is concentrated in FSOs and shuttle tankers, with remaining FPSO assets in the North Sea and Brazil. The company was conducting a strategic review of its offshore assets in 2026. Teekay remains relevant through its shuttle tanker fleet, which supports FPSO offtake logistics for multiple operators in Brazil and the North Sea.
6. TotalEnergies — France
TotalEnergies operates FPSOs as an asset-owning oil producer rather than a commercial lessor — a different model to the dedicated FPSO companies higher up this list, but a significant fleet by any measure. Egina FPSO operates offshore Nigeria at 200,000 bpd capacity; additional units operate in the North Sea. TotalEnergies’ FPSO strategy is integrated with its upstream portfolio decisions, making it less visible in the commercial FPSO market but operationally substantial. Its broader upstream and storage infrastructure position is covered in the Top 10 Oil Majors by Storage Infrastructure ranking.
7. Petrobras — Brazil
Petrobras operates 26+ FPSOs — the largest self-operated fleet globally — across the Santos and Campos Basins in Brazil’s pre-salt province. The P-series platforms and the FPSO Cidade series handle production from fields at water depths exceeding 2,000 metres. Unlike commercial operators, Petrobras owns the majority of its FPSO fleet outright rather than leasing, giving it direct control over maintenance and modification cycles but carrying full capital exposure.
Brazil’s pre-salt fields are among the most productive deepwater assets globally, and Petrobras’ FPSO deployment programme is the single largest driver of new FPSO orders and contracts in the 2024–2028 period.
8. Saipem — Italy
Saipem participates in the FPSO market as an EPC contractor and offshore installer rather than a long-term operator. It has delivered major FPSO topsides and integrated units including the Coral Sul FLNG vessel in Mozambique and multiple West African and North Sea projects. Saipem’s engineering and construction capability positions it as a primary contractor on new FPSO builds, particularly for complex deepwater and harsh environment projects. Its €31.5bn backlog in 2026 includes significant offshore construction commitments.
9. CNOOC — China
CNOOC is China’s largest offshore oil producer, operating FPSOs across the South China Sea, Bohai Bay and international assets in Uganda, Guyana and Canada. Its stake in ExxonMobil’s Stabroek block in Guyana — alongside Hess — gives CNOOC direct production exposure to the most significant new deepwater basin of the decade. CNOOC operates as a state-owned producer rather than a commercial FPSO lessor, with fleet investment driven by its own upstream development programme.
For a broader view of offshore upstream activity in comparable geographies, the Top 10 Upstream Oil and Gas Companies covers the leading producers operating in deepwater basins worldwide.
10. Aker BP — Norway
Aker BP operates multiple high-productivity FPSOs on the Norwegian Continental Shelf, including the Alvheim FPSO and units serving the Ivar Aasen and Johan Sverdrup fields. These are among the most cost-competitive producing assets in the NCS. Aker Solutions, the engineering affiliate, provides FPSO modification and life extension services across the Norwegian fleet. For context on the Norwegian offshore upstream environment in which Aker BP operates, the Vår Energi company profile covers NCS upstream strategy in 2026.
Top 10 FPSO Operators: Market Outlook 2026
New FPSO orders in 2026 are concentrated in two basins: Brazil’s Santos Basin, where Petrobras continues its pre-salt development programme, and Guyana’s Stabroek block, where ExxonMobil, Hess and CNOOC are advancing the Hammerhead and Whiptail developments. West Africa is adding new units in Senegal and Tanzania. The commercial FPSO contracting model is also evolving — operators including SBM and Yinson are progressing electrification of FPSO power systems to reduce flaring and Scope 1 emissions, driven by operator ESG commitments and tightening regulatory requirements in Brazil and Norway. The top 10 FPSO operators are positioned to capture the majority of new lease contracts through the decade given the capital intensity and technical complexity of FPSO procurement.
What is an FPSO and how does it work?
An FPSO (Floating Production, Storage and Offloading) vessel is a floating facility moored above subsea wells that processes extracted hydrocarbons onboard, stores the produced oil or gas in hull tanks, and periodically offloads to shuttle tankers for export — eliminating the need for fixed platform infrastructure or subsea pipelines to shore. FPSOs are the dominant production solution for deepwater and ultra-deepwater fields where fixed structures are not economically or technically viable.
Which company operates the most FPSOs in the world?
Among commercial lessors, SBM Offshore leads with 15 FPSOs on lease and operate contracts across Brazil, Guyana and West Africa. Petrobras leads on overall unit count with 26+ self-operated FPSOs in Brazil’s Santos and Campos Basins — but it owns its fleet rather than leasing to third parties.
How many FPSOs are operating globally in 2026?
Approximately 180 FPSOs are operating globally in 2026, concentrated in Brazil, West Africa, Southeast Asia and the North Sea. Brazil’s pre-salt fields and Guyana’s Stabroek block are the two most active deployment regions for new FPSO commissions in the current cycle.
What is the difference between an FPSO and a fixed offshore platform?
A fixed platform is permanently attached to the seabed and cannot be relocated; it is generally limited to shallower water depths. An FPSO is moored rather than fixed, can be relocated when a field is depleted, and includes onboard oil storage — making it the preferred solution for deepwater fields above approximately 500 metres water depth where fixed structures are uneconomical.
Which oil basins are driving FPSO demand in 2026?
Brazil’s pre-salt Santos and Campos Basins are the largest single driver of FPSO demand, with Petrobras’ ongoing development programme requiring multiple new units through 2030. Guyana’s Stabroek block — operated by ExxonMobil with Hess and CNOOC — is commissioning successive FPSOs as new phases are sanctioned. West Africa, particularly Senegal and Tanzania, and deepwater Southeast Asia are secondary growth markets.