Top 10 FSO Operators 2026: MODEC, SBM Offshore Lead

The top 10 FSO operators now control a fleet dominated by hybrid floating production, storage and offloading vessels, with newbuild orders running at their highest rate in over a decade. Petrobras alone plans to sign six new proprietary FPSO contracts through 2030, while operators from Norway to Malaysia race to secure Asian shipyard capacity for gas-condensate and deepwater projects. Storage capacity per unit has climbed sharply too: BW Offshore’s newly delivered BW Opal FPSO holds more than 850,000 barrels for the Barossa field offshore Australia.

Ranking the top 10 FSO operators matters for terminal operators and procurement teams tracking offshore storage capacity outside the traditional onshore tank farm. Pure FSO units handle storage and transfer only, receiving processed crude from other facilities before shuttle tankers arrive. FPSO vessels go further, processing raw hydrocarbons from subsea wells before storing and offloading the finished product. Most operators on this list run mixed fleets weighted heavily toward the more complex FPSO configuration, which is why ranking the top 10 FSO operators by pure storage tonnage alone would understate their offshore footprint.

How We Ranked the Top 10 FSO Operators

This ranking of the top 10 FSO operators is based on active and contracted fleet size, storage capacity under management, and confirmed newbuild order volume for 2026 to 2030. Operators with the largest combined FSO and FPSO fleets, and the deepest current order books, rank highest. Regional concentration and single-client exposure are noted where they affect operational risk.

1. MODEC, Japan

MODEC manages one of the largest active fleets of floating production and storage systems worldwide, with operations spanning Brazil, West Africa and Southeast Asia. The Tokyo-headquartered contractor delivers full engineering, procurement and installation services alongside long-term operations contracts. MODEC has built its position on repeat business with national oil companies, particularly Petrobras, where its units support some of the deepest offshore fields in production. Its scale and diversified client base keep it at the top of any floating storage rates comparison across the sector.

2. SBM Offshore, Netherlands

SBM Offshore is active in more than 15 countries and specialises in the design, leasing and full operational management of large-scale FPSO and FSO facilities. The Amsterdam-based operator is progressing the ONE GUYANA and FPSO Jaguar vessels for ExxonMobil, alongside the FPSO GranMorgu for TotalEnergies’ project offshore Suriname. Together with MODEC, SBM Offshore controls roughly 28% of leased global fleet ownership, giving the two companies outsized influence over newbuild pricing and shipyard scheduling into 2026.

3. Yinson Holdings, Malaysia

Yinson Holdings is the fastest-growing operator on this list, with an expanding footprint across African and Asian waters and stated ambitions to decarbonise its offshore fleet. Its production arm, Yinson Production, is partnered with PTSC on a double-hull, turret-moored FSO for the Block B project in Vietnam, a contract estimated near $600 million including extension options. The Kuala Lumpur-headquartered group has built its growth on faster project execution than larger, more conservative rivals.

4. Bumi Armada, Malaysia

Bumi Armada operates a diverse offshore fleet across the Caspian Sea, Asia and Africa, positioning it as one of the more geographically spread operators outside the Brazil-Guyana corridor. The Kuala Lumpur operator has historically favoured converted tanker hulls over newbuilds, keeping capital costs lower than peers pursuing purpose-built vessels. That conversion-first strategy has kept Bumi Armada competitive on marginal and mature field redevelopment work through 2026.

5. Altera Infrastructure, Bermuda

Altera Infrastructure focuses on harsh-weather production and storage assets, and secured a landmark 2026 contract to supply a newbuild FPSO for Eni’s Baleine Phase 3 development offshore Ivory Coast. The Bermuda-registered operator has built a specialism in North Sea and West African conditions that few competitors can match. Its West Africa order book positions it as a key beneficiary of the region’s accelerating infrastructure expansion.

6. MISC Berhad, Malaysia

MISC Berhad is a maritime logistics group with a dedicated division built entirely around offshore floating production and storage units. Its scale as part of a wider shipping and logistics conglomerate gives it access to financing and shipyard relationships that smaller pure-play FPSO contractors cannot match. MISC’s offshore division continues to expand alongside Malaysia’s broader push into deepwater gas development.

7. BW Offshore, Norway

BW Offshore took delivery of the BW Opal FPSO in 2026, a gas-condensate unit built to store more than 850,000 barrels for the Barossa field offshore Australia. The Oslo-headquartered contractor has a long record of executing complex floating storage projects on high-spec, purpose-built hulls rather than conversions. Its Asia-Pacific delivery underscores the region’s growing share of newbuild capacity.

8. Bluewater Energy Services, Netherlands

Bluewater Energy Services specialises in single point mooring systems and floating production units, a narrower niche than the diversified fleets run by MODEC or SBM Offshore. The Netherlands-based operator has carved out a technical reputation in mooring and transfer systems that larger contractors often subcontract rather than replicate in-house. That specialism keeps Bluewater relevant despite operating a smaller overall fleet.

9. Teekay Corporation, Canada

Teekay Corporation remains an established player in conventional and converted floating storage setups, with a fleet history that predates much of the current newbuild wave. The Canadian operator has leaned on long-term charter contracts rather than aggressive newbuild investment, giving it a more conservative capital profile than growth-focused rivals such as Yinson. Teekay’s converted-hull expertise still finds demand in shallow-water and marginal field markets.

10. Petrobras, Brazil

Petrobras is the primary state-backed operator driving deepwater FPSO deployment across Latin America, and plans to sign six new proprietary FPSO contracts through 2030. Its P-82 FPSO, built by Seatrium, is slated for the Búzios field with a 225,000 barrel-per-day production capacity and 1.6 million barrels of onboard storage. Brazil’s ultra-deepwater programme makes Petrobras the single largest driver of new FPSO capital investment worldwide.

Top 10 FSO Operators in 2026: What to Watch

South America accounts for roughly 29% of the global floating production and storage fleet by value, the highest of any region, driven by Petrobras and Guyana’s ultra-deepwater mega-vessels. Asia-Pacific holds the largest share of active units at an estimated 41%, concentrated in shallow-water gas developments in Malaysia and Australia. Watch UK North Sea tenders too: Ithaca Energy is bidding out a conventional ship-shaped newbuild FPSO for the Cambo project at Asian shipyards, a contract that could reshuffle this ranking if awarded outside the current leaders. Vessel relocations are already reshaping fleet deployment elsewhere, as shown by the Sea Lion FPSO move to Asia earlier in 2026.

Global oil demand is projected by the U.S. Energy Information Administration to exceed 106 million barrels per day by 2027, reinforcing long-term demand for offshore storage and offloading capacity. Operators positioned in Brazil, Guyana and West Africa look best placed to capture that growth. Readers comparing offshore economics against onshore alternatives can also see how floating storage technology compares with fixed FSRU infrastructure.