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Leading position in the global FPSO market

Leading position in the global FPSO market

AXTech strengthens its position in the global FPSO market

August 21, 2024

AXTech AS has solidified its role as a key player in the global FPSO market through a series of significant deliveries over the past year. The FPSO market has experienced a substantial upturn following a period of lower activity. In just the past year, AXTech has delivered four major ‘riser pull-in’ systems to various FPSOs.

The global demand for energy has once again driven the need for FPSOs, and we are now witnessing a resurgence of activity in the market. This presents us with a unique opportunity to continue leveraging our expertise in this type of lifting equipment," says Richard Myhre, CEO of AXTech AS.

The value of these contracts amounts to 134 million Norwegian kroner. With these deliveries, AXTech has now supplied equipment to 26 FPSOs, strengthening its leading position in the market.

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Profile picure of Richard Myhre
Riser pull inn winch with people standing in front of it

Expecting high activity

The global FPSO market is expected to continue growing in the coming years. Increased activity in deepwater and ultra-deepwater fields is driving this growth. Energy companies are constantly seeking more efficient and safer production methods, making advanced offshore systems like FPSOs crucial.

For AXTech, this provides a stable, though somewhat unexpected, source of revenue. Just a few years ago, forecasts suggested that the FPSO market would gradually decline, but that has not been the case.

The FPSO market has the potential to become a major revenue source for us moving forward while we also make strong efforts to expand in other markets, says Myhre.

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