A floating, production, storage, and offloading (FPSO) is a vessel or a floating production system that is being used for storage, offshore production, and offloading of oil and gas. An FPSO vessel looks quite similar to a ship; however, it is equipped with several processing and production facilities. The global FPSO market is projected to witness progressive growth in the next few years, thanks to the increasing investments in oil and gas exploration activities across the globe. As per a market intelligence study by Transparency Market Research, in 2014, the global FPSO market was worth US$15.9 bn and is projected to reach a value of US$43.4 bn by the end of 2021. The market is likely to register a progressive 16.20% CAGR between 2015 and 2021.