Offshore plants are gaining attention due to the depletion of onshore resources. In particular, FPSOs are emerging as a core technology for offshore resource development and are leading the future of the shipbuilding industry. We examine the growth factors and prospects of the offshore plant industry.
As global energy demand increases, people have begun to realize that onshore resources are insufficient. Consequently, interest has shifted from onshore to offshore resources, and with it, interest in offshore plants has grown. The term “offshore plant” encompasses marine energy facilities, observation facilities, and marine structures; however, in the shipbuilding and offshore industry, it primarily refers to plants related to the development of offshore resources (such as oil and natural gas). Initially, these offshore plants faced many challenges due to their technical complexity, high costs, and the uncertainties of the marine environment. However, in recent years, the offshore plant industry has been growing rapidly thanks to technological advancements and increased investment in the exploration and development of marine resources.
The Korean film “7th District” is set against the backdrop of factory-like facilities from beginning to end. However, upon closer inspection, this is not a simple factory but a fixed facility floating on the sea—so spacious that there is even a motorcycle scene in the middle of the film. This is precisely one type of fixed offshore plant. It may be easier to understand if you think of it as an offshore resource processing plant floating on the sea. Among offshore plants, we will explore the FPSO—the most popular type, requiring a high degree of stability and advanced technology, and costing as much as $25 billion.
FPSO stands for Floating Production Storage and Off-loading. As the name implies, it is a ship-shaped factory that floats on water (Floating), produces crude oil (Production), stores it in massive tanks beneath the hull (Storage), and transfers the stored oil to transport vessels such as oil tankers (Off-loading). As the acronym suggests, it can handle everything from crude oil extraction to storage and offloading at sea, and because it can move freely, it is a structure well-suited for the development of small-scale deep-sea oil fields. Additionally, the upper deck of an FPSO is equipped with all the facilities necessary for self-sufficiency, such as crude oil refining and gas compression, so it is easy to think of it as a “floating refinery on the sea.” Currently, research is actively underway on FPSOs for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) in addition to crude oil. These FPSOs are 3 to 4 times the size of the Seoul World Cup Stadium in Sangam and are characterized by significantly lower production costs than onshore platforms because all operations can be performed at sea. Here, “onshore platforms” refer to conventional onshore processing and storage facilities. The difference in production costs stems from the high expense of laying pipelines to transport gas or oil extracted from the seabed to land.
Since typical FPSOs lack engines and cannot navigate on their own, they are anchored in specific locations using tugboats for decades and remain in operation until the end of their service life. In the polar regions, where sea conditions are extremely harsh—such as when glaciers appear or disappear, or when there are strong winds and high waves—extraction is difficult due to safety concerns, so operations are typically conducted only in mild regions with suitable conditions. As mentioned earlier, since navigation is not the primary purpose, they differ in appearance from conventional ships. While conventional ships have a sleek, streamlined bow to minimize resistance during navigation, the FPSO’s bow is flat and angular because its primary purpose is oil drilling, not navigation. To overcome these limitations—such as the inability to navigate independently and operational constraints—Samsung Heavy Industries developed a self-propelled FPSO. Furthermore, it built the world’s first self-propelled FPSO with a specially designed hull to avoid collisions with glaciers or ice floes in polar regions. Samsung Heavy Industries’ FPSO can process 100,000 barrels of crude oil per day and is built with robust durability, designed to withstand even the worst-case waves that might occur once in a century. It is also equipped with control functions that allow it to immediately halt operations and evacuate under its own power in the event of an emergency.
Several factors are driving the growth of the offshore plant industry. First, demand for offshore plants has surged as the need for marine resource development has increased due to the depletion of onshore resources. Second, as concern for marine environmental protection has grown, the need for eco-friendly and safe marine resource development technologies has emerged. Third, as the stable supply of marine resources has become increasingly important due to the volatility of international oil prices, the role of offshore plants has been further emphasized. These factors are driving the sustained growth of the offshore plant industry.
We have examined the necessity and characteristics of FPSOs above. To reiterate, offshore plants are a sector that has long been, and will continue to be, a focus of global attention within the shipbuilding and offshore industry. According to data from Douglas-Westwood, a global energy analysis firm, the offshore plant market is projected to grow to $65 billion by 2030. In particular, demand for FPSOs—high-value-added vessels within the offshore plant sector—is steadily increasing. Consequently, this sector is emerging as a promising area for the future of the shipbuilding industry. While the competitiveness of Korean shipbuilders is already recognized globally, we hope they will continue to become leaders in the FPSO sector through new technological capabilities and innovative approaches. The offshore plant industry is a field where technical challenges and opportunities coexist, making continuous research, development, and innovation essential. Through these efforts, we hope Korea will establish itself as a global leader in offshore resource development.
