Increasingly, offshore developments centre on floating production, storage and offloading units (FPSOs) as the means of operation. They offer a degree of flexibility not achievable with fixed installations and are frequently based on conversions form tankers Despite the continuing fluctuation in price of crude oil - varying between US$40 and US$150 per barrel in the space of just a few months - the demand for FPSOs, and variations on this concept, remains high and in recent months a number of new contracts have been announced.
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