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A floating production storage and offloading (FPSO) unit is a floating vessel used by the offshore oil and gas industry for the production and processing of hydrocarbons, and for the storage of oil. An FPSO vessel is designed to receive hydrocarbons produced by itself or from nearby platforms or subsea template, process them, and store oil until it can be offloaded onto a tanker or, less frequently, transported through a pipeline. FPSOs are preferred in frontier offshore regions as they are easy to install, and do not require a local pipeline infrastructure to export oil. FPSOs can be a conversion of an oil tanker (like the Seawise Giant) or can be a vessel built specially for the application. A vessel used only to store oil (without processing it) is referred to as a floating storage and offloading (FSO) vessel.
The first of a related type, floating liquefied natural gas vessels, went into service in 2016.