The westernmost peninsula of Eurasia, Europe is bordered by the Arctic Ocean to the north, the Black Sea to the southeast, the Mediterranean Sea to the south and the Atlantic Ocean to the west. The economic and political association of 27 European member states, the European Union (EU) has developed a single market through which a standardized system of laws apply, and under this union, sixteen member states have adopted the euro as its common currency. In 2006, the EU had a gross inland energy consumption of 1,825 million tonnes of oil equivalent, with nuclear energy as the primary source of energy produced in the region. Currently, the EU imports around 82% of its oil and 57% of its natural gas resources.
Floating systems are designed, engineered, built and operated in the marine environment in a buoyantly supported mode. While not exclusively associated with the offshore oil and gas industry, the majority of floating systems are associated with this sector. They include systems that move all around the world, such as mobile offshore drilling units (MODUs), construction vessels, and pipe-layers, as well as those that operate in a fixed location like tension-leg platforms (TLPs), spars and floating production storage and offloading units (FPSOs.)