A semi-submersible floating production vessel which has a ring pontoon. Three main columns extend upwardly from corners of the pontoon and three secondary, minor columns. extend upwardly from centers of the triangle sides. The columns are surrounded with fenders for protecting the columns from impact with floating bodies. The columns support an open frame deck, on which production modules are positioned. The vessel is adapted for semi-permanent mooring with pre-tensioned mooring lines that are attached to swivel padeyes secured on the main columns below the water line. Production and export risers are connected to the vessel below the water line. Compressed air ballast system allows selective emptying of ballast compartments located in the ring pontoon and eliminates the need for a conventional pump room.