This paper aims to explore the alternatives for waste heat recovery in a floating production storage and offl-oading (FPSO) platform to meet the demand for heat (from hot water) and to maximize the electric power generation through the organic Rankine cycle (ORC) with purpose to increase the overall thermal efficiency of the process and reduce CO2 emissions. Two different cycles' configurations are explored (simple and regenerative) using exhaust gases from the gas turbines as the heat sources for the ORC and the cogeneration system. The curves of the GE LM2500 and GE LM2000 turbines are modeled together with the water heating systems and the organic Rankine cycle. The model is solved using a genetic algorithm optimization method, whose objective function is set to meet the electric power demand for the FPSO platform. The purchased equipment costs of the ORC, the reduction in fuel consumption and CO2 avoided are estimated. Waste heat recovery meets the heat demand and contributes up to 21% of the electric energy demand, which increases the overall efficiency of the system, and improves the utilization factor by up to 10.8% and 19.2%, respectively. There is an average reduction of 22.5% in fuel consumption and CO2 emissions during the lifetime of the FPSO. The economic analysis based on the NPV shows that a US$12.55 million return on investment is possible, in addition to reducing the initial investment cost by US$14.2 million through the exclusion of the GE LM2500 gas turbine at project implementation.