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Floating Production Systems

assessment of the outlook for FPSO vessels,
production semis, TLPs and spars

July 2001

Orders for Floating Production Units
Have Risen to Pre-Slump Levels





Outline


I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

1.     Overview of Current Inventory, Orders and Planned Projects     1
2.     Inventory of Existing Floating Production Systems     5
3.     Systems Installed Over the Past Five Years     18
4.     Details for Floaters Now on Order     21
5.     Floating Productions Systems Planned or Being Studied     29

II.     RECENT DEVELOPMENTS

1.     Projects in the Planning Stage     37
Block 18 (Angola)     37
Moho/Bilondo (Congo)     37
Okume (Equatorial Guinea)     37
Bonga Southwest (Nigeria)     38
Block 24 (Angola)     38
Chinguetti (Mauritania)     38
BS-500 (Brazil)     38
Marlim Sul (Brazil)     38
Roncador Phase 2 (Brazil)     38
Red Hawk (Gulf of Mexico)     39
Front Runner (Gulf of Mexico)     39
Aspen (Gulf of Mexico)     39
Magnolia (Gulf of Mexico)     39
Champlain (Gulf of Mexico)     39
Blind Faith (Gulf of Mexico)     39
Hawkes (Gulf of Mexico)     40
San Patricio (Gulf of Mexico)     40
Gomez (Gulf of Mexico)     40
Hebron/Ben Nevis (Newfoundland)     40
Kristin (Norway)     40
Ormen Lange (Norway)     40
Skarv (Norway)     41
Goliath (Norway)     41
Svale (Norway)     41
Sutu Den (Vietnam)     41
Hai Thach (Vietnam)     41
Sunrise/Troubadour (Australia)     41
Montara/Crux (Australia)     41

2.     Projects in the Final Design or Bidding Stage     42
Etame (Gabon)     42
Block 15 (Angola)     42
Block 17 (Angola)     42
Erha (Nigeria)     43
Agbami (Nigeria)     43
Sanha/Bomboco (Angola)     43
Abo (Nigeria)     43
NC-137 (Libya)     43
Albacora Leste (Brazil)     43
Gunnison (Gulf of Mexico)     44
Matterhorn (Gulf of Mexico)     44
White Rose (Canada)     44
Panyu (China)     44
Bunga Kekwa (Malaysia)     44
Woolybutt (Australia)     45
Bergesen speculative FPSO vessel     45

3.     Floating Systems on Order     45
Canuku FPSO vessel (Angola)     45
Bonga FPSO vessel (Nigeria)     45
Sable FPSO vessel (South Africa)     46
Barracuda/Caratinga FPSO vessels (Brazil)     46
Roncador FPSO vessel (Brazil)     46
Bijupira/Salema FPSO vessel (Brazil)     46
Crazy Horse production semi (Gulf of Mexico)     47
Mad Dog, Holstein and Atlantis production spars (Gulf of Mexico)     47
Devil's Tower production spar (Gulf of Mexico)     47
Na Kika production semi (Gulf of Mexico)     47
Medusa production spar (Gulf of Mexico)     47
Glitne FPSO vessel (Norway)     48
Isis FPSO vessel (Tunisia)     48
West Seno mini-TLPs/production barge (Indonesia)     48
Langsa FPSO vessel (Indonesia)     48
Belanak FPSO vessel (Indonesia)     48

4.     Systems Recently Completed     49
Girassol FPSO vessel (Angola)     49
Brutus TLP (Gulf of Mexico)     49
Chestnut EWT/FPSO vessel (U.K.)     49
Legendre MOPU and FSO vessel (Australia)     49

5.     Existing Systems     50
Ceiba FPSO vessel (Equatorial Guinea)     50
Obe EWT/FPSO vessel (Nigeria)     50
Kuito FPSO vessel (Angola)     50
P-36 production semi (Brazil)     50
Espadarte FPSO vessel (Brazil)     50
Fife FPSO vessel (U.K.)     51
Gryphon FPSO vessel (U.K.)     51
Rang Dong FPSO vessel (Vietnam)     51
Laminaria FPSO vessel (Australia)     51

III.     UNDERLYING MARKET DRIVERS

1.     Outlook for Oil and Gas Demand Continues to be Strong     53
2.     OPEC has Successfully Manage Prices - Thus Far     56
3.     The Market Sees Oil Long Term Above $20     57
4.     Offshore E&P is on the Rise     59
5.     How's Our Floater Forecast Doing?     59


IV.     TECHNOLOGY AND COMPANIES

1.     Leveraged Lease Financing of Spars     61
2.     Shuttle Tankers for Ultra-Deepwater Transportation     61
3.     Floating GTL and LNG Plants     62
4.     Options for Floating Production on Marginal Fields     63
5.     Acquisition of Offshore Engineering and Production Firms Continues at Strong Pace     64
6.     Kiewit to Build New Offshore Fabrication Facility in Texas     64








International Maritime Associates, Inc.
1250 24th Street N.W. Suite 350
Washington D.C. 20037 USA
Tel: 1-202-333-8501
Mobile: 1-202-415-8501
Fax: 1-202-318-8114
Email: imaassoc@msn.com
Website: www.imastudies.com