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Floating Production Systems

assessment of the outlook for FPSOs,
Semis, TLPs, Spars, and FSOs


April 2002  

 



Outline

 

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector 1

Production Capacity Now in the Water 1

Recent Orders and Deliveries 2

What's Now Being Built 2

Where Units are Being Built 3

Floaters in the Planning Pipeline 4


2. Details for Floaters in Operation, On Order or Planned 6

Floating Production Systems Now Operating or Available 6

Inventory of Floating Storage Systems 20

Production and Storage Systems Installed Over the Past 5 Years 21

Details for Floaters Now on Order 24

List of Floating Production Projects Planned or Under Study 35

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage 45

Block G (Equatorial Guinea) 45

Baobab (Cote d'Ivoire) 45

Angola ultra-deepwater 46

Kudu (Namibia) 46

Nnwa (Nigeria) 46

BS-3 (Brazil) 46

BS-4 (Brazil) 47

BC-60 (Brazil) 47

Guarajuba (Brazil) 47

Frade (Brazil) 47

Deltana (Venezuela) 48

Skarv (Norway) 48

Volve (Norway) 48

Ormen Lange (Norway) 48

Marjun (U.K.) 48

Hornet (Gulf of Mexico) 49

Kate (Gulf of Mexico) 49

Merganser (Gulf of Mexico) 49

Red Hawk (Gulf of Mexico) 49

Great White (Gulf of Mexico) 50

Blues Image (Gulf of Mexico) 50

Tahiti (Gulf of Mexico) 50

Trident (Gulf of Mexico) 50

Cascade (Gulf of Mexico) 51

Spa (Gulf of Mexico) 51

Flathead (Gulf of Mexico) 51

Hebron/Ben Nevis (Canada) 51

Sunrise (Australia) 51

Enfield (Australia) 52

CFD-11 (China) 52

 

2. Projects in the Final Design or Bidding Stage 52

Block 17 (Angola) 52

Moho/Bilondo (Congo) 53

Block 18 (Angola) 53

Block 15 (Angola) 53

Akpo (Nigeria) 53

Erha (Nigeria) 54

Agbami (Nigeria) 54

Yoho (Nigeria) 54

Tubu (Nigeria) 55

Okwori (Nigeria) 55

Marlim Sul (Brazil) 55

Roncador II (Brazil) 55

Albacora Leste (Brazil) 56

Angostura (Trinidad) 56

Magnolia (Gulf of Mexico) 56

Ardmore (U.K.) 57

Peng Lai (China) 57

Kepodang (Indonesia) 57

Banyu Urip (Indonesia) 57

Belanak (Indonesia) 58

Cinta (Indonesia) 58

 

3.  New Orders and Relocations 58

Sanha/Bomboco LPG FSO vessel (Angola) 58

Abo FPSO vessel (Nigeria) 58

Woollybutt FPSO vessel (Australia) 59

Coral production semi (Brazil) 59

White Rose FPSO vessel (Canada) 59

Gunnison production spar (Gulf of Mexico) 60

Front Runner production spar (Gulf of Mexico) 59

Marco Polo mini-TLP (Gulf of Mexico) 59

Kristin production semi (Norway) 61

Sutu Den FPSO vessel (Vietnam) 61

 

4. Units Under Construction 61

Sable FPSO vessel (South Africa) 62

Thunder Horse production semi (Gulf of Mexico) 62

Atlantis production semi (Gulf of Mexico) 62

PM-3 FSO vessel (Malaysia) 63

 

5. Systems Recently Completed 63

Ceiba FPSO vessel (Equatorial Guinea) 63

Espoir FPSO vessel (Cote d'Ivoire) 63

Nansen production spar (Gulf of Mexico) 64

Leadon FPSO vessel (U.K.) 64

Wenchang FPSO vessel (China) 64

Navion Odin 64

 

6.Existing Systems 65

Ukpokiti FPSO vessel (Nigeria) 65

Varg FPSO vessel (Norway) 65

Jotun FPSO vessel (Norway) 65

Sakhalin (Russia) 65

Langsa FPSO vessel (Indonesia) 66

Ruby FPSO vessel (Vietnam) 66

Whakaaropai FPSO vessel (New Zealand) 66

Al Zaafarana FPSO vessel (Egypt) 66

 

III.     UNDERLYING MARKET DRIVERS

 

1.          The Global Economy is Showing Signs of Rebounding 67

2.          Oil Demand Growth, Which Fizzled in 2001, Expected to Rebound with the
World Economy 68

3.          The Oil Producers Have Managed to Curtail Output and Maintain Crude Prices 70

4.          Futures Prices for Oil and Gas Have Remained Robust 70

5.          Overall E&P Spending Has Softened 72

6.          But Demand for Floating Production Systems has Remained Strong 73

7.          How's Our November Forecast Doing? 74

 

IV.    TECHNOLOGY AND COMPANIES

 

1.          March Gulf of Mexico Lease Sale Draws Interest in Ultra-Deepwater Fields 75

2.          MMS Will Accept Applications for Use of FPSOs in the Gulf of Mexico
and the First Project Involving an FPSO has Emerged 76

3.          Shell Sets $16 Per Barrel as the Long Term Price Assumption for
Assessing Project Viability 77

4.          Gas Recovery in Deepwater and Remote Locations Draws Interest in
Transport Concepts 77

5.          Conoco/Hitec Marketing a Mooringless Deepwater Offloading Solution 78

6.          Industry Group Planning to Investigate FPSO Roll Control Devices 78

7.          Halliburton KBR Completing Conceptual Engineering Study for a Production Spar
in 10,000 Feet Water Depth 79




List of Exhibits

1.         Oil Processing Capacity Available on Floating Production Systems 1

2.         Deliveries and Orders Since the November Report    2

3.         Current Orders for Production and Storage Systems   2

4.          Trend in Order Backlog for Floating Production Systems 3

5.          Number and Location of Firms Fabricating Floater Hulls or Topsides 3

6.          Projects in the Planning, Bidding or Final Design Stage as of April 2002    4

7.          Overview of Floating Production Systems and Storage Vessels in Operation or Available
as of April 2002   6

8.         Inventory of Floating Production Systems as of April 2002    7

9.         Inventory of Floating Storage Systems as of April 2002   20

10.      Floating Production and Storage Systems Installed Over the Past 5 Years   21

11.      Floating Production and Storage Systems on Order as of April 2002   24

12.      Overview of Who's Building What?   34

13.      Location and Water Depths of Floating Production Systems Planned or Under Study
as of April 2002   35

14.      List of Floating Production Systems Being Bid, Designed, Planned or Studied
as of April 2002   36

15.      IMF World Growth Projection 66

16.      Summary of Global Oil Demand 68

17.      OPEC Production vs. Agreed Quotas and Previous Output Level   69

18.      Actual and Futures Price of Crude   70

19.      Henry Hub Natural Gas Price and Nymex Futures 70

20.     Trend in New Orders for Floating Production Systems 72

21.      Bids for Leases in Water Depth Over 5,000 Feet in March MMS Lease Sale   74

22.      Conoco/Hitec Mooringless Deepwater Offloading System 77

 

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