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Floating Production Systems

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


August 2002

 

Orders for Floating Production Units

(excludes storage-only units)

 

 



Outline

 

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector         1

Recent Orders and Deliveries     1

What's Now Being Built          1

Where Units are Being Built          2

Floaters Planned or Under Study     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 6Years     21

Details for Floaters Now on Order      24

List of Floating Production Projects Planned or Under Study      36

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       47

Block 14 (Angola)     47

Block 34 (Angola)     47

Bonga Southwest (Nigeria)    47

Ukot/Usan (Nigeria)     48

Kudu (Namibia)      48

Ikanga (Equitorial Guinea)      48

Chinguetti (Mauritania)      48

Sunrise (Australia)     49

BM-ES-1 (Brazil)      49

BC-60 (Brazil)      49

Newburn (Nova Scotia)      49

Liaodong Bay (China)      49

Neptune (Gulf of Mexico)      50

Cascade (Gulf of Mexico)      50

Trident (Gulf of Mexico.)      50

Ormen Lange (Norway)      51

Skarv (Norway)      51

Ranggas (Indonesia)      51

Benchamas/Jarmjuree (Thailand)      51

 

2. Projects in the Final Design or Bidding Stage        51

Xicomba (Angola)      52

Kizomba B (Angola)      52

Block 17 (Angola)      52

Block 18 (Angola)      53

Agbami (Nigeria)      53

Erha (Nigeria)      54

Akpo (Nigeria)     54

Okwori (Nigeria)      54

Moho/Bilondo (Congo)      54

Baobab (Cote d'Ivoire)      55

Block G (Equatorial Guinea)      55

Enfield (Australia)      55

Montara (Australia)      56

Roncador II (Brazil)      56

Ex-Roncador FSO (Brazil)      56

CFD-11 (China)      56

Peng Lai(China)      57

Haldia (India)      57

Magnolia (Gulf of Mexico)      57

Llano (Gulf of Mexico)      58

Red Hawk (Gulf of Mexico)      58

West Patricia (Malaysia)     58

Belanak (Indonesia)     58

PM-3 Phase 2 (Malaysia)     58

Oyong (Indonesia)     59

Malampaya (Philippines)     59

 

3.  New Orders and Relocations       59

Albacora Leste FPSO vessel (Brazil)      59

Snohvit LNG barge (Norway)      60

Generic FPSO vessels     60

Sanha/Bomboco FPSO vessel (Angola)      60

Production unit relocations     61

 

4. Units Under Construction       61

Bijupira/Salema FPSO vessel (Brazil)      61

White Rose FPSO vessel (Canada)      61

West Seno TLPs (Indonesia)      61

 

5. Systems Recently Completed    62

Boomvang production spar (Gulf of Mexico)      62

Cakerawala FSO vessel (Malaysia)      62

Camar FSO vessel (Indonesia)      62

 

6. Existing Systems        62

Legendre MOPS (Australia)      62

Huizhou FPSO vessel (China)      63

Langsa FPSO vessel (Indonesia)      63

Leadon FPSO vessel (U.K.)      63

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Oil Demand Growth Expected by IEA to Accelerate Next Year      65

2.          But the World Economy Has Turned Increasingly Shaky Over the Past Several Months      66

3.          The Oil Producers Have Continued to Manage Output to Maintain Crude Prices      66

4.          Futures Prices for Crude and Natural Gas Have Remained Relatively Robust    68

5.          The Dowturn in Offshore Drilling Activity in the U.S. Appears to have Bottomed      69

6.          Floater Order Intake Over the Past Several Months Has Dropped Below the Five Year Monthly Average      70

7.          Our Forecast Last November Floater Orders Appears on Target      71

 

IV.    TECHNOLOGY AND COMPANIES

 

1.          Average Oil Processing Capacity of Floating Production Units Has Increased 47 Percent Over the Past Ten Years      73

2.          Average Processing Plant Size Differs Substantially By Type of Floater      74

3.          FPSOs In The Gulf of Mexico Still Waiting For the First Project      75

4.          Mooring Lines Failed on the Girassol Offloading Buoy      75

5.          Halliburton KBR Finishes the Ultra-Deepwater Spar Conceptual Engineering Study      75

6.          The August 2002 GOM Lease Sale Provides Incentives for Deepwater Exploration and Development      76

7.          Technip-Coflexip Creates a Company to Manufacture Subsea Umbilicals in Angola      76




List of Exhibits

1.          Deliveries and Orders Since the April Report  1

2.          Current Orders for Production and Storage Systems    2

3.         Trend in Order Backlog for Floating Production Systems   2

4.          Number and Location of Facilities Fabricating Floater Hulls or Topsides  3

5.          Projects in the Planning, Bidding or Final Design Stage as of August 2002  4

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

7.         Inventory of Floating Production Systems as of August 2002   7

8.          Inventory of Floating Storage Systems as of August 2002    20

9.          Floating Production and Storage Systems Installed Over the Past Six Years   21

10.      Floating Production and Storage Systems on Order as of August 2002   24

11.      Overview of Who's Building What?   35

12.      Location and Water Depths of Floating Production Systems Planned or Under Study as of August 2002   36

13.      List of Floating Production Systems Being Bid, Designed, Planned or Studied as of August 2002   37

14.     IEA'S Projection of Global Oil Demand   65

15.      OPEC Production vs. Agreed Quota During the First Six Months of 2002   67

16.      Actual and Future Price of Crude    68

17.      Henry Hub Natural Gas Price and Nymex Futures   69

18.      Ten Year Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   70

19.     Trend in Orders for Floating Production Systems   71

20.      Trend in Average Oil Production Capacity of Floaters in Operation   73

21.      Average Oil Production Capacity Installed on Various Types of Floaters  74

 

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