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Floating Production Systems

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


February 2003

 

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

Trend in Order Backlog           2

Where Units are Being Built          2

Floaters Planned or Under Study     3


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

Floating Production Systems Now Operating or Available      6

Inventory of Floating Storage Systems      21

Production and Storage Systems Installed Since September 1996     22

Floaters Now on Order      25

Floating Production Projects Planned or Under Study      39

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       49

Block 14 (Angola)     49

Kizomba C and D (Angola)     49

Block 24 (Angola)    50

Block 31 (Angola)    50

Block 4 (Benin)      50

Coco Marine (Cameroon)      50

Nnwa/Doro (Nigeria)      51

Aje (Nigeria)     51

Chinguetti (Mauritania)      51

Wigmore (Australia)      51

Crux (Australia)      51

Mutineer/Exeter (Australia)      52

Whitetail (Australia)      52

Strumbo (Australia)      52

Sunrise (Australia)      52

Maari (New Zealand)      52

Tui (New Zealand)      53

BC-10 (Brazil)      53

BC-60 Jubarte (Brazil)      53

BC-200 (Brazil)    53

Frade (Brazil)      53

Marlim Leste (Brazil)    54

Liaodong (China)      54

Angostura (Trinidad)      54

Marjun (U.K.)      54

Skarv (Norway)      55

Goliath (Norway)      55

Volve (Norway)      55

Shtokmanovskoye (Russia)      55

Hornet (Gulf of Mexico)    56

K2 (Gulf of Mexico)      56

Neptune/Shenzi (Gulf of Mexico )    56

Trident (Gulf of Mexico)      56

Great White (Gulf of Mexico)      56

Vortex (Gulf of Mexico)      57

Merganser (Gulf of Mexico)      57

Tahiti (Gulf of Mexico)      57

Champlain (Gulf of Mexico)      57

Witch (Gulf of Mexico)    57

Thunder Horse North (Gulf of Mexico)      58

Komodo (Gulf of Mexico )    58

AT 70 (Gulf of Mexico)      58

WR 469 (Gulf of Mexico )    58

DeSoto Canyon (Gulf of Mexico)      58

Xijiang (China)      59

West Bassein (India)      59

Krishna Godavari Basin (India)      59

Sado (Japan)      59

Terang/Sirasun (Indonesia)      59

Gendalo/Gandang (Indonesia)    60

Kikeh (Malaysia)      60

Maliwan/North Jarmjuree (Thailand)    60

Bao Gan/Bao Vang (Vietnam)    60

 

2. Projects in the Final Design or Bidding Stage        61

Block 18 (Angola)      61

Block 17 (Angola)      61

Moho/Bilondo (Congo)      62

Block G (Equatorial Guinea)      62

Baobab (Ivory Coast)      62

Okwori (Nigeria)      63

Agbami (Nigeria)     63

Akpo (Nigeria)      63

Enfield/Laverda/Vincent (Australia)      64

Marlim Sul (Brazil)      64

Roncador (Brazil)      65

Corocoro (Venezuela)      65

Peng Lai Phase 2 (China)      65

Belanak (Indonesia)      65

 

3.  New Orders and Relocations       66

Kizomba B FPSO vessel (Angola)      66

Erha FPSO vessel (Nigeria)      66

Marlim Sul FPSO-X vessel (Brazil)     66

Marlim Sul P-47 FPSO vessel (Brazil)      67

Red Hawk cell spar (Gulf of Mexico)      67

Magnolia TLP (Gulf of Mexico)      67

Bozhong FPSO vessel (China)      67

Huizhou FPSO vessel (China)     68

Caofeidian FPSO vessel (China)      68

Lukut FPSO vessel (Malaysia)      68

Ardmore MOPU (U.K.)      68

Kristin production semi (Norway)      69

Yoho FSO vessel (Nigeria)     69

West Patricia FSO vessel (Indonesia)      69

Cinta FSSO vessel (Indonesia)      70

 

4. Units Under Construction       70

Kizomba A wellhead TLP (Angola)      70

Bonga FPSO vessel (Nigeria)      70

Sable FPSO vessel (South Africa)      70

Matterhorn TLP (Gulf of Mexico)      71

Medusa production spar (Gulf of Mexico)      71

 

5. Systems Recently Completed    71

Abo FPSO vessel (Nigeria)      71

Etame FPSO vessel (Gabon)      71

Yoho FPSO vessel (Nigeria)      71

EA FPSO vessel (Nigeria)      72

NC-137 FPSO vessel (Libya)      72

Woollybutt FPSO vessel (Australia)      72

Roncador FPSO vessel (Brazil)      72

Peng Lai FPSO vessel (China)      72

Horn Mountain production spar (Gulf of Mexico)      73

West Seno TLP and production barge (Indonesia)      73

Amenam/Kpono FSO vessel (Nigeria)      73

Bongkot FSO vessel (Thailand)      73

 

6. Existing Systems        74

Kuito FPSO vessel (Angola)      74

P-34 FPSO vessel (Brazil)      74

Marlim Sul FPSO vessel (Brazil)      74

Lufeng FPSO vessel (China)      74

Aquila FPSO vessel (Italy)      74

Prince TLP (Gulf of Mexico)      74

Leadon FPSO vessel (U.K.)      75

Ex-Hutton TLP (U.K.)      75

Sakhalin FSO vessel (Russia)      75

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Underlying Demand for Energy Continues to Grow      77

2.          OPEC Has Been Producing Beyond Agreed Quotas      78

3.          But Despite Over Production the Market has been Tightening     79

4.          Oil and Gas Prices are Projected to Remain Strong    80

5.          Offshore E&P Activity Shows Signs of Rebound      82

6.          Long Term Prospects for Deepwater E&P Continue to be Bullish      82

7.          Floater Order Intake Since August Has Been Strong     83

 

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1.          Summary of the Available Five Year Market      85

2.          FPSO Vessels     87

3.          Production Semis      91

4.          Tension Leg Platforms      93

5.          Production Spars      95

6.          How Does this Forecast Compare With Last Years's     97

 

V.   TECHNOLOGY AND COMPANIES

 

1.          Anchoring Systems for Deepwater Floaters      99

2.          New Concepts for Production Floaters     102

3.          Waiver to the Jones Act for Shuttle Tankers      103

4.          Some Ownership Changes have Occurred     104


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 February 2003  4

6.          Overview of Floating Production Systems and Storage Vessels in Operation or Available as of February 2003   6

7.          Inventory of Floating Production Systems as of February 2003   7

8.          Inventory of Floating Storage Systems as of February 2003   21

9.          Floating Production and Storage Systems Installed Since September 1996   22

10.      Floating Production and Storage Systems on Order as of February 2003   25

11.     Overview of Who's Building What?   38

12.      Location and Water Depths of Floating Production Systems Planned or Under Study as of February 2003   39

13.      List of Floating Production Systems Being Bid, Designed, Planned or Studied as of February 2003   40

14.      Major Contract Awards for the Kristin Production Semi   69

15.      Major Contract Awards for the Bonga FPSO Vessel   70

16.      Trend in Global Oil Demand    77

17.      OPEC Agreed Quotas vs. Production Over Past Several Months   78

18.      Trend in Global Oil Production   79

19.      Actual and Futures Price of Crude   80

20.      Henry Hub Natural Gas Price and Nymex Futures   81

21.      Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   83

22.      Trend in Orders for Floating Production Systems  84

23.       Forecast of Orders for Floating Production Units Over the Next Five Years   85

24.       Forecast Growth in FPSO Vessel Inventory Through Mid-2009   88

25.       Projected Orders for FPSO Vessels Over the Next Five Years   89

26.       Projected Capex for FPSO Vessels Over the Next Five Years   90

27.       Breakdown of Five Year FPSO Capex by Major Component   90

28.       Forecast Growth in Production Semi Inventory Through Mid-2009   92

29.       Projected Orders for Production Semis Over the Next Five Years   92

30.        Projected Capex for Production Semis Over the Next Five Years   93

31.        Forecast Growth in TLP Inventory Through Mid-2009   94

32.        Projected Orders for TLPs Over the Next Five Years   94

33.        Projected Capex for TLPs Over the Next Five Years   95

34.       Forecast Growth in Production Spar Inventory Through Mid-2009   96

35.        Projected Orders for Production Spars Over the Next Five Years   97

36.       Projected Capex for Production Spars Over the Next Five Years   97

37.      Comparison of This Year's and Last Year's Five Year Forecast of Floating Production System Orders    98

38.      Characteristics of Deepwater Anchoring Concepts   101

39.        How the Jones Act Waiver for Shuttle Tankers Would Work  103

 

International Maritime Associates, Inc.
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Tel: 1-202-333-8501
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Fax: 1-202-318-8114
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