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Floating Production Systems

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

October 2003

 

Where Floating Production Units
Are Being Built

 

 



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

Current Fabrication and Conversion Activity          3

Floaters Planned or Under Study     3


2. Details for Floaters in Operation, On Order or Planned        5

Inventory of Floating Production Systems      6

Inventory of Floating Storage Systems      21

Production and Storage Systems Installed Since September 1996     22

Floaters Now on Order      26

Floating Production Projects Planned or Under Study      38

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       47

Block 14 (Angola)     47

Block 31 (Angola)     47

OPL 98 (Nigeria)     47

OPL 249 (Nigeria)     48

Vincent (Australia)     48

BES-100 (Brazil)      48

April BS-400 (Brazil)      48

Cavalo Marinho (Brazil)     48

Marlim Sul 3 (Brazil)      49

Roncador 3 (Brazil)      49

Weizhou (China)      49

Merganser/Vortex (Gulf of Mexico)      49

Chinook (Gulf of Mexico)      50

Neptune (Gulf of Mexico)      50

Champlain (Gulf of Mexico)      50

Southern Alaminos Canyon (Gulf of Mexico)      50

Shiloh (Gulf of Mexico)      52

Sturgis (Gulf of Mexico)      52

Cabrillo Port (California)      52

Gehem (Indonesia)    53

Merah Besar (Indonesia)      53

North Belut (Indonesia)    53

 

2. Projects in the Final Design or Bidding Stage        53

Block 15 (Angola)      54

Block 18 (Angola)      54

Moho/Bilondo (Congo)      54

Block G (Equatorial Guinea)      54

Agbami (Nigeria)      55

Usan/Ukot (Nigeria)      55

Akpo (Nigeria)     55

Okwori (Nigeria)      56

Chinguetti (Mauritania)      56

Kuda Tasi/Jahal (Australia)      56

Stybarrow (Australia)      57

Marlim Sul 2 (Brazil)      57

Roncador P-54 (Brazil)      58

Frade (Brazil)      58

Marlim Leste (Brazil)      58

Tahiti (Gulf of Mexico)      58

Constitution (Gulf of Mexico)      58

Peng Lai 2 (China)      59

Kikeh (Malaysia)      59

 

3.  New Orders and Relocations       59

Baobab FPSO vessel (Cote d'Ivoire)      59

Mutineer/Exeter (Australia)      60

Roncador P-52 production semi (Brazil)     60

Bonan FPSO vessel (China)      61

Plamuk FSO vessel (Thailand)      61


4.  Systems On Order       61

Bonga FPSO vessel (Nigeria)      61

Kizomba A FPSO vessel (Angola)      62

Dalia FPSO vessel (Angola)     62

Barracuda/Caratinga FPSO vessels (Brazil)      62

Albacora Leste FPSO vessel (Brazil)      62

 

5. Systems Recently Completed       62

Bayu/Undan LPG FSO vessel (Australia)      63

Kribi FSO vessel (Cameroon)      63

Panyu FPSO vessel (China)      63

Gunnison production spar (Gulf of Mexico)      63

Devil's Tower production spar (Gulf of Mexico)      63

Su Tu Den FPSO vessel (Vietnam)      64

 

6. Existing Systems    64

Woollybutt FPSO vessel (Australia)      64

Roncador FPSO vessel (Brazil)      64

Pierce FPSO vessel (U.K.)      64

Sakhalin FSO vessel (Russia)      64

 

 

III.     UNDERLYING MARKET DRIVERS

 

1.          World Demand for Oil Continues to Grow      65

2.          Supply and Demand have Remained in Balance      66

3.          Oil and Gas Prices Have Remained Strong     67

4.          Outlook for Offshore E&D Favorable    69

5.          Floater Order Intake Impacted by Project Delays      70

6.          How's Our Long Term Forecast of Floater Orders Doing?      72

 

IV.    COMPANIES AND TECHNOLOGY

 

1.          Fred. Olsen Sells Its Floating Production Operations      73

2.          Crystal Production Sells Its Two FPSOs     73

3.          Shuttle Tanker Offloading Terminal Planned in the Gulf of Mexico      73

4.          Options for Monetizing Associated Gas on Deepwater Projects      74


List of Exhibits

1.        Deliveries and Orders Since the February 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 and Converting Floating Production Units  3

5.         Projects in the Planning, Bidding or Final Design Stage as of October 2003  4

6.        Overview of Floating Production Systems and Storage Vessels in Operation or Available as of October 2003   5

7.         Inventory of Floating Production Systems as of October 2003   6

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

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

10.     Floating Production and Storage Systems on Order as of October 2003   26

11.     Overview of Who's Building What?   37

12.     Location and Water Depths of Floating Production Systems Planned or Under Study as of October 2003   38

13.     List of Floating Production Systems Being Bid, Designed, Planned or Studied as of October 2003   39

14.    Trend in Global Oil Demand   65

15.     Trend in World Economic Growth   66

16.     OPEC Agreed Quotas vs. Production Over Past Several Months    67

17.     Actual and Futures Price of Crude   68

18.      Henry Hub Natural Gas Price and Nymex Futures   68

19.     Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   69

20.      Trend in Orders for Floating Production Systems   71

 

 

 

 

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