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Floating Production Systems

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

July 2004

 

Production Floaters in Inventory

 

 





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          2

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      22

Production and Storage Systems Installed Since September 1996     23

Floaters Now on Order      27

Floating Production Projects Planned or Under Study      40

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       55

Block 31 (Angola)     55

Block 32 (Angola)     55

Avouma (Gabon)     55

Tiof (Mauritania)     55

Negele (Nigeria)     56

Talbot (Australia)      56

Crux (Australia)      56

Ravensworth/Crosby (Australia)     56

Neptune (Gulf of Mexico)      57

St. Malo (Gulf of Mexico)      57

Blind Faith (Gulf of Mexico)      57

Skarv (Norway)      57

Cendor (Malaysia)      57

 

2. Projects in the Final Design or Bidding Stage        58

Kizomba C and D (Angola)      58

OPL 98 (Nigeria)      58

Moho/Bilondo (Congo)      58

Block G (Equatorial Guinea)      59

Agbami (Nigeria)      59

Akpo (Nigeria)      59

Usan/Ukot (Nigeria)     59

Marlim Leste (Brazil)      60

Golfinho (Brazil)      60

Frade (Brazil)      60

Jubarte (Brazil)      60

Early Production System (Brazil)      61

Tahiti (Gulf of Mexico)      61

Merganser/Vortex (Gulf of Mexico)      61

Volve (Norway)      61

Alvheim (Norway)      62

Peng Lai (China)      62

West Seno (Indonesia)      62

Belanak (Indonesia)      62

Banyu Urip (Indonesia)      63

Kikeh (Malaysia)      63

 

3.  New Orders and Relocations       63

Roncador P 54 FPSO vessel (Brazil)      63

Marlim Sul P 51 production semi (Brazil)      63

Chinguetti FPSO vessel (Mauritania)     64

Modec Speculative FPSO vessel      64

Al Shaheen FSO vessel (Qatar)      64


4.  Systems On Order       65

Bonga FPSO vessel (Nigeria)      65

Barracuda/Caratinga FPSO vessels (Brazil)      65

Albacora Leste P 50 FPSO vessel (Brazil)     65

 

5. Systems Recently Completed       65

Marlim Sul FPSO vessel (Brazil)      65

Front Runner production spar (Gulf of Mexico)      66

Holstein production spar (Gulf of Mexico)      66

Red Hawk production spar (Gulf of Mexico)      66

Caofeidian FPSO vessel (China)      66

Okono FPSO vessel (Nigeria)      66

Yoho FSO vessel (Nigeria)      66

 

6. Existing Systems    66

Espoir FPSO vessel (Cote d'Ivoire)      67

Buffalo FPSO vessel (Australia)      67

P 31 FPSO vessel (Brazil)      67

Auger TLP (Gulf of Mexico)      67

Marco Polo TLP (Gulf of Mexico)      67

Varg FPSO vessel (Norway)      67

Norne FPSO vessel (Norway)      68

Banff FPSO vessel (U.K.)      68

Lufeng FPSO vessel (China)      68

 

 

III.     UNDERLYING MARKET DRIVERS

 

1.         Global Oil Demand is Very Strong      69

2.         Supply/Demand Balance Raising Concern      69

3.        Crude has Soared Above $40 per Barrel     70

4.         Upstream Spending is on the Rise    72

5.        Rig Activity is Expected to Grow      72

6.         But Recent Orders for Production Floaters has Remained Below Average      74

 

IV.    COMPANIES AND TECHNOLOGY

 

1.          DP FPSOs Promoted for Marginal Field Development      77

2.          Comparative Storage/Production Ratios in FPSOs     78

3.          Petrobas Again Opts for DICAS Mooring      78

4.          EPC Floater Contracts Continue to Take Their Toll      79

5.          Nigerian Cabotage Law Adds to Problems in Nigeria      80


List of Exhibits


1.         Deliveries and Orders Since the March 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 July 2004  4

6.         Overview of Floating Production Systems and Storage Vessels in Operation or Available as of July 2004   5

7.          Inventory of Floating Production Systems as of July 2004   6

8.          Inventory of Floating Storage Systems as of July 2004   22

9.          Floating Production and Storage Systems Installed Since September 1996   23

10.      Floating Production and Storage Systems on Order as of July 2004   27

11.      Overview of Who's Building What?   39

12.      Location and Water Depths of Floating Production Systems Planned or Under Study as of July 2004   40

13.     List of Floating Production Systems Being Bid, Designed, Planned or Studied as of July 2004   41

14.      Trend in Global Oil Demand   69

15.      OPEC Agreed Quotas vs. Production Since March 2004   70

16.      Actual and Futures Price of Crude    71

17.      Henry Hub Natural Gas Price and Nymex Futures   71

18.      Trend in Upstream Capital Spending   72

19.      Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   73

20.      Trend in Orders for Floating Production Systems   74

21.      DP FPSOs Now Available  77

22.       Average Number of Storage Days in FPSOs at Full Production    78

 

 

 

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