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Floating Production Systems

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

March 2006

 

30 Year Growth of Production Floaters

 

 

Outline of Report

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector        

Recent Orders and Deliveries    

What's Now Being Built         

Trend in Order Backlog          

Current Fabrication and Conversion Activity         

Floaters Planned or Under Study    


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

Inventory of Floating Production Systems     

Inventory of Floating Storage Systems     

Production and Storage Systems Installed Since September 1996    

Floaters Now on Order     

Floating Production Projects Planned or Under Study     

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       

Block 32 (Angola)    

Obo (Nigeria)     

Bolia (Nigeria)    

Azurite Marine (Congo)    

Montara (Australia)    

Papa Terra (Brazil)     

BS-4 (Brazil)     

BS-500 (Brazil)    

Claymore (Gulf of Mexico)     

Knotty Head (Gulf of Mexico)     

Pathfinder (Gulf of Mexico)     

Bigfoot (Gulf of Mexico)     

Telemark (Gulf of Mexico)     

Typhoon (Gulf of Mexico)     

Cabrillo Port (U.S. West Coast)     

Broadwater Energy (U.S. East Coast)     

Electricite du Liban (Lebanon)     

LNG Toscana (Italy)     

Cyprus GTP (Cyprus)     

Goliath (Norway)     

Donan (U.K.)     

Huizhou 25-4 (China)     

Bukit Tua (Indonesia)     

Block G (Malaysia)     

Bunga Orkid-Pakma (Malaysia/Vietnam)     

Su Tu Vang (Vietnam)     

 

2. Projects in the Final Design or Bidding Stage       

Jimbao (Angola)    

Block 31 (Angola)     

Olowi (Gabon)    

OML 122 (Nigeria)    

Bonga Southwest (Nigeria)    

Tombua/Landana (Angola)     

Pyrenees (Australia)     

Jubarte (Brazil)    

Chinook (Brazil)    

Frade (Brazil)    

Membro Siri (Brazil)    

Ettrick (U.K.)    

Yme (Norway)    

Gjoa (Norway)    

Galoc (Philippines)    

Jeruk (Indonesia)    

Terang-Sirasun-Batur (Indonesia)    

Song Doc (Vietnam)    

Dragon (Vietnam)    

Rang Dong (Vietnam)    

 

3. New Orders       

Kizomba C1 and C2 FPSO vessel (Angola)    

Stybarrow FPSO vessel (Australia)     

Tui FPSO vessel (New Zealand)    

Maari FPSO vessel (New Zealand)    

Sevan No. 3 SSP FPSO (TBD)    

LNG regasification facility (TBD)     

Chevron EPS Barge (Nigeria)     

Jabung FSO vessel (Indonesia)     

Cendor FSO vessel (Malaysia)     

Abu FSO vessel (Malaysia)     

  

4. Redeployments       

Golfinho FPSO vessel (Brazil)    

Oudna FPSO vessel (Tunisia)     

Bombay High FPSO vessel (India)    

 

5. Systems On Order       

Akpo FPSO vessel (Nigeria)    

Puffin FPSO vessel (Australia)     

Marlim Leste FPSO vessel (Brazil)    

Albacore Leste FPSO vessel (Brazil)    

Marlim Sul production semi (Brazil)    

Roncador production semi (Brazil)    

Roncador FPSO vessel (Brazil)    

KuMaZa FPSO vessel (Mexico)    

Alvheim FPSO vessel (Norway)    

  

6. Systems Recently Completed       

Erha FPSO vessel (Nigeria)    

Chinguetti FPSO vessel (Mauritania)     

Gomez production semi (Gulf of Mexico)      

Constitution production spar (Gulf of Mexico)      

Corocoro FSO vessel (Venezuela)      

  

7. Existing Systems       

EA FPSO vessel (Nigeria)    

Ceiba FPSO vessel (Equatorial Guinea)     

Laminaria FPSO vessel (Australia)      

Aquila FPSO vessel (Italy)      

Al Zaafarana FPSO vessel (Egypt)      

Visund production semi (Norway)      

Heidrun TLP (Norway)      

Varg FPSO vessel (Norway)      

Balmoral production semi (U.K.)      

  

8. Sale and Decommissioning       

Ruby FPSO vessel (Vietnam)    

Maui B FPSO vessel (New Zealand)     

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Global Oil Demand Continues to Grow     

2.          World Oil Supply Remains Tight     

3.          Oil and Natural Gas Futures Prices Send Bullish Message    

4.          E&P Activity Expanding at a Robust Rate   

5.          Rig Utilization and Day Rates Very Strong     

6.          Production Floater Orders Continue Above Average     

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1. Summary of the Available Five Year Market       

 

2. FPSO Vessels       

Why FPSOS?    

Five year ordering history     

Outlook for FPSO projects    

Is the outlook reasonable?    

Forecast of FPSO orders    

Future role of redployments     

Composition of future FPSO orders     

Projected capex for FPSOs    

 

3. Production Semis       

Why production semis?    

Five year ordering history     

Future production semi requirements    

Potential redeployment of production semis    

Heavy vs. light deckload units    

Production semi capex projection     

  

4. Tension Leg Platforms       

Why TLPs?    

Five year ordering history     

Outlook for TLP contracts    

Composition of future orders    

Projected TLP capex    

 

5. Production Spars       

Why spars?    

Five year ordering history     

Outlook for spar contracts    

Composition of spar orders    

Projected capex for spar contracts    

  

6. Floating Storage Systems       

Five year ordering history    

Future FSO contracts     

Projected FSO capex    

 

V.     COMPANIES AND TECHNOLOGY

 

1.          Profile of FPSO Lease Termination     

2.          Recent FPSO and FSO Lease and O&M Day Rates     

3.          Operators Acquiring Tankers for FPSO Conversion    

4.          Several Joint Ventures to Pursue Floater Contracts   

5.          U.S. Gulf Coast Floater Fabrication Yards Combine     

6.          Cylindrical FPSOs Continue to Attract Interest

7.          Nigerian Policies Plus Unrest Cause Concern     

      

List of Exhibits

1.          Floater Deliveries and Orders Since the November Report

2.          Current Order Backlog for Floating Production and Storage Systems

3.         Ten Year Trend in Order Backlog for Floating Production Systems

4.          Number and Location of Facilities Fabricating or Converting Floating Production Units

5.          Regional Distribution of Projects in the Planning or Bidding/Final Design Stage

6.         Overview of Floating Production and Storage Systems in Operation

7.          Details of Current Inventory of Floating Production Systems

8.          Inventory of Floating Storage Systems

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

10.      Overview of Current Floater Order Backlog

11.     Details for Floating Production and Storage Systems Currently on Order

12.      Overview of Who's Building What

13.      Regional and Water Depth Distribution of Floaters Planned or Under Study

14.      Details for Floating Production Systems Being Bid, Designed, Planned or Studied

15.      Increasing Global Oil Demand

16.      Ten Year Trend in Global Oil Production

17.      Actual and Futures Price of Crude

18.      Henry Hub Natural Gas Price and Nymex Futures

19.      E&P Capex of Selected Oil and Gas Companies

20.      Some Recent Long Duration Offshore Rig Fixtures

21.     GSB Offshore Rig SCORE

22.      Nine Year Trend in Orders for Floating Production Systems

23.       Forecast of Floating Production Unit Orders Over the Next Five Years

24.       30 Year Development of the Worldwide FPSO Inventory

25.       Orders for FPSO Vessels Over the Past Five Years

26.       Forecast of FPSO Orders

27.       30 Year Pattern of FPSO Redeployments

28.       Profile of FPSO Capex by Type Unit

29.       Composition of Future FPSO Orders

30.        Projected Capex for FPSO Vessels

31.       25 Year Development of the Worldwide Production Semi Inventory

32.        Orders for Production Semis Over the Past Five Years

33.        Forecast of Production Semi Orders

34.       Composition of Production Semi Orders

35.        Projected Capex for Production Semis

36.        20 Year Development of the Worldwide TLP Inventory

37.       Orders for TLPs Over the Past Five Years

38.        Forecast of TLP Orders

39.        Composition of Future TLP Orders

40.       Projected Capex from TLP Contracts

41.        10 Year Development of the Worldwide Production Spar Inventory

42.        Orders for Production Spars Over the Past Five Years

43.        Forecast of Spar Orders

44.        Composition of Orders for Production Spars

45.       Projected Production Spar Capex

46.        Orders for FSO Vessels Over the Past Five Years

47.        Forecast of FSO Orders

48.        Projected FSO Capex

49.        2006-2015 Profile of FPSO Lease Period End Dates

50.        Recent FPSO and FSO Day Rates

 

 

 




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