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Floating Production Systems

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

July 2006


Oil Processing Capacity
on the Water

Units in Operation
14.0 million b/d
  Units on Order
4.3 million b/d
30% Added Capacity



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       

Clov (Angola)    

Block 16 (Angola)     

Block 32 (Angola)    

Tiof (Mauritania)    

Uge (Nigeria)    

Nsiko (Nigeria)     

Azurite Marine (Congo)     

Amulet (Australia)    

Browse (Australia)     

Sunrise (Australia)     

BM-S-10 (Brazil)     

Golfinho 3 (Brazil)     

Urugua/Tambua (Brazil)     

Canapu (Brazil)     

Orphan Basin (Newfoundland)     

Chinook (Gulf of Mexico)     

Puma (Gulf of Mexico)     

Tucker (Gulf of Mexico)     

Green Canyon 37 (Gulf of Mexico)     

Raton/Redrock (Gulf of Mexico)     

Deep Coatzacoalcos (Mexico)     

Froy (Norway)     

Prirazlomnoye (Russia)     

Shtokman (Russia)     

Liwan (China)     

 

2. Projects in the Final Design or Bidding Stage       

Pazflor (Angola)    

Crux (Australia)     

Membro Siri (Brazil)    

Bouri (Libya)    

Vega (Italy)    

Mirage/Morgus/Oasis (Gulf of Mexico)     

Great White (Gulf of Mexico)     

Gumusut (Malaysia)    

Kambuna (Malaysia)    

Widuri (Indonesia)    

Jeruk (Indonesia)    

Malampaya Oil Rim (Philippines)    

Su Tu Vang (Vietnam)    

 

3. New Orders       

Vincent FPSO vessel (Australia)    

Frade FPSO vessel (Brazil)     

Shenzi TLP (Gulf of Mexico)    

Ettrick FPSO vessel (U.K.)    

Speculative SSP No. 4    

Speculative Nexus FPSO     

Speculative Aker FPSOs     

Speculative Exmar production semi        

  

4. Redeployments       

Bilabri FPSO vessel (Nigeria)    

Dumbarton FPSO vessel (U.K.)     

 

5. Systems On Order       

Kizomba C1 and C2 (Nigeria)    

Stybarrow FPSO vessel (Australia)     

Kikeh FPSO vessel (Malaysia)    

  

6. Systems Recently Completed       

Oveng and Okume/Ebano TLPs (Equatorial Guinea)    

Anton FPSO vessel (Nigeria)     

Enfield FPSO vessel (Australia)      

Albacore Leste FPSO vessel (Brazil)      

Golfinho 1 FPSO vessel (Brazil) 

Thunder Horse production semi (Gulf of Mexico)

Jabung FSO vessel (Indonesia)

Oyong production barge and FSO vessel (Indonesia)

EPS production barge (Nigeria)     

  

7. Existing Systems       

Chinguetti FPSO vessel (Mauritania)    

Roncador FPSO vessel (Brazil)     

White Rose FPSO vessel (Newfoundland)      

Terra Nova FPSO vessel (Newfoundland)      

Laminaria FPSO vessel (Australia)      

Woollybutt FPSO vessel (Australia)      

Wanaea/Cossack FPSO vessel (Australia)      

Enchova production semi (Brazil)      

Heidrun TLP (Norway) 

Kristin production semi (Norway)

Didon FPSO vessel (Tunisia)

Mars TLP (Gulf of Mexico)

Gomez production semi (Gulf of Mexico)

Jasmine FPSO vessel (Thailand)

N'Kossa LPG FSO vessel (Congo)

Bourbon Opale and Toisa Pisces EWT vessels (Mexico)     

  

8. Sale and Decommissioning       

P 21 production semi (Brazil)    

Orca production semi (South Africa)     

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Global Oil Demand Continues to Grow     

2.          Oil and Natural Gas Futures Prices Still Climbing     

3.          E&P Spending Outlook is Very Positive    

4.          Drill Rig Demand and Utilization is Very High   

5.          Production Floater Orders Have Been Very Strong         

 

IV.     COMPANIES AND TECHNOLOGY

 

1.          FPSO Operators Continue to Add to Hull Inventory     

2.          Oil Processing Capacity on the Water to Grow 30 Percent     

3.          Use of FPSOs Could Be Getting Closer in the Gulf of Mexico    

4.          Floating LNG Transfer/Regasification Gain Interest in U.S.   

5.          L-Shaped Floating Transfer and Docking System to Be Built     

6.          Concrete Floating Platform Developed for Production Use

7.          Petrojarl Now Operating as an Independent Company     

8.          Teekay Forms Limited Partnership to Invest in FPSOs     

9.          Relinquished Angolan Blocks Draw Expensive Bids     

    
           

 

List of Exhibits

1.        Floater Deliveries and Orders Since the March 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 Regional and Water Depth Distribution of Floaters Planned or Under Study

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

14.    Increasing Gloabal Oil Demand

15.    Regional Growth in Oil Consumption

16.    Long Term Trend in World Oil Consumption

17.    Actual and Futures Price of Crude

18.    Henry Hub Natural Gas Price and Nymex Futures

19.    Active Offshore Drill Rigs

20.    Nine Year Trend in Orders for Floating Production Systems

21.    Oil Processing Capacity on the Water






International Maritime Associates, Inc.
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Tel: 1-202-333-8501
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Fax: 1-202-318-8114
Email: imaassoc@msn.com
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