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Floating Production Systems

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


March 2008

 

Continued Growth in
Floating Production Systems

 

 



Outline of Report

 

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector        

Recent Orders, Deliveries and Relocations    

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/Offloading Systems     

Production and Storage/Offloading Systems Installed Since 1996    

Floaters Now on Order     

Floating Production Projects Planned or Under Study     

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       

Aje (Nigeria)    

EOV (Gabon)     

Kunene (Namibia)    

Wanaea/Cossack(Australia)    

BM-S-21 (Brazil)    

Jupiter (Brazil)     

Carioca (Brazil)     

Tupi (Brazil)    

K2 (Gulf of Mexico)     

Bigfoot (Gulf of Mexico)     

Julia (Gulf of Mexico)     

Puma (Gulf of Mexico)     

Healey (Gulf of Mexico)     

Perdido South (Gulf of Mexico)     

Tucker (Gulf of Mexico)     

Broadwater (U.S.)     

BlueOcean Energy (U.S.)     

Ras el Besh (Tunisia)     

Southern Adriatic (Italy)     

Huntingdon (U.K.)     

Schiehallion (U.K.)     

Marulk (Norway)     

Bentley (U.K.)     

Pony (Gulf of Mexico)     

Knotty Head (Gulf of Mexico)     

Vicksburg (Gulf of Mexico)  

Golden Eagle (U.K.)    

Cluster 7 (India)

Ande Ande Lumut (Indonesia)

Madura BD (Indonesia)

Block H (Malaysia)

Block A-18 (Malaysia)

Kebabangan (Malaysia)

HST/HSD (Vietnam)

Shtokman (Russia)
 

2. Projects in the Final Design or Bidding Stage       

Block 31/18 (Angola)    

Oyo FPSO (Nigeria)     

Jubilee(Ghana)    

Pirapitanga (Brazil)    

LNG Regas floaters (Brazil)    

Telemark 2 (Gulf of Mexico)     

Cuu Long Basin (Vietnam)     

Al Rayyan (Qatar)    

Soroosh/Norooz (Iran)    

South Pars (Iran)    


3. New Orders and Relocations       

Pazflor FPSO (Angola)    

Usan FPSO (Nigeria)     

P 57 FPSO (Brazil)    

P 55 production semi (Brazil)    

Urugua/Tambau (Brazil)    

Pipa II FPSO (Brazil)     

LNG FSRU (Middle East)     

B-17 FSO (Malaysia/Thailand)     

Al Shaheen FSOs (Qatar)     

Flex LNG 1 (speculative)  

West Don production semi (U.K.)  

Marlim Leste FPSO (Brazil) 

  

4. Systems On Order       

Crux FPSO (Australia)    

Puffin SW FPSO (Australia)     

Cantarell FPSO (Mexico)    

Shenzi TLP (Gulf of Mexico)    

Pilot FPSO (U.K.)    

MA-D6 FPSO (India)    

Nexus Spec 1 and 2    

Nortechs 2 (speculative)    

 

5. Systems Recently Completed       

Agbami FPSO (Nigeria)    

Okoro/Setu FPSO (Nigeria)     

Mondo FPSO (Angola)      

Vincent FPSO vessel (Australia)      

Stybarrow FPSO (Australia) 

Golfinho II FPSO vessel (Brazil)

Siri FPSO vessel (Brazil)

Neptune TLP (Gulf of Mexico)

Blind Faith production semi (Gulf of Mexico)

Chestnut FPSO (U.K.)

Bualuang FPSO (Thailand)


6. Existing Systems       

Woollybutt FPSO (Australia)    

White Rose FPSO (Canada)     

Neptune production spar (Gulf of Mexico)      

Janice production semi (U.K.)      

Gryphon FPSO (U.K.)      

Foinaven FPSO (U.K.)      

Troll C production semi (Norway)      

Okha FSO (Russia)      

Farwah FPSO (Libya)

Langsa FPSO (Indonesia)

Cakerawala FSO (Thailand/Malaysia) 

BW Peace FPSO (TBD)

  

7. Decommissioning       

Firenze    

  

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Oil Demand to Grow 2.1 Percent in 2008     

2.          Oil Supply Remains Tight     

3.          Oil Prices Breached $100 in the 1st Quarter    

4.          Deepwater E&P Activity Continues to be Very Strong   

5.          Production Floater Order Intake Again Above Average          

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1. Summary of the Available Five Year Market       

 

2. FPSO Vessels       

Why FPSOs?    

Recent FPSO ordering pace     

FPSO projects being planned    

Outlook for orders    

Projected capex for FPSO Orders     

      

3. Production Semis       

Why production semis?    

Recent production semi ordering pace     

Outlook for orders    

Projected capex for production semi orders       

  

4. Tension Leg Platforms       

Why TLPs?    

Recent TLP ordering pace     

Outlook for orders    

Projected capex for TLP orders    

 

5. Production Spars       

Why spars?    

Recent spar ordering pace     

Outlook for orders    

Projected capex for spar orders    

  

6. Floating Storage Systems       

Why FSOs?    

Recent FSO ordering pace   

Outlook for orders    

Projected capex for FSO orders    

 

V.     COMPANIES AND TECHNOLOGY

 

1.          Processing Capacity on Production Floaters     

2.          Water Depth Where Production Floaters Operate     

3.          Operators Continue to Acquire Candidate FPSO/FSO Hulls    

4.          Rights to GoMax Shuttle Tanker Design Sold   

5.          BWO Raises its Stake in Prosafe     

6.          Exmar and Hoegh Adding Regasification Carriers

7.          Gas-to-Liquids Development to Exploit Stranded Gas   

 




List of Exhibits

1.             Floater Deliveries and Orders Since the July Report

2.             Current Order Backlog for Floating Production and Storage Systems

3.             Order Backlog for Floating Production Systems Has Dropped Slightly

4.             Speculative Orders and Remarketed Units

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

6.             Regional Distribution of Projects in the Planning and Bidding/Final Design Stage

7.             Overview of Floating Production and Storage Systems in Operation

8.             Details for Current Inventory of Floating Production Systems

9.             Details for Current Inventory of Floating Storage/Offloading Systems

10.         Overview of Floating Production and Storage/Offloading Systems Since 1996

11.         Details for Floating Production and Storage/Offloading Systems Installed Since 1996

12.         Overview of Where Floaters on Order Are to be Installed

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

14.         Overview of Who's Building What

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

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

17.         Schiehallion FPSO Average Monthly Production

18.         Annual Growth in Global Oil Demand

19.         Annual Growth in World Economic Output

20.         OPEC Oil Production vs. Sustainable Capacity

21.         Actual and Futures Price of Crude

22.         Henry Hub Natural Gas Price and Nymex Futures

23.          Average Day Rate for Transocean High Spec Rigs

24.          Ten Year Trend in Orders for Floating Production Systems

25.          Forecast of Floating Production/Storage Unit Orders Over the Next Five Years

26.          30 Year Development of the Worldwide FPSO Inventory

27.          Orders for FPSO Vessels Over the Past Five Years

28.          Crude Futures Price for Delivery Six Years Out

29.          Deepwater Rigs Scheduled for Delivery Over Next Three Years

30.           Future Role of Redeployments

31.           Forecast of FPSO Orders Over the Next Five Years

32.           Projected Capex for FPSO Vessels Over the Next Five Years

33.           30 Year Development of the Worldwide Production Semi Inventory

34.          Orders for Production Semis Over the Past Five Years

35.           Forecast of Production Semi Orders Over the Next Five Years

36.           Projected Capex for Production Semis Over the Next Five Years

37.           30 Year Development of the Worldwide TLP Inventory

38.           Orders for TLPs Over the Past Five Years

39.           Forecast of TLP Orders Over the Next Five Years

40.          Projected Capex for TLPs Over the Next Five Years

41.           30 Year Development of the Worldwide Production Spar Inventory

42.           Orders for Production Spars Over the Past Five Years

43.           Forecast of Spar Orders Over the Next Five Years

44.           Projected Production Spar Capex Over the Next Five Years

45.          Orders for FSOs Over the Past Five Years

46.           Forecast of FSO Orders Over the Next Five Years

47.           Projected FSO Capex Over the Next Five Years

48.           Profile of Processing Cpacity on Production Floaters

49.           Water Depth of Floating Production Systems

 




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