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Floating Production Systems

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


December 2008

 

Who's Building What

 

 



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          

Where Destined          

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       

Block 31(Angola)    

Ngoma (Angola)     

Isongo (Cameroon)    

Ebok (Nigeria)    

Oliver (Australia)    

Copaiba (Brazil)     

Azulao (Brazil)     

Cavalo Marinho (Brazil)    

Parque das Baleias (Brazil)     

Lua Nova (Brazil)     

Wahoo (Brazil)     

BM-S-40 (Brazil)     

Freedom (Gulf of Mexico)     

Ocean Way LNG (USWC)     

Port Esperanza LNG (USWC)     

Port Dolphin LNG (USGC)     

Port Meridian LNG (U.K.)   

Solan (U.K.)   

Bream (Norway)

Block IG (India)

Banyu Urip (Indonesia)

Kambuna (Indonesia)

West Linapacan (Philippines)

 

2. Projects in the Final Design or Bidding Stage       

Tupi Pilot (Brazil)    

Beleia Azul (Brazil)     

Pony (Gulf of Mexico)    

Froy (Norway)    

Al Rayyan (Qatar)    

Krishna Godavari (India)     

Sepanjang (Indonesia)    

TGT (Vietnam)     

Cuu Long Basin (Vietnam)  

FlexLNG #5 (Speculative)    

      

3. New Orders and Relocations       

PSVM FPSO (Angola)    

PAJ FPSO (Angola)     

Jubilee FPSO (Ghana)    

EOV FPSO (Gabon)    

Tupi Pilot FPSO (Brazil)    

Pinauna FPSO (Brazil)     

Songkhla FSO (Thailand)     

Dua/Chim Sao FPSO (Vietnam) 

Malampaya FPSO (Philippines)  

Sarawak MOPUs (Malaysia)

 

4. Systems On Order       

Olowi FPSO (Gabon)    

Crux Liquids (Australia)     

BMG FPSO (Australia)    

Cossack/Wanaea FPSO (Australia)     

Roncador production semi (Brazil)    

Cascade/Chinook FPSO (Gulf of Mexico)     

Phoenix FPU (Gulf of Mexico)    

Athena (U.K.)     

Foreland Basin FLNG (Papua New Guinea)  

PetroProd FPSO (Speculative)  

Sevan FPSOs (Speculative)

FPSOcean FPSO #1 (Speculative)

FPSOcean FPSO#2

MPF 01 FPSO (Speculative)

Nexus FPSO #2 (Speculative)

  

5. Systems Recently Completed       

Gimboa FPSO (Angola)    

Montara FPSO (Australia)     

Jabuti FPSO (Brazil)    

Marlim Sul production semi (Brazil)     

Marlim Leste FPSO (Brazil)    

Parque das Conchas FPSO (Brazil)     

Tahiti production spar (Gulf of Mexico)    

Don production semi (U.K.)     

Shelley FPSO (U.K.)    

Peng Lai FPSO (China)    

Bunga Orkid FSO (Vietnam)     

Su Tu Vang FSO (Vietnam)    

  

6. Existing Systems       

Maari FPSO vessel (Australia)    

Vincent FPSO (Australia)     

Puffin FPSO (Australia)      

Tui FPSO (New Zealand)      

Golfinho FPSO (Brazil)      

Neptune TLP (Gulf of Mexico)      

Didon FPSO (Tunisia)      

Okwori FPSO (Nigeria) 

Balmoral production semi (U.K.)

Dulang FSO (Malaysia)

San Jacinto FPSO

Aker Smart 3 FSO (Indonesia)   
  

 

III.     UNDERLYING MARKET DRIVERS

 

1.          The Long View Remains Very Positive     

2.          Current Economic Turmoil Has Depressed Oil Demand     

3.          Oil Supply Has Not Fallen As Rapidly As Demand    

4.          Oil Prices Have Fallen $100 Since July   

5.          Price Erosion, Liquidity Constraints Impacting Oil Sector     

6.          Despite Conditions, Floater Orders Since July Have Remained Relatively Strong        

7.          Near Term Floater Demand Will Be Affected, But The Impact Will Be Focused And Limited            


IV.     COMPANIES AND TECHNOLOGY

 

1.          Leasing Companies Currently Supply 54 Percent Of FPSOs     

2.          Five Companies Control More Than 50 Percent of the FPSO Leasing Business

3.          Project Execution Has Negatively Impacted Recent FPSO Contracts    

4.          Petrobas to Provide Visibility on Future Floater Requirements in Its 2009 Investment Plan   

 




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 Been Declining

4.          Number and Location of Facilities Fabricating or Converting Floating Production or Storage 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 for Current Inventory of Floating Production Systems

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

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

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

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

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

13.       Overview of Who's Building What

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

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

16.      Expected Growth in Oil Demand By Region Between 2007 and 2030

17.      Global Energy Demand in 2030

18.       Average Observed Oil Field Decline Rate By Year of First Production

19.       Annual Growth in Global Oil Demand

20.       Annual OPEC Production Since July

21.       OPEC Production Has Been Running Over Quota

22.       Actual and Futures Price of Crude

23.       Henry Hub Natural Gas Price and Nymex Futures

24.       Long Term Trend in Orders for Floating Production Systems

25.       Owned and Leased FPSO Market Share

26.        Market Share of FPSO Leasing Companies

27.        Geological Profile of the Pre-Salt Layer Offshore Brazil

 




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