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Floating Production Systems

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


July 2009

 

Floating Production and Storage Systems
Now in Service

 

 



Outline of Report

 

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector        

Recent Orders, Deliveries and Redeployments    

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       

Moho Nord (Congo)    

West Seahorse` (Australia)     

BMG Phase 2 (Australia)    

Corcovado (Brazil)    

Siri Long Term (Brazil)    

Mizzen (Newfoundland)     

Pyrenees (Gulf of Mexico)     

Mars B (Gulf of Mexico)    

Tamil (Mexico)     

Winter (Gulf of Mexico)     

Bandon (Ireland)     

Gro (Norway)     

Port Meridian (U.K.)     

Liwan (China)     

Siakap North (Malaysia)     

Ca Rong Do (Vietnam)         

 

2. Projects in the Final Design or Bidding Stage       

Ichthys (Australia)    

Jack/St. Malo (Gulf of Mexico)     

Huntington (U.K.)    

Tindalo (Philippines)    

Dua/Chim Sao (Vietnam)    

 

3. New Orders and Redeployments       

Al Rayyan FSO (Qatar)    

Ming Zhu FPSO (China)     

Seillean FPSO (Brazil)    

    

4. Systems On Order       

PAJ FPSO (Angola)    

Telemark Hub MinDOC (Gulf of Mexico)     

Cascade/Chinook FPSO (Gulf of Mexico)    

Sevan #4 and 5 (Speculative)     

FlexLNG #1-4 (Speculative)    

Nexus FPSO (Speculative)     

  

5. Orders Deleted       

Aker Smart 2 FPSO (Speculative)    

Sevan 650 FPSO (Speculative)     

  

6. Systems Recently Completed       

Guanabara FSRU (Brazil)    

Ahmadi FSRU (Kuwait)     

  

7. Existing Systems       

Okoloba Toru FPSO (Nigeria)    

Woollybutt FPSO (Australia)    

Puffin FPSO (Australia)    

BMG FPSO (Australia)    

Vincent FPSO (Australia)    

Uisge Gorm FPSO (U.K.)    

AH 001 production semi (U.K.)    

Shelley FPSO (U.K.)    

Njord production semi (Norway)    

Varg FPSO (Norway)    

PM3-CAA FSO (Malaysia)    

Oguzhan FSO (Turkmenistan)    

Falcon FPSO (Laid Up)    

Rang Dong FPSO (Laid Up)    

Jamestown FPSO (Laid Up)    

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Global Oil Demand to Decline Almost 3 Percent in 2009     

2.          Demand and Supply Continue Out of Balance     

3.          Oil Prices Have Trended Up Over the Past Six Months    

4.          Deepwater Drilling Activity Has Remained Strong   

5.          Production Floater Orders Continue to Stagnate         

6.          A Report Card on Our Five Year Forecast of Orders         


IV.     COMPANIES AND TECHNOLOGY

 

1.          More Than 36 Percent of FPSO Hulls are 30 Years or Older     

2.          Petrobras Will Be the Principal Player Driving Production Floater Requirements Over the Next Decade

3.          FLNG Continues to Draw Interest But Project Starts Are Elusive    

4.          Floating Wind Turbines Could Open New Engineering and Fabrication Markets   

5.          Growing Number of Available FPSOs, Cheaper Tanker Hulls and Petrobras Hull Building Yard Impacting Future FPSO Redeployments     

 




List of Exhibits

1.         Floater Deliveries and Orders Since the April Report

2.         Current Order Backlog for Floating Production and Storage Systems

3.         Order Backlog for Floating Production Systems Continues to Fall from Peak Reached in Mid-2007

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

5.         Regional Distribution of Projects in the Planning and 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.     Annual Growth in Global Oil Demand

17.     Annual Growth in World GDP

18.     OPEC Crude Production

19.     Spot Price of Crude Oil

20.     Futures Price of Crude

21.     Henry Hub Natural Gas Futures Price

22.      Long Term Trend in Orders for Floating Production Systems

23.      Our 2004 Forecast vs. Actual Orders Over Past Five Years

24.      Original Hull Build Year of Leased and Owned FPSOs

25.       Petrobras Long Term Requirements for Production Floaters

 




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