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Floating Production Systems

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


March 2010

 

Floating Production Systems
in Operation

 

 



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         

Floater Projects 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       

Windjammer (Mozambique)    

Owowo (Nigeria)     

Dzatz (Ghana)    

Turquoise Marine (Congo)    

Odum (Ghana)    

Sunrise (Australia)     

BMG Phase 2 (Australia)     

Tupi Complex (Brazil)    

Waimea (Brazil)     

Wahoo (Brazil)     

Lucius (Gulf of Mexico)     

Tembo (Gulf of Mexico)     

Vito (Gulf of Mexico)     

Broadwater/Other LNG (U.S.)     

Arous Al-Bahar (Libya)     

Bouri (Libya)     

Elsa (Italy)     

Hai Thach (Vietnam)     

 

2. Projects in the Final Design or Bidding Stage       

Ebok (Nigeria)    

Rio del Rey (Cameroon)     

Pre-Salt Gas (Brazil)    

Sidon/Tiro (Brazil)    

Bigfoot (Gulf of Mexico)    

Cosmos (Libya)     

Bentley (U.K.)     

Shtokman (Russia)    

West Java (Indonesia)    

Erawan (Thailand)    

Dong Do/Thang Long (Vietnam)    

    

3. New Orders       

Baleia Azul FPSO (Brazil)    

Guara FPSO (Brazil)    

P 58 FPSO (Brazil)    

P 62 FPSO (Brazil)    

Kitan FPSO (Australia)    

Aquila FPSO (Italy)    

Athena FPSO (U.K.)    

Goliat FPSO (Norway)    

Tindalo FSO (Philippines)    

Bua Ban FSO (Thailand)    

Huizhou FPSO (China)    

Ebok MOPU/FSO (Nigeria)    

BG India FSO (India)    

  

4. Systems On Order       

Jubilee FPSO (Ghana)    

OSX 1 FPSO (Brazil)     

Papa Terra FPSO (Brazil)    

Al Shaheen FSO #2 (Qatar)    

Chim Sao FPSO (Vietnam)    

FlexLNG FLNGs (Speculative)    

 

5. Systems Recently Completed       

Urugua/Tambau FPSO (Brazil)    

Cachalote/Baleia Franca FPSO (Brazil)     

Phoenix FPU (Gulf of Mexico)      

Cascade FPSO (Gulf of Mexico)      

Perdido Host production spar (Gulf of Mexico) 

Gjoa production semi (Norway)

Al Rayyan FSO (Qatar)

GNL Mejillones FSO (Chile)

Block 12W FSO (Vietnam)


6. Existing Systems       

Amenam FSO (Nigeria)    

Golfinho FPSO (Brazil)     

West Don production semi (U.K.)      

Jotun FPSO (Norway)      

PY-3 FSO (India)      
 

7. Decommissioning       

Modec Venture 1 FPSO    

Ocean Producer FPSO    

Jamestown FPSO    

San Jacinto FPSO    

Rang Dong 1 FPSO    

Knock Nevis FSO     

 

III.     UNDERLYING MARKET DRIVERS

 

1. Global Demand and Supply       

IEA Projects Global Oil Demand to Grow 1.8 Percent in 2010    

But Oil Demand Growth Depends on Global Economic Rebound     

World Oil Production Continues to Grow     

      

2. Oil and Gas Prices       

Oil Prices Have Been Hovering Around $80    

Natural Gas Prices Continue to be Soft     


3. Upstream Activity       

Upstream Spending on Oil and Gas Projects Remain Strong    

Deepwater Drilling Strong, Though Some Softening Noted     

Production Floater Orders Recently Above Long Term Average     

    

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1. Summary of the Available Five Year Market       

 

2. FPSOs       

Units in Operation    

Pros and Cons     

Order History     

Future FPSO Projects    

Future FPSO Orders    

Projected Capex for FPSO Orders     

      

3. Production Semis       

Units in Operation    

Why Production Semis?     

Order History     

Outlook for Production Semi Orders    

Projected capex for Production Semi Orders       

  

4. Tension Leg Platforms       

Units in Operation    

Pros and Cons     

Recent TLP Ordering Pace     

Outlook for Orders    

Projected Capex for TLP Orders    

 

5. Production Spars       

Units in Operation    

Pros and Cons     

Recent Spar Ordering Pace     

Outlook for Orders    

Projected Capex for Spar Orders    

  

6. Floating Storage Systems       

Units in Operation    

Recent FSO Ordering Pace   

Outlook for Orders    

Projected Capex for FSO Orders    

 

V.     TECHNOLOGY AND COMPANIES

 

1. Floating Production Technology       

Average Water Depth of Floater Projects Continues to Increase    

Floating Liquefaction Initiatives Gaining Momentum     

Feasibilty of GTL Plant to Monetize Gas on FPSO to be Tested     

Meanwhile, CNG Concepts Meeting Market Resistance     

      

2. Company and Industry Developments       

Petrobras Targeting 71 Percent Local Content by 2013    

FPSO Market Draws Investment Interest     

Lease Sale Indicates Revived, But Subdued Interest in Gulf of Mexico     


    
           

 


List of Exhibits

1.        Floater Deliveries and Orders Since the November Report

2.       Current Order Backlog for Floating Production and Storage Systems

3.        Two Year Decline in Order Backlog for Floating Production Systems Appears to Have Hit Bottom

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 Oil Demand

17.      Growth in World Economic Output

18.      OPEC Crude Production

19.      Spot Price of Crude

20.      Futures Price of Crude

21.      Henry Hub Natural Gas Futures Price

22.      Long Term Trend in Orders for Floating Production Systems

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

24.       Development of the Global FPSO Inventory Over the Past 30+ Years

25.       Orders for FPSOs Over the Past Five Years

26.       Forecast of FPSO Orders Over the Next Five Years

27.       Projected Capex for FPSOs Over the Next Five Years

28.        Development of the Global Production Semi Inventory Over the Past 30+ Years

29.       Orders for Production Semis Over the Past Five Years

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

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

32.        Development of the Gloabl TLP Inventory Over the Past 30+ Years

33.        Orders for TLPs Over the Past Five Years

34.        Forecast of TLP Orders Over the Next Five Years

35.        Projected Capex for TLPs Over the Next Five Years

36.        Development of the Global Production Spar Inventory Over the Past 30+ Years

37.        Orders for Production Spars Over the Past Five Years

38.        Forecast of Spar Orders Over the Next Five Years

39.        Projected Capex for Production Spars Over the Next Five Years

40.       Orders for FSOs Over the Past Five Years

41.        Forecast of FSO Orders Over the Next Five Years

42.        Projected FSO Capex Over the Next Five Years

43.        Average Water Depth of Production Floaters

44.        Average Project Water Depth by Type Unit

45.        Petrobras Local Content Targets

 




International Maritime Associates, Inc.
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