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Floating Production Systems

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


March 2011

 

Field Operators Utilizing the
Largest Number of FPSOs

 

 



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       

Moho Nord (Congo)    

Lady Nora (Australia)     

Iara (Brazil)    

Indra (Brazil)    

Aruana (Brazil)    

Deepwater Logistics Hubs (Brazil)     

Pero-Inga (Brazil)     

Offshore Transfer Terminal (Brazil)    

Waikiki (Brazil)     

Macunaima (Brazil)     

Alaska Regas Terminal (Alaska)     

Hild (Norway)     

Shtokman (Russia)     

Geronggon (Brunei)     

NC3/Spaoh (Malaysia)     

Dai Nga (Vietnam)     

Port Qasim Regas Terminal (Pakistan)     

 

2. Projects in the Final Design or Bidding Stage       

Mahogany East (Ghana)    

Crux Liquids (Australia)     

Ichthys (Australia)    

Cavalo Marinho (Brazil)    

Guara-Norte (Brazil)    

Cernambi (Brazil)     

Lula (Brazil)     

Jack/St. Malo (Gulf of Mexico)    

Ardmore (U.K.)    

Jordbaer (Norway)    

West Madura (Indonesia)    

Abadi (Indonesia)    

Malaysia FLNG (Malaysia)    

Gehem/Gendalo (Indonesia)    

Block B (Vietnam)    

FlexLNG (Speculative)    

    

3. New Orders       

Big Foot TLP (Gulf of Mexico)    

Olympus TLP (Gulf of Mexico)    

Schiehallion FPSO (U.K.)    

Berantai FPSO (Malaysia)    

Erawan FSO (Thailand)    

Sepat MOPU/FSO (Malaysia)    

Hai Thach FSO (Vietnam)    

  

4. Systems Recently Completed       

Pazflor FPSO (Angola)    

Cossack/Wanaea FPSO (Australia)     

Skarv FPSO (Norway)    

Lentera Bangsa FSO (Indonesia)    

 

5. Existing Systems       

Kuito FPSO (Angola)    

P 48 FPSO (Brazil)     

P 53 FPSO (Brazil)      

Dynamic Producer FPSO (Brazil)      

Boomvang production spar (Gulf of Mexico) 

Cascade FPSO (Gulf of Mexico)

Gryphon FPSO (U.K.)

Alvheim FPSO (Norway)

Pagerungan Utara FPSO (Indonesia)

Sepanjang FSO (Indonesia)

Endeavor FSO (India)

Uisge Gorm FPSO (Available)


6. Decommissioning       

Xikomba FPSO (Angola)    

Cossack Pioneer FPSO (Australia)     

Tindalo FSO (Philippines)      

Madura Jaya FSO (Indonesia)        

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Global Oil Demand Continues to Grow     

2.          New Supply Sources Need to be Found    

3.          Oil Prices Have Breached $100    

4.          Natural Gas Prices Continue to Soften   

5.          Strong E&P Spending Expected in 2011   

6.          Deepwater Drilling Capability to Increase 38 Percent   

7.          Four Production Floaters Ordered Since Mid-November   

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    

Outlook for FPSO Orders    

Projected Capex for FPSO Orders     

      

3. Production Semis       

Units in Operation    

Pros and Cons     

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. FLNG/FSRUs       

Units in Operation    

Pros and Cons   

Recent Ordering Pace    

Outlook for Orders    

Projected Capex for FLNG/FSRU Orders    

 

7. Floating Storage Systems       

Units in Operation    

Recent FSO Ordering Pace   

Outlook for Orders   

Projected Capex for FSO Orders   

    

 

V.     TECHNOLOGY AND COMPANIES

 

1.          57 Field Operators Currently Utilize FPSOs as Production Facilities     

2.          FPSO Lease/Purchase Strategy Varies by Field Operator     

3.          Average Oil Processing Plant Capacity on Owned FPSOs Almost Double that on Leased Units     

4.          BWO Completes Sale of APL to NOV for $531.5 Million     

5.          SBM and Mitsubishi Agree to Long Term FPSO Partnership    

6.          GE Deepening Presence in Offshore Sector   

7.          Cascade FPSO Gets Final Approval from U.S. Authorities     

8.          Brazil Local Content Requirements Creating a Domestic Deepwater Fabrication Base

 




List of Exhibits

1.             Current Available Floater Inventory

2.             Recent Floater Deliveries and Orders

3.             Current Order Backlog for Floating Production and Storage Systems

4.             Trend in Order Backlog for Floating Production Systems

5.             Facilities Fabricating or Converting Floating Production or Storage Units

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

7.             Regional Distribution of Projects in the Planning and Study Stage

8.             Overview of Floating Production and Storage Systems in Operation

9.             Details for Current Inventory of Floating Production Systems

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

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

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

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

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

15.         Overview of Who's Building What

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

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

18.         Annual Growth in Global Oil Demand

19.         Growth in World Economic Output

20.         Economic Growth in Advanced and Emerging Countries

21.         Projected Growth in Oil Demand by Region

22.         OPEC Crude Production

23.          Projected Long Term Sources of Global Oil Supply

24.          Spot Price of Crude

25.          Futures Price of Crude

26.          Henry Hub Natural Gas Futures Price

27.          Long Term Trend in Orders for Floating Production Systems

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

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

30.           Pros and Cons of FPSOs

31.           Orders for FPSOs Over the Past Five Years

32.           Forecast of FPSO Orders Over the Next Five Years

33.           Projected Capex for FPSOs Over the Next Five Years

34.          Developments of the Global Production Semi Inventory Over the Past 30+ Years

35.           Pros and Cons of Production Semis

36.           Orders for Production Semis Over the Past Five Years

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

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

39.           Development of the Global TLP Inventory Over the Past 30+ Years

40.          Pros and Cons of Tension Leg Platforms

41.           Orders for TLPs Over the Past Five Years

42.           Forecast of TLP Orders Over the Next Five Years

43.           Projected Capex for TLPs Over the Next Five Years

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

45.          Pros and Cons of Production Spars

46.           Orders for Production Spars Over the Past Five Years

47.           Forecast of Spar Orders Over the Next Five Years

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

49.           Orders for FLNGs and FSRUs Over the Past Five Years

50.           Forecast of FLNG/FSRU Orders Over the Next Five Years

51.           Projected Capex for FLNG/FSRUs Over the Next Five Years

52.           FSO Asia - ULCC Conversion to an FSO

53.           Orders for FSOs Over the Past Five Years

54.           Forecast of FSO Orders Over the Next Five Years

55.           Projected FSO Capex Over the Next Five Years

56.           FPSOs in Service and On Order

57.           Field Operator Ownership and Leasing Strategy

58.           Average Oil Processing Plant Capacity Installed on FPSOs

59.           Location of Brazilian Offshore Equipment Fabrication Facilities

 




International Maritime Associates, Inc.
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Tel: 1-202-333-8501
Mobile: 1-202-415-8501
Fax: 1-202-318-8114
Email: imaassoc@msn.com
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