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Floating Production Systems

assessment of the outlook for FPSO vessels,
production semis, TLPs and spars


September 2000

13 to 17 floaters to be ordered annually over the next five years

September 2000 Report

Outline

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

1.     Summary of Current Inventory, Orders and Planned Projects     1
2.     Floating Productions Systems Now in Operation     4
3.     Systems Installed Since September 1996     16
4.     Floating Systems Now on Order     19
5.     Where Floaters are Currently Being Built or Converted     24
6.     Floating Productions Systems Planned or Being Studied     25


II.     RECENT DEVELOPMENTS

1.     Projects in the Planning, Design or Bidding Stage     33
                      Block 15 (Angola)      33
                      Block 18 (Angola)      33
                      Benguela/Belize (Angola)      33
                      Erha (Nigeria)      34
                      Mer Profonde Sud (Congo)      34
                      Agbami (Nigeria)      34
                      Bonga FPSO vessel (Nigeria)      35
                      Kribi (Cameroon)      35
                      OPL 250 (Nigeria)      35
                      NC-137 (Libya)      36
                      Bijupira/Salema (Brazil)      36
                      Marlim Sul (Brazil)      36
                      Magnolia (Gulf of Mexico)      36
                      Entrada (Gulf of Mexico)      37
                      Gunnison (Gulf of Mexico)     37
                      Devil's Tower (Gulf of Mexico)      37
                      Champlain (Gulf of Mexico)      37
                      Llano (Gulf of Mexico)      37
                      North Ben Nevis (Canada)      38
                      White Rose (Canada)      38
                      Leadon (U.K.)      38
                      Blane (North Sea)      39
                      Kristin (Norway)      39
                      Havsule (Norway)      39
                      Snøhvit (Norway)      39
                      Woolybutt (Australia)      40
                      Legendre (Australia)      40
                      Enfield (Australia)      40
                      Papua Gulf (Papua New Guinea)      40
                      East Kalimantan (Indonesia)      40
                      Langsa (Indonesia)      41
                      Yala (Thailand)      41
                      Panyu (China)      41
                      CFD-2/11/12 Bohai Bay (China)      42
                      Peng Lai (China)      42
                      Bozhong (China)      42
                      Haldia (India)     42

2.     Floating Systems on Order     43
                      Espoir FPSO vessel (Cote d'Ivore)      43
                      Brutus TLP (Gulf of Mexico)      43
                      Horn Mountain production spar (Gulf of Mexico)      43
                      Chestnut FPSO vessel (U.K.)      44
                      Glitne FPSO vessel (Norway)      44
                      Soroush/Nowruz FSO vessel (Iran)      44
                      Isis FPSO vessel (Tunisia)      45
                      Bongkot FSO vessel (Thailand)      45
                      Bach Ho FSO vessel (Vietnam)      45

3.     Systems Recently Completed     46
                      Ceiba FPSO vessel (Equatorial Guinea)      46
                      Hoover/Diana production spar (Gulf of Mexico)      47

4.     Existing Systems     47
                      Zafiro FPSO vessel (Equatorial Guinea)      47
                      Cohasset FSO vessel (Canada)      47
                      Ursa TLP (Gulf of Mexico)      48
                      Curlew FPSO vessel (U.K.)      48
                      Banff FPSO vessel (U.K.)      49
                      Pierce FPSO vessel (U.K.)      49
                      Captain FPSO vessel (U.K.)      49
                      Ross/Parry FPSO vessel (U.K.)      49
                      Carauna FSO vessel (Brazil)      50


III.    UNDERLYING MARKET DRIVERS

1.     Global Economy Continues to Strengthen     51
2.     World Demand for Oil Growing     52
3.     Spot Oil Prices Have Risen Above $30 Per Barrel     53
4.     But the Futures Market Sees Oil Longer Term at $20     53
5.     Spending for Upstream Activities Increasing     55
6.     August MMS Lease Sale Modest Improvement Over Last Year     56


IV.    FORECAST OF FLOATER REQUIREMENTS

1.     Summary of the Available Five Year Market - Orders and Capex     57
2.     FPSO Vessels - Represent 70 Percent of Future Orders     58
3.     Production Semis - Orders Drying up as Surplus Hulls Disappear     61
4.     Tension Leg Platforms - Full Size Losing Appeal, Minis Gaining Popularity     63
5.     Production Spars - Big Growth in Interest     65
6.     Other Production Systems - Potential Substitutes for Spars and TLPs     66
7.     How Does This Forecast Compare With Last Year's?     67


V.     TECHNOLOGY AND COMPANIES

1.     Shuttle Tankers for the Gulf of Mexico     69
2.     FPSO Environmental Impact Statement     71
       3.     Marginal Field Development Concepts     71



International Maritime Associates, Inc.

Washington, DC  USA