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


February 2001



27 Floating Production Units
Now On Order




February 2001 Report
Outline


I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

1.    Overview of Current Inventory, Orders and Planned Projects     1
2.     Inventory of Existing Floating Production Systems     5
3.     Systems Installed Since September 1996     17
4.     Details for Floaters Now on Order     20
5.     Floating Productions Systems Planned or Being Studied     27

II.     RECENT DEVELOPMENTS

1.     Projects in the Planning Stage     35
Block 14 (Angola)     35
Block 15 (Angola)     36
Block 18 (Angola)     36
Akpo (Nigeria)     36
OPL-250 and OPL-214 (Nigeria)     37
Espirito Santo (Brazil)     37
BC-2 (Brazil)     37
Marlim Sul (Brazil)     37
Front Runner (Gulf of Mexico)     38
Magnolia (Gulf of Mexico)     38
Atwater Foldbelt (Gulf of Mexico)     38
Matterhorn (Gulf of Mexico)     38
Marco Polo (Gulf of Mexico)     39
Llano (Gulf of Mexico)     39
Goja (Norway)     39
Kristin (Norway)     40
Suilven (U.K.)     40
Clair (U.K.)     40
Shtokman (Russia)     40
Nemed (Egypt)     41
Block 15-1 (Vietnam)     41
Bohai Wan Basin (China)     41

2.     Projects in the Final Design or Bidding Stage     41
Agbami (Nigeria)     41
Bonga (Nigeria)     42
Dalia (Angola)     42
Kribi (Cameroon)     43
Sable (South Africa)     43
White Rose (Canada)     43
Bijupira/Salema (Brazil)     44
Albacora Leste (Brazil)     44
Medusa (Gulf of Mexico)     44
Devil's Tower (Gulf of Mexico)     44
Na Kika (Gulf of Mexico)     44
Peng Lai (China)     45
Panyu (China)     45
West Seno (Indonesia)     45
Belanak (Indonesia)     45
PM-3 (Malaysia)     46
Bongkot FSO vessel (Thailand)     46

3.     Floating Systems on Order     46
Isis FPSO vessel (Tunisia)     46
Erha FPSO vessel (Nigeria)     47
Espoir FPSO vessel (Ivory Coast)     47
Barracuda/Caratinga FPSO vessel (Brazil)     47
Crazy Horse complex production semi and spars (Gulf of Mexico)     48
Boomvang and Nansen production spars (Gulf of Mexico)     48
Horn Mountain production spar (Gulf of Mexico)     49
Brutus TLP (Gulf of Mexico)     49
Typhoon mini-TLP (Gulf of Mexico)     49
Terra Nova FPSO vessel (Canada)     49
Langsa FPSO vessel (Indonesia)     49
Legendre MOPU and FSO vessel (Australia)     49
Leadon FPSO vessel (U.K.)     50
Glitne FPSO vessel (Norway)     50
Speculative FPSO vessel     50

4.     Systems Recently Completed     51
P-40 production semi and P-38 FSO vessel (Brazil)     51
Bach Ho FSO vessel (Vietnam)     51

5.     Existing Systems     52
Ceiba FPSO vessel (Equatorial Guinea)     52
Obe FPSO vessel (Nigeria)     52
Roncador P-36 production semi (Brazil)     53
Espadarte FPSO vessel (Brazil)     53
Lufeng FPSO vessel (China)     53
Morpeth mini-TLP (Gulf of Mexico)     53
Ursa TLP (Gulf of Mexico)     53
Banff FPSO vessel (U.K.)     53
Yme FSO vessel (Norway)     54
Captain FPSO vessel (U.K.)     54
Rang Dong FPSO vessel (Vietnam)     54
Nang Nuan B FPSO vessel (Thailand)     55
Laminaria FPSO vessel (Australia)     55
Buffalo FPSO vessel (Australia)     55

III.     UNDERLYING MARKET DRIVERS

1.     Long Term Global Oil Forecasts Continue to Call for 2.1 to 2.6% Annual Growth     57
2.     Producers Have Successfully (to Date) Managed Oil Prices     58
3.     Oil Prices Are Expected to Remain Above $20 Per Barrel     59
4.     Natural Gas Prices Have Literally Gone Through the Roof     59
5.     E&P Spending Is on the Rise     61
6.     But a Hard Landing in the U.S. Economy Could Slam on the Brakes     63
7.     Assuming No Hard Landing, We Continue to See 65 to 86 New Floaters Over the Next Five Years     64
8.     The Current Ordering Rate is Consistent with Our Forecast     64

IV.    TECHNOLOGY AND COMPANIES

1.     Front End Engineering Firms Active In Floater Projects Have Been Recent Acquisition Targets     65
2.     There Has Also Been Interest in Acquiring Floating Production Contractors     66
3.     Oil Company Mergers Continue to Divert Attention from Upstream Development Decisions     66
4.     Chevron to Fund Gas to Liquids Projects in Nigeria     67
5.     Shell to Use Heated Pipe-In-Pipe Flowlines in Deepwater Gulf Of Mexico     67
6.     Maritrans Calls It Quits on Gulf of Mexico Shuttle Tankers     68
7.     Floater Start-Ups Send Petrobras Past 1.5 Million Barrel Oil Production     68

 




International Maritime Associates, Inc.

Washington, DC  USA