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Floating Production Systems
February 2003 Report

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector         1

Recent Orders and Deliveries     1

What's Now Being Built          1

Trend in Order Backlog           2

Where Units are Being Built          2

Floaters Planned or Under Study     3


2. Details for Floaters in Operation, On Order or Planned        6

Floating Production Systems Now Operating or Available      6

Inventory of Floating Storage Systems      21

Production and Storage Systems Installed Since September 1996     22

Floaters Now on Order      25

Floating Production Projects Planned or Under Study      39

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       49

Block 14 (Angola)     49

Kizomba C and D (Angola)     49

Block 24 (Angola)    50

Block 31 (Angola)    50

Block 4 (Benin)      50

Coco Marine (Cameroon)      50

Nnwa/Doro (Nigeria)      51

Aje (Nigeria)     51

Chinguetti (Mauritania)      51

Wigmore (Australia)      51

Crux (Australia)      51

Mutineer/Exeter (Australia)      52

Whitetail (Australia)      52

Strumbo (Australia)      52

Sunrise (Australia)      52

Maari (New Zealand)      52

Tui (New Zealand)      53

BC-10 (Brazil)      53

BC-60 Jubarte (Brazil)      53

BC-200 (Brazil)    53

Frade (Brazil)      53

Marlim Leste (Brazil)    54

Liaodong (China)      54

Angostura (Trinidad)      54

Marjun (U.K.)      54

Skarv (Norway)      55

Goliath (Norway)      55

Volve (Norway)      55

Shtokmanovskoye (Russia)      55

Hornet (Gulf of Mexico)    56

K2 (Gulf of Mexico)      56

Neptune/Shenzi (Gulf of Mexico )    56

Trident (Gulf of Mexico)      56

Great White (Gulf of Mexico)      56

Vortex (Gulf of Mexico)      57

Merganser (Gulf of Mexico)      57

Tahiti (Gulf of Mexico)      57

Champlain (Gulf of Mexico)      57

Witch (Gulf of Mexico)    57

Thunder Horse North (Gulf of Mexico)      58

Komodo (Gulf of Mexico )    58

AT 70 (Gulf of Mexico)      58

WR 469 (Gulf of Mexico )    58

DeSoto Canyon (Gulf of Mexico)      58

Xijiang (China)      59

West Bassein (India)      59

Krishna Godavari Basin (India)      59

Sado (Japan)      59

Terang/Sirasun (Indonesia)      59

Gendalo/Gandang (Indonesia)    60

Kikeh (Malaysia)      60

Maliwan/North Jarmjuree (Thailand)    60

Bao Gan/Bao Vang (Vietnam)    60

 

2. Projects in the Final Design or Bidding Stage        61

Block 18 (Angola)      61

Block 17 (Angola)      61

Moho/Bilondo (Congo)      62

Block G (Equatorial Guinea)      62

Baobab (Ivory Coast)      62

Okwori (Nigeria)      63

Agbami (Nigeria)     63

Akpo (Nigeria)      63

Enfield/Laverda/Vincent (Australia)      64

Marlim Sul (Brazil)      64

Roncador (Brazil)      65

Corocoro (Venezuela)      65

Peng Lai Phase 2 (China)      65

Belanak (Indonesia)      65

 

3.  New Orders and Relocations       66

Kizomba B FPSO vessel (Angola)      66

Erha FPSO vessel (Nigeria)      66

Marlim Sul FPSO-X vessel (Brazil)     66

Marlim Sul P-47 FPSO vessel (Brazil)      67

Red Hawk cell spar (Gulf of Mexico)      67

Magnolia TLP (Gulf of Mexico)      67

Bozhong FPSO vessel (China)      67

Huizhou FPSO vessel (China)     68

Caofeidian FPSO vessel (China)      68

Lukut FPSO vessel (Malaysia)      68

Ardmore MOPU (U.K.)      68

Kristin production semi (Norway)      69

Yoho FSO vessel (Nigeria)     69

West Patricia FSO vessel (Indonesia)      69

Cinta FSSO vessel (Indonesia)      70

 

4. Units Under Construction       70

Kizomba A wellhead TLP (Angola)      70

Bonga FPSO vessel (Nigeria)      70

Sable FPSO vessel (South Africa)      70

Matterhorn TLP (Gulf of Mexico)      71

Medusa production spar (Gulf of Mexico)      71

 

5. Systems Recently Completed    71

Abo FPSO vessel (Nigeria)      71

Etame FPSO vessel (Gabon)      71

Yoho FPSO vessel (Nigeria)      71

EA FPSO vessel (Nigeria)      72

NC-137 FPSO vessel (Libya)      72

Woollybutt FPSO vessel (Australia)      72

Roncador FPSO vessel (Brazil)      72

Peng Lai FPSO vessel (China)      72

Horn Mountain production spar (Gulf of Mexico)      73

West Seno TLP and production barge (Indonesia)      73

Amenam/Kpono FSO vessel (Nigeria)      73

Bongkot FSO vessel (Thailand)      73

 

6. Existing Systems        74

Kuito FPSO vessel (Angola)      74

P-34 FPSO vessel (Brazil)      74

Marlim Sul FPSO vessel (Brazil)      74

Lufeng FPSO vessel (China)      74

Aquila FPSO vessel (Italy)      74

Prince TLP (Gulf of Mexico)      74

Leadon FPSO vessel (U.K.)      75

Ex-Hutton TLP (U.K.)      75

Sakhalin FSO vessel (Russia)      75

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Underlying Demand for Energy Continues to Grow      77

2.          OPEC Has Been Producing Beyond Agreed Quotas      78

3.          But Despite Over Production the Market has been Tightening     79

4.          Oil and Gas Prices are Projected to Remain Strong    80

5.          Offshore E&P Activity Shows Signs of Rebound      82

6.          Long Term Prospects for Deepwater E&P Continue to be Bullish      82

7.          Floater Order Intake Since August Has Been Strong     83

 

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1.          Summary of the Available Five Year Market      85

2.          FPSO Vessels     87

3.          Production Semis      91

4.          Tension Leg Platforms      93

5.          Production Spars      95

6.          How Does this Forecast Compare With Last Years's     97

 

V.   TECHNOLOGY AND COMPANIES

 

1.          Anchoring Systems for Deepwater Floaters      99

2.          New Concepts for Production Floaters     102

3.          Waiver to the Jones Act for Shuttle Tankers      103

4.          Some Ownership Changes have Occurred     104