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Floating Production Systems
October 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

Current Fabrication and Conversion Activity          3

Floaters Planned or Under Study     3


2. Details for Floaters in Operation, On Order or Planned        5

Inventory of Floating Production Systems      6

Inventory of Floating Storage Systems      21

Production and Storage Systems Installed Since September 1996     22

Floaters Now on Order      26

Floating Production Projects Planned or Under Study      38

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       47

Block 14 (Angola)     47

Block 31 (Angola)     47

OPL 98 (Nigeria)     47

OPL 249 (Nigeria)     48

Vincent (Australia)     48

BES-100 (Brazil)      48

April BS-400 (Brazil)      48

Cavalo Marinho (Brazil)     48

Marlim Sul 3 (Brazil)      49

Roncador 3 (Brazil)      49

Weizhou (China)      49

Merganser/Vortex (Gulf of Mexico)      49

Chinook (Gulf of Mexico)      50

Neptune (Gulf of Mexico)      50

Champlain (Gulf of Mexico)      50

Southern Alaminos Canyon (Gulf of Mexico)      50

Shiloh (Gulf of Mexico)      52

Sturgis (Gulf of Mexico)      52

Cabrillo Port (California)      52

Gehem (Indonesia)    53

Merah Besar (Indonesia)      53

North Belut (Indonesia)    53

 

2. Projects in the Final Design or Bidding Stage        53

Block 15 (Angola)      54

Block 18 (Angola)      54

Moho/Bilondo (Congo)      54

Block G (Equatorial Guinea)      54

Agbami (Nigeria)      55

Usan/Ukot (Nigeria)      55

Akpo (Nigeria)     55

Okwori (Nigeria)      56

Chinguetti (Mauritania)      56

Kuda Tasi/Jahal (Australia)      56

Stybarrow (Australia)      57

Marlim Sul 2 (Brazil)      57

Roncador P-54 (Brazil)      58

Frade (Brazil)      58

Marlim Leste (Brazil)      58

Tahiti (Gulf of Mexico)      58

Constitution (Gulf of Mexico)      58

Peng Lai 2 (China)      59

Kikeh (Malaysia)      59

 

3.  New Orders and Relocations       59

Baobab FPSO vessel (Cote d'Ivoire)      59

Mutineer/Exeter (Australia)      60

Roncador P-52 production semi (Brazil)     60

Bonan FPSO vessel (China)      61

Plamuk FSO vessel (Thailand)      61


4.  Systems On Order       61

Bonga FPSO vessel (Nigeria)      61

Kizomba A FPSO vessel (Angola)      62

Dalia FPSO vessel (Angola)     62

Barracuda/Caratinga FPSO vessels (Brazil)      62

Albacora Leste FPSO vessel (Brazil)      62

 

5. Systems Recently Completed       62

Bayu/Undan LPG FSO vessel (Australia)      63

Kribi FSO vessel (Cameroon)      63

Panyu FPSO vessel (China)      63

Gunnison production spar (Gulf of Mexico)      63

Devil's Tower production spar (Gulf of Mexico)      63

Su Tu Den FPSO vessel (Vietnam)      64

 

6. Existing Systems    64

Woollybutt FPSO vessel (Australia)      64

Roncador FPSO vessel (Brazil)      64

Pierce FPSO vessel (U.K.)      64

Sakhalin FSO vessel (Russia)      64

 

 

III.     UNDERLYING MARKET DRIVERS

 

1.          World Demand for Oil Continues to Grow      65

2.          Supply and Demand have Remained in Balance      66

3.          Oil and Gas Prices Have Remained Strong     67

4.          Outlook for Offshore E&D Favorable    69

5.          Floater Order Intake Impacted by Project Delays      70

6.          How's Our Long Term Forecast of Floater Orders Doing?      72

 

IV.    COMPANIES AND TECHNOLOGY

 

1.          Fred. Olsen Sells Its Floating Production Operations      73

2.          Crystal Production Sells Its Two FPSOs     73

3.          Shuttle Tanker Offloading Terminal Planned in the Gulf of Mexico      73

4.          Options for Monetizing Associated Gas on Deepwater Projects      74