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Floating Production Systems
March 2004 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      22

Production and Storage Systems Installed Since September 1996     23

Floaters Now on Order      27

Floating Production Projects Planned or Under Study      41

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       53

Block 31 (Angola)     53

Kuda Tasi/Jahal (Australia)     53

Gjoa (Norway)     53

Crawford (U.K.)     54

Hornet (Gulf of Mexico)     54

Cascade (Gulf of Mexico)      54

Chinook (Gulf of Mexico)      54

Deimos (Gulf of Mexico)     55

Neptune (Gulf of Mexico)      55

St. Malo (Gulf of Mexico)      55

Myrtle Beach (Gulf of Mexico)      55

Blind Faith (Gulf of Mexico)      55

Krishna-Godavari (India)      56

Gehem (Indonesia)      56

Gumusut (Malaysia)      56

 

2. Projects in the Final Design or Bidding Stage        56

Akpo (Nigeria)      56

Block 15 (Angola)      57

Negage (Angola)      57

Usan/Ukot (Nigeria)      57

OPL 98 (Nigeria)      57

Agbami (Nigeria)      58

Chinguetti (Mauritania)     58

Stybarrow (Australia)      58

Montara (Australia)      59

Maari (New Zealand)      59

Tui (New Zealand)      59

BES-100 (Brazil)      59

Marlim Sul P-51 (Brazil)      60

Marlim Leste P-53 (Brazil)      60

Roncador P-54 (Brazil)      60

Merganser/Vortex (Gulf of Mexico)      60

Tahiti (Gulf of Mexico)      61

Volve (Norway)      61

Alvheim FPSO vessel (Norway)      62

Bombay Basin (India)      62

Jasmine (Thailand)      62

Kikeh (Malaysia)      62

 

3.  New Orders and Relocations       62

Plutonio FPSO vessel (Angola)      63

Constitution production spar(Gulf of Mexico)      63

Okwori FPSO vessel (Nigeria)     63

Xijiang FPSO vessel (China)      64

Bourbon Opale well test vessel (Gulf of Mexico)      64

Panna Mukta FSO vessel (India)      64


4.  Systems On Order       65

Enfield FPSO vessel (Australia)      65

Mutineer/Exeter FPSO vessel (Australia)      65

Thunder Horse production semi (Australia)     65

Mad Dog production spar (Gulf of Mexico)      65

Holstein production spar (Gulf of Mexico)      65

 

5. Systems Recently Completed       66

Kizomba A wellhead TLP (Angola)      66

Xikomba FPSO vessel (Angola)      66

Lukut FPSO vessel (Malaysia)      66

Marco Polo TLP (Gulf of Mexico)      66

PM-3 FSO vessel (Malaysia)      67

 

6. Existing Systems    67

Woollybutt FPSO vessel (Australia)      67

Varg FPSO vessel (Norway)      67

Glitne FPSO vessel (Norway)      67

Isis FPSO vessel (Tunisia)      67

Qinhuangdao FPSO vessel (China)      67

Dai Hung production semi (Vietnam)      68

Su Tu Den FPSO vessel (Vietnam)      68

 

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Global Oil Demand Has Been Very Strong      69

2.          OPEC Producers Continue to Manage Output      69

3.          Oil Prices Have Soared to the Upper $30s     71

4.          Natural Gas Prices Have Also Been Very Strong    72

5.          Deepwater Offshore E&P Spending in 2004 to Increase      72

6.          $2.2 Trillion to be Invested in Oil E&P through 2030 --- with Offshore Taking a Big Share      73

7.          Rig Activity Not Yet Responded to Higher E&P Spending --- But There are Signs of Improvement      73

8.          Recent Orders for Floating Production Systems Continue to be Below the 7 Year Average      75

 

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1.          Summary of the Available Five Year Market      77

2.          FPSO Vessels     78

3.          Production Semis      83

4.          Tension Leg Platform Orders      87

5.          Production Spars      90

6.          All Production Floaters      93

7.          How Does This Forecast Compare With Last Year's      94


V.     COMPANIES AND TECHNOLOGY

 

1.          Redeployment of FPSOs      97

2.          Lease vs. Ownership of Production Floaters      99

3.          New vs. Converted Hulls for FPSOs     100

4.          Floating Storage and Regasification Units    102