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Floating Production Systems
July 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          2

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      40

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       55

Block 31 (Angola)     55

Block 32 (Angola)     55

Avouma (Gabon)     55

Tiof (Mauritania)     55

Negele (Nigeria)     56

Talbot (Australia)      56

Crux (Australia)      56

Ravensworth/Crosby (Australia)     56

Neptune (Gulf of Mexico)      57

St. Malo (Gulf of Mexico)      57

Blind Faith (Gulf of Mexico)      57

Skarv (Norway)      57

Cendor (Malaysia)      57

 

2. Projects in the Final Design or Bidding Stage        58

Kizomba C and D (Angola)      58

OPL 98 (Nigeria)      58

Moho/Bilondo (Congo)      58

Block G (Equatorial Guinea)      59

Agbami (Nigeria)      59

Akpo (Nigeria)      59

Usan/Ukot (Nigeria)     59

Marlim Leste (Brazil)      60

Golfinho (Brazil)      60

Frade (Brazil)      60

Jubarte (Brazil)      60

Early Production System (Brazil)      61

Tahiti (Gulf of Mexico)      61

Merganser/Vortex (Gulf of Mexico)      61

Volve (Norway)      61

Alvheim (Norway)      62

Peng Lai (China)      62

West Seno (Indonesia)      62

Belanak (Indonesia)      62

Banyu Urip (Indonesia)      63

Kikeh (Malaysia)      63

 

3.  New Orders and Relocations       63

Roncador P 54 FPSO vessel (Brazil)      63

Marlim Sul P 51 production semi (Brazil)      63

Chinguetti FPSO vessel (Mauritania)     64

Modec Speculative FPSO vessel      64

Al Shaheen FSO vessel (Qatar)      64


4.  Systems On Order       65

Bonga FPSO vessel (Nigeria)      65

Barracuda/Caratinga FPSO vessels (Brazil)      65

Albacora Leste P 50 FPSO vessel (Brazil)     65

 

5. Systems Recently Completed       65

Marlim Sul FPSO vessel (Brazil)      65

Front Runner production spar (Gulf of Mexico)      66

Holstein production spar (Gulf of Mexico)      66

Red Hawk production spar (Gulf of Mexico)      66

Caofeidian FPSO vessel (China)      66

Okono FPSO vessel (Nigeria)      66

Yoho FSO vessel (Nigeria)      66

 

6. Existing Systems    66

Espoir FPSO vessel (Cote d'Ivoire)      67

Buffalo FPSO vessel (Australia)      67

P 31 FPSO vessel (Brazil)      67

Auger TLP (Gulf of Mexico)      67

Marco Polo TLP (Gulf of Mexico)      67

Varg FPSO vessel (Norway)      67

Norne FPSO vessel (Norway)      68

Banff FPSO vessel (U.K.)      68

Lufeng FPSO vessel (China)      68

 

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Global Oil Demand is Very Strong      69

2.          Supply/Demand Balance Raising Concern      69

3.          Crude has Soared Above $40 per Barrel     70

4.          Upstream Spending is on the Rise    72

5.          Rig Activity is Expected to Grow      72

6.          But Recent Orders for Production Floaters has Remained Below Average      74

 

IV.    COMPANIES AND TECHNOLOGY

 

1.          DP FPSOs Promoted for Marginal Field Development      77

2.          Comparative Storage/Production Ratios in FPSOs     78

3.          Petrobas Again Opts for DICAS Mooring      78

4.          EPC Floater Contracts Continue to Take Their Toll      79

5.          Nigerian Cabotage Law Adds to Problems in Nigeria      80