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Floating Production Systems
March 2006 Report

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector        

Recent Orders and Deliveries    

What's Now Being Built         

Trend in Order Backlog          

Current Fabrication and Conversion Activity         

Floaters Planned or Under Study    


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

Inventory of Floating Production Systems     

Inventory of Floating Storage Systems     

Production and Storage Systems Installed Since September 1996    

Floaters Now on Order     

Floating Production Projects Planned or Under Study     

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       

Block 32 (Angola)    

Obo (Nigeria)     

Bolia (Nigeria)    

Azurite Marine (Congo)    

Montara (Australia)    

Papa Terra (Brazil)     

BS-4 (Brazil)     

BS-500 (Brazil)    

Claymore (Gulf of Mexico)     

Knotty Head (Gulf of Mexico)     

Pathfinder (Gulf of Mexico)     

Bigfoot (Gulf of Mexico)     

Telemark (Gulf of Mexico)     

Typhoon (Gulf of Mexico)     

Cabrillo Port (U.S. West Coast)     

Broadwater Energy (U.S. East Coast)     

Electricite du Liban (Lebanon)     

LNG Toscana (Italy)     

Cyprus GTP (Cyprus)     

Goliath (Norway)     

Donan (U.K.)     

Huizhou 25-4 (China)     

Bukit Tua (Indonesia)     

Block G (Malaysia)     

Bunga Orkid-Pakma (Malaysia/Vietnam)     

Su Tu Vang (Vietnam)     

 

2. Projects in the Final Design or Bidding Stage       

Jimbao (Angola)    

Block 31 (Angola)     

Olowi (Gabon)    

OML 122 (Nigeria)    

Bonga Southwest (Nigeria)    

Tombua/Landana (Angola)     

Pyrenees (Australia)     

Jubarte (Brazil)    

Chinook (Brazil)    

Frade (Brazil)    

Membro Siri (Brazil)    

Ettrick (U.K.)    

Yme (Norway)    

Gjoa (Norway)    

Galoc (Philippines)    

Jeruk (Indonesia)    

Terang-Sirasun-Batur (Indonesia)    

Song Doc (Vietnam)    

Dragon (Vietnam)    

Rang Dong (Vietnam)    

 

3. New Orders       

Kizomba C1 and C2 FPSO vessel (Angola)    

Stybarrow FPSO vessel (Australia)     

Tui FPSO vessel (New Zealand)    

Maari FPSO vessel (New Zealand)    

Sevan No. 3 SSP FPSO (TBD)    

LNG regasification facility (TBD)     

Chevron EPS Barge (Nigeria)     

Jabung FSO vessel (Indonesia)     

Cendor FSO vessel (Malaysia)     

Abu FSO vessel (Malaysia)     

  

4. Redeployments       

Golfinho FPSO vessel (Brazil)    

Oudna FPSO vessel (Tunisia)     

Bombay High FPSO vessel (India)    

 

5. Systems On Order       

Akpo FPSO vessel (Nigeria)    

Puffin FPSO vessel (Australia)     

Marlim Leste FPSO vessel (Brazil)    

Albacore Leste FPSO vessel (Brazil)    

Marlim Sul production semi (Brazil)    

Roncador production semi (Brazil)    

Roncador FPSO vessel (Brazil)    

KuMaZa FPSO vessel (Mexico)    

Alvheim FPSO vessel (Norway)    

  

6. Systems Recently Completed       

Erha FPSO vessel (Nigeria)    

Chinguetti FPSO vessel (Mauritania)     

Gomez production semi (Gulf of Mexico)      

Constitution production spar (Gulf of Mexico)      

Corocoro FSO vessel (Venezuela)      

  

7. Existing Systems       

EA FPSO vessel (Nigeria)    

Ceiba FPSO vessel (Equatorial Guinea)     

Laminaria FPSO vessel (Australia)      

Aquila FPSO vessel (Italy)      

Al Zaafarana FPSO vessel (Egypt)      

Visund production semi (Norway)      

Heidrun TLP (Norway)      

Varg FPSO vessel (Norway)      

Balmoral production semi (U.K.)      

  

8. Sale and Decommissioning       

Ruby FPSO vessel (Vietnam)    

Maui B FPSO vessel (New Zealand)     

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Global Oil Demand Continues to Grow     

2.          World Oil Supply Remains Tight     

3.          Oil and Natural Gas Futures Prices Send Bullish Message    

4.          E&P Activity Expanding at a Robust Rate   

5.          Rig Utilization and Day Rates Very Strong     

6.          Production Floater Orders Continue Above Average     

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1. Summary of the Available Five Year Market       

 

2. FPSO Vessels       

Why FPSOS?    

Five year ordering history     

Outlook for FPSO projects    

Is the outlook reasonable?    

Forecast of FPSO orders    

Future role of redployments     

Composition of future FPSO orders     

Projected capex for FPSOs    

 

3. Production Semis       

Why production semis?    

Five year ordering history     

Future production semi requirements    

Potential redeployment of production semis    

Heavy vs. light deckload units    

Production semi capex projection     

  

4. Tension Leg Platforms       

Why TLPs?    

Five year ordering history     

Outlook for TLP contracts    

Composition of future orders    

Projected TLP capex    

 

5. Production Spars       

Why spars?    

Five year ordering history     

Outlook for spar contracts    

Composition of spar orders    

Projected capex for spar contracts    

  

6. Floating Storage Systems       

Five year ordering history    

Future FSO contracts     

Projected FSO capex    

 

V.     COMPANIES AND TECHNOLOGY

 

1.          Profile of FPSO Lease Termination     

2.          Recent FPSO and FSO Lease and O&M Day Rates     

3.          Operators Acquiring Tankers for FPSO Conversion    

4.          Several Joint Ventures to Pursue Floater Contracts   

5.          U.S. Gulf Coast Floater Fabrication Yards Combine     

6.          Cylindrical FPSOs Continue to Attract Interest

7.          Nigerian Policies Plus Unrest Cause Concern