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Floating
Production Systems
 April
2009 Report
I.
CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS 1. Overview of the Floater Business
Sector Recent Orders, Deliveries and Relocations
What's Now Being Built
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/Offloading
Systems Production and Storage/Offloading Systems
Installed Since 1996 Floaters Now on Order
Floating Production Projects
Planned or Under Study
1. Projects in the Planning Stage Block O (Equatorial Guinea) Aje (Nigeria) Tweneboa (Ghana) BMG (Australia) Cormorant (Australia) Sunrise (Australia) Azulao (Brazil) Panoramix (Brazil) BM-BAR-3 (Brazil) BM-S-7 (Brazil) El Perdido (Mexico) Cantarell 2 (Mexico) Buckskin (Gulf of Mexico) Bushwick (Gulf of Mexico) Cascade Phase 3 (Gulf of Mexico)
Shenandoah (Gulf of Mexico)
Kitimat FLNG (British Columbia)
Ombrina Mare (Italy) Gioia Tauro (Italy) Rinnes (U.K.) Liwan (China) North Sumatra (Indonesia) Cendor (Malaysia) Abadi (Indonesia) FLNG vessel (speculative)
2. Projects in the Final Design or Bidding Stage Crux (Australia) Ichthys (Australia) Papa Terra (Brazil) Jack/St.Malo (Gulf of Mexico) Goliat (Norway) Shtokman (Russia) Bua Ban (Thailand) Cuu Long Basin (Vietnam) 3. New Orders Soroosh FSU (Iran) 4. Orders Terminated or Delayed EOV (Gabon) Pinauna (Brazil) Roncador P 62 FPSO vessel (Brazil) Telemark 2 MinDOC (Gulf of
Mexico) Malampaya (Philippines)
5. Systems On Order PAJ FPSO (Angola) Cascade/Chinook FPSO (Gulf
of Mexico) Dua/Chim Sao FPSO (Vietnam) LNG Producers #1-4 (Nigeria/PNG/Speculative) MT Arc FPSO (Speculative) Deep Producer 1 FPSO (Speculative) Sevan #4 and #5 (Speculative) 6. Systems Recently Completed Azurite FDPSO(Congo) Olowi FPSO (Gabon) Camarupim FPSO (Brazil) Frade FPSO (Brazil) Tupi EWT FPSO (Brazil) Thunder Hawk production semi
(Gulf of Mexico) Ettrick FPSO (U.K.) Songkhla FSO (Thailand) Song Doc FPSO (Vietnam)
7. Existing Systems Woollybutt FPSO (Australia) Montara FPSO (Australia) Maari FPSO (New Zealand) Gomez production semi (Gulf
of Mexico) Auger TLP (Gulf of Mexico) Constitution spar (Gulf of
Mexico) Al Shaheen FSO (Qatar) MA-D6 FPSO (India) Rang Dong FPSO (Vietnam) Galoc FPSO (Philippines)
1.
Global Oil Demand to Decline 2.8. Percent in 1st Qtr 2009
2.
Demand and Supply Remain Out of Balance
3.
Spot Crude Prices Have Fallen Due to Demand/Supply Imbalance
4.
But the Futures Market Is Indicating $75+ Oil And $7+ Gas
Five Years Out
5.
Deepwater Drilling Activity Has Remained Strong
6.
Drill Rig Deliveries Over The Next Three Years Will Almost Double the Deepwater Rigs in Operation
7.
And Most Major Offshore Operators Plan to Increase or Maintain
E&P Spending --- At Least So Far
8.
Meanwhile, Production Floater Orders Have Evaporated And Some
Past Contracts Have Been Cancelled
9.
Overall the Downturn Appears Temporary and the Long Term Market Outlook Remains Very Strong
1. Summary of the Available Five Year Market 2. FPSO Vessels Units in Operation Pros and Cons Order History Future FPSO Projects Outlook for FPSO Orders Projected Capex for FPSO Orders
3. Production Semis Units in Operation Why Production Semis? Order History Outlook for Production Semi Orders Projected capex for Production
Semi Orders 4. Tension Leg Platforms Units in Operation Pros and Cons Recent TLP Ordering Pace Outlook for Orders Projected Capex for TLP Orders 5. Production Spars Units in Operation Pros and Cons Recent Spar Ordering Pace Outlook for Orders Projected Capex for Spar Orders 6. Floating Storage Systems Units in Operation Recent FSO Ordering Pace Outlook for Orders Projected Capex for FSO Orders
1.
Profile of Production Floaters by Water Depth
2.
Petrobras Five Year Plan Includes $28 Billion for Pre-Salt
Development
3.
Serial Hull Construction in Brazil Will Impact FPSO Redeployment and Hull Conversion Opportunities
4.
Recent GOM Lease Sale Drew Little Interest, But Deepwater Bidding Remained Relatively Strong
5.
Falling Scrap Values Have Impacted FPSO/FSO Operators
6.
Gasol/Teekay Have Developed New Concept for Floating Liquefaction
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