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Floating Production Systems
March 2010 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         

Floater Projects 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     

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       

Windjammer (Mozambique)    

Owowo (Nigeria)     

Dzatz (Ghana)    

Turquoise Marine (Congo)    

Odum (Ghana)    

Sunrise (Australia)     

BMG Phase 2 (Australia)     

Tupi Complex (Brazil)    

Waimea (Brazil)     

Wahoo (Brazil)     

Lucius (Gulf of Mexico)     

Tembo (Gulf of Mexico)     

Vito (Gulf of Mexico)     

Broadwater/Other LNG (U.S.)     

Arous Al-Bahar (Libya)     

Bouri (Libya)     

Elsa (Italy)     

Hai Thach (Vietnam)     

 

2. Projects in the Final Design or Bidding Stage       

Ebok (Nigeria)    

Rio del Rey (Cameroon)     

Pre-Salt Gas (Brazil)    

Sidon/Tiro (Brazil)    

Bigfoot (Gulf of Mexico)    

Cosmos (Libya)     

Bentley (U.K.)     

Shtokman (Russia)    

West Java (Indonesia)    

Erawan (Thailand)    

Dong Do/Thang Long (Vietnam)    

    

3. New Orders       

Baleia Azul FPSO (Brazil)    

Guara FPSO (Brazil)    

P 58 FPSO (Brazil)    

P 62 FPSO (Brazil)    

Kitan FPSO (Australia)    

Aquila FPSO (Italy)    

Athena FPSO (U.K.)    

Goliat FPSO (Norway)    

Tindalo FSO (Philippines)    

Bua Ban FSO (Thailand)    

Huizhou FPSO (China)    

Ebok MOPU/FSO (Nigeria)    

BG India FSO (India)    

  

4. Systems On Order       

Jubilee FPSO (Ghana)    

OSX 1 FPSO (Brazil)     

Papa Terra FPSO (Brazil)    

Al Shaheen FSO #2 (Qatar)    

Chim Sao FPSO (Vietnam)    

FlexLNG FLNGs (Speculative)    

 

5. Systems Recently Completed       

Urugua/Tambau FPSO (Brazil)    

Cachalote/Baleia Franca FPSO (Brazil)     

Phoenix FPU (Gulf of Mexico)      

Cascade FPSO (Gulf of Mexico)      

Perdido Host production spar (Gulf of Mexico) 

Gjoa production semi (Norway)

Al Rayyan FSO (Qatar)

GNL Mejillones FSO (Chile)

Block 12W FSO (Vietnam)


6. Existing Systems       

Amenam FSO (Nigeria)    

Golfinho FPSO (Brazil)     

West Don production semi (U.K.)      

Jotun FPSO (Norway)      

PY-3 FSO (India)      
 

7. Decommissioning       

Modec Venture 1 FPSO    

Ocean Producer FPSO    

Jamestown FPSO    

San Jacinto FPSO    

Rang Dong 1 FPSO    

Knock Nevis FSO     

 

III.     UNDERLYING MARKET DRIVERS

 

1. Global Demand and Supply       

IEA Projects Global Oil Demand to Grow 1.8 Percent in 2010    

But Oil Demand Growth Depends on Global Economic Rebound     

World Oil Production Continues to Grow     

      

2. Oil and Gas Prices       

Oil Prices Have Been Hovering Around $80    

Natural Gas Prices Continue to be Soft     


3. Upstream Activity       

Upstream Spending on Oil and Gas Projects Remain Strong    

Deepwater Drilling Strong, Though Some Softening Noted     

Production Floater Orders Recently Above Long Term Average     

    

IV.    FORECAST OF FLOATER REQUIREMENTS

 

1. Summary of the Available Five Year Market       

 

2. FPSOs       

Units in Operation    

Pros and Cons     

Order History     

Future FPSO Projects    

Future 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    

 

V.     TECHNOLOGY AND COMPANIES

 

1. Floating Production Technology       

Average Water Depth of Floater Projects Continues to Increase    

Floating Liquefaction Initiatives Gaining Momentum     

Feasibilty of GTL Plant to Monetize Gas on FPSO to be Tested     

Meanwhile, CNG Concepts Meeting Market Resistance     

      

2. Company and Industry Developments       

Petrobras Targeting 71 Percent Local Content by 2013    

FPSO Market Draws Investment Interest     

Lease Sale Indicates Revived, But Subdued Interest in Gulf of Mexico