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Floating Production Systems

August 1999 Report

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

1.     Floating Productions Systems Now in Operation     3
2.     Systems Installed Since September 1996     7
3.     Floating Systems Now on Order     10
4.     Where Floaters are Currently Being Built or Converted     11
5.     Floating Productions Systems Planned or Being Studied     14

II.     UNDERLYING MARKET DRIVERS

1.     World Economy Recovering as Asia Turmoil Recedes     23
2.     Growth in Crude Demand Rebounding     25
3.     Major Producers are Adhering to Agreed Cutbacks in Oil Production     27
4.     Scene Is Set for Excess Stocks to be Drawn Down in the 2nd Half     28
5.     Spot Oil Prices Have Returned to Fall 1997 Levels     29
6.     Recent Developments Are Beginning to Impact E&D     30
7.     What Are the Threats to the Current Recovery?      31
8.     Is The Rise in the Price of Crude Sustainable Over the Long Term?     32

III.     FORECAST OF REQUIREMENTS FOR FLOATING PRODUCTION SYSTEMS

1.     Summary of Available Market Through 2005     37
2.     FPSO Vessels     38
3.     Production Semis     41
4.     Tension Leg Platforms     44
5.     Production Spars     46

IV.     RECENT DEVELOPMENTS

1.     Projects in the Planning or Design Stage     49
Block 15 (Angola)     49
Tulipa (Angola)     49
Espoir (Ivory Coast)     49
Bonga (Nigeria)     50
Amenam/Kpono (Nigeria)     50
Crazy Horse (Gulf of Mexico)     50
Mad Dog, Holstein, Atlantis (Gulf of Mexico)     50
Boomvang (Gulf of Mexico)     50
Llano (Gulf of Mexico)     51
King (Gulf of Mexico)     51
Nakika (Gulf of Mexico)     51
White Rose (Newfoundland)     51
Barracuda (Brazil)     51
Caratinga (Brazil)     52
Sogn (Norway)     52
Kristin (Norway)     53
Qinhuangdao (China)     53
Wenchang (China)     53
Janaka (Indonesia)     53
NC-137 (Libya)     54

  2.     Floating Systems on Order     54
Girassol FPSO vessel (Angola)     54
Kuito FPSO vessel (Angola)     54
Brutus TLP (Gulf of Mexico)     55
Sunday Silence mini-TLP (Gulf of Mexico)     55
Hoover/Diana production spar (Gulf of Mexico)     56
Terra Nova FPSO vessel (Canada)     56
Bijupira/Salema P-45 FPSO vessel (Brazil)     56
Espadarte FPSO vessel (Brazil)     57
Roncador P-36 production semisubmersible (Brazil)     57
Balder FPSO vessel (Norway)     57
Åsgard B semisubmersible (Norway)     58
Jotun FPSO vessel (Norway)     58
Laminaria FPSO vessel (Australia)     58
Buffalo FPSO vessel (Australia)     58
Metsovon FSO vessel (Burma)     59

3.     Systems Recently Installed     59
Obe FPSO vessel (Nigeria)     59
Allegheny mini-TLP (Gulf of Mexico)     59
Ursa TLP (Gulf of Mexico)     59
Marlin TLP (Gulf of Mexico)     60
Marlim P-35 FPSO vessel (Brazil)     60
Ross/Parry FPSO vessel (U.K.)     60
Åsgard A FPSO vessel (Norway)     60
Sakhalin FSO vessel (Russia)     60
Perintis FPSO vessel (Malaysia)     61

4.     Existing Systems     61
Fife FPSO vessel (U.K.)     61
Cossack Pioneer FPSO vessel (Australia)     62
Jabiru Venture & Challis Venture FPSO vessels (Australia)     62
Elang/Kakatua FPSO vessel (Australia)     62
Camar Ayu FSO vessel (Indonesia)     63
Tazerka FPSO vessel (ex-Tunisia)     63

5.     Equipment Acquisitions and Contract Changes     63
Berge Charlotte VLCC (Speculative FPSO vessel)     63
Jamestown FPSO vessel (ex-Angola)     63
Varg FPSO vessel (Norway)     64
Dai Hung FPSO vessel (Vietnam)     64

V.     TECHNOLOGY AND COMPANIES

1.     DeepStar     65
2.     Heated Pipelines     66
3.     Buoy Based Production Unit     66
4.     Shell Consolidates Deepwater Operations     67
5.     Petrobras Joint Ventures     67
6.     Statoil to be Partly Privatized     68
7.     M&A Continues in the Offshore Sector     68