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Floating Production Systems

March 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     9
4.     Shipyards Currently Building or Converting Floaters     11
5.     Floating Productions Systems Planned or Being Studied     12

II.     UNDERLYING MARKET DRIVERS

1.     What Caused the Downturn in the Offshore Market?     21
2.     What's Happening to Oil Prices?     25
3.     Why Have the Oil Producers Been Unable to Control Prices?     27
4.     Are Underlying Conditions Improving?     28
5.     The Long Term Fundamentals     31
6.     Saudi Arabia Not Interested in Upstream Development by Foreign Oil Companies     32
7.     How We See Things Unfolding in the Near Term     32

III.     RECENT DEVELOPMENTS

1.     Projects in the Planning or Design Stage     35
         Brutus (Gulf of Mexico)     35
         Nakika (Gulf of Mexico)     35
         Sunday Silence (Gulf of Mexico)     35
         Typhoon (Gulf of Mexico)     36
         Fuji (Gulf of Mexico)     36
         Leo (Gulf of Mexico)     36
         West Seno (Indonesia)     36
         Malampaya (Philippines)     36
         Kvitebjorn (Norway)     37
         Bonga (Nigeria)     37
         Dalia (Angola)     37
         Blocks 31, 32 and 33 (Angola)     37
         Okwori (Nigeria)     37
         Agbami (Nigeria)     38

2.     Floating Systems on Order     38
         Espadarte FPSO Vessel (Brazil)     38
         Isis FPSO Vessel (Tunisia)     38
         Bijupira/Salema FPSO Vessel (Brazil)     39
         Snorre B Production Semisubmersible (Norway)     39
         P-47 FSO Vessel (Brazil)     39
         Ursa TLP (Gulf of Mexico)     39
         Marlin TLP (Gulf of Mexico)     39
         Ross/Parry FPSO Vessel (U.K.)     40
         Masa FPSO Vessel (Malaysia)     40
         Balder FPSO Vessel (U.K.)     40
         Terra Nova FPSO Vessel (Newfoundland)     40
         Triton FPSO Vessel (North Sea)     40
         Laminaria FPSO Vessel (Australia     40
         Kuito FPSO Vessel (Angola)     40
         Girassol FPSO Vessel (Angola)     41
         Benchamas FSO Vessel (Thailand)     41
         Yetagun FSO Vessel (Myanmar)     41
         Troll C Production Semisubmersible (Norway)     41
         Speculative FPSO Vessel     42
3.     Systems Recently Installed     42
         Åsgard A FPSO Vessel (Norway)     42
         OPL FPSO Vessel (Nigeria)     42
         Janice Production Semisubmersible (U.K.)     43
         Banff FPSO Vessel (U.K.)     43
         Pierce FPSO Vessel (U.K.)     43
         Genesis Production Spar (Gulf of Mexico)     44
         Seillean FPSO Vessel (Brazil)     44
         P-33 and P-35 FPSO Vessels (Brazil)     44
         Schiehallion FPSO Vessel (U.K.)     45
         Varg FPSO Vessel (Norway)     45
         Visund Production Semisubmersible (Norway)     45
         Ruby FPSO Vessel (Vietnam)     46

4.     Older Systems     46
         Tazerka FPSO Vessel (Tunisia)     46
         Cossack Pioneer FPSO Vessel (Australia)     46
         Captain FPSO Vessel (U.K.)     46
         Cohasset FSO Vessel (Halifax)     47
5.     Contract Extensions and Changes     47
         Dai Hung Production Semisubmersible (Vietnam)     47
         FPSO II (Brazil)     47
         Fulmar FSO Vessel (Speculative)     47

IV.     TECHNOLOGY AND COMPANIES

1.     Role of Various Production Systems     49
2.     Limitations of Large TLPs     49
3.     Selection of Subsea vs. Non-subsea Solutions     53
4.     Petrobras     43
5.     Samsung     54
6.     Kvaerner LNG FPSO     54
7.     Shuttle Tanker Incidents     54
8.     Navion     55
9.     MODEC/FMC     55
10.   TDI-Halter/ABB/Heerema     55
11.    Spirit Energy 76     55