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Deepwater Project News

29 Jul 2020

Webinar: Floating Production Forecasts & Analysis

© Danial / Adobe Stock

A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…

21 Jul 2020

Webinar: Floating Production Forecasts & Analysis

© sedsembak / Adobe Stock

A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis, presented by ABS and World Energy Reports, will be held July 29, 2020, 11 a.m. (EDT). REGISTER HERE.The effects of the COVID-19 crisis and oil supply glut continue to seriously dampen investment appetite in the oil and gas sector…

14 Sep 2017

Wood Group Wins Subsea Contract Supporting CNOOC

UK-based energy services company Wood Group has been awarded a new contract by the China National Offshore Oil Corporation (CNOOC) to support the Lingshui 17-2 gas development in the Qiongdongnan basin of the South China Sea. Subsea and flow assurance services will be provided under the contract, which is effective immediately and will be supported by Wood Group’s offices in Perth, Australia and London. An independent review for the development’s subsea production system design and a special study and design for its gas export pipeline will be delivered. Bob MacDonald, CEO of Wood Group’s Specialist Technical Solutions business, said: “We are ideally positioned to support this significant Asia Pacific development with our global deepwater expertise and broad subsea capabilities.

16 Jun 2017

Exxon, Partners Set $4.4 Bln for Oil Project Offshore Guyana

Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday they would spend $6 billion to develop natural gas reserves off the Indian coast.

28 Feb 2017

Shell Approves New Gulf of Mexico Project

Royal Dutch Shell has given the go-ahead to develop its Kaikias deepwater field in the Gulf of Mexico, the first such project the oil and gas company has approved in 18 months. Oil companies around the world are emerging from one of the longest downturns in recent decades amid warnings that the drop in investment in recent years may lead to a supply deficit by the end of the decade. Shell said the Kaikias oil and gas project, located some 210 kilometres (130 miles) from the Louisiana coast, will start production in 2019 and generate profits with oil prices lower than $40 a barrel after the company slashed its costs by around 50 percent due to simplified design plans. Oil prices were around $56 a barrel on Tuesday.

21 Dec 2016

What’s New in Floating Production? December 2016

© ggw / Adobe Stock

The December WER report examines whether OPEC’s decision to limit crude production will accelerate deepwater project starts over the next 12 to 24 months, given 3 billion barrels of oil stocks in global inventory, 5,000+ drilled-but-uncompleted shale wells in the U.S. ready to be fracked and likelihood that producers will cheat on output quotas. As we discuss in the report, the output cut could stimulate deepwater orders – but with a time lag. We also assess whether Hoegh and Maran’s orders for seven speculative FSRUs (two firm…

08 Jun 2016

Chain Tensioning, Cutting Completed for FPSO Turritella

FPSO Turritella (Photo: InterMoor)

InterMoor said it has completed the final tensioning and chain cutting operations on the FPSO Turritella for the Shell Stones project, located in the Walker Ridge protraction area in the Gulf of Mexico (GoM). The FPSO Turritella will connect to subsea infrastructure located beneath approximately 9,500 ft (2,896 m) of water, breaking the existing water depth record for an oil and gas production facility. This ultra-deepwater project marks the first FPSO for Shell in the GoM, and the second FPSO in the GoM.

06 Apr 2016

Floating Production's Future: The 6 Things You Need to Know Now

Bonga FPSO (Photo: Shell)

No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending. But deepwater production will rebound – oil demand keeps growing -- and though the signs are mixed we see indications of the rebound starting. First some numbers about the state of the business. 261 oil/gas floating production units are currently installed on offshore fields.

25 Nov 2015

Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?

IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. We see the downturn in market conditions and implosion of Petrobras as a bump in the road. While the outlook is clearly dimmer than last year…

18 Nov 2015

Deepwater Downturn: Bump in the Road or Long-term Slowdown?

(Image: iStock)

IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. We see the downturn in market conditions and implosion of Petrobras as a bump in the road. While the outlook is clearly dimmer than last year…

10 Nov 2015

Deepwater Downturn: Bump in the Road or Long-term Slowdown?

(Image: iStock)

IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. We see the downturn in market conditions and implosion of Petrobras as a bump in the road. While the outlook is clearly dimmer than last year…

13 Aug 2015

First US Offshore Wind Workboat Build Underway

Photo: Atlantic Wind Transfers

Atlantic Wind Transfers, Blount Boats and Deepwater Wind welcome key U.S. Atlantic Wind Transfers, the commercial wind support services arm of Rhode Island Fast Ferry, joined boat builder Blount Boats and offshore wind developer Deepwater Wind on August 12 for an official Ribbon Cutting ceremony and to tour the first offshore wind farm crew transfer vessel in the U.S currently under construction. The event at the Blount Boats yard in Warren, R.I., brought together local supply chain businesses to celebrate the economic benefits of the Block Island Wind Farm project to U.S. firms.

27 Jul 2015

RI Offshore Project Boosts US Wind Entry

Rhode Island's Deepwater Wind will start installing the foundations for North America's first offshore wind farm on Monday, a milestone the company says could pave the way for an industry long established in Europe but that is still struggling with opposition in the United States. The 30-megawatt wind farm, which will include five turbines located three miles (4.8 km) off the coast of the bucolic summer tourist destination of Block Island, will take more than a year to build and is scheduled to produce electricity for the tiny island community and the mainland by the end of next year. "Our belief is once Block Island is up and running…

13 May 2015

Offshore Oil & Gas: Floating Production Market a Bright Spot

Safe stroll: crew aboard the Maersk Peregrino FPSO off Brazil (and above) Photo: Oeyvind Hagen Statoil

Despite industry gloom about the offshore market, orders for production floaters continue to flow. Over the past few weeks a speculatively-ordered FLNG found use off Africa, negotiations began to convert a third LNG carrier to an FLNG, an FSRU was ordered and a modified LNG tanker has been leased for storage use. Looking forward, we are tracking 30 projects considered likely to generate contracts for floating production units over the next 18 months. Among the likely awards are 18 FPSOs, 2 production semis, 5 LNG liquefaction or regasification units and 5 FSOs.

27 Mar 2015

Statoil: Polarled Pipe-Laying Kicks Off

On 26 March, the Solitaire pipe-laying vessel started on the first stage of the Polarled installation project. The 482-kilometre long pipeline will transport gas from the Aasta Hansteen field in the Norwegian Sea to Nyhamna in western Norway. Statoil is operator during the development of the Polarled project and therefore responsible for laying the pipeline between Aasta Hansteen and Nyhamna. As operator for the gas plant, Shell is responsible for preparing the Nyhamna processing plant for gas reception. “I am pleased to note that the pipeline is now connected to the Nyhamna processing plant. The pipeline pull-in to Nyhamna is an important milestone to the project and the Polarled licensees,” says Håkon Ivarjord, MPR’s project venture manager.

12 Jan 2015

Ezra to Supply Turret Mooring System for Libra Field

Ezra Holdings Limited’s wholly owned subsidiary, London Marine Consultants (LMC), Ezra’s Floating Production, Storage and Offloading (FPSO) Turret Design outfit, has been awarded a contract by Sembcorp Marine’s subsidiary Jurong Shipyard of Singapore, to supply an external turret mooring system for the Libra field’s Extended Well Test (EWT) FPSO vessel. The Libra oil field is a large, ultra-deepwater (up to 2,500 meters) oil prospect located in the Santos Basin, about 230 kilometers off the coast of Rio de Janeiro, Brazil, north of Tupi field. The oil field estimated to contain recoverable resources ranging between eight billion to 12 billion barrels of oil and is one of the largest deepwater oil accumulations globally.

19 Nov 2014

Chevron Starts Oil Production in Gulf of Mexico

Chevron Corporation announced today that the Hess Corporation-operated Tubular Bells deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. The field is located 135 miles (217 km) southeast of New Orleans, in approximately 4,300 feet (1,310 m) of water in the Mississippi Canyon area. The discovery well was drilled in 2003, and project construction began in October 2011. Tubular Bells is expected to deliver total production of approximately 50,000 barrels of oil-equivalent per day producing from three wells. "The deepwater Gulf of Mexico plays a significant part in our earnings and production growth.

10 Sep 2014

Sea Trucks Signs $130m Facility for Offshore Newbuild

Jascon 18 at Kwong-Soon shipyard

Sea Trucks Group Limited, an international oil and gas marine contractor with a track record in the key oil and gas producing regions, particularly West Africa, announced a $130 million facility to finance the completion of Jascon 18 has been signed. Jascon 18, a 150-meter DP3 multipurpose construction support vessel, will continue the final stages of outfitting at the Kwong-Soon shipyard in Singapore where work on the accommodation blocks, cabling, piping and installation of a 1,800-ton main crane has already begun. The vessel is expected to be delivered in Q3 2015.

03 Sep 2014

Floating Production Roundup: August 2014

Samsung is building two FLNGs, including the massive Prelude FLNG for Shell.

There are 320 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 64% of the existing systems, 79% of systems on order. Production semis, barges, spars and TLPs comprise the balance. Total oil/gas inventory is the same as last month – but two units on order last month (N’Goma FPSO and Delta House Semi) were completed and are now in the active inventory. Another 29 floating LNG processing systems are in service or on order. Liquefaction floaters account for 17%, regasification floaters 83%.

22 Apr 2014

Offshore Floating Production Hits Headwinds

Floating production has been one of the most significant developments in the oil and gas industry over the past four decades. Since the first floating production unit (Argyll) was installed in 1975, more than 350 offshore fields too deep, too remote or too small for fixed platforms have been developed using floating production facilities. Looking forward, the future of the sector continues to look very promising, but some barriers and threats to growth have appeared. Three hundred and twenty (320) oil/gas floating production units are now in service…

18 Feb 2014

Floating Production Market Forecast

Jim McCaul, IMA

Today, 319 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 65% of the existing systems, 74% of systems on order. Another 25 floating LNG processing systems are in service or on order. Liquefaction floaters account for 12%, regasification floaters 88%. No liquefaction floaters are yet in service – all three are on order. In addition, 101 floating storage units are in service, on order or available. The number of production units off field and available for redeployment continues to grow.

04 Feb 2014

Shell’s Largest GoM Platform Starts Production

Photo: Shell

Shell has begun production from the Mars B development through Olympus, the company’s seventh and largest floating deepwater platform in the Gulf of Mexico. It is the first deepwater project in the Gulf to expand an existing oil and gas field with significant new infrastructure, which should extend the life of the greater Mars basin to 2050 or beyond. Combined future production from Olympus and the original Mars platform is expected to deliver an estimated resource base of 1 billion barrels of oil equivalent (boe).

22 Oct 2013

U.S. Court Case against Bollinger Dismissed

Photo: Bollinger

The United States filed a complaint against Bollinger Shipyards, Inc. in July 2011 based on allegations that "Bollinger knowingly misled the Coast Guard to enter into a contract for the lengthening of Coast Guard cutters by falsifying data relating to the structural strength of the converted vessels." The case was dismissed by U.S. District Judge Sarah Vance on October 21, 2013. Chris Bollinger, President of Bollinger Shipyards, Inc., stated, “All of us in the Bollinger Shipyards…

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