Drill Equipment News

An EPC contract for a production unit can easily exceed $1 billion – and $3 billion for an FPSO has recently been breached. Overall, this is a $20 to $30 billion annual market. But, as described below, the sector is hitting some headwinds that could impact future business opportunities. 243 floating production projects are in various stages of planning as of beginning May. Of these, 57% involve an FPSO, 16% another type oil/gas production floater, 23% liquefaction or regasification floater and 5% storage/offloading floater.

Since the beginning of this year, orders have been placed for 17 floating production systems. The combined value of the fabrication contracts exceeds $16 billion. By year end there will likely be another five to eight contracts awarded and the overall contract value for the year will exceed $20 billion. Stated in terms of conventional ships, fabrication of floating production systems in 2013 will equate to orders for 220 VLCCs, 360 Suezmax tankers or 800 Panamax bulk carriers. In other words, it is a big market. Yet relatively few shipbuilders are active in this sector.

IMA has just completed an in-depth analysis of the floating production sector. The study profiles the deepwater industry, examines the dynamics driving the sector and forecasts orders for floating production systems between 2013 and 2017. Highlighted below are some key findings in the study. There are now 264 floating production systems in operation. The number of units is 25% greater than five years ago, almost 85% higher than 10 years back and triple the number of units 15 years ago. Most of the growth has been in the number of Floating Production, Storage and Offloading Vessels (FPSOs).

IMA has completed an in-depth analysis of the floating production sector – including a forecast of orders for additional floating production systems between 2013 and 2017. Highlighted below are some key findings in Floating Production Systems: assessment of the outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs. Inventory of floating production systems now at 264 units – This figure is 25% greater than five years ago, almost 85% higher than ten years back. FPSOs account for 63% of the existing systems. The balance is comprised of production semis, tension leg platforms, production spars, production barges and floating regasification/storage units. Eight units (all FPSOs) are off field and available for reuse – resulting in an overall utilization rate of 97%.

IMA has just completed an in-depth analysis of the floating production sector. The 175 page report Floating Production Systems: Assessment of the Outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs is the 48th in a series of IMA reports on the deepwater production sector that began in 1996. Some highlights from the new report are below. Recent Order Pace Consistent With Our Five Year Forecast – In March we forecast orders for 128 to 192 production floaters over the next five years – an average of 26 to 38 production floaters annually.

29 Floating production units ordered over the past 12 months according to a recently published IMA in-depth analysis. International Maritime Associates (IMA) has just completed an in-depth analysis of the floating production sector. The 175 page report Floating Production Systems: Assessment of the Outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs is the 48th in a series of IMA reports on the deepwater production sector that began in 1996. Some highlights from the new report are below.

IMA has just completed an in-depth analysis of the floating production sector. The 175 page report Floating Production Systems: Assessment of the Outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs is the 47th in a series of IMA reports on the deepwater production sector that began in 1996. Some highlights from the new report are below. Order backlog for production floaters at all-time high – 74 production floaters are currently on order. This number is 40% higher than the backlog a year ago – and more than double the backlog in mid-2009.

IMA has just completed an in-depth analysis of the floating production sector. The 175 page report Floating Production Systems: Assessment of the Outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs is the 47th in a series of IMA reports on the deepwater production sector that began in 1996. Some highlights from the new report are below. Order backlog for production floaters at all-time high – 74 production floaters are currently on order. This number is 40% higher than the backlog a year ago – and more than double the backlog in mid-2009.

Inland Salvage Inc. Successfully Refloats Stranded Drill Barge from the Caillou Island Oilfield in the Gulf of Mexico. Inland Salvage Inc. (ISI) recently demonstrated its diversified capabilities with the offshore deployment ISI salvage and emergency response equipment and personnel in the successful fuel removal, partial dismantlement and refloat of a stranded 2,500 ton posted drill barge. The drill barge suffered side shell damage and loss of watertight integrity due to contact with a support barge in rough seas.

Caterpillar is  to provide engine and transmission packages to SJ Petroleum Machinery, Co., for its newest model fracturing truck. Founded in 1941, SJ Petroleum is one of China’s largest manufacturers of petroleum drilling and production equipment. Cat® will be supplying 3512C HD engines and TH55 transmission packages to serve as the power modules for the company’s Model 2500 fracturing trucks for well service applications. These fracturing rigs are the first produced by the Chinese OEM for the China market. The Cat 3512C HD petroleum engine for hydraulic fracturing, rated from 1678 bkW (2250 bhp) to 1864 bkW (2500 bhp) at 1900 rpm…