FPSO Operation Increased 84% in Past Decade

MarineLink.com
Thursday, August 08, 2013
FPSOs in operation in 2003 and 2013

IMA/EMA recently completed an in-depth analysis of the floating production sector. 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 269 units

FPSOs account for 61% of the existing systems. The balance is comprised of production semis, tension leg platforms, production spars, production barges and floating regasification/storage units. Thirteen units (twelveFPSOs and one Semi) are off field and available for reuse – resulting in an overall utilization rate of 95.2%. Another 93 floating storage/offloading units (without production capability) are in service.

Backlog of production floater orders remains at an all-time high

Current order backlog consists of 72 production floaters – 40 FPSOs, six production semis, five TLPs, four spars, one production barge, four FLNGs and 12 FSRUs. Almost half of floater fabrication work is taking place in Asia, principally conversion work in Singapore and China, with newbuilding work principally in Korea. Since March 2013, contracts for 10 production units totaling more than $11 billion have been placed, including the most expensive FPSO ever ordered at $3 billion. This continues the trend of increasingly higher prices, with the cost of a production floater now averaging close to $1 billion.

FPSO processing capacity has more than doubled in the past decade

The FPSO industry continues to see advances in processing capacity as well as sheer numbers of units. In mid-2003 there were 83 FPSOs in operation. This figure has now grown to 153 units, excluding available FPSOs and a few small units used for well testing. In the past 10 years, oil processing capacity on these FPSOs has grown from 6.1 million b/d to over 13.7 million b/d. Not only are there more FPSOs installed, but their oil processing capacity has increased – from an average of 74,000 b/d to 90,000 b/d during the past decade.

However, could recent deferrals indicate deeper troubles ahead?

Despite the spectacular growth in unit numbers and increasing order values, we see indications that deepwater investment may slow. According to Jim McCaul, head of IMA,“maybe it is more than a coincidence that five major deepwater projects have been deferred over the past several months. Each project had its own reason for deferral. But five in such a short period sends warning signals to everyone in this sector.”

imastudies.com

energymaritimeassociates.com
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

Energy

Louisiana to Get Natural Gas Liquefaction and Fueling Facility

Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc.

ABB WinsTunisia's Gas Treatment Plant Bid

ABB, the leading power and automation technology group, has been awarded a $216 million contract to deliver a gas treatment plant to the South Tunisian Gas Project (STGP).

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

News

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Kounalakis Joins OW Bunker N. America

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America.

Louisiana to Get Natural Gas Liquefaction and Fueling Facility

Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc.

Barges

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

IRPT, Community College MoA on Maritime Training

The Inland Rivers, Ports and Terminals (IRPT) Trade Association announced today that it has entered into a memorandum of understanding with Lewis & Clark Community

GLDD, ESG in Steel Cutting Ceremony

Eastern Shipbuilding is pleased to announce that on, Monday, September 15, 2014, Great Lakes Dredge & Dock Company, LLC “(Great Lakes”) (NASDAQ: GLDD) and Eastern Shipbuilding Group, Inc.

Offshore Energy

N-Sea Completes Inaugural System Diving Scope

Inspection, maintenance and repair (IMR) specialist N-Sea has recently completed its inaugural diving scope with the TUP Diving System (Transfer Under Pressure).

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1573 sec (6 req/sec)