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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

Kemp Joins PMSA as Vice President

The Pacific Merchant Shipping Association (PMSA) announced the hire of Carl Kemp as a Vice President based in the organization’s Long Beach office.    Kemp brings

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Barges

Aqualis Offshore Lands Study Job for LNG Barge

Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, has been contracted by Gas Entec Co. Ltd to provide an engineering

Barge Breakaway on the Mississippi

The U.S. Coast Guard is responding to a report of a grounded towing vessel and 35 barge breakaway near Caruthersville, Mo. On the Mississippi River.   Coast Guard

More than 100 Graduate from SUNY Maritime

More than 100 students crossed the stage to receive their degrees at State University of New York Maritime College Jan. 29.   Graduates represent 15 fields of study,

Offshore Energy

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

FUGRO Wins BHP Pyrenees Contract

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia,

Iqarus Acquires C-CHEC at Subsea Expo

Offshore and onshore health and medical solutions company Iqarus is set to acquire occupational hygiene consultancy C-CHEC to deliver a new integrated offering to global industries.

 
 
Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1623 sec (6 req/sec)