Planned Floating Production Projects Hits All-Time High

(MarineLink)
Wednesday, August 15, 2012
Growing Number of Floating Production Projects in the Planning Stage (Number of projects as of July each year) - Source: IMA

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. The closest to this backlog was in mid-2007 when 67 units were on order.
Current order backlog consists of 49 FPSOs, 6 production semis, 3 TLPs, 4 spars, 3 FLNGs and 9 FSRUs. In the backlog are 40 units utilizing purpose-built hulls and 34 units based on converted tanker hulls. Of the production floaters being built, 42 are owned by field operators, 32 are being supplied by leasing contractors. Brazil continues to dominate orders for production floaters. 28 units are being built for use offshore Brazil – 38% of the order backlog.
Planned floater projects have almost doubled over past five years – The growth in number of floating production projects has been dramatic. 233 projects potentially requiring a floating production or storage system are now in the planning stage. A year ago, 196 projects were being planned. Five years ago, the figure was 122 projects. (See Chart 2)
Not all these projects will materialize. Some will prove non-commercial to develop. Others will be nominated as tiebacks or joint developments. But all are confirmed discoveries where location, water depth, field characteristics, distance from shore, field operator preference, etc. tag them as obvious candidates for a floating production system.
Added deepwater rig capability driving new floating production starts – According to Jim McCaul, head of IMA, “shortage of deepwater drill equipment has been a major bottleneck limiting deepwater development. This constraint is being removed. The inventory of available deepwater rigs has grown significantly over the past 12 months – and the 52 drillships and 17 drill semis now on order will add 18% to deepwater drill capability over the next two years.”
McCaul adds “deepwater rig activity is an excellent predictor of future demand in the floating production sector. There is a direct lagged relationship between the number of active deepwater rigs in service and number of floating production project starts two to three years out. More rigs will generate more finds – accelerating future floating production system requirements.”
Email: imaassoc@msn.com
Web: www.imastudies.com


 

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

People & Company News

Mitsubishi to Build Diesel Oil Import Terminal in Australia

Japanese trading house Mitsubishi Corp said it is entering Australia's diesel market by building a $103 million gas oil import terminal to tap growing demand and

Volvo Penta Offer D4, D6 Series Engine Keel Cooling Option

Volvo Penta of the Americas has announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market.

Boscalis to Get IJsseldelta 'Room for the River' Contract

Royal Boskalis Westminster N.V. (Boskalis) say that the Dutch Department of Public Works and the province of Overijssel intends to award the contract for the IJsseldelta polder to them.

Contracts

Boscalis to Get IJsseldelta 'Room for the River' Contract

Royal Boskalis Westminster N.V. (Boskalis) say that the Dutch Department of Public Works and the province of Overijssel intends to award the contract for the IJsseldelta polder to them.

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Panama Canal: New Lock Gates Transferred to Atlantic Side

ACP informs that the Panama Canal Expansion has reached another important milestone with the transfer of the first gates to the new locks complex in the Atlantic side.

Shipbuilding

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Third RAmparts 2500 Tug for SMIT-Rebras

Keppel Singmarine BrasilLtda. (KSMB), of Navegantes, Brazil has recently completed the construction of the SMIT Panará, the third of a series of six Robert Allan Ltd.

Russia Doubts France Will Cancel Warships Sale

A senior Russian official said on Monday he doubted France would cancel its sale of warships to Russia, despite coming under pressure from other Western leaders

Offshore

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

NJ Congressmen Supports Offshore Wind Proposal

Congressman Frank Pallone has issued the following statement in response to the Department of the Interior’s announcement of the proposed lease sale for nearly 344,

Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA,

Finance

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

Vessels

Third RAmparts 2500 Tug for SMIT-Rebras

Keppel Singmarine BrasilLtda. (KSMB), of Navegantes, Brazil has recently completed the construction of the SMIT Panará, the third of a series of six Robert Allan Ltd.

Russia Doubts France Will Cancel Warships Sale

A senior Russian official said on Monday he doubted France would cancel its sale of warships to Russia, despite coming under pressure from other Western leaders

Port of Boston: A Vital Economic Engine

Port of Boston is Vital Economic Engine and Job Generator for Region. The Port of Boston generated $4.6 billion in 2012 and more than 50,000 jobs are supported by the port,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority 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: 0.1691 sec (6 req/sec)