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 Today


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

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

People & Company News

ShipDC Launches with New Leader at the Helm

Ship Data Center Co., Ltd., a wholly owned subsidiary set up by ClassNK, has officially commenced operations of its big data center, ShipDC, from April 2016. Taking

New CMA CGM Agency in Puerto Rico

Shipping company CMA CGM announced the inauguration of its new agency in San Juan, Puerto Rico as from May 1, 2016.   The agency is opened in partnership with shipping agency Norton Lilly.

Harkand North America Salvaged by MBO

Ethos Offshore Completes Harkand North America Management Buy Out   A team led by AJ Jain, Harkand North America Managing Director, has agreed to a management

Contracts

Ships Idled as Greeks Strike Again

Policy reforms required to meet bailout terms; parliament expected to measures on May 8. Greeks started a 48-hour nationwide strike on Friday in anger at tax

Evergreen Holding Group May Miss Bond Payment

Evergreen Holding Group, an unlisted company that specialises in building boats, issued a warning on Friday that it may have trouble making coupon and interest payments on a bond maturing on May 15.

Norwegian Cruise Line, EMC Ink Internet Deal

EMC has entered a long-term strategic agreement with Norwegian Cruise Line Holdings to deliver a faster Internet experience and premium entertainment over satellite

Shipbuilding

Crowley Christens Third LNG-ready Product Tanker

Crowley Maritime Corporation christened the third of four new LNG-ready Jones Act product tankers at a May 5 ceremony at the Julia Street Cruise Terminal in New Orleans.

Eastern Delivers 63rd Towboat for Florida Marine

Eastern Shipbuilding Group, Inc. delivered the M/V Lawrence Campbell (Hull 193) on April 12, 2016, the 63rd 90-foot inland towboat to Florida Marine Transporters, LLC of Mandeville, La.

Two New Tugs Built for TNPA

The South African government’s Operation Phakisa: Oceans Economy initiative has yielded more results with the ceremonial launch of two more tugboats built for

Offshore

BSEE, USCG on Sharing Information, Jt Ops

Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno and U.S. Coast Guard Rear Admiral Paul Thomas participated in a luncheon panel discussion

MOL Launches Coastal LNG Transport in Indonesia

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today teamed up with a local partner in Indonesia, PT Pelindo Energi Logistik (PEL; President

Ensco Lost 2 Petrobras Contracts

Ensco Plc has concluded discussions with Petrobras regarding revised commercial terms with respect to some rig contracts.   Ensco 6003 and Ensco 6004 had their contracts terminated effective May 1,

Finance

NOL Posts Q1 Net Loss of $105 Mln

NOL Group reported a first quarter 2016 net loss after tax of $105 million. Core EBIT (Earnings before Interest, Taxes and Non-Recurring Items) for the period was a loss of $84 million,

US Aims to Recover El Faro VDR in Next Few Months

The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board,

Ships Idled as Greeks Strike Again

Policy reforms required to meet bailout terms; parliament expected to measures on May 8. Greeks started a 48-hour nationwide strike on Friday in anger at tax

Vessels

Crowley Christens Third LNG-ready Product Tanker

Crowley Maritime Corporation christened the third of four new LNG-ready Jones Act product tankers at a May 5 ceremony at the Julia Street Cruise Terminal in New Orleans.

Eastern Delivers 63rd Towboat for Florida Marine

Eastern Shipbuilding Group, Inc. delivered the M/V Lawrence Campbell (Hull 193) on April 12, 2016, the 63rd 90-foot inland towboat to Florida Marine Transporters, LLC of Mandeville, La.

Two New Tugs Built for TNPA

The South African government’s Operation Phakisa: Oceans Economy initiative has yielded more results with the ceremonial launch of two more tugboats built for

 
 
Maritime Security Naval Architecture Port Authority Salvage Ship Electronics Ship Repair 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: 0.1340 sec (7 req/sec)