Offshore Floating Production: 40% Growth in Five Years

Maritime Reporter & Engineering News
Monday, March 11, 2013

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%. Another 102 floating storage/offloading units (without production capability) are in service.


Backlog of production floater orders at an all-time high –Current order backlog consists of 77 production floaters – 44 FPSOs, 7 production semis, 5 TLPs, 5 spars, 4 FLNGs and 12 FSRUs. Delivery of the equipment will grow the production floater inventory by 29%. In the backlog are 46 units utilizing purpose-built hulls and 31 units based on converted tanker hulls. Of the production floaters being built, 46 are owned by field operators, 31 are being supplied by leasing contractors. Brazil continues to dominate orders for production floaters – 26 units are being built for use offshore Brazil, 34% of the order backlog.


Number of planned floater projects continues to grow – 248 projects potentially requiring a floating production or storage system are now in the planning stage. A year ago, 216 projects were being planned. Five years ago, the figure was 134 projects. According to Jim McCaul, head of IMA, “the growth in number of planned projects reflects the huge increase in deepwater drill equipment over the past decade. More than 150 drillships or deepwater semis have been ordered since 2003, removing a bottleneck that constrained exploration and development in deepwater. The result has been a dramatic increase in floater projects in the planning pipeline.”


Orders for 124 to 190 production floaters forecast between 2013 and 2017 – FPSOs are expected to account for ~70 % of future production floater orders. The remaining 30% will be production semis, spars, TLPs, FLNGs and FSRUs. Around 60 % of FPSO orders will be placed by leasing contractors, 40 % by field operators. Modification and redeployment of existing FPSOs will satisfy around 20 % of future FPSO requirements.

For more information, visit  www.imastudies.com

Email: imaassoc@msn.com

Email: david@energymartimeassociates.com
 

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

Technology

Newport News Lays Keel for Virginia-Class Sub

Newport News Shipbuilding, a division of Huntington Ingalls Industries (HII), hosted a keel-laying ceremony Saturday for the future USS Washington (SSN 787), a

World’s Largest Containership First Tested at MARIN

MARIN was delighted to take part in a truly historic milestone in the industry when Daewoo Shipbuilding and Marine Engineering (DSME) asked MARIN to investigate

Is Glycerine the Next Marine Fuel?

Following a year described as “intense activity,” the Glycerine Fuel for Marine Sustainability project (GLEAMS) concluded that Glycerine is a viable, exceptionally clean alternative marine fuel.

Shipbuilding

Bollinger Delivers 11th FRC to the US Coast Guard

Bollinger Shipyards, Inc. has delivered the William Trump, the 11th Fast Response Cutter (FRC) to the United States Coast Guard.   The announcement was made by Bollinger Chief Operating Officer,

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Newport News Lays Keel for Virginia-Class Sub

Newport News Shipbuilding, a division of Huntington Ingalls Industries (HII), hosted a keel-laying ceremony Saturday for the future USS Washington (SSN 787), a

Offshore

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

Tanker Trends

Frontline Disappoints with Deeper 3Q Loss

Frontline, once the world's biggest crude oil tanker company, reported a bigger than expected third-quarter loss on Tuesday and said it is still considering options

Navios Revenue Up 25% in 3Q 2014

Highlights of Navios Maritime Holdings Inc. Financial Results for the Third Quarter and Nine Months Ended September 30, 2014: Revenue 25% increase to $152.

HMAS Success Deploys to Middle East

After months of preparation, HMAS Success departed Garden Island in Sydney today for a six-month deployment to the Middle East Region to provide logistic support

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

Consulting

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

EMGS to Map Brazil's Gas Hydrates

Electromagnetic Geoservices ASA (EMGS) has received a contract worth USD 1.5 million for a research project in Brazil. The project will use 3D EM data to map

Fulcrum Buys BMT Snyek Technologies

BMT Group announced the sale of BMT Syntek Technologies Inc to Fulcrum Corporation. Fulcrum Corporation, based in Arlington, VA., providies customized services

Offshore Energy

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage 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: 0.1680 sec (6 req/sec)