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 Today


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

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

Technology

Can Bandwidth Supply Keep up with Maritime Demand?

In the next few years, demand for bandwidth on the high seas will grow, in no small part due to technology that is making operations more efficient and keeping crews and passengers healthy,

Drones: Is the Maritime Industry Ready?

Unmanned aerial systems (UAS), or “drones” in common parlance, are not a part of the historical maritime vocabulary. At least not yet. While the term “drones” may conjure images from science fiction,

Servowatch to Debut New Software at SMM

Integrated ship control systems supplier Servowatch said it will use SMM to launch its new automation and control software, WINMON 9.   WINMON 9 is a singular,

Shipbuilding

India Govt, Cochin Shipyard Pact on FY17 Growth Targets

Cochin Shipyard Limited (CSL) has entered into a Memorandum of Understanding (MoU)  with the government of India for the ongoing fiscal under which targets agreed

Keel Laying for Russia's Second Nuclear Icebreaker

Today the Baltic Shipyard in St Petersburg (part of United Shipbuilding Corporation) laid the keel of Ural, Project 22220’s second series-produced nuclear icebreaker.

Russia: 6th Yasen-Class Nuclear Sub

Russia's sixth Yasen-class nuclear submarine will be laid down at the Sevmash ship-building company in the city of Severodvinsk on July 29, reports RIA Novosti.

Offshore

Cambodia Urged ASEAN to Avoid Words That Escalate Tension

Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement,

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

Tanker Trends

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

First LNG Vessel Transits Expanded Panama Canal

Today, the Panama Canal marked another milestone with the transit of the first-ever liquefied natural gas (LNG) carrier through its expanded locks.   Shell-chartered

Finance

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

Diana Containerships in Red, Suspends Dividend

Greece-based Diana Containerships Inc. has reported a second-quarter loss of $8 million, after reporting a profit in the same period a year earlier.   The shipping

DP World Eyes Taiwan Port

Global marine container terminal operator DP World  will help to expand the development of Kaohsiung Port’s Terminal 7, which is owned by the state run Taiwan International Ports Corporation (TIPC),

Consulting

BMT to Lead Repower for Historic USCG Eagle

BMT Designers & Planners, a subsidiary of BMT Group, an international maritime design, engineering and risk management consultancy, is leading the effort to repower the historic U.

RINA Closes Edif Group Acquisition

RINA S.p.A, the holding company of the multinational testing, inspection, certification and consulting engineering group based in Genoa, Italy, has announced that

CNO Visits Chinese North Sea Fleet

Chief of Naval Operations (CNO) Adm. John Richardson visited Chinese North Sea Fleet headquarters, July 20 to meet with fleet commander Vice Adm. Yuan Yubai. The

Offshore Energy

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1075 sec (9 req/sec)