Floating Production Systems: US$11+ Billion on Order

MarineLink.com
Thursday, August 01, 2013
FPSO 'Mystras': Photo CCL 2

The floating production sector has been especially active over the past several months. Ten production floaters have been ordered since March, reports International Maritime Associates Inc. (IMA).

Contracts include a  $3 billion FPSO for Nigeria (a record price for an FPSO), two $1.8 billion FPSOs for Brazil, a $1.8 billion FPSO for the UK, a $1.3 billion production barge for the Congo and a $1.0 billion FPSO for the Gulf of Mexico,

269 floating production units now in service or available – This figure is 22% greater than five years ago, almost 80% higher than ten years back. 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 (12 FPSOs, 1 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.

72 production floaters are on order – Current order backlog consists of 40 FPSOs, 6 production semis, 5 TLPs, 4 spars, 1 barge, 4 FLNGs and 12 FSRUs. Delivery of the equipment will grow the production floater inventory by 27%. In the backlog are 46 units utilizing purpose- built hulls, 26 units based on converted tanker hulls and 1 unit being modified from an existing production semi Of the production floaters being built, 41 are owned by field operators, 31 are being supplied by leasing contractors. Brazil continues to dominate orders for production floaters – 23 units are being built for use offshore Brazil, 32% of the order backlog.

241 new floater projects are in the bidding or planning stage – The number of future projects in the pipeline keeps growing. A year ago 233 projects were in the planning or bidding stage. Five years ago, the figure was 141 projects. Ten years back, 94 projects.

According to Jim McCaul, head of IMA, “potential deepwater projects should grow significantly over the rest of the decade. Oil demand keeps growing, the futures market points to $90+ oil through the decade, deepwater drill contractors are running at full load and 90+ additional drillships/semis are scheduled for delivery over next few years. These new drill units will increase deepwater drill capability by 30% and remove a bottleneck that has constrained E&D in deepwater.”

But deepwater spending could be hitting headwinds – Deepwater projects compete for a place in capital expenditure plans – and investment opportunities in tight oil and shale gas could cause some deepwater projects to slip from oil company capex budgets. This could be occurring now.

According to IMA"s McCaul, “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.”

Source: International Maritime Associates Inc. (IMA)

www.imastudies.com

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

Contracts

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

MAN Propulsion Packages for New Icelandic Trawlers

MAN Diesel and Turbo inform that Icelandic owners, HB Grandi, Vinnslustodin hf. and Hradfrystihusid Gunnvör, have ordered newbuildings based on two different ship

IRPT, Community College MoA on Maritime Training

The Inland Rivers, Ports and Terminals (IRPT) Trade Association announced today that it has entered into a memorandum of understanding with Lewis & Clark Community

Shipbuilding

Nigerian Customer Orders Ninth Damen Dredger

A Nigerian customer has added its ninth Damen dredger to its fleet. The Cutter Suction Dredger type CSD500 was chosen due to the availability of Damen Field Services in Nigeria,

Steel Cut for Yamal LNG Project’s Lead Tanker

A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project.

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

Offshore

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

Offshore Energy

N-Sea Completes Inaugural System Diving Scope

Inspection, maintenance and repair (IMR) specialist N-Sea has recently completed its inaugural diving scope with the TUP Diving System (Transfer Under Pressure).

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair
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: 0.1690 sec (6 req/sec)