Idle Floating Production Units at All-time High

MarineLink.com
Tuesday, November 26, 2013
Available Floating Production Units by Type 2006-2013 (as of November)

EMA/IMA has just completed an in-depth analysis of the floating production sector. 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 277 units –FPSOs account for 62% of the existing systems. The balance is comprised of production semis, tension leg platforms, production spars, production barges and floating regasification/storage units. Eight production units have become available since our July report, decreasing the overall utilization rate to 92.8%. Another 92 floating storage/offloading units (without production capability) are in service.

Available FPS Units at an all-time high –There are currently 20 idle floating production systems –16 FPSOs, 3Production Semis and 1 Spar. Almost half of these units were in operation for fifteen years or more. Another 40% were only working for five years or less – most of these units are prematurely available because the reservoir did not perform as expected. Of the 20 available units, six-seven are likely candidates for scrapping, five-six should receive redeployment contracts within one-two years, while it may take longer to find employment for the remaining units.

2013 Orders in line with long term trend. What is in store for 2014 and beyond? – To date, 12 FPSOs, three FSRUs, two TLPs, one Spar and one Production Barge have been ordered in 2013 – 19 units in total. This is in line with the 17-year average of 19.2 per year, but below our forecasted expectations. A few anticipated contract awards have been delayed or deferred for reasons including cost escalation, reservoir uncertainty and more attractive opportunities – particularly onshore shale oil. The number of potential projects remains strong, with 220 in the planning stage and 60 in bidding or final design stage. In January, EMA will issue a Floating Production Market 2014-18 Outlook Report, which includes detailed forecasts for each type of floating production system (FLNG, FPSO, FSO, FSRU, MOPU, Semi, Spar, TLP).

energymaritimeassociates.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

Shipbuilding

Symphony Sun’ Launched in Leer

On Friday the 29th of April, Nb. 420 was launched in Leer. She was christened ‘Symphony Sun’ and is the fourth vessel in a series of 6 that will be delivered to Symphony Shipping.

SCHOTTEL Debuts EcoPeller with High-torque Gears

Propulsion and steering systems manufacturer SCHOTTEL has unveiled its new EcoPeller (SRE), which it said offers improved efficiency and robustness. Playing a

Fincantieri Delivers Carnival Vista

Carnival Vista, the new flagship of the fleet of Carnival Cruise Line, brand of the Carnival Group, was delivered today at Fincantieri’s shipyard in Monfalcone.

Offshore

Shipping Industry Flying On The Dragon’s Back

As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

News

Oil Price Bottoming Depends on Global Growth - IEA chief

International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed but that would depend on global economic growth. Asked if oil prices had reached a bottom,

Blacklisted Tanker Returns to Libya's Zawiya Port

A tanker that Libya's rival eastern government had been using to try to export oil in defiance of the Western-backed administration in Tripoli returned to the country on Saturday,

Lerwick Harbor sees Seasonal Boost

The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects.

Offshore Energy

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Ulstein Verft's First Wind Service Vessel Launched

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.

Incat Crowther Supplies Crewboat Design, Build Kits

Incat Crowther has been awarded a contract with shipbuilder Astinave EP of Guayaquil, Ecuador for the supply of vessel design services and aluminum component kits for a pair of 22.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1121 sec (9 req/sec)