Floating Production Orderbook Picks Up Steam

(IMA)
Wednesday, November 28, 2012

29 FPUs Ordered over last 12 Months

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 48th in a series of IMA reports on the deepwater production sector that began in 1996. Some highlights from the new report are below.


Recent Order Pace Consistent With Our Five Year Forecast – In March we forecast orders for 128 to 192 production floaters over the next five years – an average of 26 to 38 production floaters annually. We also expected the ordering pace to be at the lower end of this range in the early portion of the forecast period – then accelerate as the growing number deepwater drill rigs generate an increasing number of deepwater finds. The order intake over the past year supports our March forecast.


Return of Speculative Orders
– Five speculative production floater orders have been placed over the past twelve months, reflecting optimism about the future market. Four FSRUs contracted within the past year did not have lease contracts at the time the order was placed. Subsequently, lease contracts have been agreed for two of the units. Two FSRUs remain without contracted employment after delivery. Also a speculative FLNG contract was recently placed based on conversion of an existing LNG tanker.


73 Floating Production Units Now On Order – The order backlog consists of 44 FPSOs, 7 production semis, 4 TLPs, 4 spars, 4 FLNGs and 10 FSRUs. In the backlog are 43 units utilizing purpose-built hulls and 30 units based on converted tanker hulls. Of the production floaters being built, 44 are owned by field operators, 29 are being supplied by leasing contractors. Brazil continues to dominate orders for production floaters. 26 units are being built for use offshore Brazil – 36% of the order backlog.


235 Floating Production Projects Being Planned – In terms of water depth, 27 percent of these projects are in ultra-deepwater, 15 percent are in water depth of 1000 to 1500 meters and 58 percent in less than 1000 meters. About 25 percent of the projects are in the bidding or final design stage, with major hardware contracts likely to be awarded within the next 12 to 18 months. Another 171 floater projects are in the planning or study phase.


Number of Planned Projects Has Been Growing – The number of floater projects now in the planning stage is 12 percent greater than a year ago, 64 percent higher than five years ago. Last year there were 210 floating production projects in the planning stage. Five years ago 143 projects were being planned. This increase reflects the bullish market fundamentals in the deepwater sector and the growing number of deepwater rigs available to look for oil and gas.


Deepwater Production Constraints Being Removed – 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. A large number of deepwater drill units have recently entered service and more than 95 drillships or semisubmersible drill rigs are on order. Delivery of these new units will increase deepwater drilling capability by 30 percent over the next several years – which will stimulate requirements for floating production project starts over the second half of this decade.”


Email: imaassoc@msn.com or david@energymaritimeassociates.com
 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Offshore

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

Vessels

Dortmund Port's Throughput Up

In 2014, Dortmund’s combined goods throughput on ships and trains amounted to 5.7 million tonnes, compared to 5.3 in the previous year. 2.9 million tonnes (+600,000) of this was ship related.

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators 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: 0.2314 sec (4 req/sec)