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
 


Shipbuilding

MN100: Metal Shark Boats

The Company: Metal Shark is a leading shipbuilder specializing in the design and production of boats and ships for military, law enforcement, fire rescue, and

Tough Twins: New Fireboats for Port of Long Beach

Canada based naval architect and marine engineering firm Robert Allan Ltd. is a leading designer of high-performance response vessels of many types and in particular,

IWSA to Host Wind Propulsion Forum at SMM

The International Windship Association (IWSA) will host its annual Wind Propulsion Innovation Forum at SMM2016 in Hamburg, including an extensive agenda with expert

Offshore

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Cathelco MGPS for Latest Lamprell-built Jack-up

Cathelco will provide a marine growth prevention system (MGPS) for the latest in a series of jack-up drilling rigs to be built by Lamprell, the UAE based  leading provider of fabrication,

New System Monitors Vessel Motion, Impact

UK Electronic Solutions (part of NSSLGlobal Group), has announced Oceanic Dynamics, a new self-contained motion and impact monitoring system suited to offshore vessels.

Finance

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

Vessels

Fednav Welcomes Innovative Ballast System at Indiana Port

Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Pods Versus Water Lubricated Props

Thordon Bearings has called on the marine industry to investigate the characteristics of both conventional seawater-lubricated propeller shaft systems and podded

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1274 sec (8 req/sec)