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

Shipbuilding

MN 100: Horizon Shipbuilding, Inc.

13980 Shell Belt Road Bayou La Batre, AL 36509 E-mail: trshort@horizonshipbuilding.com Website: www.horizonshipbuilding.com President and General Manager: Travis R.

MN 100: Kvichak Marine Industries, Inc.

469 NW Bowdoin Place Seattle, WA 98107 Telephone: 206 545 8485 E-mail: sales@kvichak.com Website: www.kvichak.com CEO/President: Keith Whittemore Number of

MN 100: Guido Perla & Associates, Inc.

701 5th Avenue Seattle, WA 98104 Tel: (206) 768-1515  Email: Inga.Scholz@gpai.com Website: www.gpai.com President & CEO: Guido Perla The Company: With offices in the US,

Offshore

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Brazil AHTS Contract Breakthrough for Havyard

Havyard says it is to deliver the ship design and equipment for four anchor handling tug supply (AHTS) vessels that are to be built and operated by the Brazilian

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

Finance

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Vessels

Hamburg Süd Christens Containership in S. Korea

Hamburg Süd yesterday celebrated the christening of its new containership San Christobal with customers and business partners at the Hyundai Heavy Industries shipyard in Ulsan, South Korea.

Darwin, Australia Scene of KAKADU Exercise Planning

Over 1,200 military personnel from the Asia Pacific and Indian Ocean regions have completed collaborative, tactical warfare planning during the first week of the

British WWl Warship Refurbishment Project

Northern Ireland Office Minister, Dr Andrew Murrison MP, visited the historic HMS Caroline in Belfast’s Titanic Quarter as restoration grants are received, informs the UK Government.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2863 sec (3 req/sec)