McCaul, Jim
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19 Jan 2023
Production Floater Market Outlook Brightening
IMA/WER has just completed its Annual Review and Five-Year Forecast of Orders for Floating Production Systems. The report:•provides a detailed look back at developments in the deepwater sector over the past year,•assesses 12 underlying market drivers that will determine the pace of production floater orders over the next five years,•identifies specific projects in the planning queue that will likely…
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31 May 2022
Floating Production Market Going Gangbusters
The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector have seldom been stronger. Brent crude has been trading above $100 over the past three months, generating record profits for E&P operators -- providing an incentive to increase…
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15 Feb 2021
Market Report: FPSOs ... Charting the Path Ahead
COVID-19 will continue to skew the floating production systems market for the coming 24 months, while buying power for a large portion of FPSO contracts will be centered in Brazil and Guyana/Suriname. These two areas are expected to account for more than 60% of the FPSO contracts awarded between 2021 and 2025.These are the findings shared in a recent floating production outlook report produced by International…
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11 Oct 2018
LNG Report: Floating Liquefaction & Regasification
International Maritime Associates has completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector. Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe…
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27 Mar 2018
Production Floaters Orders Are on the Rebound
Fifteen production floaters were contracted in 2017 – 11 FPSOs, two production semis, a wellhead TLP and an FLNG – and the number of deep water projects in the near-term planning queue indicates production floater orders are set to accelerate. This is a big change from 2016 when orders for new units totally dried up and the deepwater future looked pretty bleak. Here’s a round-up of contracts awarded last year and in January 2018.
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23 Oct 2017
WER 2018 Floating Production Systems Forecast
World Energy Reports’ (WER) 2018 Forecast Report, the 21st in a series of forecasts dating from 1998, presents projection of floating production system orders over the next five years. The 102-page report provides market intelligence and insights useful to business planners and others involved in deepwater development. First we present our assessment of the underlying deepwater market conditions likely to prevail over the 2018/22 time frame.
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27 Apr 2017
Updated Forecast: Floating Production System Orders
World Energy Reports has released its midterm five year forecast of production floater orders. The forecast, detailed in the March 2017 WER report, reflects positive and negative developments in underlying business drivers since WER’s five year forecast last October. Likelihood that the November U.S. election results will accelerate U.S. More rapid expected increase in cost of capital – U.S. Overall…
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18 Jan 2017
World Energy Trends: What’s New in Floating Production
Oil pricing continues to hover in the mid-$50s, market confidence is slowly returning and the production floater fabrication market is stirring. A major order for a production semi was placed in early January -- with Samsung receiving a contract to build the production semi for BP's Mad Dog Phase 2 project. The $1.27 billion unit will have capability to produce 110,000 b/d oil from 14 production wells.
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21 Dec 2016
What’s New in Floating Production? December 2016
The December WER report examines whether OPEC’s decision to limit crude production will accelerate deepwater project starts over the next 12 to 24 months, given 3 billion barrels of oil stocks in global inventory, 5,000+ drilled-but-uncompleted shale wells in the U.S. ready to be fracked and likelihood that producers will cheat on output quotas. As we discuss in the report, the output cut could stimulate deepwater orders – but with a time lag.
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06 Apr 2016
Floating Production's Future: The 6 Things You Need to Know Now
No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending. But deepwater production will rebound – oil demand keeps growing -- and though the signs are mixed we see indications of the rebound starting. First some numbers about the state of the business.
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24 Nov 2015
Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?
IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. We see the downturn in market conditions and implosion of Petrobras as a bump in the road.
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18 Nov 2015
Deepwater Downturn: Bump in the Road or Long-term Slowdown?
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. We see the downturn in market conditions and implosion of Petrobras as a bump in the road.
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10 Nov 2015
Deepwater Downturn: Bump in the Road or Long-term Slowdown?
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020. Here’s an overview of the findings and conclusions in the report. We see the downturn in market conditions and implosion of Petrobras as a bump in the road.
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13 May 2015
Offshore Oil & Gas: Floating Production Market a Bright Spot
Despite industry gloom about the offshore market, orders for production floaters continue to flow. Over the past few weeks a speculatively-ordered FLNG found use off Africa, negotiations began to convert a third LNG carrier to an FLNG, an FSRU was ordered and a modified LNG tanker has been leased for storage use. Looking forward, we are tracking 30 projects considered likely to generate contracts for floating production units over the next 18 months.
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02 Mar 2015
Floater Orders 2014
The overall number of orders is similar to the average ordering pace over the past 10 years, during which an average of roughly 25 production and storage floaters were ordered annually. But the ordering pace by type unit is quite different. FPSO orders in 2014 were 25% below the 13.5 average ordering pace over the past ten years – and in 2014 no orders were placed for Spars, TLPs or Production Semis, which between 2004 and 2013 averaged 3.5 orders per year.
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20 Jan 2015
The Deepwater Sector's Perfect Storm
The drop in oil/gas prices and ongoing implosion in Petrobras have combined to create a perfect storm in the deepwater sector. More than 170 projects involving oil production floaters and 35 floating liquefaction projects are in the planning stage. But oil company capital budgets are being trimmed to offset the downturn in revenue and investment decisions are being deferred until oil pricing rebounds…
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09 Jan 2015
Floating Production: What’s New in January?
2014 Floater Orders – We thought it would be useful to provide a summary of floater orders placed last year. As listed below, 25 units were ordered during the year - 10 FPSOs, one Barge, four FLNGs, seven FSRUs and three FSOs. 2015 Outlook for Floater Orders – The drop in oil/gas prices and ongoing implosion in Petrobras have combined to create a perfect storm in the deepwater sector. More than 170…
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04 Dec 2014
Floating Production: Huge Opportunity for Shipyards, Manufacturers
Floating production has been one of the most significant achievements in the upstream oil and gas industry over the past four decades. There are two basic types of floating production systems: oil/gas production units and LNG/gas processing units. Common to both is the use of a floating facility to support an oil and/or gas processing plant to monetize oil and/or gas deposits. • Floating oil/gas…
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26 Sep 2014
What's New in Floating Production?
Today there are 324 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 64% of the existing systems, 79% of systems on order. Production semis, barges, spars and TLPs comprise the balance. The oil/gas production floater inventory has increased by four units since last month. Three FPSOs were ordered in August. We also reinstated a partially completed production semi…
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12 Nov 2014
What’s New in Floating Production?
What’s New in October 2014? Today 324 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 65% of the existing systems, 78% of systems on order. Production semis, barges, spars and TLPs comprise the balance. The oil/gas production floater inventory is the same as last month. There were no orders for additional production systems in September. Another 30 floating LNG processing systems are in service or on order.
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