FPSO INDUSTRY FOCUS
description
Transcript of FPSO INDUSTRY FOCUS
Setting the Scene
Presentation atIntsok International Oil and Gas Business Days
2007
by
Jim McCaulInternational Maritime Associates
Washington-Houston
Presentation Will Cover . . .
International Maritime Associates - 2- Website: www.imastudies.com
Role and growth of FPSOs
FPSO order backlog
Floater projects planned/under study
Projected need for additional FPSOs
Why FPSOs
International Maritime Associates - 3- Website: www.imastudies.com
Storage capacity – units operating range from 11,000 to 2.4 million barrel capacity; system pipeline independent
Flexible – 40 units have been redeployed more than 70 times; record is Petrojarl I used on 10 fields
Large processing capacity – mega units off WA support 250,000 b/d oil process plants
Not water depth sensitive – 17 FPSOs operating in water depth over 1000m; new unit for Brazil in 1780m
Lots of conversion hulls available – 59% of existing units, 64% of units on order use converted hulls
198 Production Floaters are in Operation – Including 118 FPSOs
International Maritime Associates - 4- Website: www.imastudies.com
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Not shown in the bar charts are 4 FPSOs, 3 production semis and 2 FSOs that are off-field awaiting contract . The 3 FPSOs in the GOM are offshore Mexico, 2 of which are early well test units.
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Five Regions Account for Almost 80% of FPSOs Now Operating
International Maritime Associates - 5- Website: www.imastudies.com
W Africa 24%N Europe 17%
Brazil 16%
SE Asia 12%
China 11%
Other 20%
Use of FPSOs as a Production SolutionVaries by Geographical Region
International Maritime Associates - 6- Website: www.imastudies.com
FPSOs as % of Total
RegionNo. Prod.Floaters
No. ofFPSOs
FloaterInventory
Processing Capacity
West Africa 35 28 80% 91%Australia/NZ 10 10 100% 100%Brazil 36 19 53% 64%GOM 35 3 9% 10%China 14 13 93% 92%SE Asia 18 14 78% 88%No. Europe 35 20 57% 56%Other 15 11 73% 82%Total 198 118 60% 65%
Production Floaters Have Grown 150%Over the Past Ten Years
International Maritime Associates - 7- Website: www.imastudies.com
Inst
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FPSO
Semi
TLP
Spar
198 UnitsJuly 2007
136 UnitsJuly 2002
79 UnitsJuly 1997
+150%
Number of FPSOs Has More Than TripledOver the Past Ten Years
International Maritime Associates - 8- Website: www.imastudies.com
YearNo. ofFPSOs
% ∆Over 1997
% of All Production
Floaters(as of July)
1997 28 -- 47%
2002 60 +114% 53%
2007 118 +321% 60%
34 FPSOs Have Been InstalledOff West Africa Over the Past Ten Years
International Maritime Associates - 9- Website: www.imastudies.com
•Region has 24% of all FPSOs • Includes 6 mega FPSOs• Units typically spread moored• 7 More units on order
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24 FPSOs Have Been Installed Off BrazilOver the Past Ten Years
International Maritime Associates - 10- Website: www.imastudies.com
• Region has 16% of all FPSOs• Half VLCC size, 100,000 b/d+ plants• All but few turret or DICAS moored• 6 more units on order
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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
14 FPSOs Installed OffNorthern Europe Over the Past Ten Years
International Maritime Associates - 11- Website: www.imastudies.com
• Region has 12% of all FPSOs• Turret moored, harsh environment units• Relatively small storage• 3 units fitted with 150,000 b/d+ plants• 4 more units on order
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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
20 FPSOs Have Been Installed Off Southeast Asia/China Over the Past Ten Years
International Maritime Associates - 12- Website: www.imastudies.com
• Region has 23% of all FPSOs• Half have 50,000 b/d or less plants• Only Kikeh has 100,000 b/d+• Turret mooring common• 8 more units on order
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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
11 FPSOs Have Been Installed Off Australia / New Zealand Over the Past Ten Years
International Maritime Associates - 13- Website: www.imastudies.com
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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
• Region has 8% of all FPSOs• Half under, half over 100,000 b/d plants• Turret mooring, quick disconnect common• 1 unit on field for 20+ years• 5 more units on order
Only 3 FPSOs Installed in the GOMOver the Past Ten Years
International Maritime Associates - 14- Website: www.imastudies.com
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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
• Region has 3% of all FPSOs• All on Mexican side of the GOM• 2 of the 3 are small EWT units• Recent FPSO breakthrough in US GOM• Cascade could be start of a new era
International Maritime Associates - 15- Website: www.imastudies.com
Not shown are 11 FPSOs and 1 production semi being built on speculation without a field contract.
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70 Production Floaters are CurrentlyOn Order – Including 52 FPSOs
- - - - where to be installed - - - -
Order Backlog for Production FloatersIs At An All Time High
International Maritime Associates - 16- Website: www.imastudies.com
11 of the 52 FPSOs Now on OrderHave No Field Contract
International Maritime Associates - 17- Website: www.imastudies.com
AGR/Helix – being marketed as an EPU Aker Smart 2 – marketed for benign environment FPS Ocean – DP FPSO converted from shuttle tanker MPF – purpose built with production/drill capability Nexus 1 – purpose built for harsh environment Nexus 2 – 2nd in the series at Samsung Nortechs 1 – 55,000 dwt tanker conversion to FPSO Nortechs 2 – Suezmax tanker conversion to FPSO PetroProd – Aframax conversion to FPSO Sevan 300 – cylindrical unit, 5th in series Sevan 650 – larger cylindrical unit
More Than 40 Contractors Are Currently Fabricating or Converting Production Floaters
International Maritime Associates - 18- Website: www.imastudies.com
COOECXijiang FPSO (top)
Wenchang FPSO (top)
Aker KvaernerBlind Faith semi (n-hull)
Gjoa FPSO (n)Aker Smart 2 FPSO (top)
Yantai RafflesShelley FPSO (n)Calauit semi (n)
Dubai DDOkono/Okpoho FPSO (c)
HyundaiPlutonio FPSO (n)
Akpo FPSO (n-hull)Moho/Bilondo Prod Barge (n)
Notes: (1) n=new, c=conversion, top=topsides plant (2) Not shown are builders or converters where the facility has not been selected or hulls have been completed and hull/topsides mating is now taking place (3) Ettrick hull was purpose built as an FPSO by Hitachi in 1999, now being completed by Sembawang.
DaewooAgbami FPSO (n)
SembawangBilabri FPSO (c)
Ettrick FPSO (note)
Viktor LenacPhoenix FPU (c)
KiewitShenzi TLP (top)
Exmar Opti Semi (top)Thunder Hawk semi (top)
Perdido spar (top)Phoenix FPU (top)
Maua JurongRoncador P54 FPSO (top)
Technip/Keppel Fels BrazilMarlim Sul P51 Semi (top)
SamsungSkarv FPSO (n)
Exmar OptiEx semi (n-hull)Shenzi TLP (hull)
Nexus 1 FPSO Spec (n)Nexus 2 FPSO Spec (n)
Gjoa Semi (hull-n)
SMOEPeng Lai FPSO
(top)
JurongMontara FPSO (c)
Maari FPSO (c)MA FPSO (c-hull)
Aker Smart 2 FPSO (c-hull)PetroProd FPSO (c)
KeppelY Korchagin FSO (c)
Pecem Regas (c)Guanabara Regas (c)
Mondo FPSO (c)Saxi FPSO (c)
Par. das Conchas FPSO (c)Vincent FPSO (c)Puffin FPSO (c)Azurite FPSO (c)
Camarupin FPSO (c)Arthit FPSO (top)
Vetco AibelVincent FPSO (top)Ettrick FPSO (top)
Rio Grande do SulMarlim Leste P53 FPSO (top)
Gulf Island Fab.Neptune TLP (top)
Blind Faith semi (top)Tahiti spar (top)
Telemark MinDOC (n)
MMHEGaloc FPSO (c-hull)
Gumusut semi (n)Ruby FPSO (c)?
LamprellGimboa FPSO (top)Frade FPSO (top)
MA FPSO (top)Olowi FPSO (top)
DalianWenchang FPSO (n-hull)Opportunity Oil FPSO (c)
Qingdao BeihaiXijiang FPSO (n-hull)
Technip PoriTahiti spar (n-hull)
Perdido spar (n-hull)
Dubai DDGolfinho II FPSO (c)
Gimboa FPSO (c)Arthit FPSO (c)
FPS Ocean FPSO (c)Olowi FPSO (C)
Frade FPSO (c-hull)Keppel Verolme
Chestnut FPSO (top)
Technip/HyundaiAkpo FPSO (top)
HantongPilot FPSO (n)Sevan 300 (n)Sevan 650 (n)
Toyo EngStybarrow FPSO (top)
DPSEast Fortune FPSO (top)
CoscoMPF 1000 FPSO (n-hull)
Rang Dong FSO (n)
DragadosMPF 1000 FPSO (top)
RambollNexus FPSO (top)
HS C&PPuffin FPSO (top)
Global ProcessMontara FPSO (top)
RemontowaSiri FPSO (c)
ST MarineBelanak LNG FSO (c)
VinashinDragon FSO (n)
BatamOyong FPU (c) Dyna-Mac
Th. Hawk semi (n-hull)
Pan UnitedEast Fortune FPSO (c)
Fabrication and Conversion of Production Floaters Has Been Shifting to Asia
International Maritime Associates - 19- Website: www.imastudies.com
More Than 120 Floater ProjectsAre Planned or Under Study
International Maritime Associates - 20- Website: www.imastudies.com
We See Orders for 95 to 115 FPSOsOver the Next Five Years
International Maritime Associates - 21- Website: www.imastudies.com