setting the scene presentation at intsok international oil and gas business days 2007 by jim mccaul...

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


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


2

13

20

8

13

5 3

14

1

2

10

4

1

9

5 5

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.

17 19

4

4

28

13

3

1 1

14

1

36

1

1

13

2

Five Regions Account for Almost 80% of FPSOs Now Operating


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


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


Inst

alle

d P

rod

uc t

ion

Fl o

a te r

s

0

75

150

225

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


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


•Region has 24% of all FPSOs • Includes 6 mega FPSOs• Units typically spread moored• 7 More units on order

1

2

1

4

6

4

3

6

4

3

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

24 FPSOs Have Been Installed Off BrazilOver the Past Ten Years


• 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

3

2 2 2

1

2 2

4

6

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

14 FPSOs Installed OffNorthern Europe Over the Past Ten Years


• 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

1

7

2

1

3

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

20 FPSOs Have Been Installed Off Southeast Asia/China Over the Past Ten Years


• 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

3

2 2 2 2

5

2

1 1

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

11 FPSOs Have Been Installed Off Australia / New Zealand Over the Past Ten Years


2 2

1

2

1

3

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


1 1 1

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


Not shown are 11 FPSOs and 1 production semi being built on speculation without a field contract.

2

5

1

4

7

1

5

1

10

1

1

9

2

2 21

31

1

1 1 3

70 Production Floaters are CurrentlyOn Order – Including 52 FPSOs

- - - - where to be installed - - - -

Order Backlog for Production FloatersIs At An All Time High


11 of the 52 FPSOs Now on OrderHave No Field Contract


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


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


More Than 120 Floater ProjectsAre Planned or Under Study


We See Orders for 95 to 115 FPSOsOver the Next Five Years


setting the scene presentation at intsok international oil and gas business days 2007 by jim mccaul...

Documents

mega fpsos units

fpsos turret

capacity units

existing units

fpsos half vlcc size

production solutionvaries

bd plants

order use