Transcript Slide 1

Setting the Scene
Presentation at
Intsok International Oil and Gas Business Days 2007
by
Jim McCaul
International Maritime Associates
Washington-Houston
Presentation Will Cover . . .
 Role and growth of FPSOs
 FPSO order backlog
 Floater projects planned/under study
 Projected need for additional FPSOs
International Maritime Associates
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Website: www.imastudies.com
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
International Maritime Associates
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Website: www.imastudies.com
198 Production Floaters are in Operation –
Including 118 FPSOs
20
13
8
2
P MI O O
TL SE PS FS
F
2
P MI O O
TL SE PS FS
F
5
14
13
5
3
13
T
1
LP
I
P
36 TL EM PSO FSO
S F
9
P MI O O
TL SE PS FS
F
13
14
1 1
1
1
P MI O R O E
TLSE PS PA FS RG
F S
BA
3
P MI O O E
TL SE PS FS RG
F
19
BA
17
10
4
P MI O O
TL SE PS FS
F
4
International Maritime Associates
2
1
P MI O
R O
TL SE PS PA FS
F
S
P MI O O
TL SE PS FS
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1
I
M SO SO
E
F
S FP
28
4
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.
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Website: www.imastudies.com
Five Regions Account for Almost
80% of FPSOs Now Operating
N Europe 17%
W Africa 24%
Brazil 16%
Other 20%
SE Asia 12%
China 11%
International Maritime Associates
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Website: www.imastudies.com
Use of FPSOs as a Production Solution
Varies by Geographical Region
Region
No. Prod.
Floaters
West Africa
Australia/NZ
Brazil
GOM
China
SE Asia
No. Europe
Other
Total
International Maritime Associates
35
10
36
35
14
18
35
15
198
No. of
FPSOs
28
10
19
3
13
14
20
11
118
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FPSOs as % of Total
Floater Processing
Inventory Capacity
80%
100%
53%
9%
93%
78%
57%
73%
60%
91%
100%
64%
10%
92%
88%
56%
82%
65%
Website: www.imastudies.com
Production Floaters Have Grown 150%
Over the Past Ten Years
Installed Production Floaters
225
198 Units
July 2007
Spar
TLP
+150%
136 Units
July 2002
150
Semi
79 Units
July 1997
FPSO
75
0
77
9
1
79
9
1
81
9
1
83
9
1
85
9
1
International Maritime Associates
87
9
1
89
9
1
91
9
1
93
9
1
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95
9
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97
9
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99
9
1
01
0
2
03
0
2
05
0
2
07
0
2
Website: www.imastudies.com
Number of FPSOs Has More Than Tripled
Over the Past Ten Years
Year
No. of
FPSOs
%∆
Over 1997
% of All
Production
Floaters
(as of July)
1997
28
--
47%
2002
60
+114%
53%
2007
118
+321%
60%
International Maritime Associates
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Website: www.imastudies.com
34 FPSOs Have Been Installed
Off 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
6
6
4
4
4
3
3
2
1
1998
1
1999
2000
International Maritime Associates
2001
2002
2003
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2004
2005
2006
2007
Website: www.imastudies.com
24 FPSOs Have Been Installed Off Brazil
Over 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
6
4
3
2
2
2
2
2
1
1998
1999
2000
International Maritime Associates
2001
2002
2003
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2004
2005
2006
2007
Website: www.imastudies.com
14 FPSOs Installed Off
Northern 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
7
3
2
1
1998
1
1999
2000
International Maritime Associates
2001
2002
2003
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2004
2005
2006
2007
Website: www.imastudies.com
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
5
3
2
2
2
2
2
1
1998
1999
2000
International Maritime Associates
2001
2002
2003
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2004
2005
2006
1
2007
Website: www.imastudies.com
11 FPSOs Have Been Installed Off Australia /
New Zealand Over the Past Ten Years
• 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
3
2
2
2
1
1998
1999
2000
International Maritime Associates
2001
2002
2003
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1
2004
2005
2006
2007
Website: www.imastudies.com
Only 3 FPSOs Installed in the GOM
Over the Past Ten Years
• 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
1
1998
1999
2000
International Maritime Associates
2001
2002
2003
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1
2004
1
2005
2006
2007
Website: www.imastudies.com
70 Production Floaters are Currently
On Order – Including 52 FPSOs
- - - - where to be installed - - - 5
1
1
P I O R U O
TL SEM PS PA OP FS
F S M
3
1 1
2
2
P I O R S O
TL SEM PS PA GA FS
F S E
R
G
N
L
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10
1
P I O R U O
TL SEM PS PA OP FS
F S M
5
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I O
P
R U
TL SEM PS PA FP
F
S
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I O
P
R O
TL SEM PS PA FS
F
S
1
P I O R E O
TL SEM PS PA RG FS
F S A
B
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I O
E O
P
TL SEM PS RG FS
F A
B
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P I O R U O
TL SEM PS PA OP FS
F S M
2
P I O R S O
TL SEM PS PA GA FS
F S E
R
G
N
L
International Maritime Associates
Not shown are 11 FPSOs and 1 production semi being built on
speculation without a field contract.
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Website: www.imastudies.com
Order Backlog for Production Floaters
Is At An All Time High
International Maritime Associates
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Website: www.imastudies.com
11 of the 52 FPSOs Now on Order
Have No Field Contract
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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
International Maritime Associates
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Website: www.imastudies.com
More Than 40 Contractors Are Currently
Fabricating or Converting Production Floaters
Ramboll
N exus FPSO ( t op)
Aker Kvaerner
Lamprell
B lind Fait h semi ( n- hull)
Gimboa FPSO ( t op)
Gjoa FPSO ( n)
A ker Smart 2 FPSO ( t op) Frade FPSO ( t op)
MA FPSO ( t op)
Olowi FPSO ( t op)
DPS
East Fort une FPSO ( t op)
Siri FPSO ( c)
A gbami FPSO ( n)
Technip Pori
Tahit i spar ( n- hull)
Perdido spar ( n- hull)
Viktor Lenac
Phoenix FPU ( c)
Technip/Hyundai
A kpo FPSO ( t op)
Keppel Verolme
C hest nut FPSO ( t op)
Dubai DD
Samsung
Dalian
Skarv FPSO ( n)
W enchang FPSO ( n- hull)
Exmar Opt iEx semi ( n- hull)
Opport unit y Oil FPSO ( c)
Shenz i TLP ( hull)
N exus 1 FPSO Spec ( n)
N exus 2 FPSO Spec ( n)
Gjoa Semi ( hull- n)
Toyo Eng
St ybarrow FPSO ( t op)
Yantai Raffles
Shelley FPSO ( n)
C alauit semi ( n)
SMO E
Keppel
N ept une TLP ( t op)
B lind Fait h semi ( t op)
Tahit i spar ( t op)
Telemark MinD OC ( n)
Hantong
Peng Lai FPSO
( t op)
Y K orchagin FSO ( c)
Pecem R egas ( c)
Guanabara R egas ( c)
Dragados
Mondo FPSO ( c)
MPF 1000 FPSO ( t op)
Saxi FPSO ( c)
Par. das C onchas FPSO ( c)
Maua Jurong
Vincent FPSO ( c)
R oncador P54 FPSO ( t op)
Puf f in FPSO ( c)
A z urit e FPSO ( c)
C amarupin FPSO ( c)
Rio G rande do Sul A rt hit FPSO ( t op)
Marlim Lest e P53 FPSO ( t op)
Shenz i TLP ( t op)
Exmar Opt i Semi ( t op)
Thunder H awk semi ( t op)
Perdido spar ( t op)
Phoenix FPU ( t op)
Plut onio FPSO ( n)
A kpo FPSO ( n- hull)
Moho/B ilondo Prod B arge ( n)
Golf inho II FPSO ( c)
Gimboa FPSO ( c)
Sembaw ang
ADubai
rt hit FPSO
DD( c)
B ilabri FPSO ( c)
FPS Ocean FPSO
( c)( c)
Okono/Okpoho
FPSO
Et t rick FPSO ( not e)
Olowi FPSO ( C )
Frade FPSO ( c- hull)
G ulf Island Fab.
Kiew it
Hyundai
Daew oo
Vetco Aibel
Vincent FPSO ( t op)
Et t rick FPSO ( t op)
Remontow a
G lobal Process
Mont ara FPSO ( t op)
Pilot FPSO ( n)
Sevan 300 ( n)
Sevan 650 ( n)
CO O EC
Xijiang FPSO ( t op)
W enchang FPSO ( t op)
Q ingdao Beihai
MMHE
Xijiang FPSO ( n- hull)
Galoc FPSO ( c- hull)
Gumusut semi ( n)
R uby FPSO ( c) ?
Jurong
Mont ara FPSO ( c)
HS C&P
Maari FPSO ( c)
Puf f in FPSO ( t op)
MA FPSO ( c- hull)
A ker Smart 2 FPSO ( c- hull)
Vinashin
Pet roProd FPSO ( c)
D ragon FSO ( n)
Technip/Keppel Fels Brazil
Marlim Sul P51 Semi ( t op)
ST Marine
Pan United
B elanak LN G FSO ( c)
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.
International Maritime Associates
Cosco
MPF 1000 FPSO ( n- hull)
R ang D ong FSO ( n)
East Fort une FPSO ( c)
Batam
Oyong FPU ( c)
Dyna-Mac
Th. H awk semi ( n- hull)
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Website: www.imastudies.com
Fabrication and Conversion of Production
Floaters Has Been Shifting to Asia
International Maritime Associates
- 19-
Website: www.imastudies.com
More Than 120 Floater Projects
Are Planned or Under Study
International Maritime Associates
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Website: www.imastudies.com
We See Orders for 95 to 115 FPSOs
Over the Next Five Years
International Maritime Associates
- 21-
Website: www.imastudies.com