Page 57: of Maritime Reporter Magazine (June 2012)

IMA has just completed an analysis ofthe floating production market. High- lighted below are some key findings of the study. Underlying market fundamen- tals are very strong ? With world oil de- mand growing around 1% annually, meeting demand in 2035 will requiregross capacity additions of 47mb/d crudesupply ? more than half the current globaloil output level. These capacity additions will require new sources of crude oil, with deepwater fields high among the ex- pected new sources. ExxonMobil re- cently projected the ?biggest gains will come from global deepwater production, which more than doubles through 2040.? According to ExxonMobil, by 2025deepwater production will supply 10% of global liquids fuels supply. Inventory of production floaters now at 257 units ? This figure is 30% greater than five years ago, 90% higher than ten years back. FPSOs comprise 62% of theexisting systems. The balance is com- prised of production semis, tension leg platforms, production spars, productionbarges and floating regasification/storage units. Of the total production floater in-ventory, seven units (all FPSOs) are off field and available for reuse ? resulting in an overall utilization rate of 97.3%. An- other 100 floating storage/offloading units (without production capability) arein service.Order backlog will increase the pro- duction floater inventory by 25% ? Current order backlog consists of 67 production floaters ? 45 FPSOs, 5 pro- duction semis, 3 TLPs, 3 spars, 2 FLNGs and 9 FSRUs. In the backlog are36 units utilizing purpose-built hulls and 31 units based on converted tanker hulls. Of the production floaters being built, 37 are owned by field operators, 30 are being supplied by leasing contractors.Brazil continues to dominate orders forproduction floaters. Of the 67 productionfloaters on order, 28 units are being built for use offshore Brazil ? 42% of the order backlog.Number of floater projects planned orunder study has been growing ? We have identified 216 projects now in the bid- ding, design or planning stage that po-tentially require a floating production orstorage system. The pipeline of planned floating production projects has beengrowing. Last November we identified 210 floating production projects in theplanning or bidding stage. A year ago, 194 projects were identified. Five years ago, 109 projects were identified. According to Jim McCaul, head ofIMA, ?the growth in number of planned projects reflects the solid fundamentalsunderlying the floating production sec-tor.? McCaul adds that ?150 drill ships and deepwater drill semis ordered since 2005 have removed a bottleneck con- straining exploration and development in deepwater, resulting in a dramatic in- crease in floater projects in the planningpipeline.? Three regions account for 62% of planned projects. Brazil, with 51 po-tential floater projects in the planningcycle, is the major region for future float- ing production projects. In second andthird place are Southeast Asia and West Africa. Brazil is also clearly the leadinglocation for ultra-deepwater projects ? with 45% of projects in water depth ex- ceeding 1500 meters located offshore Brazil. Orders for 130 to 190 productionfloaters are forecast over next five years ? FPSOs are expected to account for ~75% of future production floater orders. The remaining 25% will be production semis,spars, TLPs, FLNGs and FSRUs. Orders for 25 to 35 FSOs are also expected over the next five years. www.imastudies.com email: [email protected] Building & Repair Products CHOCKFAST ORANGE ® the reliable, poured-in-place, epoxy resin chocking system used in the installation of more than 40,000 main propulsion engines. www.chockfast.com Anti-Slip Safety Coatings American Safety Technologies has been the world leader in the manufacturer of anti-slip and interior polymeric coating systems for over 94 years. www.astantislip.com Proven Epoxy and Polymer Products for all Types of Vessels... Offshore Platforms... Mooring Buoys... Oceanographic Equipment... Crane Rails... and other Marine Applications. Interior & Exterior Deck Coverings PolySpec ® the most comprehensive line of polymeric exterior and interior decorative deck coverings available for ships and offshore drilling platforms. www.polyspec.com ? Engineered Solutions for Engineers. To learn more on how ITW Polymer Technologies can help solve your problems visit www.polytech.com. Chocking Compounds | Adhesives | Repair Products | Commercial & Marine Environment Coatings June 2012www.marinelink.com 57Floating Production Systems Strong Fundamentals Fuel Growth MR June12 # 8 (57-64):MR Template 6/12/2012 9:06 AM Page 57