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8Maritime Reporter & Engineering News NEWSMonthly ChangeSecondhand Vessel Values by Year & Size VesselsValue.com provides data driven ship valuations for tankers, bulkers and containerships. These graphs show howvessel value depends on age for the major types. Vessels are assumed to have typical size and specification for age and highbuilt quality at a top tier shipyard. IMA has just completed an in-depth analysis ofthe floating production sector. The 175 page report Floating Production Systems: Assessment of the Outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs is the 48th in a series of IMAreports on the deepwater production sector that began in 1996. Some highlights from the new re- port are below. Recent Order Pace Consistent With Our Five Year Forecast ? In March we forecast orders for128 to 192 production floaters over the next five years ? an average of 26 to 38 production floaters annually. We also expected the ordering pace to be at the lower end of this range in the early portion of the forecast period ? then accelerate as the growing number deepwater drill rigs generate an increasing number of deepwater finds. The order intake over the past year supports our March forecast.Return of Speculative Orders ? Five specula- tive production floater orders have been placed over the past twelve months, reflecting optimism about the future market. Four FSRUs contracted within the past year did not have lease contracts at the time the order was placed. Subsequently, lease contracts have been agreed for two of the units. Two FSRUs remain without contracted employ- ment after delivery. Also a speculative FLNG con- tract was recently placed based on conversion of an existing LNG tanker. 73 Floating Production Units Now On Order ? The order backlog consists of 44 FPSOs, 7 pro- duction semis, 4 TLPs, 4 spars, 4 FLNGs and 10 FSRUs. In the backlog are 43 units utilizing pur- pose-built hulls and 30 units based on converted tanker hulls. Of the production floaters being built, 44 are owned by field operators, 29 are being sup- plied by leasing contractors. Brazil continues todominate orders for production floaters. 26 unitsare being built for use offshore Brazil ? 36% of the order backlog.235 Floating Production Projects Being Planned ? In terms of water depth, 27 percent of these projects are in ultra-deepwater, 15 percent are in water depth of 1000 to 1500 meters and 58 per- cent in less than 1000 meters. About 25 percent of the projects are in the bidding or final design stage, with major hardware contracts likely to be awarded within the next 12 to 18 months. Another 171 floater projects are in the planning or study phase.Number of Planned Projects Has Been Grow- ing ? The number of floater projects now in the planning stage is 12 percent greater than a yearago, 64 percent higher than five years ago. Last year there were 210 floating production projects inthe planning stage. Five years ago 143 projects were being planned. This increase reflects the bull- ish market fundamentals in the deepwater sector and the growing number of deepwater rigs avail- able to look for oil and gas. Deepwater Production Constraints Being Re- moved ? According to Jim McCaul, head of IMA, ?shortage of deepwater drill equipment has been a major bottleneck limiting deepwater development. This constraint is being removed. A large number of deepwater drill units have recently entered serv- ice and more than 95 drillships or semisubmersibledrill rigs are on order. Delivery of these new units will increase deepwater drilling capability by 30 percent over the next several years ? which will stimulate requirements for floating productionproject starts over the second half of this decade.? Email: [email protected] Email: [email protected] Production Orderbook Picking Up Steam Bollinger Delivers Fourth FRCBollinger Shipyards, Inc. delivered the Robert Yered, the fourth Fast Response Cutter (FRC) to theUnited States CoastGuard. The 154 ft. patrol craft is the fourth vessel in the Coast Guard's Sen- tinel-class FRC pro- gram. To build the FRC, Bollinger Ship-yards used a proven, in-service parent craft design based on the Damen Stan Patrol Boat 4708. It has a flank speed of 28 knots, state of the art command, control, communications and computer technology, and a stern launch system for the vessels 26 foot cutter boat. The FRChas been described as an operational ?game changer.? The Coast Guard took delivery November 17, 2012 in Key West, Florida and is scheduled to commission the vessel in Miami, Florida in late February, 2013. Each FRC is named for an enlisted Coast Guard hero who distinguished him or herself in the line of duty. This vessel is named after Coast Guard Hero, Engineman First Class Robert J. Yered for gallantry in action while engaged in mili- tary operations involving conflict with an armed hostile force in the Republic of Vietnam. The President of the United States presented Robert J. Yered the Silver Star. Type 45 Destroyer on Sea Trials Duncan, the sixth andfinal Type 45 de- stroyer built by BAE Systems, set sailfrom the company?s Scotstoun shipyard on the Clyde to em-bark on her secondstage sea trials off the west coast ofScotland. Jennifer Osbaldestin,Type 45 Program Di- rector at BAE Sys- tems, said this?marks a significant achievement in what has been a highlysuccessful Type 45 program as the final ship embarks on her sea trials. The team has worked tirelessly to put DUN- CAN to sea to demonstrate her outstanding capabilities andthere is a real sense of pride at reaching this milestone. Following sea trials, Duncan will return to the Clyde for final integration and testing, before setting sail for her home port of Portsmouth. Working alongside the Royal Navy at Portsmouth Naval Base, BAE Systems also provides in-ser- vice support to the Type 45 destroyers, coordinating all as- pects of repair, maintenance and support to the fleet. Progression of the floating production orderbook, September 1996 to November 2012.MR#12 (1-9):MR Template 12/4/2012 4:05 PM Page 8