Page 16: of Offshore Engineer Magazine (Jan/Feb 2020)

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MARKET FPSO

PRODUCTION FLOATERS NOW BEING BUILT tion and integration is spread over a variety of contractors

Included among the 29 production ? oaters now being in Asia, Europe and Brazil.

built are 22 FPSOs, six production semis and a production Five of the six production semis now being built are barge. A third of these units are well into the construction destined for use in the Gulf of Mexico. The remaining program, with production start planned in 2020/21. Two- unit is for use offshore China. Construction of these semis thirds are more recent contracts where construction is at an is divided among builders in Korea, China and Singapore earlier stage and production start is planned in 2022/24. – each location having two production semi contracts.

Seven (32%) of the 22 FPSOs being built are for use Some topside fabrication and integration is being per- offshore Brazil. The rest are for use offshore West Africa formed in the US.

(three), Guyana (two), Northern Europe (two), India (two) – and Mexico, Israel, China and Australia (one unit PROJECTS IN THE PLANNING STAGE each). The remaining two FPSOs are speculative hulls that We have been tracking 130 projects in the planning at the moment have no ? eld assignment – but are likely to stage that are likely to require a production ? oater for de- be used on future contracts in Guyana or Brazil. velopment. They include 118 projects where an FPSO is

Thirteen of the FPSOs are being built on new hulls. the likely production solution, 12 where a production semi

Nine are conversions or upgrades to existing units. China is likely to be required. Brazil is the dominant location for is clearly the major location for FPSO construction and future production ? oater requirements – with 38 projects conversions. Eighteen of the 22 FPSOs on order are par- in the planning queue. Other major locations with ? oat- tially or fully contracted to Chinese yards. Singapore has er projects in the planning stage are Africa (30 projects), retained second position, with three orders. One FPSO Southeast Asiea (16 projects), Northern Europe (12 proj- contract has been placed in Korea. Topsides plant fabrica- ects) and the Mexico/US Gulf of Mexico (10 projects).

Some of the projects are near term, some further out.

Of the total, eight projects are at the bidding or contract

Exhibit 2: Growth in Floating Production Systems over 40 Years (Installed and negotiation stage. Another 10 are in the near term invest- available units as of beginning January each ment queue and eight are in front-end engineering design year; excludes FLNGs and FSRUs) (FEED) stage. Another 79 projects are further out in the planning stage – either in development concept de? nition (45), exploration and appraisal (25), priority prospect (sev- en) or commercial framework negotiation (two).

The remaining 25 projects in the planning queue are

Exhibit 3:

Source: IMA/World Energy Reports Database Source: IMA/World Energy Reports Database 16 OFFSHORE ENGINEER OEDIGITAL.COM