NEWS RELEASE – September 21, 2018
In its Q4 2018 Floating Production Systems Report, Energy Maritime Associates (EMA) reviewed the market for Floating Production Systems, including FPSOs, FLNGs, FSRUs, TLPs, Spars, Semis, FSOs, and MOPUs.
Recent Highlights:
(c)EMA 2018
According to EMA’s Managing Director, David Boggs, “Oil prices have rebounded over 100% from their lowest levels, while offshore costs have hardly moved. As a result, many offshore developments are now very competitive, if not more attractive, than onshore shale fields, with breakevens as low as $30/bbl. We see this as the start of a new cycle for the industry, with re-set pricing and a growing oil price, similar to the period from 2004/5. If oil prices remain stable, there is tremendous opportunity for new floating production projects over at least the next two years. While there have been substantial industry reductions and consolidation, there is still sufficient industry capacity, particularly in the subsea and drilling sectors through 2020.”
For further information contact:
Yun Xu
Energy Maritime Associates Pte Ltd
Tel: +65.9177.1368 (Singapore)
Tel: +1.202.800.8390 (USA)
fps@energymaritimeassociates.com
I. Current and Planned Floating Production Systems
Recent orders
Recent deliveries
What’s now being built
Trend in order backlog
Composition of Order Backlog
Current fabrication and conversion activity
Floater projects planned or under study
Floating production database
II. Recent Developments
Floater Prospects in the Appraisal Stage
NEW UD-1 (Cluster 3) (India)
Floater Prospects in the Planning Stage
Cameia (Angola)
NEW OML 18 (Nigeria)
NEW Tortue FLNG #2-4 (Mauritania)
NEW Adelaide LNG (Australia)
Doradao / Roc / (Australia)
Flemish Pass (Mizzen / Harpoon / Bay du Nord) (Newfoundland)
NEW Western LNG (Canada)
NEW Liza 4 / Liza 5 (Guyana)
NEW Kelidang Cluster (Brunei)
Floaters in the Bidding or Final Design Stage
Anyala / Madu (Nigeria)
Etinde (Cameroon)
NEW Mystras Replacement (Nigeria)
Paradise/Pecan (Ghana)
New South Wales LNG (Australia)
Atlanta/Olivia (Brazil)
Buzios V (Brazil)
Marlim Revitalization 1 & 2 (Brazil)
Amoca, Mizton, Tecoalli (Mexico)
NEW Baja Sur LNG (Mexico)
NEW Pajaritos LNG (Mexico)
Liza 3 (Payara / Pacora) (Guyana)
Sea Lion (Falklands)
NEW Nam Du / U Minh (Vietnam)
Lufeng Redevelopment (12-3/14-4/15-1/22-1) (China)
NEW Mina Al-Ahmadi (Kuwait)
Ratna (India)
Non-Sanctioned FPS Developments
Boudji & Ivela (Gabon)
Fortuna FLNG #2 (Equatorial Guinea)
Crux (Australia)
Zama (Mexico)
Pechora LNG (Russia)
New Orders
Liza 2 FPSO (Guyana)
Surya Putra Jaya FPSO (Indonesia)
Excel FSO (LNG) (Russia)
BW GDF Suez Paris FSRU (Speculative)
Systems on Order
Gandria FLNG (Equatorial Guinea)
Golar Freeze FSRU (Jamaica)
Aoka Mizu FPSO (U.K.)
Hoegh Speculative (Hull 2909) FSRU
Systems Recently Completed
BW Adolo FPSO (Gabon)
Egina FPSO (Nigeria)
P 69 FPSO (Brazil)
P 75 FPSO (Brazil)
Barakuda Natuna FSO (Indonesia)
NEW Scarlet Trader FSO (Indonesia)
Mekar Bergading FSO (Malaysia)
Bratasena FSO (Myanmar)
Hai Yang Shi You 111 FPSO (China)
Bahrain Spirit FSO (LNG) (Bahrain)
Existing Systems
Montara Venture FPSO (Australia)
Pyrenees Venture FPSO (Australia)
Armada Kraken FPSO (U.K.)
Curlew (ex-Maersk Curlew) FPSO (U.K.)
FPF 1 SEMI (U.K.)
Petrojarl Banff FPSO (U.K.)
Voyageur Spirit FPSO (U.K.)
Jotun A FPSO (Norway)
Armada TGT 1 FPSO (Vietnam)
Rubicon Intrepid FPSO (Philippines)
Exquisite FSRU (Pakistan)
Available Systems
Armada Perdana FPSO (Nigeria)
Modec Venture 11 FPSO (Australia)
Petrojarl Cidade de Rio Das Ostras FPSO (Brazil)
Deep Panuke MOPU (Canada)
Decommissioned Systems
PTAP-One FPSO (Indonesia)
Intan FSO (Indonesia)
Abu FSO (Malaysia)
Amity Star FSO (Malaysia)
Concord M FSO (Malaysia)
Yetagun FSO (Myanmar)
SKS Douro FSO (West Africa)
Units under Repair
Ngujima Yin FPSO (Australia)
Cancelled Orders
Maran Speculative #2 FSRU
III. Underlying Market Drivers
Global Oil and Gas Demand Drivers
Oil and Gas Outlook for 2018/2019
Long Term Demand for Oil and Gas
Growing LNG Demand
Global Oil Price
Oil Futures
Natural Gas Production and Price
U.S. Onshore Activity
Offshore Drilling
E&P Development Costs
IV. Industry Activity & Analysis
Most Likely Awards in Next 12 Months
SBM - Back in Brazil
Hyundai Closes Offshore Yard
Appendix I: Projects in Planning Pipeline
Africa
Australia
Brazil
Canada
Caribbean
Gulf of Mexico
Mediterranean
North Sea
Pacific
South America (excluding Brazil)
Southeast Asia
China
Southwest Asia and Middle East
Appendix II: On Order / Under Repair FPS Units
BARGE 1 unit
FPSO 20 units
FLNG 4 units
FSRU 19 units
SEMI 3 units
TLP 1 unit
FSO 4 units (1 Oil, 3 LNG)
MOPU 4 units
Units Under Repair
Appendix III: Installed and Available FPS Units
FPSO: 175 units
BARGE: 9 units
FLNG: 3 units
FSRU: 22 units
LNG REGAS: 3 units
SEMI: 39 units
SPAR: 21 units
TLP: 28 units
FSO: 101 units (96 Oil, 5 LNG)
MOPU: 14 units
Available - 45 vessels
Appendix IV: Historical Installed FPS Units
In its Q4 2018 Floating Production Systems Report, Energy Maritime Associates (EMA) reviewed the market for Floating Production Systems, including FPSOs, FLNGs, FSRUs, TLPs, Spars, Semis, FSOs, and MOPUs.