Floating Production Systems Market Report To 2015

Infield Systems' seventh edition of the Floating Production Systems Market Report to 2015 provides comprehensive analysis of the historical and forecast trends on a region by region and country by country basis of this dynamic sector of the offshore oil and gas industry. This new his report provides a detailed examination of the key infrastructural and technological challenges facing the floating production market today. As one of the most capital intensive sectors of the offshore oil and gas market, the wide ranging implications of oil price fluctuations on floating platform developments are also considered.

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Floating Production Online

The offshore oil and gas industry has been through a difficult three year period as the financial crisis rocked the global economy. Indeed, the freezing of the capital markets and precipitous decline in commodity prices severely constrained oil companies exploration and production (E&P) operations and subsequently the offshore industry went through a significant cooling period.

Like the wider industry, the floating production market was adversely affected during this period with capital spend decreasing year-on-year from a high of US$8.5bn in 2006 to a low of US$5.6bn in 2009. However, these headline figures hide the intricacies associated with the sub-sectors of the floating production market. Indeed, deepwater developments have largely progressed in accordance with operator time schedules; whilst smaller, shallow water projects, often under the operation of independent oil companies with more restricted access to capital, witnessed a relatively higher proportion of delays and cancellations.

The period leading into 2011 saw a significant improvement in the health of the global economy. Indeed, demand for energy strengthened as economies around the world showed signs of recovery, and commodity prices improved whilst credit was once again becoming available to cash strapped independent operators. This increasingly positive operating environment had an inflationary impact on near-term Capex as 2010 levels finished higher than were previously forecasted at the beginning of last year. Infield Systems expects the mid-term prospects for the floating platform market to remain positive with strong growth in 2012, 2013 and 2014. Indeed, the development of a number of large projects, specifically in West Africa and Brazil, will contribute heavily to the jump in capital expenditure that is expected from 2012 onwards.

Whilst the macro fundamentals of the oil and gas industry have improved since the release of Infield Systems' 2010 floating production outlook, so too have the technological drivers of the sector itself. Indeed, the continued exploration and appraisal (E&A) of deepwater acreage is providing a robust foundation for long-term growth. Moreover, industry players continue to develop remote oil and gas fields that demand hydrocarbon storage. However, it is also important to note that floating production systems continue to be deployed in mature oil and gas basins in relatively shallow waters. The cost savings associated with the redeployment of FPSOs in regions such as the UK North Sea is also driving the market forward.

Overall Infield Systems forecasts the majority of future floating production Capex to be directed towards FPSO installations over the forthcoming five year period, accounting for 62% of total sector spend. Following FPSOs, semi-submersibles are forecast to account for 18% of industry Capex, TLPs for 11%, other floaters for 6% and spar style platforms for 2% of total spend.

The Africa and Latin America regions, specifically Angola, Nigeria and Brazil, continue to be the primary driving force behind floating production Capex. However, Infield Systems notes significant growth in other regions and countries. For example Australasian spend is expected to grow from 2011 onwards as operators develop the large floating structures required for projects such as Ichthys and Prelude. European spend is also expected to grow robustly over the same period – largely driven by projects in the North Sea, including Skarv, Goliat, Schiehallion, Quad 204 and the possible Rosebank FPSO.

The number of projects with a firm status has increased from our previous forecasts on the back of improved market fundamentals. In Infield Systems' 2010 floating production outlook a total of 67 projects were either under development or considered firm (progressed through final investment decision). Today this figure has risen to 91, clearly indicating the increased strength of the floating production market and the potential opportunities for offshore oil and gas contractors going forward.

Report Contents

• Executive Summary presents an overview of the floating production systems market, highlighting the main production trends within the sector and where the future driving forces of the market are expected to be directed from. Key infrastructure forecasts are also presented through dividing the market between spend by platform type and water depth.
• Global Macro Overview reviews the drivers behind the global offshore oil and gas business, including current oil market supply and demand fundamentals, oil price trends, and the growth of deepwater production and its impact on the global oil market. It also provides a comprehensive analysis of geopolitical turmoil in the Middle East and North Africa and its impact on the supply and price of oil.
• Sector Focus this section provides an overview and outlook of the key historic patterns and future trends and dynamics in the floating production market through qualitative and quantitative arguments. Within the introduction of this section Infield Systems discusses how historical market drivers of the floating production market have primarily stemmed from specific environmental and infrastructural characteristics. Other key issues, including supply constraints, local content and technological challenges are also discussed in this section.
• Regional Analysis contains a detailed analysis and forecast for each of the following regions: Africa, Asia, Australasia, Europe, Latin America, Middle East and Caspian and North America. For each region floating production systems capital expenditure and number of installations for the forecast period 2006-15 are presented. Key areas of growth on a regional level are broken down by expenditure and project counts by country, water depth, platform type and new build versus conversion build types.
• Facility Analysis & Forecast examines the floating production systems market in terms of semi-submersibles, FPSOs, TLPs, spars and other floating production facility types. The charts and tables in this section relate to the phased construction expenditure attributed to floating production systems in all water depths through to 2015. FPSOs are also presented in terms of the new build and converted vessel capital expenditure break-down. The forecast comparison subsection addresses the key numerical changes between the Infield Systems' 2010 and 2011 forecasts in terms of both capital expenditure and units installed. This section also includes the latest maps of floating production systems around the world.
• Appendices and Maps includes glossary, acronyms & abbreviations, product definitions and key organisations.
  

Why You Should Buy This Report

• The report contains data from Infield System's market modelling process, OFFPEX, which is based upon a unique "bottom up" approach to forecasting. OFFPEX's component by component and project by project forecasting process is robust and has a proven track record.
• The Floating Production Market Report is central to the Infield Systems Global Perspectives series, of publications building upon previous editions to give the most comprehensive presentation of historical and future drivers, key infrastructural and technological challenges, and the wide ranging implications of oil price fluctuations on floating developments.
• The report presents key data forecasts on a region by region and country by country basis. Dividing the market in the most comprehensive way through capital expenditure and platform installations - by platform type and water depth - this report appraises the development of the floating platform market through the 2006-2015 period with the greatest accuracy.
  

Floating Production Systems Online (Essentials)

Purchasers of the Global Perspectives Floating Production Systems Market Report To 2015 receive 12 months access to a database of floating production platform facilities which are being planned or considered for installation in the current year and four years forward, worldwide. Floating Production Systems Online (Essentials) is continually updated. The following types of facility are included:

• FPSO (Floating Production Storage Offloading Facility)
• TLP (Tension Leg Platform)
• Semi-Submersible
• Mobile
• Spar (Deep draft caisson vessel)
• Buoy-Shaped

For each project the following information is provided:

• Region
• Country
• Operator
• Owner
• Facility Name
• Product
• Location
• Date/Year Installed
• Decommissioning Date/Year
• Platform Type
• Construction Material
• Project Status
• New Build or Conversion
• Water Depth
• Function
• Surface Completed Production Wells
• Surface Completed Injection Wells
• Well Slots on the Deck
• Jacket Weight (Tonnes)
• Total Weight (Tonnes)
• Topside Weight (Tonnes)
• Evacuation or Access Means
• Normally Manned or Unmanned
  

Floating Production Systems Online Upgrades

The Floating Production Systems Online (Essentials) access can be upgraded to Floating Production Systems Online (Professional) or Floating Production Systems Online (Professional Plus) or to include other data sets from the Infield Offshore Energy Database, including: shallow and deepwater fields, fixed platforms, subsea completions, pipelines, control lines, offshore loading, supply chain contracts, vessels, drilling rigs and onshore terminals or LNG and GTL plants and facilities.

Floating Production Systems Online (Professional) identifies both floating production systems and floating storage offloading facilities that are currently operational or being planned or considered for installation from the current year onwards.

Floating Production Systems Online (Professional Plus) includes the same information as the Professional edition but also includes details of the offshore loading systems, including:

• Turret Riser Mooring System
• Catenary Anchor Leg Mooring
• Single Point Mooring
• Single Point Turret
• Hybrid Riser Tower
• Single Leg Hybrid Riser
• Submerged Turret Loading
• Submerged Turret Production
  

Details about each system include:

• Region
• Country
• Operator
• Single Point Mooring Name
• Type
• Water Depth (Metres)
• Date/Year Installed
• Storage Facility
• Project Status
  

Quentin D'A Whitfield
Director | Infield Systems Limited
Telephone: +44 20 7423 5001 (direct) | +44 20 7423 5000 (s/board) | +44 7768 570 850 (cell)
Email: quentin.whitfield@infield.com | Website: http://www.infield.com