Floating Production Systems Presentation at Tulane Energy Week 2010 Jim McCaul – IMA.

Floating Production SystemsPresentation at

Tulane Energy Week 2010

Jim McCaul – IMA

Outline of Presentation

Overview of FPS Technology

Current FPS Situation

FPS Projects Being Planned

Forecast of FPS Orders

International Maritime Associates - 2 - www.imastudies.com

Four Basic FPS Solutions

FPSO

Production Semi

Tension Leg Platform

Production Spar


FPSO


Serpentina FPSO

Weathervaning Spread Moored

Pazflor FPSO

FPSO


PRO

Has field storage and can be used in remote locations. Can operate on shallow or ultra-deepwater fields. Less weight sensitive than other types of FPSs.

Leasing transfers some risk from field operator to contractor.

Assumed residual value a competitive tool in leasing bids.

Deck area allows flexibility in process plant layout. Surplus/aging tankers can be used for conversion. Can be modified/redeployed following field depletion.Quick disconnect turrets enable emergency relocation.

CON

Subsea tiebacks create higher well maintenance costs.

Turret/swivel machinery expensive, high maintenance.

Redeploying an FPSO not as easy as it may appear.

Production Semi


PRORelatively wide deck space provides good layout footprint for process plant.Can support large number of risers. Has relatively little surface motion.Water depth not a limitation.

CONNo storage – requires either an FSO or pipeline offtake. Hull weight carrying capacity imposes limitations on deckload. Deck space more limited than large FPSO. Dry tree designs developed, but to date wet trees utilized with production semis.

P-51 Production Semi

Tension Leg Platform


PROSurface motion limited by tendon tension, providing stable platform for dry trees.

CONTendon weight grows with water depth and increasingly restricts deck payload capacity.

Deepest TLP water depth to date has been Magnolia, in 1430 meters water.

TLPs are inherently unstable and will capsize if tendons fail.

Moses TLP

Sea Star TLP

ETLP

Production Spar


PRO

Can accommodate dry trees.

Water depth does not seem to be a limitation – Perdido Host spar is in water depth of 2400 meters.

Spars can provide storage but to date no spar has been used in this capacity.

Inherently stable, will remain upright if moorings fail.

CON

Need to utilize heavy lift or floatover for hull/topsides mating – an expensive proposition.Kikeh Spar

Optimum Application Range


Source: FloaTEC, Review of Deepwater Floating Structures and Dry Tree Semi Developments, November 2006

FPS Units in Operation(as of July 2010)

22 tension leg platforms 43 production semis 152 FPSOs 18 production spars 8 production barges 5 FSRUs 95 FSOs


Where FPSs are Operating(as of July 2010)


1

14

1

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

15

3

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

48

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

2

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

1 1 2

9

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

2

13

22

7

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

15

7 5

17

1 1

TLPSEM

I

FPSOSPA

RFPU

FSRUFSO

17

28

3 5

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

1 1

19

1 2

43

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

Not shown in the bar charts are 6 FPSOs, 2 production semis and 2 FSOs that are off-field and available for reuse. Also not included is an FPSO in China that is off-field for repair. 2 FPSOs and an FPU in the GOM are employed in emergency use.

41

35

5

16

TLPSEM

I

FPSOSPA

R

BARGE

FSRUFSO

FPSs Being Built/Converted(as of July 2010)

39 FPSOs (16 new, 23 conversions) 4 production semis (new) 1 TLP (new) 1 FSRU (conversion) 4 FLNGs (new) 3 MOPUs (2 new, 1 conversion) 2 FSOs (1 new, 1 conversion)


Where FPSs Are Being Built(as of July 2010)


BrasfelsPapa Terra P61 TLP

Jubarte P57 FPSO (top)Marlim Sul P56 Semi (n-hull)

Atlantico SulRoncador P55 FPSO (hull blocks)

DaewooPazflor FPSO (n)

HyundaiUsan FPSO (n)Goliat FPSO (n)

Notes: (1) n=new, c=conversion, top=topsides plant (2) Not shown are builders or converters where the facility has not been selected or hulls or topsides have essentially been completed.

JRay McDermottPeregrino FPSO (top)

Technip/Keppel Fels BrazilMarlim Sul P56 Semi (top)

SamsungSkarv FPSO (n)

FlexLNG Producer 1 (n)FlexLNG Producer 2 (n)FlexLNG Producer 3 (n)FlexLNG Producer 4 (n)Waimea OSX-1 FPSO (n)

JurongPetroProd 1 FPSO (c)

PSVM FPSO (c)Roncador P62 FPSO (c)

KeppelJubarte P57 FPSO (c-hull)

Peregrino FPSO (c)Cossack FPSO (c)Aseng FPSO (c)

P. Das Baleais P58 FPSO (c)Chim Sao FPSO (c)

Gulf Island Fab.Cheviot Semi (top)

MMHEGumusut semi (n)

LamprellDeep Producer 1 FPSO (top)

Livorno FSRU (top)

Dubai DDDeep Producer 1 FPSO (c-hull)

Livorno FSRU (c)Aquila FPSO (c)

HantongSevan #4 FPSO (n-hull)Sevan #5 FPSO (n-hull)

Cosco NantongCheviot Semi (n)

Rio Grande SulRoncador P55 FPSO

(hull assembly)Serial Pre-salt FPSOs (n-hulls)

Toyo Eng.PSVM FPSO (top)

Cosco DalianTupi Pilot (c-hull)Guara FPSO (c)

Papa Terra P63 FPSO (c-hull)

AdyardYme MOPU (n)

D. Panuke MOPU (n)

KanfaFlexFLNG Producer 1 (top)

QuipRoncador P55 FPSO (top)Papa Terra P63 FPSO (top)

TechnipGumusut semi (top)

SembawangPipa II FPSO (c)Kitan FPSO (c)

Carioca EWT (c)

COOECTupi Pilot (top)

STX DalianSoroosh FSU (n)

YulianEbok FPSO (c)

FPS Construction Has Shifted to Asia(number of facilities involved in FPS construction/conversion)


11 9 9 10 10 11 9 7 63

7 8 6 6 4 5 5 4 6 5 5 4 3 5 7 69 10 11 11 9 8 7

4 3 2 1 1

6 8 8 8 9 7

5 87

85

7 12 1413 12 11 13

1312

8 10 11

1415 15

16

2122

1920

1514

1716 16 16 16

2 3 4 4 4 4

6 66

5 4

64

7

7 87 5

44

35 7

65 5

4

32

2 2

22 2

3 31 1

1 1 1 1

1

2 2

2

23

3 3 34

4

66

34 4

4

3 3

3 4

54 4 4 5

5 51

11

1

1 1

12

2

2 2 21

1 1

1

3 34 3

4

3 3 3 3

3 3

Europe Asia No. America Brazil Africa Middle East

Where FPSs Will Be Installed(as of July 2010)


1

2

14

1

Not shown are 4 FPSOs and 4 FLNGs being built on speculation without a field contract.

1 3

51 1

1 1

1 2

20

1

Trend in FPS Order Backlog


31

373632

353330

232117

212227

3737383941383737

34343534

434646

5760

676560

56

49

41403739

49

Sep '9

6

Feb '9

7

Jun '9

7

Oct '97

Mar

'98

Jul '

98

Nov '9

8

Mar

'99

Aug '99

Dec '9

9

Apr '00

Sep '0

0

Feb '0

1

Jul '

01

Nov '0

1

Apr '02

Aug '02

Feb '0

3

Jun '0

3

Oct '03

Mar

'04

Jul '

04

Nov '0

4

Apr '05

Jul '

05

Nov '0

5

Mar

'06

Jul '

06

Nov '0

6

Mar

'07

Jul '

07

Nov '0

7

Mar

'08

Jul '

08

Dec '0

8

Mar

'09

Jul '

09

Nov '0

9

Mar

'10

Jul '

10

8 Petrobras FPSO hulls}

FPS Projects Planned/Under Study(as of July 2010)


13 12

21

5

1712 10

3 1 3

613

2

6

4

1

1

1911

3

14

1

Shown in this chart is the number of projects by region where floating production or storage is under consideration as a development solution. Several projects involve multiple production units. One project in Brazil potentially involves 6 or more units. Data reflect the situation as of 19 July 2010.

<1000m water depth

Deepwater 1000-1500m

Ultra-Deepwater >1500m

Forecast of FPSO OrdersOver the Next Five Years


- - - - - Next Five Years - - - - -

5572

92

117

8

8

8

9

15

20

25

Scenario 1$50-$70 oil95 FPSOs

Scenario 2~$80 oil

120 FPSOs

Scenario 3$90-$100 oil150 FPSOs

Past Five Years

ActualOrders

64 FPSOs

Redeployments

New Orders

Available Spec Units

Forecast of Production Semi OrdersOver the Next Five Years


- - - - - Next Five Years - - - - -

8 8 9 10

11

1

11

2

3Scenario 1$50-70 oil10 Semis

Scenario 2~$80 oil12 Semis

Scenario 3$90-100 oil14 Semis

Past Five Years

ActualOrders9 Semis Redeployments

New Orders

Available Spec Unit

Forecast of TLP OrdersOver the Next Five Years


1 1

2 2

1

2

2

3

Scenario 1$50-70 oil

3 TLPs

Scenario 2~$80 oil4 TLPs


5 TLPs

Past Five Years

- - - - - Next Five Years - - - - -

ActualOrders2 TLPs Production

TLPs

Wellhead TLPs

Forecast of Production Spar OrdersOver the Next Five Years


1

2 2 2

1

1

2

3


3 Spars

Scenario 2~$80 oil4 Spars


5 Spars

Past Five Years

- - - - - Next Five Years - - - - -

ActualOrders2 Spars

Heavy/MediumDeckload

LightDeckload

Forecast of FSO OrdersOver the Next Five Years


4 4 5 6

22 2125

29

Scenario 1$50-70 oil25 FSOs

Scenario 2~$80 oil30 FSOs


35 FSOs

Past Five Years

- - - - - Next Five Years - - - - -

ActualOrders

26 FSOs

PurposeBuilt Units

Conversions

Summary Forecast of FPS OrdersOver the Next Five Years


Most LikelyScenario

Scenario 1$50-70 Oil

Scenario 2~$80 Oil

Scenario 3$90-100 Oil

Type FPSO No. UnitsTotalCapex No. Units

TotalCapex No. Units

TotalCapex

(bil of $) (bil of $) (bil of $)

Production Floaters

FPSOs 95 $56.6 120 $67.1 150 $81.8

Semis 10 $5.6 12 $6.1 14 $6.7

TLPs 3 $2.2 4 $3.2 5 $3.8

Spars 3 $1.5 4 $1.8 5 $2.1

All production floaters 111 $65.9 140 $78.2 174 $94.4

Storage Floaters

FSOs 25 $2.6 30 $3.2 35 $3.7

Total Market 136 $68.5 170 $81.4 209 $98.1

International Maritime Associates, Inc.1250 24th Street, NW — Suite 350

Washington, DC 20037 USATel: 202-333-8501 (Washington)

Tel: 832-203-5622 (Houston)Fax: 202-333-8504

Email: [email protected]: www.imastudies.com

Floating Production Systems Presentation at Tulane Energy Week 2010 Jim McCaul – IMA.

Documents

production semis

production spars

kikeh spar slide

production barges

large fpso

meters water

deepest tlp water depth

fps units