Douglas-Westwood (DW) forecast that between 2013 and 2017 $91bn will be spent on floating production systems (FPS) - an increase of 100% over the preceding five-year period. This growth is driven by factors such as a larger proportion of newbuilds and conversions compared to redeployments, a greater degree of local content resulting in increased costs and general offshore industry cost inflation.
Floating Production is firmly established as a cost-effective method of developing oil and gas fields around the world. In water depths beyond 500m floating production systems become one of the few options open to operators, an increasingly important factor as production moves into deeper waters. DW forecast that 63% of global FPS market spend will be in deep waters.
FPSOs represent by far the largest segment of the market both in numbers (94 installations) and forecast Capex (80%) over the 2013-2017 period. FPSSs account for the second largest segment of Capex (10%), followed by TLPs, then spars.
Latin America accounts for 29% of the forecast installations and 37% of the projected Capex. Most installations to date have been in Petrobras-operated fields off Brazil and this is likely to continue, albeit substantial delays are expected for Petrobras' offshore E&P investment. Asia is the next most important region in numerical terms (24), but Africa is so in terms of forecast Capex ($18.2bn).
Analysis is based on DW's in-house Oil & Gas database which details around 1,000 FPS projects. The data feeds into the market model to generate forecasts of floating production systems in each region of the world. Expenditure is allocated both to year of order and year of installation.
DW's Floating Production Market Forecast 2013-2017 contains analysis of:
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The World Floating Production Market Forecast 2013-2017 is a vital source of information for those seeking a timely update on this rapidly growing industry. Geared to senior executives' needs, the report assumes no previous knowledge of the subject area and provides the reader with a comprehensive understanding of the key trends in the sector.;
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The report is essential for financial institutions, equipment manufacturers, offshore engineering, construction, operations & maintenance companies and contractors, oil & gas companies, lease contractors, shipbuilders and agencies & government departments wanting to make more informed investment decisions.
Offshore Production, Subsea Production, Move to Deepwater, Flexibility of Use, Brazilian Activity.
Offshore Production Platforms, The FPS Lifecycle, FPS Concept Selection, Floating Production, Storage and Offloading Vessels (FPSOs), Floating Production Semi-Submersibles (FPSSs), Spars, Tension Leg Platforms (TLPs), Types of Floating Production Systems - Summary, FPS Applications.
Financing, FPS Leasing, Major Leasing Contractors, Redeployments of Leased Units.
The FPS Supply Chain, Contractor Overview, FPS Shipyards & Construction Facilities, Local Content.
Hulls, Topsides, Mooring Systems, Riser Systems.
An overview of the process, Spar installation.
Summary of current fleet, broken down by region and type. Includes a discussion of water depth distribution and leading operators.
Forecasting process, assumptions and Capex breakdown, Delays to Sanctioning and Commissioning, Detailed breakdown and analysis 2008-2017 (by region, type, operator and deepwater).
Floating Production Prospects by country, operator, field, prospective year, status, type and water depth.