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Market Research Report

World Floating Production Systems Tracker 2018 Q1

Published by Douglas-Westwood Product code 217636
Published Content info 80 Pages
Delivery time: 1-2 business days
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World Floating Production Systems Tracker 2018 Q1
Published: February 26, 2018 Content info: 80 Pages
Description

Surge of FPS Orders to Continue into 2018

The latest ‘World Floating Production Systems Tracker’ forecasts a continuation of the recovery seen in 2017. Following-on from 15 orders in 2017 (2016 saw zero orders), Westwood expects the positive sentiment in the market to continue through 2018 with a further 17 orders expected. This recovery has occurred in part due to an improvement in oil prices and renewed appetite for investment from E&P companies, while the re-engineering of many projects at the front-end engineering stage has also helped to reduce cost.

However, due to a significant number of installations in 2017 and 2018, the backlog of units in build has fallen to 35 (vs a peak of 55 in Jan 2015) and the value of the units in build has fallen by 26% in the last year alone. We therefore expect strong competition in the FPS supply chain as OFS providers look to rebuild backlogs. Pricing pressure is likely to remain absent for the time being as excess capacity is absorbed and the supply chain remains lean. Identifying the upcoming projects early and engaging with the appropriate operators and lease contractors will be critical.

Key Conclusions:

  • 61 Orders expected over the 2018-2022 period
  • Phased development Capex of $51bn forecast for the next five years
  • Latin America accounts for the largest proportion (43%) of the phased Capex. Brazilian activity is returning to the market with two Petrobras orders in 2017 and five expected in 2018.
  • Despite the orders in 2017, backlogs are low and competition for new orders is expected to be intense.

FPS Market Coverage:

  • NEW - Detailed supply chain review including analysis of leased fleet, FPS owners and major engineering, equipment and service contractors
  • Installation Capex forecast by region and type
  • Unit installation forecast by region and type.
  • Order Capex forecast.
  • Summary of new and expected 2018 orders and units onstream.

Analysis is based on Westwood's Sectors FPS database, which details more than 700 FPS projects that are updated and tracked daily. The World Floating Production Systems Tracker 2018 is essential for anyone evaluating investment opportunities in the FPS sector, including growing firms seeking competitive advantage across segments, investment banks and advisory firms wanting to improve their understanding of the business, and industry analysts seeking a competitive edge.

Table of Contents
Product Code: ISBN 978-1-910045-62-6

Table of Contents

1. Summary & Conclusions

  • Summary
  • Conclusions

2. Macro Economic Overview

  • Evolution of Offshore E&P Industry
  • Oil Demand
  • Oil Supply & Demand Balance
  • Oil Supply
  • Gas Demand & Supply
  • Consensus Oil & Gas Prices
  • E&P Trends - Spending Activity
  • Deepwater Focus: New Frontiers
  • Importance of Brazil to the FPS Market

3. FPS Types & Applications

  • Field Development
  • The FPS Lifecycle
  • FPS Concept Selection
  • Floating Production, Storage and Offloading Vessels
  • Types of FPSOs
  • Floating Production Semi-Submersibles (FPSS)
  • Types of FPSS
  • Spars
  • Types of Spars
  • Spar Installation
  • Tension Leg Platforms (TLPs)
  • Types of TLPs
  • Types of Floating Production Systems - Summary
  • FPS Applications

4. The FPS Supply Chain

  • Key Players
  • The FPS Supply Chain
  • Local Content
  • FPS Shipyards & Construction Facilities
  • Hulls
  • Hull Supply Landscape
  • Topsides
  • Topside Supply Landscape
  • Topsides Detailed Supply Chain
  • Topsides - Key Projects & Clients
  • Mooring Systems
  • Mooring Systems Supply Landscape
  • Mooring Systems Detailed Supply Chain
  • Riser Systems
  • Critical Path Equipment Lead Times
  • Transportation, Installation & Commissioning
  • Backlog
  • Financing
  • FPSO Leasing Market Overview
  • Leasing Market - Main Players
  • Leasing Contractors
  • Leasing Contractors
  • Leasing Contractors
  • Redeployments of Leased Units

5. FPS Fleet

  • The FPS Fleet
  • Fleet Analysis: Operator & Water Depth Distributions

6. Market Forecast

  • Methodology
  • The Global FPS Installation Market by Region
  • The Global FPS Phased Capex Market by Region
  • The Global FPS Installation Market by Vessel Type
  • FPSOs
  • FPSOs Continued
  • FPSO Capex Breakdown
  • FPSSs
  • FPSS Capex Breakdown
  • Spars
  • TLPs
  • TLP Capex Breakdown
  • Operator Analysis
  • The Deepwater FPS Market

7. Appendix

  • Project Listing

Figures & Tables

  • Figure 1: Phased FPS Capex by Region 2013-2022
  • Figure 2: Onshore vs. Offshore Oil & Gas Production, 2006-2022
  • Figure 3: Global Subsea Hardware Capex by Component, 2013-2022
  • Figure 4: Global Oil Demand and Population 1980-2023
  • Figure 5: Global Long-Term Oil Demand Scenarios 1980-2040
  • Figure 6: Oil Supply-Demand Balance 2015-2022
  • Figure 7: Regional Year-on-Year Production Increase by Year (2017-2020)
  • Figure 8: Gas Production Growth by Year, (2017-2020)
  • Figure 9: Consensus Oil Price Forecast 2010-2022
  • Figure 10: Henry Hub Gas Price Consensus, 2010-2022
  • Figure 11: The FPS Lifecycle
  • Figure 12: Completion Strategy and FPS Concept Selection
  • Figure 13: Typical Layout of an FPSO
  • Figure 14: Typical Layout of an FPSS (Deep Draft)
  • Figure 15: Typical Pontoon Arrangements
  • Figure 16: Typical Layout of a Spar (Truss)
  • Figure 17: Spar Installation
  • Figure 18: Typical Layout of a TLP (Dry-tree)
  • Figure 19: The FPS Supply Chain
  • Figure 20: The FPS Supply Chain
  • Figure 21: Typical Layout of Topside Modules
  • Figure 22: Key players within each sector of the topside supply chain
  • Figure 23: Regional variation in Mooring Systems
  • Figure 24: Key Clients and Projects of Mooring Systems Providers
  • Figure 25: Number of FPS Units On Order by Type Jan 2013 -2018
  • Figure 26: Typical Lending Cycles in the Offshore Sector
  • Figure 27: FPSO Orders Leased or Owned 2001-2017
  • Figure 28: Major Leasing Contractors (2018)
  • Figure 29: Leased Units on Contract by Region (2018)
  • Figure 30: Leasing Contractors' Vessels Available for Redeployment (2018-2022)
  • Figure 31: Operator Distribution of FPS Fleet
  • Figure 32: Water Depth Distribution of FPS Fleet by Region
  • Figure 33: Global FPS Installation Capex by Region 2013-2022
  • Figure 34: Global Phased FPS Capex by Region 2013-2022
  • Figure 35: Global FPS Installation Capex by Vessel Type 2013-2022
  • Figure 36: FPSO Capex by Region 2013-2022
  • Figure 37: 2018-2022 FPSO Capex by leased/owned
  • Figure 38: FPSO Capex by Component Type 2013-2022
  • Figure 39: FPSS Capex by Region 2013-2022
  • Figure 40: FPSS Capex by Component Type 2013-2022
  • Figure 41: Spar Capex by Region 2013-2022
  • Figure 42: TLP Capex by Region 2013-2022
  • Figure 43: TLP Capex by Component Type 2013-2022
  • Figure 44: Operator FPS Capex by Start-up year 2013-2022
  • Figure 45: Leading FPS Operators Capex 2018-2022 by Region
  • Figure 46: Deepwater FPS Capex by Region 2013-2022
  • Figure 47: Deepwater FPS Capex by Vessel Type 2013-2022
  • Table 1: International E&P Expenditure
  • Table 2: E&P Expenditure (Consolidated)
  • Table 3: Summary of Floating Production Types
  • Table 4: Local content by country
  • Table 5: Hull Competitive Landscape by Service Provision (list not exhaustive)
  • Table 6: Topside Competitive Landscape by Service Provision/Equipment/Systems
  • Table 7: Key clients and projects of topside companies (not exhaustive)
  • Table 8: Typical Mooring System Designs by FPS Type
  • Table 9: Mooring Systems Competitive Landscape by Mooring System Type
  • Table 10: Key clients and projects of Mooring system companies
  • Table 11: Volume of FPS Units On Order by Type 2013-2018
  • Table 12: Value of FPS Units On Order by Type 2013-2018
  • Table 13: Leasing Contractors
  • Table 14: Global FPS Capex by Region 2017-2022
  • Table 15: Global FPS Installations by Region 2017-2022
  • Table 16: Global Phased FPS Capex by Region 2016-2021
  • Table 17: Global FPS Installations by Region 2016-2021
  • Table 18: Global FPS Capex by Vessel Type 2017-2022
  • Table 19: Global FPS Installations by Vessel Type 2017-2022
  • Table 20: FPSO Capex by Region 2017-2022
  • Table 21: FPSO Installations by Region 2017-2022
  • Table 22: Key FPSO orders expected 2018
  • Table 23: FPSO Capex by Component Type 2017-2022
  • Table 24: FPSS Capex by Region 2017-2022
  • Table 25: FPSS Installations by Region 2017-2022
  • Table 26: FPSS Capex by Component Type 2017-2022
  • Table 27: Spar Capex by Region 2016-2021
  • Table 28: Spar Installations by Region 2016-2021
  • Table 29: TLP Capex by Region 2017-2022
  • Table 30: TLP Installations by Region 2017-2022
  • Table 31: TLP Capex by Component Type 2017-2022
  • Table 32: Leading FPS Operators Capex by start-up year 2017-2022
  • Table 33: Deepwater FPS Capex by Vessel Type 2017-2022
  • Table 34: Deepwater FPS Capex by Region 2017-2022
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