A total of 24 floating production systems have so far been ordered in 2013, with a total combined contract value of around US $19 billion.

According to the latest figures from analyst International Maritime Associates, the orders include 12 FPSOs (Floating Production, Storage and Offloading) vessels, two Tension Leg Platforms, one Spar, two Barges (one oil/gas, one LNG), seven Floating Storage and Regasification Units and one Mobile Offshore Production Unit (see full project tables, pages 8 & 9).

The order intake pace so far this year has averaged 2.4 units per month, said IMA, nearly double the long-term average. There are currently 218 floating production projects in various stages of planning as at the beginning of November, it added.

Overall the current inventory for the sector is 319 oil/gas floating production units now in service, on order or being remarketed for reuse, with FPSOs still clearly the weapon of choice, accounting for 66% of the existing systems and 73% of the systems on order.

Another 25 FLNG (Floating Liquefied Natural Gas) processing systems are in service or on order, with liquefaction floaters accounting for 16% and regasification floaters 84% (no liquefaction units are yet in service, with four on order).
IMA added that there are a total of 16 production floaters (13 FPSOs, three Semis) off-field and being remarketed for redeployment. Another FPSO and an FSRU on order do not yet have a field contract, while a newbuild FPSO recently delivered to Brazil (the OSX3) could come on the re-sale market due to the field operator’s financial collapse.
The inventory of floating production units is 15% greater than five years ago and 66% higher than 10 years back, IMA continues.

However the market could be hitting some resistance, with FPSO orders in particular having been relatively weak. Over the past five years an average of 15 FPSOs have been ordered annually but at present, according to the analyst, it looks like this year will not reach that level.

No prizes are available for guessing where the major location is for future floaters, with Brazil responsible for 22% of the visible planned projects. Several projects there will require multiple production units, with Libra to require up to 12 production units, Jupiter six and Lula two or more. When these are taken into account, Brazil represents almost 30% of visible floating production system orders in the planning stage. For further information go to: www.imastudies.com.

Offshore