Strong Orders in Floating Production Sector
 
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Strong Orders in Floating Production Sector

      5/9/2005

Strong Orders in Floating Production Sector

110 floating production systems are forecast to be installed over the next five years and thecapital expenditure required to complete these orders is expected to total $33 billion. These are the headline findings of the new fifth edition of the study, The World Floating Production Report, released at the recent Houston’s Offshore Technology Conference by energy analysts Douglas-Westwood. FPSOs are expected to continue to dominate the global FPS scene, with the installation of 80 units forecast, accounting for a total of 70% over the next five years.

The overall picture is one of strong market growth, with orders now clearly climbing and expected to lead to some major installation activities towards the end of the decade. Annual global expenditure in the FPS sector is expected to increase from an estimated $5.3 billion in 2005 to $8.9 billion in 2009. In terms of the total market, and counting floaters of all types, installation activity off Africa will see it attract the largest share of total expenditure at $11.5 billion over the next five years. A series of major developments offshore Brazil will help boost the Latin American FPS sector – forecast to be worth $9.7 billion over the 2005-2009 period.

The continuing shift to deepwater remains a key driver, according to Douglas-Westwood. They forecast that well over 70% of the global spend will be on floaters moored in water depths of 500 metres or greater. Expectations are that over the next five years just seven operators will account for 46% of the installations and almost 65% of the capex forecast worldwide for the 2005-2009 period. Petrobras, with 17 installations forecast, is expected to be the biggest spender, followed closely by Shell, then ExxonMobil, BP and Total. The report is available from Douglas-Westwood Limited.


 

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