Offshore staff
Over the next five years, 110 floating production systems will be installed. The capital expenditure required to complete these orders is expected to total $33 billion. These are the headline findings of the new fifth edition ofThe World Floating Production Report, launched at Houston's Offshore Technology Conference by energy analysts Douglas-Westwood.
"Following a disappointing year in 2003, when the value of orders was particularly low due to tendering delays on some major projects, we are now expecting the total value of FPS orders to total some $9 billion/yr over the next three years. As a result, we anticipate that the value of the installations in the years to follow will be very high – reaching over $10 billion in toward the end of the forecast period," said Steve Robertson, the study's main author.
"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 activity toward the end of the decade," said Robertson.
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, Robertson said.
"The continuing shift to deepwater remains a key driver," said Robertson. "We forecast that well over 70% of the global spend will be on floaters moored in water depths of 500 m or greater."
The World Floating Production Report uses information from The World Floating Production Database, an information system maintained by Douglas-Westwood.
"Over the next five years we expect just seven operators to 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, ExxonMobil, BP, and Total," according to Georgie MacFarlan, database editor.
5/03/05
