December 2017 Monthly Floating Production Systems Report

December 20, 2017

As detailed in the December WER report, ordering activity for production floaters ended the year on a high note. Two major floating production unit contracts were placed in December. Shell contracted with Sembcorp Marine to build a production semi for use on the Vito field in the GOM. Petrobras finalized a contract with Modec to supply a leased FPSO for the Libra complex in Santos Basin. These contracts bring the number of production floater orders to ten units in 2017 – almost back to the pace of the good old days. In addition Petrobras is understood to have contracted with a Chinese yard to build the FPSO hull for the Atapu Norte/Sururu field in Santos Basin and Yinson appears ready to take on completion of a stalled project to complete an FPSO for use offshore Malaysia. Meanwhile the price of Brent has climbed into the low 60s as crude demand/supply rebalances and excess crude inventory continues to fall. In the data section of the report are details for 218 floater projects in the planning stage, 53 production or storage floaters now on order, 297 floating production units currently in service and 29 production floaters available for redeployment contracts. Charts in the report update the location where floating production and storage systems are being planned, operating, being built and to be installed. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 19 December.

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