Number of Production Floater Contracts in Near-term Queue at Record High

September 27, 2021

World Energy Reports LLC.
Igor Kardasov.jpg

Crude prices have climbed to the upper-$70s, sustained by continued demand growth and the OPEC+ production curtailment agreement. 

Excess oil inventory has largely been eliminated, natural gas supply shortages have appeared in Europe and LNG prices have soared.  

Despite this, many upstream producers are in no rush to increase spending on capital projects, setting the scene for an energy shortage over the next few years. 

But activity in the deepwater sector keeps improving and the number of production floater contracts in the near-term queue remains at a record high. That’s the conclusion of an in-depth market analysis just completed by IMA/WER in the July 2021 Floating Production Systems Report.

IMA/WER’s Chairman Jim McCaul explains that, “close to 30 floater contracts are lined up for award over the next 18 months.  The principal constraint is the ability of the supply chain to absorb more orders, a problem that motivated Petrobras in mid-month to delay a major FPSO bid.”  

McCaul goes on to add that, ”meanwhile, BOEM has raised its estimate of remaining US GOM oil and gas reserves, hurricane Ida caused substantial damage to deepwater assets in the GOM and Wison received a contract to build two nuclear power barges.  

All is discussed in the September WER report.

Also in the data section of the report are details for 211 floater projects in the planning stage, 48 production or storage floaters now on order, 308 floating production units currently in service, and 45 production floaters available for redeployment contracts. 

Charts in the report update the location where floating production and storage systems are being planned, operating and under construction. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of September 26.


*****
For more information, please visit www.worldenergyreports.com or contact
Rob Howard at +1 561 732 4368 or Phil Lewis at +44 203-966-2492


Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Production Systems Report And Online Database

  • Annual five year outlook and forecast – At the start of each year we prepare a detailed assessment of future deepwater development and forecast the pace of orders for floating production systems over the next five years. Our 2021 annual report looks at market conditions likely to prevail through 2025 and provides our assessment of which of the 200+ floater projects in the planning queue will reach the final investment decision by end-2025
  • Monthly reports - Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 100 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In our May report we revisit the annual forecast and make revisions as needed.
  • Online database - The online database is updated every day – with information direct from primary sources. In the database are details for 200+planned projects, 390+ installations in service, 40+ floaters on order and 40+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database. Data are easily exported to excel spreadsheet.
  • Customer support - We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request a Demo