Global and China FPSO Industry Report, 2011
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Offshore engineering equipment consists of exploration equipment, drilling facility, production equipment and auxiliary equipment. Production platforms include fixed platforms and floating platforms, and the latter are the mainstream in the current market, mainly including tension-leg platform (TLP), spar platform (SPAR), semi-submersible platform (SEMI) and floating production, storage and offloading equipment (FPSO).

With respect to the number of floating production platforms, FPSO accounts for approximately 60%, ranking first, followed by SEMI, TLP and SPAR. SEMI is mainly applied in the North Sea and South American waters, while TLP and SPAR are mostly located in Gulf of Mexico (GOM). FPSO is likely to be the most promising one in the future.

As of December 1, 2011, there are 187 FPSOs in operation around the world, of which 108 FPSOs are run by operators and the rest 79 FPSOs are operated by petroleum companies. The number of FPSOs in West African waters hits 44, ranking No. 1, and that in South American waters, British and Chinese waters reaches 39, 17 and 17, respectively. Moreover, 16 FPSOs are situated in Australian waters, 9 FPSOs in Vietnamese waters and 8 FPSOs in Indonesian and Norwegian waters separately. Around 60% of FPSOs are conversions, and 40% are newly-built ones.

Among large petroleum companies, Petrobras possesses 16 FPSOs, ranking No. 1, and has ordered another 8 FPSOs. From 2012 to 2015, Petrobras will launch 17 FPSOs into operation. CNOOC now owns 14 FPSOs and does not plan to add any more recently. CNOOC is still at the infancy stage of deep-sea oil exploration and development. French Total has 6 FPSOs, 5 of which are located in West African waters, and the company plans to add 5 FPSOs by 2017 in West African waters. The petroleum companies in USA are mainly engaged in GOM and onshore oil field projects. SHELL focuses on the LNG area, has poured USD5 billion into building the world’s first LNG-FPSO and shown little interest in ordinary FPSO.

Floating production platforms are principally centralized in the waters of West Africa, South America, Southeast Asia and Australia, GOM and the North Sea. And those in West African waters are mainly centered in Nigeria, Angola, Equatorial Guinea and Congo. Among these four countries, Angola has witnessed the fastest development due to its political stability, while in other three countries, the political unrest has promoted the replacement of fixed platforms and oil pipelines by FPSOs, because fixed platforms and oil pipelines are extremely vulnerable to sabotage while FPSO features high safety factor, small investment and quick economic returns.

The South American waters are mainly controlled by government-owned Petrobras. The Brazilian government hopes that local enterprises will become the biggest beneficiaries of offshore oil exploitation. In 2009, Petrobras invited bidding for 8 FPSOs, and 5 groups of manufacturers were involved in the bidding. The bidders included Keppel, the world’s largest FPSO conversion enterprise, SBM Offshore, the world’s largest FPSO operator and Hyundai Heavy Industries, the world’s largest shipbuilder. All these enterprises formed alliance with Brazilian companies, but they were too powerful to be chosen by the Brazilian government. Finally, the alliance of Swedish GVA and Brazilian Engevix won the bid which totaled USD3.46 billion. GVA was chosen because it’s just a design company.
Because of the harsh environment conditions of GOM, TLP and SPAR become the best option and TLP is generally adopted. The North Sea is similar to GOM in environment, and SEMI is mostly employed, for the development of oil field may not last long. In the sea waters of Southeast Asia and Australia, Indonesia and Vietnam, especially the latter, show strong willingness in the exploitation of oil resource, while more natural gas fields are in northwest Australian waters. Arctic waters also have great potential and will be the paradise for FPSO because of its harsh environment.

Approximately 60% of FPSOs are converted from oil tankers. Generally speaking, the oil fields which can be explored for more than 20 years will tend to be equipped with new FPSOs, while the oil fields which can be exploited for less than 15 years tend to opt for converted tankers. A newly-built FPSO costs around USD300-500 million, while a converted tanker costs USD50-200 million. In order to prevent large single-hull tankers from polluting the environment in case of shipwreck, IMO decided to advance the implementation of the phase-out scheme for single hull tankers proposed in December 2003 from 2015 to 2010. FPSO offers an opportunity for the revival of single-hull tankers.

Such factors as vessel size, age and structure are essential in the FPSO conversion. The tanker built before 1990 is backward in technology and is inappropriate to be converted into FSPO. FPSO develops towards ultra-large capacity, especially in West African waters, where only the tanker with a capacity of 250,000 DWT or above is proper to be converted into FPSO.

FPSO operators mostly start up and thrive from tanker or LNG transportation business and have a huge number of fleets. BW Offshore, MODEC, TEEKAY, SBM Offshore, Maersk and Fred. Olsen are such operators. With extensive experience in offshore production, these enterprises cannot be replaced by large petroleum companies, and are able to enjoy rich profits, with EBITDA margin generally surpassing 35%.
1. Overview of Marine (Offshore) Engineering
1.1 Oil Rig Platform
1.2 Production Platform
1.3 Offshore Support Vessel
1.4 Deep-water Oil Exploration
1.5 Global Offshore Oil & Gas Industry Investment

2. Floating Production Platform
2.1 Overview of FPSO
2.2 Operation Mode of FPSO
2.3 Structure of FPSO
2.6 FPSO Converted from Tanker

3. FPS Operation
3.1 FPSO Operation
3.3 SBM Offshore
3.4 BW Offshore
3.5 Teekay
3.6 Bluewater Energy Services
3.7 Fred. Olsen Production
3.8 Maersk FPSOs
3.9 Bumi Armada
3.10 Petrobras
3.11 Engevix/GVA
3.12 Royal Dutch Shell
3.13 CNOOC
3.14 Total

4. FPS Industry and Market
4.1 Industry Investment by Region
4.2 Industry Scale by Region
4.3.1 Overview
4.3.2 Market
4.4 FPS Contractors 
4.5 FPSO Projects in 2008-Nov. 2011
 (Including Operator, Storage Capacity, Hull Fabricator, Topsides Fabricator)
4.7 TLP and SPAR

5. FPS Contractors Analysis
5.1 Samsung Heavy Industries
5.2 Hyundai Heavy Industries
5.3 STX
5.3.1 STX (Dalian) Shipbuilding
5.3.2 STX Marine Engineering
5.3.3 STX OSV
5.4 Keppel
5.5 COSCO Shipyard
5.5.1 Nantong COSCO Shipyard Engineering
5.5.2 COSCO Shipyard (Qidong) Marine Engineering
5.6 Sembcorp
5.7 DSME
5.8 Drydocks World
Global Oil Supply Sources, 1930-2030
Global Deepwater and Shallow Water Oil Supply, 2000-2030
Global Investment in Deepwater Area, 2006-2015
Global Deepwater Oilfield Development Zones
Number of Global Ultra Deepwater Oil Rigs, 2000-2014
Global Energy Supply by Type, 2010 
Global Oil Prices and Offshore Oil Investment, 1960-2020
Global Oilfield Output by Region, 1980-2020
New Orders Breakdown of Global Floating Production Platform
Global Floating Production Platforms for Over 10 Years by Type, as of H1 2011
FPSO Topsides
Flow Chart of FPSO Topsides
Deepwater Oil Production Platform Breakdown by Manufacturers, 2010
Number of FPSOs by Operators Worldwide, Dec. 2011 
Number of FPSOs by Region, Dec. 2011
Number of FPSOs Operated by Petroleum Companies, Dec. 2011
Global FPSO Operation Map, Aug. 2010
Revenue and Operating Income of MODEC, 2004-2011
Revenue and Net Income of MODEC, 2004-2011
Revenue and New Orders of MODEC, 2004-Sep. 2011
MODEC’s Order Backlogs, 2007-H1 2011
Revenue and Operating Margin of SBM Offshore, 2006-2011
Operating Mode of SBM Offshore
EBIT of SBM Offshore by Business, 2006-2010
New Orders of SBM Offshore by Business, 2006-2010
Revenue of SBM Offshore by Business, 2006-2010
Backlogs of SBM Offshore, 2006-2010
Revenue of SBM Offshore by Country, 2009-2010
Revenue and EBITDA Margin of BW Offshore, 2007-2011
Global FPSO Distribution of BW Offshore, by the End of Nov. 2011
Customers of BW Offshore, 2011 
Revenue and Operating Margin of Teekay, 2006-2011
Structure of Teekay’s Affiliates
Revenue and EBITDA Margin of Bumi Armada, 2008-2011
Global Presence of Bumi Armada
Revenue of Bumi Armada by Division, Q3 2010 and 2011
Backlogs of Bumi Armada by Division, Q3 2011
Revenue and Gross Margin of Petrobras, 2006-2011
EBITDA of Petrobras by Division, 2010
Proved Reserves of Petrobras by Water Depth, 2010
Output of Petrobras by Water Depth, 1980-2010
Petrobras’ Major Projects, 2010-2015
Newly-added Production Facilities of Petrobras in Campos Basin, 2004-2010
Newly-added Production Facilities of Petrobras in Campos Basin, 2010-2015
Santos Pre-salt Oil Field Projects of Petrobras, 2011-2016
Development Phases of Petrobras’ Pre-salt Oil Fields, 2008-2017
Petrobras’ Demand for New Vessels and Equipments, 2011-2020
FPSO Operating Plan of Petrobras, 2011-2015
Global Oilfield Distribution of Royal Dutch Shell 
Main Development Projects of Royal Dutch Shell, 2011-2020
Revenue and Operating Margin of CNOOC, 2006-2010
Proved Reserves of CNOOC by Region, Dec. 2011
Global FPS Investment by Region, 2004-2015
Global FPSO Investment by Region, 2004-2015
Global FPS-Semi Investment by Region, 2004-2015
Quantity of Newly-built and Converted FPSOs, 2000-2011
Global FPS Contract Quantity by Region, 2003-2015
Global FPS Contract Quantity by Type, 2011-2015
FPS Types in Africa and the Mediterranean, 2004-2015
FPSO Contract Quantity in Africa and the Mediterranean, 2011-2015
FPS Investment in Asia-Pacific Region by Type, 2004-2015
FPS Contract Quantity in Asia-Pacific Region by Type, 2011-2015
FPS Investment in North America by Type, 2004-2015 
FPS Investment in South America by Type, 2004-2015
FPS Contract Quantity in South America by Type, 2011-2015
Market Size of LNG-FPSO, 2004-2015
Global FPS Investment by Type, 2004-2015
Market Share of Major FPSO Hull Fabricators, 2003-2011
Market Share of Major FPSO Hull Fabricators, 2003-2011
Market Share of Main FPSO Topsides Fabricators, 2003-2011
Market Share of Main FPSO Topsides Fabricators, 2003-2011
Market Share of FPSO Project Contractors, 2008- Nov. 2011
Global New FPS-SEMI Orders by Manufacturer, 2000-2011
Revenue and Operating Margin of Samsung Heavy Industries, 2005-2011
Revenue of Samsung Heavy Industries by Business, 2006-2010
Backlog Value of Samsung Heavy Industries, 2006-Oct. 2011
New Orders Breakdown of Samsung Heavy Industries by Type,2011
New Orders of Samsung Heavy Industries by Type, 2006-Oct. 2011
Order Backlogs of Samsung Heavy Industries by Type, Oct. 2011
Order Backlogs of Samsung Heavy Industries by Region, Oct. 2011
Global Presence of Samsung Heavy Industries
Revenue and Operating Margin of Hyundai Heavy Industries, 2005-2011
Revenue of Hyundai Heavy Industries by Division, 2010
Revenue of Hyundai Heavy Industries by Division, 2005-2011
New Shipbuilding Order Value of Hyundai Heavy Industries, 2001-2011
Shipbuilding Sales and New Order Value of Hyundai Heavy Industries, 2001-2011
Shipbuilding Revenue of Hyundai Heavy Industries by Product, 2010
New Orders of Hyundai Heavy Industries by Ship Type, Jul. 2011 
Backlogs of Hyundai Heavy Industries by Ship Type, Jul. 2011
Shipbuilding Tonnage of Hyundai Heavy Industries by Plant, 2007-2011
Shipbuilding Quantity of Hyundai Heavy Industries by Plant, 2007-2011
Revenue and New Order Value of Offshore & Engineering of Hyundai Heavy Industries, 2005-2011
Revenue of Hyundai Heavy Industries by Product, 2010
New Orders of Offshore & Engineering of Hyundai Heavy Industries by Type, 2007-2011
Key Orders of Offshore & Engineering of Hyundai Heavy Industries, H1 2011
Revenue and Operating Margin of STX, 2005-2011 
Revenue and EBITDA Margin of STX OSV, 2007-2011 
Revenue of STX OSV by Business, 2010 
Backlogs of STX OSV by Region, 2009-Sep. 2011
Backlogs of STX OSV by Ship Type, 2009-Sep. 2011
New Order and Backlog Value of STX OSV, 2007-Sep. 2011
Revenue and Operating Margin of Keppel, 2005-2011
Revenue of Keppel by Business, 2005-Sep. 2011
Operating Income of Keppel by Business, 2005-Sep. 2011
Revenue and Operating Margin of COSCO Shipyard Group, 2005-2011
Ship-repair Business of COSCO Shipyard by Ship Type, 2010
Revenue of COSCO Shipyard by Business, 2010
Organization of Sembcorp Marine
Revenue and Operating Margin of Sembcorp, 2005-2011
Revenue of Sembcorp by Business, 2005-2011
Revenue and Operating Margin of Sembcorp Marine, 2006-2011
Revenue of Sembcorp Marine by Business, 2006-2010
Ship-repair Business of Sembcorp Marine by Ship Type, 2009-2010
Order Type of Sembcorp Marine Division, 2010
Contract Value and Backlogs of Sembcorp Marine, as of Nov. 3, 2011
Revenue and Operating Margin of DSME, 2005-2011
Revenue of DSME by Ship Type, 2008-2010
New Orders of DSME by Ship Type, 2008-2010
Backlogs of DSME by Ship Type, 2008-2010

Global Offshore Oilfields under Construction, May 2011
Output Growth Rate of Global Offshore Oilfields by Region
FPSO, FSO and TLP Projects Operated by MODEC 
BW Group Fleet List
BW Offshore FPSO Detail List, by the End of Nov. 2011
Teekay Fleet List
Teekay FPSO List
FPSO List of Bluewater Energy Services
Maersk FPSO List
Parameters of 4 FPSOs of Bumi Armada
Petrobras FPSO List 
GVA320000. Datasheet
Oil Output of CNOOC, 2006-2010
Gas Output of CNOOC, 2006-2010
Output of CNOOC by Region, Q3 2010 and Q3 2011
FPSO List of Total 
FPSO Projects (Including Operator, Storage Capacity, Hull Fabricator and Topsides Fabricator), 2008-Nov. 2011
List of FPS-SEMI Worldwide, 2000-2011
Performance Record of Hyundai Heavy Industries’ Offshore Business, 1976-2011
Financial Data of STX Dalian Shipbuilding, 2010 
Backlogs of Keppel, by the End of Sep. 2011
New Orders and Backlogs of DSME by Ship Type, by the End of Oct. 2011
7 Converted FPSOs of Drydocks World

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