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June 24, 2009

Brighter prospects for floating production systems

The floating production sector is expected to recover in 2010 and over the period 2009 to 2013 a total of $46 billion is forecast to be spent on floating production systems installed worldwide.

These are among the forecasts in a new report launched today by energy analysts Douglas-Westwood.

Though an estimated $10 billion of expected FPS orders failed to materialize as the global economy derailed in 2008 and 2009, Douglas-Woodward director Steve Robertson says "we are convinced that the long-term fundamentals for the sector are strong: the need to exploit reserves in deep waters, marginal fields and remote locations will undoubtedly increase as the offshore industry matures and floating production systems are a key enabling technology in these areas."

The report's author, Alex Pearce, said: "We forecast that a total of 121 floating production systems will be installed worldwide over the 2009-2013 period. FPSOs will account for the largest proportion of these installations (94 vessels), along with 12 TLPs, 11 FPSSs and four spars. With this level of demand, global Capex in the FPS sector is forecast at $45.8 billion. Of this overall market value, the world's three major deepwater regions --Africa, North America and Latin America -- account for 59% of forecast global FPS Capex."

Mr. Pearce says that Douglas-Westwood's analysis of the leading operators in the FPS sector suggests that Petrobras, was the biggest spender on FPS systems over the 2004-2008 period. "Petrobras is also expected to continue this lead over the forecast period," he says, "although 'super-majors' such as Total, Chevron, Shell and BP are all expected to commit to significant FPS expenditure over the coming five years. The sector's top ten operators by expenditure account for 55% of the installations and 68% of the Capex forecast worldwide for the 2009-2013 period."

More details at http://www.dw-1.com


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