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The Floating Production, Storage and
Offloading (FPSO) Market 2015-2025
Prospects for New Build and Converted Vessels
Following the Oil Price Fall

2. Contents
1. Report Overview
1.1 FPSO Market Overview
1.2 FPSO Market Structure Overview
1.3 Why You Should Read This Report
1.4 How This Report Delivers
1.5 Key Questions Answered by this Analytical Report Include:
1.6 Who is this Report For?
1.7 FPSO Market Definition
1.8 Methodology
1.9 Frequently Asked Questions (FAQ)
1.10 Associated Visiongain Reports
1.11 About Visiongain
2. Introduction to the FPSO Market
2.1 FPSO Vessel Configuration
2.1.1 How FPSO Vessels are Structured
2.2 A Brief History of FPSOs
2.3 Offshore Oil Market Dynamics Explained
2.4 Types of FPSO
2.4.1 Converted FPSOs
2.4.2 New-Build FPSOs
2.5 Water Depth and FPSOs
2.5.1 Shallow Water
2.5.2 Deepwater and Ultra-Deepwater
2.5.3 Drilling Depth
3. Global FPSO Market Forecast 2015-2025: Three Oil Price Scenarios
3.1 Details of Existing FPSOs
3.2 Details of Upcoming FPSO Projects
3.3 Oil Prices and the FPSO Market
3.3.1 Visiongain’s Oil Price Analysis
3.3.1.1 Supply-Side Factors: Tight Oil
3.3.1.2 Supply-Side Factors: Libya
3.3.1.3 Supply-Side Factors: OPEC
3.3.1.4 Demand-Side Factors: Chinese and Indian Growth

3. Contents
3.3.1.5 Visiongain’s Oil Price Assumptions: Three Scenarios
3.4 What Will Drive and Restrain the FPSO Market from 2015 to 2025?
3.4.1 The Factors that Will Drive the FPSO Market
3.4.1.1 The Global Move Towards Deeper Water Offshore Oil E&P
3.4.1.2 The Impact of Pre-Salt Discoveries in Brazil and West Africa
3.4.1.3 The Advantages of a Shorter Field Development Schedule
3.4.1.4 The Redeployment Potential of an FPSO as an Asset
3.4.1.5 The FPSO as an Effective Strategy to Curb Amortisation Costs
3.4.1.6 Technical Reliability and Safety Record
3.4.2 The Factors that Will Restrain the FPSO Market
3.4.2.1 The Problem of Project Financing
3.4.2.2 How Supply Chain Limits and Shipyard Capacity Issues are affecting the FPSO Market
3.4.2.3 The Consequences of Local Content Regulation
3.4.2.4 The Trend of Increasingly Shorter-Lease Contracts
3.4.2.5 A Market Still Far from Consolidation
4. FPSO Submarket Forecasts 2015-2025
4.1 Will the Converted or New-Build FPSO Submarket Provide the Strongest Growth?
4.1.1 New-Build FPSO Submarket Forecast 2015-2025
4.1.1.1 New-Build FPSO Market Drivers and Restraints
4.1.2 Converted FPSO Submarket Forecast 2015-2025
4.1.2.1 Converted FPSO Market Drivers and Restraints
4.2 Will the Shallow Water, Deepwater or Ultra-Deepwater FPSO Submarket Provide the Strongest Growth?
4.2.1 Shallow Water FPSO Submarket Forecast 2015-2025
4.2.1.1 Shallow Water FPSO Market Drivers and Restraints
4.2.2 Deepwater and Ultra-Deepwater FPSO Submarket Forecast 2015-2025
4.2.2.1 Deepwater and Ultra-Deepwater FPSO Market Drivers and Restraints
5. Leading Regional and National FPSO Markets 2015-2025
5.1 Leading Regional and National FPSO Markets Share Forecast 2015-2025
5.2 Learn Which FPSO Markets are Most Accessible to New Entrants
5.3 The African FPSO Market Forecast 2015-2025
5.3.1 The Angolan FPSO Market Forecast 2015-2025
5.3.1.1 Learn About Existing FPSOs in Angola
5.3.1.2 Learn About the Upcoming FPSO Projects in Angola
5.3.1.3 How is Deepwater and Ultra-Deepwater Development Affecting Angola’s FPSO Market?

4. Contents
5.3.2 The Ghanaian FPSO Market Forecast 2015-2025
5.3.2.1 Read About the Companies Most Active in Ghana
5.3.2.2 The Medium to Long-Term Potential of Ghana’s FPSO Market
5.3.3 The Nigerian FPSO Market Forecast 2015-2025
5.3.3.1 What Major FPSO Projects are Due to Take Place in Nigeria?
5.3.3.2 How Social, Political and Economic Factors are Holding Back Nigerian CAPEX
5.3.4 Other African Countries Providing Major FPSO Opportunities
5.3.4.1 A Third FPSO Likely to be Deployed in the Congo
5.3.4.2 Pre-Salt Potential of the Gabonese Market
5.3.4.3 FPSO Potential in Tunisia
5.4 The Asian FPSO Market Forecast 2015-2025
5.4.1 The Indonesian FPSO Market Forecast 2015-2025
5.4.1.1 Indonesian FPSO Hotspots
5.4.1.2 The Importance of Government Support for FPSO Development
5.4.2 The Malaysian FPSO Market Forecast 2015-2025
5.4.2.1 The Protagonists of the Current Malaysian Market
5.4.2.2 The Factors that Will Determine Malaysia’s Performance in the FPSO Market
5.4.3 The Vietnamese FPSO Market Forecast 2015-2025
5.4.3.1 Vietnam’s Current Projects and Market Opportunities
5.4.3.2 Potential for Small Converted FPSOs in Vietnam?
5.4.4 Other Important FPSO Developments in Asia
5.4.4.1 Brunei Considering an FPSO
5.4.4.2 Will China Provide FPSO Opportunities?
5.4.4.3 How Will India’s FPSO Market Develop?
5.5 The European FPSO Market Forecast 2015-2025
5.5.1 The Norwegian FPSO Market Forecast 2015-2025
5.5.1.1 The Evolution of the Norwegian Market
5.5.1.2 What Factors are Influencing the Norwegian FPSO Market?
5.5.2 The UK FPSO Market Forecast 2015-2025
5.5.2.1 Prospects in a Declining Oil Producer
5.5.2.2 Factors Affecting the UK FPSO Market Growth Rate
5.6 The North American FPSO Market Forecast 2015-2025
5.6.1 The Mexican Market: Between Conservatism and Reform
5.6.2 The Latest Developments in the US FPSO Market
5.7 The Oceania FPSO Market Forecast 2015-2025
5.7.1 The Dominant Role of Australia in the Regional FPSO Market
5.8 The South American FPSO Market Forecast 2015-2025

5. Contents
5.8.1 Existing Brazilian FPSOs
5.8.2 The Impressive Magnitude of Brazil’s FPSO Projects
5.8.3 What Factors will Drive and Restrain the Brazilian FPSO Market?
6. PEST Analysis of the FPSO Market 2015-2025
7. Expert Opinion
7.1 EMAS Offshore Limited
7.1.1 EMAS Operations
7.1.2 FPSO Market Trends
7.1.3 FPSOs and Water Depths
7.1.4 Converted and New-Build FPSOs
7.1.5 Future Outlook of FPSO Market
7.1.6 The FPSO Regional Markets
7.1.7 The FPSO Market and Oil Prices
7.2 Sevan Marine AS
7.2.1 Sevan Marine’s Unique Position in the FPSO Market
7.2.2 Key FPSO Market trends
7.2.3 The Future for FPSO Submarkets
7.2.4 FPSO Regional Breakdown
7.2.5 FPSO Market Drivers and Restraints
8. Leading Companies in the FPSO Market
8.1 Leading Vessel Owners in the FPSO Market
8.1.1 Petróleo Brasileiro S.A. (Petrobras)
8.1.1.1 Petrobras FPSO Projects
8.1.1.2 Petrobras Analysis and Future Outlook
8.1.2 MODEC, Inc.
8.1.2.1 MODEC FPSO Projects
8.1.2.2 MODEC Analysis and Future Outlook
8.1.3 SBM Offshore N.V.
8.1.3.1 SBM Offshore FPSO Projects
8.1.3.2 SBM Offshore Analysis and Future Outlook
8.1.4 Total S.A.
8.1.4.1 Total FPSO Projects

6. Contents
8.1.4.2 Total Analysis and Future Outlook
8.1.5 Bumi Armada Berhad
8.1.5.1 Bumi Armada FPSO Projects
8.1.5.2 Bumi Armada Analysis and Future Outlook
8.2 Leading Shipyards in the FPSO Market
8.2.1 Keppel Offshore & Marine Ltd
8.2.1.1 Keppel FPSO Projects
8.2.1.2 Keppel Analysis and Future Outlook
8.2.2 Sembcorp Marine Ltd
8.2.2.1 Sembcorp Marine FPSO Projects
8.2.2.2 Sembcorp Marine Analysis and Future Outlook
8.2.3 Samsung Heavy Industries Co. (SHI)
8.2.3.1 SHI FPSO Projects
8.2.3.2 SHI Analysis and Future Outlook
8.2.4 COSCO Shipyard Group Co. Ltd (China Ocean Shipping Company)
8.2.4.1 COSCO FPSO Projects
8.2.4.2 COSCO Analysis and Future Outlook
8.2.5 Chengxi Shipyard Co. Ltd (CSSC)
8.2.5.1 Chengxi Shipyard FPSO Projects
8.2.5.2 Chengxi Shipyard Analysis and Future Outlook
8.3 Other Companies in the FPSO Market
9. Conclusions
9.1 Global FPSO Market Outlook
9.2 Key Findings in the FPSO Market
9.3 Recommendations for the FPSO Market

7. Page 164
The Floating Production, Storage and Offloading
(FPSO) Market 2015-2025: Prospects for New Build
and Converted Vessels Following the Oil Price Fall
5.4.3 The Vietnamese FPSO Market Forecast 2015-2025
Table 5.38 and Figure 5.19 show visiongain’s ten-year forecast for the Vietnamese FPSO market at
anticipated oil prices and the two oil price scenarios.
CAPEX($m) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Anticipated
Oil Price
150 0 0 0 117 117 250 133 133 117 117 117
AGR (%) -100.0 0.0 0.0 100.0 0.0 113.7 -46.8 0.0 -12.0 0.0 0.0
Low Oil Price 150 0 0 0 0 0 100 100 100 117 117 117
AGR (%) -100.0 0.0 0.0 0.0 0.0 100.0 0.0 0.0 17.0 0.0 0.0
High Oil Price 150 0 0 133 250 250 234 117 117 100 100 100
AGR (%) -100.0 0.0 100.0 88.0 0.0 -6.4 -50.0 0.0 -14.5 0.0 0.0
0
50
100
150
200
250
300
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Anticipated
Oil Price
Low Oil Price
High Oil Price
CAPEX($m)
Table 5.38 Vietnamese FPSO Market Forecast, 2015-2025: Anticipated Oil Price, Low
Oil Price Scenario, High Oil Price Scenario ($m, AGR %)
Figure 5.19 Vietnamese FPSO Market Forecast, 2015-2025: Anticipated Oil Price, Low
Oil Price Scenario, High Oil Price Scenario ($m)
Source: Visiongain 2015
Source: Visiongain 2015

8. Page 172
The Floating Production, Storage and Offloading
(FPSO) Market 2015-2025: Prospects for New Build
and Converted Vessels Following the Oil Price Fall
TANTAWAN EXPLORER Chevron Tantawan (Thailand) Chevron 74 1997
WENCHANG II (HAI YANG
SHI YOU 116)
CNOOC Wenchang (China) CNOOC 135 2008
XIJIANG (HAI YANG SHI
YOU 115)
CNOOC Xijiang 23-1 (China) CNOOC 90 2008
HAI YANG SHI YOU 118 CNOOC Enping 24-, 2Pearl
River Mouth (China)
CNOOC 96 2014
Vessel Name Yard Location Vessel
Type
Production
(‘000 bpd)
Capacity
(‘000 bbls)
ARMADA STERLING Keppel (Singapore) C 50 580
BOHAI MING ZHU Shanghai Jiangan (China) N 80 1,000
BOHAI SHI JI (BOHAI CENTURY) Dalian (China) N 12 390
BOHAI YOU YI HAO Hudong (China) C 70 1,100
DHIRUBHAI-1 (AKER SMART 1) Jurong (Singapore) C 80 1,300
FPF3 (JASMINE VENTURE) Jurong (Singapore) C 20 800
GLOBAL PRODUCER VIII (Hai Yang
Shi You 112)
Dalian (China) N 80 820
HAI YANG SHI YOU 102 (CHANG
QING HAO)
Hudong (China) C 12 390
HAI YANG SHI YOU 111 Waigaigiao (China) N 72 1,000
HAI YANG SHI YOU 113 Shanghai Jiangan (China) N 190 1,800
HAI YANG SHI YOU 117 Waigaigiao (China) N 190 2,000
MUNIN Samsung (South Korea) C 60 600
NAN HAI ENDEAVOR (FEN JIN HAO) Keppel (Singapore) C 80 1,000
Source: Visiongain 2015
Table 5.45 Existing Other Asian FPSOs (Vessel Name, Building Company, Type,
Production Capacity, Storage)

9. Page 215
The Floating Production, Storage and Offloading
(FPSO) Market 2015-2025: Prospects for New Build
and Converted Vessels Following the Oil Price Fall
7. Expert Opinion
7.1 EMAS Offshore Limited
EMAS is a global company offering offshore services to the oil & gas and Industry. Jon Dunstan is the
Chief Executive Officer of EMAS Offshore Limited. Visiongain interviewed Mr Dunstan in February
2015 and would likely to thank him for his input.
7.1.1 EMAS Operations
Visiongain: Can you introduce us to EMAS Offshore and its involvement in the FPSO market?
Jon Dunstan: EMAS Offshore Limited is an offshore services provider offering support,
accommodation, construction and production services to customers in the oil and gas industry
throughout the oilfield lifecycle, spanning exploration, development, production and decommissioning
stages. Headquartered in Singapore, EMAS Offshore holds a leading market position in the Asia
Pacific region, with global operations across Latin America, Africa and Australia.
Business activities are carried out by two core business segments, namely: (1) the Offshore Support
and Accommodation Services division and (2) the Offshore Production Services division.
We are a company that owns and operates two FPSO units of our own. We have the ability and
desire to design, manage, install and operate an FPSO for a local owner who may be struggling to
demonstrate track record to the end client in all these areas but wants to own the asset and become a
domestic FPSO player.
7.1.2 FPSO Market Trends
Visiongain: What would you say are the key trends and developments in the FPSO market?
Jon Dunstan: Across the industry, there have been, and continue to be, significant project delays,
postponements and cuts as a result of the rapid decrease in oil price; the FPSO sector is not immune
from this.
2015 and onwards will see a distinct drop in the number of projects awarded and also increased focus
on costs and operations so unit redeployments may offer a lower cost base.

10. Page 233
The Floating Production, Storage and Offloading
(FPSO) Market 2015-2025: Prospects for New Build
and Converted Vessels Following the Oil Price Fall
out the period of low oil prices more effectively than other companies. However, the decrease in
spending will also the affect FPSO market.
8.1.5 Bumi Armada Berhad
Bumi Armada Berhad
FPSO CAPEX (2014) $920m
Global FPSO CAPEX Share (2014) 7.9%
Total Company Revenue (2014) $190.7m
Headquarters Malaysia, Kuala Lumpur
Ticker BUAB.KL
Head Office Contact Tel: +603 2171 5799
Email: bumiarmada@bumiarmada.com
Website http://www.bumiarmada.com/
Bumi Armada Berhad is a Malaysian-based global offshore oil field services company with a strong
focus on FPSO ownership. FPSOs are one of the four main business units of the company with the
other three being offshore support vessels, transport & installation and oil field services. Bumi Armada
was incorporated in 1995. Revenue increased 15.6% in 2014 compared with 2013 while net profit fell
by 49.3%. In 2014 the FPSO unit made up 39.6% of revenues up from 38.0% in 2013.
At present Bumi Armada has four vessels in operation. Two are located in Nigeria, one in India and
one in Vietnam. Two wholly owned ongoing conversion projects place Bumi Armada in the top five
FPSO owners in terms of 2014 CAPEX. In December 2014 a third conversion project for the Madura
BD Indonesian field was confirmed.
In 2014 Bumi Armada was the fifth-largest company for CAPEX on FPSOs with $920m, or 7.9% of
the global expenditure.
8.1.5.1 Bumi Armada FPSO Projects
The Kraken FPSO is under construction since 2013 and will be completed by 2016. The same as all
existing FPSOs of Bumi Armada, Kraken is being constructed in Singapore at the Keppel Shipyard. A
Table 8.10 Bumi Armada Overview, 2014 (FPSO CAPEX, Global FPSO CAPEX Share,
Total Company Revenue, HQ, Ticker, IR Contact, Website)
Source: Visiongain 2015