The document summarizes information about FPSOs (floating production, storage and offloading units) including historical and forecasted growth by region, type, and ownership structure. Charts show trends in FPSO usage from 1975 to 2015, with the largest growth being in Asia and the Middle East. Most FPSOs are conversions from existing vessels rather than newbuilds. The largest FPSO owners each operate multiple units, with MODEC, SBM Offshore, and BW Offshore having the most units. In upcoming years, several FPSOs may be available for redeployment after existing contracts expire. The San Jacinto and Seillean FPSOs are highlighted as examples with key technical specifications provided.

1. FPSO Milestones –
To Boldly Go Where No Man Has Gone Before
Emerging FPSO FORUM
September 22, 2011
Presentation by: Bruce Crager
envision • engage • energize • enable
CONTACT:
Endeavor Management
2700 Post Oak Blvd., Suite 1400
Houston, TX 77056
713 877-8130 (office)

2. FPSO by Region
35
Western Europe
North America
30
Middle East
Latin America
25 Eastern Europe & FSU
Australasia
20 Asia
Africa
15
10
5
0
1975 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015
Source: Douglas-Westwood
Page 2
©2011 Endeavor Management. All Rights Reserved.

3. FPS By Type
45 TLP 100%
Spar
40 FPSS 90%
FPSO 80%
35
Linear (FPSO (% of total))
70%
30
60%
25
50%
20
40%
15
30%
10
20%
5 10%
0 0%
1975 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015
Source: Douglas-Westwood
Page 3
©2011 Endeavor Management. All Rights Reserved.

4. FPSO Construction Type
Newbuilds
38%
Conversions
62%
Page 4
©2011 Endeavor Management. All Rights Reserved.

5. FPSO Ownership
Operator
Owned Contractor
43% Owned
57%
Page 5
©2011 Endeavor Management. All Rights Reserved.

6. Leased FPSO Market Share by Owner
Owners with >1 Unit
3% 3%
3%
3% 18% MODEC
3%
SBM
4% BW Offshore
Prosafe Production
5% Bluew ater Offshore
Sevan Marine
Teekay
5%
Fred Olsen Production
18% Aker Floating Production
5% Bum i Arm ada
Maersk
MISC
Sea Production
9%
Tanker Pacific
11%
10%
Includes JV Shares Source: Quest
Page 6
©2011 Endeavor Management. All Rights Working Q4 2010.xls
Source file: FPS Lease Expirations_ Reserved.

7. Forecasted Off Contract FPS Leased Fleet Availability
by Type and Year Current-2014 (Likely to be retired and EWT excluded)
10
9
8
7
Number of Units
6
5
4
3
2
1
0
Current 2011 2012 2013 2014
Available Year
Source: Quest
FPSO
Page 7
©2011 Endeavor Management. All Rights Working Q4 2010.xls
Source file: FPS Lease Expirations_ Reserved.

8. San Jacinto
Page 8
©2011 Endeavor Management. All Rights Reserved.

9. San Jacinto Technical Data
Operator, Field, Location Conoco - Kepiting, Ikan Pari, Sembilang - Indonesia
Date Built / Converted 1986 Built / 1994 Upgraded
?
Owner
Coldstacked
Operating 91 meters,
Water Depth Sembilang
Number of
3
Locations
Max Liquid
11,000 bpd
Handling
Oil Storage
53,000 bbls
Capacity
Mooring System
8 Point Spread
Type
Page 9
©2011 Endeavor Management. All Rights Reserved.

10. Seillean (BP SWOPS)
Page 10
©2011 Endeavor Management. All Rights Reserved.

11. Seillean Technical Data
Operator, Field, Location BP, North Sea Petrobras, Deepwater EWT, Brazil
Date Built / Converted 1990 FPSV / 1998 FPSO
Owner Noble Drilling
Operating
2,000 meters Max
Water Depth
Number of
Multiple
Locations
Max Liquid
20,000 bpd
Handling
Oil Storage
300,000 barrels
Capacity
Mooring System Dynamic
Type Positioning
Page 11
©2011 Endeavor Management. All Rights Reserved.

12. Ocean Producer
Page 12
©2011 Endeavor Management. All Rights Reserved.

13. Ocean Producer Technical Data
Operator, Field, Location Amoco, Gabon Sonangol - Kiabo, Canuku - Angola
Date Built / Converted 1969 / 1991
Oceaneering
Owner
Scrapped 2010
Operating
15m – 53m
Water Depth
Number of
3
Locations
Max Liquid
25,000 bpd
Handling
Oil Storage
510,000 bbls
Capacity
Disconnectable
Mooring System
6 Point Spread /
Type
8 Point Spread
Page 13
©2011 Endeavor Management. All Rights Reserved.

14. BW Athena
Page 14
©2011 Endeavor Management. All Rights Reserved.

15. BW Athena Technical Data
Operator, Field, Location Ithica Energy, Athena, UK, BW Offshore
Date Built / Converted 1994 BWT / 1999 FPSO
Owner BW Offshore
Operating
20 meter min.
Water Depth
Number of
Multiple
Locations
Max Liquid
40,000 BPD
Handling
Oil Storage
50,000 Barrels
Capacity
Mooring System Dynamic
Type Positioning
Page 15
©2011 Endeavor Management. All Rights Reserved.

16. Zafiro Producer– Phase 1
Page 16
©2011 Endeavor Management. All Rights Reserved.

17. Zafiro Producer Technical Data
Operator, Field, Location ExxonMobil, Zafiro Block B, Equatorial Guinea
Date Built / Converted 1973 / 1996
Owner ExxonMobil
Operating
180 meters
Water Depth
Number of
1
Locations
Max Liquid
80,000 BOPD
Handling
Oil Storage
1.9 Million Barrels
Capacity
Mooring System
12 Point Spread
Type
Page 17
©2011 Endeavor Management. All Rights Reserved.

18. Zafiro Producer
Page 18
©2011 Endeavor Management. All Rights Reserved.

19. Zafiro Producer – Phase 2 A, B and C
Page 19
©2011 Endeavor Management. All Rights Reserved.

20. Zafiro Producer
Page 20
©2011 Endeavor Management. All Rights Reserved.

21. Zafiro Producer Technical Data
Operator, Field, Location ExxonMobil, Zafiro Block B, Equatorial Guinea
Date Built / Converted 1973 / 1996, Upgraded 1997 -1998 in field to FPU
Upgrades
Waterflood 120,000 BWPD
2@ 60,000
Slug Catchers
BWPD each
Power 12 MW
Compression 15,000 HP
58 Person
Accommodations
Additional
Replaced in field
Hull Steel
Owner: ExxonMobil 200 Tons
Increased Life From 5 – 15 yrs.
Page 21
©2011 Endeavor Management. All Rights Reserved.

22. ORCA
Page 22
©2011 Endeavor Management. All Rights Reserved.

23. ORCA
Page 23
©2011 Endeavor Management. All Rights Reserved.

24. ORCA Technical Data
Operator, Field, Location PetroSA, Oribi, South Africa
Date Built / Converted 1970 Halifax Canada / 1997 Conversion
Owner PetroSA
Operating
120 meters
Water Depth
Number of
1
Locations
Max Liquid
30,000 BOPD
Handling
Oil Storage
34,000 Barrels
Capacity
Mooring System
9 Point Spread
Type
Page 24
©2011 Endeavor Management. All Rights Reserved.

25. Sevan Piranema
Page 25
©2011 Endeavor Management. All Rights Reserved.

26. Sevan Piranema Technical Data
Operator, Field, Location Petrobras, Piranema, Brazil
Date Built / Converted 2007
Owner Sevan Marine
Operating 1,090 meters
Water Depth (1,600 - Phase 2)
Number of
1
Locations
Max Liquid
30 MBOPD
Handling
Oil Storage
250 MBBLs
Capacity
Mooring System
9 Point Spread
Type
Page 26
©2011 Endeavor Management. All Rights Reserved.

27. Dynamic Producer
Page 27
©2011 Endeavor Management. All Rights Reserved.

28. Dynamic Producer Technical Data
Operator, Field, Location Petrobras, Carioca, Brazil
Date Built / Converted 1987/2009
Owner Petroserv
Operating
200-2,500 meters
Water Depth
Number of
Multiple
Locations
Liquid Handling
30,000 bpd
Capacity
Oil Storage
300,000 barrels
Capacity
Mooring System Dynamic
Type Positioning
Page 28
©2011 Endeavor Management. All Rights Reserved.

29. Azurite - FDPSO
Page 29
©2011 Endeavor Management. All Rights Reserved.

30. Azurite Graphic - FDPSO
Page 30
©2011 Endeavor Management. All Rights Reserved.

31. Azurite Technical Data
Operator, Field, Location Murphy, Azurite, Republic of the Congo
Date Built / Converted 1998 / 2009
Owner BW Offshore
Operating
1,400 meters
Water Depth
Number of
1
Locations
Max Liquid
60,000 BOPD
Handling
Oil Storage
1.3 MBBLs
Capacity
Mooring System
Spread
Type
Page 31
©2011 Endeavor Management. All Rights Reserved.

32. BW Pioneer
Page 32
©2011 Endeavor Management. All Rights Reserved.

33. BW Pioneer
Page 33
©2011 Endeavor Management. All Rights Reserved.

34. BW Pioneer Technical Data
Operator, Field, Location Petrobras Cascade Chinook, US GOM
Date Built / Converted 1992 / 2010 Converted
Owner BW Offshore
Operating
2,600 meters
Water Depth
Number of
1
Locations
Max Liquid
80 MBOPD
Handling
Oil Storage
600 MBBLs
Capacity
Mooring System
10 Leg Spread
Type
Page 34
©2011 Endeavor Management. All Rights Reserved.

35. Conclusions
• FPSO’s come in many shapes and sizes
• FPSO’s can support marginal projects as well as large
projects
• Benefits of FPSO’s:
– FPSO’s are not a patented solution and can be used by
anyone
– Redeployment of FPSO’s is very common and cost
effective
– There is a robust market supply of leased FPSO’s
– FPSO’s can be fully commissioned before leaving the
shipyard
Page 35
©2011 Endeavor Management. All Rights Reserved.