Visiongain. -v1531/ Publisher Sample

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1 Visiongain -v1531/ Publisher Sample Phone: (US) or or (Int'l) Hours: Monday - Thursday: 5:30am - 6:30pm EST Fridays: 5:30am - 5:30pm EST customerservice@marketresearch.com MarketResearch.com

2 5.4.3 The Vietnamese FPSO Market Forecast 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. Table 5.38 Vietnamese FPSO Market Forecast, : Anticipated Oil Price, Low Oil Price Scenario, High Oil Price Scenario ($m, AGR %) CAPEX($m) Anticipated Oil Price AGR (%) Low Oil Price AGR (%) High Oil Price AGR (%) Figure 5.19 Vietnamese FPSO Market Forecast, : Anticipated Oil Price, Low Oil Price Scenario, High Oil Price Scenario ($m) CAPEX ($m) Anticipated Oil Price Low Oil Price High Oil Price Page 164

3 TANTAWAN EXPLORER Chevron Tantawan (Thailand) Chevron WENCHANG II (HAI YANG SHI YOU 116) CNOOC Wenchang (China) CNOOC XIJIANG (HAI YANG SHI YOU 115) CNOOC Xijiang 23-1 (China) CNOOC HAI YANG SHI YOU 118 CNOOC Enping 24-, 2Pearl River Mouth (China) CNOOC Table 5.45 Existing Other Asian FPSOs (Vessel Name, Building Company, Type, Production Capacity, Storage) Vessel Name Yard Location Vessel Type Production ( 000 bpd) Capacity ( 000 bbls) ARMADA STERLING Keppel (Singapore) C BOHAI MING ZHU Shanghai Jiangan (China) N 80 1,000 BOHAI SHI JI (BOHAI CENTURY) Dalian (China) N 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 GLOBAL PRODUCER VIII (Hai Yang Shi You 112) HAI YANG SHI YOU 102 (CHANG QING HAO) Dalian (China) N Hudong (China) C 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 NAN HAI ENDEAVOR (FEN JIN HAO) Keppel (Singapore) C 80 1,000 Page 172

4 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 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 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 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. Page 215

5 out the period of low oil prices more effectively than other companies. However, the decrease in spending will also the affect FPSO market Bumi Armada Berhad Table 8.10 Bumi Armada Overview, 2014 (FPSO CAPEX, Global FPSO CAPEX Share, Total Company Revenue, HQ, Ticker, IR Contact, Website) 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: Website 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 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 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 Bumi Armada FPSO Projects The Kraken FPSO is under construction since 2013 and will be completed by The same as all existing FPSOs of Bumi Armada, Kraken is being constructed in Singapore at the Keppel Shipyard. A Page 233