Oil & Gas Fpsos

NORSK OFFSHOREDAG 2005 ”Konvertering av eksisterende skip til produksjonskip”

NORSK OFFSHOREDAG 2005 26. mai 2005 Arne Hygen Tørnkvist Bergesen Offshore

AGENDA

• Bergesen Worldwide

• The FPSO lease market - where is it heading ?

• Oil FPSOs - concept strategy

• Gas FPSOs - concept strategy

2

The Owner & Operator

Bergesen BergesenWorldwide Worldwide

Bergesen Bergesend.y. d.y.ASA ASA Dry Drybulk bulk transportation transportation Gas Gas transportation transportation Offshore Offshore solutions solutions

Crude Crude transportation transportation

AGENDA

• Bergesen Worldwide

• The FPSO lease market - where is it heading ?

• Oil FPSOs - concept strategy

• Gas FPSOs - concept strategy

4

Mobile Offshore Units – as per April 2005

180 Spar

Number of Installed Units

Past 10 Years + 190%

TLP Semi

120

FPSO

60

0 19

75

104/36 +79FSO

19

77

19

79

19

On order 22/7

81

19

83

19

85

19

87

19

89

19

91

19

93

Bid/planning 87/ WA 26/ MG 16/ Bz 13

95 19

97 19

19

99

20

01

20

03

20

05

5

Mobile Offshore Units – as per April 2005 19 12 6 2 P MI O O TL SE PS FS F

14

1 1

I

P M O O TL SE PS FS F

14

5

5 18

P MI O O TL SE PS FS F

13

P MI O O TL SE PS FS 27 F

15 1

25

3

P MI O R O TL SE FPS PA FS S

15

2

P MI O O TL SE PS FS F

1

1

P MI O O TL SE PS FS F

1

P MI O O TL SE PS FS F

19

9 3 P MI O O TL SE PS FS F

13 2 P MI O O TL SE PS FS F

104/36 +79FSO

1

Not shown are 3 FPSOs that are off-field and stacked. Units in the GOM include 2 FSOs off Mexico and 1 FSO off Colombia

Mobile Offshore Units – installed after 1996 19

7 3 1 P MI O O TL SE PS FS F

1 13LP T

11

I M SO SO E F S FP

4

17 11

P MI O O TL SE PS FS F

23 1

P MI O O TL SE PS FS F

1

1

P MI O O TL SE PS FS F

6

P MI O R O TL SE PS PA FS F S

8 15

2

1

P MI O O TL SE PS FS F

6 3 P MI O O TL SE PS FS F

P MI O O TL SE PS FS F

5

3

P MI O O TL SE PS FS F The FSO in the GOM is off Mexico

7

Mobile Offshore Units – on order 2005

1

1

P O MI O TL PS SE FS F

1 P TL

S

I EM

FP

SO

1 FS

O

P MI O RG O TL SE PS B FS F D O PR

4

1

P MI O O TL SE PS FS F

1 I R O P M A TL SE FPS SP

3 1

1

7

P MI O O TL SE PS FS F

2 P MI O O TL SE PS FS F

6 2 P MI O O TL SE PS FS F

1 P MI O O TL SE PS FS F

Not shown is the speculative FPSO (Aoka Mizu) hull that has been completed but topsides have not been fabricated, and 2 speculative FPSO hulls under construction for Modec.

8

FPSOs – Projected orders next 5 years Deepwater Megafield FPSOs Harsh Environment (turret) FPSOs 80 70 60 50 40

4 8 29

Deepwater (spread/ turret) FPSOs 2 6 23

Shallow and benign water (spread) FPSOs

30 20 10

31

28

0

st st a a ec ec r r Fo Fo w gh o i L H 9

Global oil production and future demand

Demand with 1,5% per annum global growth

25 vs. 2/ 90% whr.t fnd. Nw oil

10

Nordsjøen versus Vest Afrika

11

Exploration vs. discoveries

Newfield Wildcat

Oil Reserves Added (MMbbl)

12

Lifting Cost

13

FPSOs – Bergesen Market Focus (5 years)

80 70 60 50 40

4 8 29

Deepwater (spread/ turret) FPSOs 2 6 23

Shallow and benign water (spread) FPSOs

30 20 10

31

28

0

st st a a ec ec r r Fo Fo w gh o i L H 14

FPSO lease contractors

15

AGENDA

• Bergesen Worldwide

• The FPSO lease market - where is it heading ?

• Oil FPSOs - concept strategy

• Gas FPSOs - concept strategy

16

BERGESEN Offshore - Fleet

Okoluba toru17

Big is Beautiful

Year Yearbuilt built Length Lengthover overall all Breadth Breadth Depth Depthmoulded moulded Total TotalOil Oilcargo: cargo:

1980 1980 340,50 340,50mm 65 65mm 31,5 31,5mm 416.178 416.178m3 m3 18

Flexibility by design

19

Bergesen’s concept philosophy

• Modularisation • Standardisation • Flexibility by design • Selecting the right subsuppliers

20

The Generic Core & Upgrade Potential

21

Fabrication Facilities The Topside Fabrication Yard (Thailand)

22

Fabrication Facilities Hook-up and conversion at Jurong Shipyard

23

Designed for expansion

Generic

Generic + expansion

Early Production

Production

Applications

Swap/Upgrade

Production

Time

Life of Field

Production

Time

Time

25

Early Production

Production

Applications (swap or upgrade)

Swap/Upgrade

Production

Time

Time

26

Why choosing a generic approach Contract Period (Years)

5

10

FPSO

27

AGENDA

• Bergesen Worldwide

• The FPSO lease market - where is it heading ?

• Oil FPSOs - concept strategy

• Gas FPSOs - concept strategy

28

The growing importance of natural gas

29

Bergesen

World’s largest independent owner and operator of gas carriers LPG & LNG

30

From the Well to the Market

LNG

Dry gas Wet gas

LPG

Subsea

Offshore LPG Production Focus Areas

1992 2002

GAS FLARING

BERGESEN OFFSHORE LPG Extraction FPSO

LPG FPSO - Design Basis

Available 2007 to the oil industry • Gas Capacity:

70 - 250 MMscfd

• Storage capacity:

75,000 cm

• Design Life:

20 years

• Recovery rate:

up to 99% of the available Propane

• H2S and CO2:

Can manage sour gas and 10% CO2

• Water depth:

From 30 to 2000 m

• Delivery Process Plant:

12 months

• FPSO delivery from Yard:

15 months 36

The Generic LPG/Condensate FPSO

37

Generic LPG/Condensate FPSO

38

Flexibility by Design

Import compression

Stabilisation

LPG Product Splitter

Export compression

39

Flexibility by design

LPG Extraction & Gas Injection

41

Well Control/ LPG Extraction/ Gas Injection

42

Commercial sample case

USD per day 500.000 400.000

Net contribution:

300.000

USD 350.000 per day

200.000 100.000 0

st ue o l C Va n t c tio u c u od d r o P Pr

• Average associated gas, pressure above 70 bar • The residue gas is flared • Existing pipeline to LPG FPSO • 10 year contract 43

LPG FPSO - Concluding remarks

• LPG FPSO - a quick and beneficial step in the direction towards non flaring (35% of the heating value of the gas is monetised) • LPG FPSO - available on shorter contracts where an intermediate solution is needed • LPG FPSO - a vehicle for residue gas compression and injection

44

NORSK OFFSHOREDAG 2005 ”Konvertering av eksisterende skip til produksjonskip”

NORSK OFFSHOREDAG 2005 26. mai 2005 Arne Hygen Tørnkvist Bergesen Offshore