Global and China Marine (Offshore) Engineering Industry Report, 2011

【Abstract】：
          
The skyrocketing oil price during 2007-2008 sparked globally investment fever in marine engineering industry. However, from 2009 onwards, seeing globally economic recession and sluggish demand, many small and medium-sized marine engineering enterprises have taken a heavy toll on revenue in the wake of the nosedive of oil price. A case in point is DSIC Offshore whose revenue in H1 2011 was no more than RMB510 million comparing to the RMB1.185 billion in 2010.

In the long run, marine engineering is still expected to see promising future as the oil price has mushroomed from the low level in 2010 to USD100 or more, and is likely to stay above USD 100 for a long time or even rise to USD 150 again. This can be attributed to the following reasons:
Volatile situation in North Africa and the Middle East as well as the political turbulence in Yemen, Libya, Egypt and Syria;

Iran issue is still up in the air. Thus, even if small-scale military conflict breaks out, a new round of oil crisis may stage a comeback in case of Iran blocking the Hormuz Strait;  

With the car ownership soaring in emerging economies such as China and India, the demand for oil is increasingly growing, which is enough to offset the shortfall in oil demand from developed economies. Especially for China, every year sees over 15 million new cars on road with striking oil consumption.   

And there are other contributing factors that boost the marine engineering market:
With shallow water oil resources being exhausted, the development of deep water oil resources is accelerating;

Aging drilling platform: the service life of 69% of Jackup drilling platforms exceeds 25 years, and as such, the service life of 42% of floating rig platforms is more than 30 years;

Robust demand for natural gas and abundant marine natural gas resources;

Brazil possesses the richest deep water oil resources, and is intensifying its exploitation of deep water oil resources. 
  
Presently, the development of marine engineering focuses on FPSO and Drillship. 

FPSO concentrates in West Africa, Mediterranean and South America while LNG-FPSO the Asian-Pacific region. LNG-FPSO is currently the most expensive vessel in the world. For example, the largest Nimitz class Aircraft Carrier of the United States costs USD3.5 billion; the world’s first LNG-FPSO made by Samsung Heavy Industries for Shell costs as high as USD5 billion. Shell is scheduled to purchase 10 LNG-FPSOs within 15 years, so Samsung Heavy Industries is estimated to win orders worth USD50 billion.
   
At present, many oil enterprises, including Shell, Petrobras, PTTEP, Conoco-Philips, Chevron, EXXON MOBIL and Norsk Statoil, have more favor for LNG FPSO.

Marine engineering contractors and construction enterprises in Europe, South Korea and Japan established alliances to accelerate the R&D of LNG FPSO, such as France-based Technip teaming up with South Korea-based Samsung Heavy Industries, Norway-based Hoegh LNG with South Korea-based DSME, and Holland-based SBM Offshore with Germany-based Linde and Japan-based IHI. IHI holds the SPB storage technology, which is the most commonly used LNG storage mode of LNG carriers. Three leading shipbuilding enterprises in South Korea, including SHI, HHI and DSME, all purchased the patent of the technology.  

South Korea-based enterprises carve up the drillship market, with the market share of Samsung Heavy Industries surpassing 50%. Drillships, with the unit construction cost between USD500 million and USD700million, are especially applicable for deep sea.

The direct customers of marine engineering are usually operators rather than oil tycoons. By the number of FPSOs in service, the FPSO operators, in sequence, include SBM OFFSHORE, BW OFFSHORE, MODEC, TEEKAY, BLUEWATER, BUMI ARMADA, OSX, MAERSK, PETROFAC, SAIPEM, MISC, FRED OLSEN, and RUBICON.

By the number of platforms in operation, the rig platform operators are ranked as follows: Transocean, Noble, Ensco, Seadrill, Diamond, Rowan, Maersk, and Atwood. Before 2009, the operating margin of the drilling platform operators surpassed 50%, and the figure has declined to some extent in recent years but still higher than that of FPSO operators.

South Korea-based Samsung Heavy Industries, Hyundai Heavy Industries and DSME mainly specialize in drillship and FPSO businesses, while Singapore-based Keppel and Sembcorp are mainly engaged in FPSO renovation and rig platform construction. In addition, STX OSV focuses on AHTS and PSV shipbuilding and, UAE-based Lamprell is involved in windcarrier vessel and drilling platform construction.

【Table of Contents】 

1. Overview of Marine (Offshore) Engineering
1.1 Drilling Platform
1.2 Production Platform
1.3 Offshore Support Vessel
1.4 Deepwater Oil Exploitation
1.5 Global Offshore Oil and Gas Industry Investment

2. Offshore Engineering Support Vessel
2.1 Overview of Offshore Engineering Support Vessel
2.2 History and Prospects of Offshore Support Vessel Market
2.3 Current Status of Offshore Support Vessel Market
2.3.1 AHTS
2.3.2 PSV
2.3.3 Pipe-laying Vessel
2.3.4 Underwater Support Vessel
2.4 Offshore Wind Power Installation Vessel
2.4.1 Overview of Offshore Wind Power Industry
2.4.2 Offshore Wind Power Installation
2.4.3 Offshore Wind Power Installation Vessel
2.5 Shanghai Zhenhua Heavy Industries

3. Floating Production Unit (FPU)
3.1 Overview of FPSO
3.2 FPSO Operation
3.2.1 MODEC
3.2.2 SBM Offshore
3.3 Global FPU Industrial Investment by Region
3.4 Global FPU Industrial Scale by Region
3.5 LNG-FPSO
3.5.1 Overview of LNG-FPSO
3.5.2 LNG-FPSO Market
3.6 FPU Contractor
3.7 FPSO Projects in 2008-Nov. 2011
(Including Operator, Storage Capacity, Hull Fabricator, Topsides Fabricator)

4. Drilling Platform
4.1 Operators
4.1.1 Transocean
4.1.2 ENSCO
4.1.3 Noble
4.2 Jack-up Drilling Platform
4.3 Jack-up Drilling Platform Projects in 2000-2014
 (Including Operator, Rig Name, Design, Builder, Water Depth, Drilling Depth)
4.4 Semi-Submersible Drilling Platform
4.5 Global Semi-Submersible Drilling Platform Projects in 2000-2014
(Including Operator, Rig Name, Design, Builder, Water Depth, Drilling Depth)
4.6 Drilling Ship
4.6.1 Overview of Exploration Vessel
4.6.2 Design of Exploration Vessel
4.6.3 Market of Exploration Vessel
4.6.4 Japanese Deep-sea Drilling Vessel “Chikyu”
4.6.5 Market Share of Drilling Ship Manufacturers
4.7 Global Drilling Ship Projects in 1971-2018
(Including Operator, Rig Name, Design, Builder, Water Depth, Drilling Depth)

5. Marine (Offshore) Engineering Corporations
5.1 Samsung Heavy Industries
5.2 Hyundai Heavy Industries
5.3 STX
5.3.1 STX Dalian
5.3.2 STX Marine Engineering
5.3.3 STX OSV
5.4 Keppel
5.5 COSCO Shipyard
5.5.1 Nantong COSCO Shipyard Engineering
5.5.2 COSCO Shipyard (Qidong) Marine Engineering
5.6 Sembcorp
5.6.1 Shenzhen Chiwan Sembawang Engineering
5.7 Jutal Offshore Oil Services
5.8 CIMC Raffles
5.9 DSME
5.10 Dalian Shipbuilding Heavy Industry Group Offshore Engineering
5.11 Shanghai Waigaoqiao Shipbuilding
5.12 Offshore Oil Engineering (CNOOC Engineering)
5.13 Lamprell

【Figures & Tables】

Global Oil Supply Sources, 1930-2030
Global Offshore Deepwater and Shallow Water Oil Supply, 2000-2030
Global Investment in Deep Water, 2006-2015
Global Deep Water Oilfield Development Zones
Number of Global Ultra Deepwater Rig Fleet, 2000-2014
Global Energy Supply by Type, 2010
Global Oil Prices Correlated with Offshore Development Projects, 1960-2020
Global Oilfield Output by Region, 1980-2020
Number of Offshore Vessels,2011
Rent of Offshore Service Vessels, 1989-2011
Offshore Vessel Order Value by Type, 2000-2011
Global Marine Engineering Orders and Deliveries, 1992-2014
Global Offshore Vessel Backlog by Type, Aug. , 2011
Number of AHTS Fleets, 1971-2013
Number of PSV (below 3000DWT), 1967-2014
Number of PSV (above 3000DWT), 1975-2013
Number of PSV, 1967-2013
Global Offshore Pipeline Length, 2007-2015
Number of Global Pipelaying Vessels by age, 2011
Fulfilled Number of Pipelaying Vessels, 2011-2013
Pipelaying Vessels Breakdown by Region, 2011
Number of Global DSV & ROVSV by Age, 2011
Fulfilled Number of DSV & ROVSV, 2011-2013
New ROV Ships Breakdown by Region, 2011
New ROV Ships Breakdown by Type, 2011
Structure of Offshore Wind Power
Diameter of Offshore Wind Fan Blade, 1990-2020
Revenue and Operating Income of Zhenhua Heavy Industry, 2006-2011
Global New Orders for Floating Production Platforms by Country, 1996-Apr. 2011
Deepwater Oil Production Platforms Market Breakdown by Enterprise, 2010
Offshore Oil Production Units by Enterprise, Aug. 2011
Number of FPSO by Operators, Nov. 2011
Leased FPSO Market Shares by Operator, 2011
MODEC's Revenue and Operating Income, 2004-2011
MODEC's Revenue and Net Income, 2004-2011
MODEC's Revenue and New Orders, 2004-Sep. 2011
MODEC's Order Backlogs, 2007-H1 2011
Revenue and Operating Margin of SBM Offshore, 2006-2011
Operating Modes of SBM Offshore
EBIT of SBM Offshore by Business, 2006-2010
New Orders of SBM Offshore by Business, 2006-2010
Revenue of SBM Offshore by Business, 2006-2010
Backlog of SBM Offshore, 2006-2010
Revenue of SBM Offshore by Country, 2009-2010
Global FPU Investment by Region, 2004-2015
Global FPSO Investment by Region, 2004-2015
Global FPU-Semi Investment by Region, 2004-2015
Number of New FPSO and Conversion FPSO, 2000-2011
Global FPU Contracts by Region, 2003-2015
Global FPU Contracts by Type, 2011-2015
African and Mediterranean FPU by Type, 2004-2015
Number of African and Mediterranean FPSO Contracts, 2011-2015
Asia-Pacific FPU Investment by Type, 2004-2015
Asia-Pacific FPU Contracts by Type, 2011-2015
North American FPU Investment by Type, 2004-2015
South American FPU Contracts by Type, 2011-2015
LNG-FPSO Market Size, 2004-2015
Global FPU Investment by Type, 2004-2015
Market Share of Major FPSO Hull Contractors(by Metric Tons), 2003-2011
Market Share of Major FPSO Hull Contractors(by Units), 2003-2011
Market Share of Major FPSO Upper Module Contractors(by Metric Tons), 2003-2011
Market Share of Major FPSO Upper Module Contractors(by Units), 2003-2011
Market Share of FPSO Project Contractors, 2008-Nov. 2011
Drilling Platform Market Breakdown by Type and Country, 2011
Floating Rig Count of 8 Major Operators, Nov. 2011
Floaters Count of 13 Major Operators by Type, Nov. 2011
Backlog Value of 7 Major Drilling Platform Operators, Sep. 2011
Average Age of Deepwater Drilling Platforms (below 4,500 feet), Sep. 2011
Average Age of Deepwater Drilling Platforms (below 7,500 feet), Sep. 2011
Number of In-service Jack-ups by Enterprise, Sep. 2011
Transocean's Revenue and Operating Margin, 2005-Sep. 2011
Transocean's Revenue by Region, 2005-2010
Transocean's Assets by Type, Jun. 2011
Breakdown of Transocean's Clients, Jun. 2011
Occupancy Rate of Transocean's Platforms by Type, 2011-2014
Transocean's Backlog by Products, Nov. 2011
Distribution of Transocean's Midwater Floaters
Distribution of Transocean's Deepwater Floaters
ENSCO's Revenue and Operating Margin, 2006-2011
Revenue and Operating Margin of Pride International, 2006-2010
Revenue of ENSCO and PRIDE by Products, 2010
Number and Type of ENSCO's New Operating Platforms, 2004-2014
Global Distribution of ENSCO's Drilling Platforms, Nov. 2011
Noble's Revenue and Operating Margin, 2006-2011
Noble's Revenue by Region, Q3 2011
Noble's Revenue by Products, 2011 vs. 2015
Noble's Backlog, Nov. 2011
Number of Noble's Floating Rig, 2005-2014
Jack-ups Orders Breakdown by Manufacturer, 2010-Nov. 2011
Global Fulfilled Volume of Jack-ups, 2010-2014
Global Jack-ups by Water Depth, 2010-Nov. 2011
Market Share of Global Jack-ups Design Companies, 2010-Nov. 2011
Semi-submersible Market Breakdown by Manufacturers, 2000-2014
Fulfilled Volume of Semi-submersible, 2000-2014
Semi-submersible Market Segmentation by Design Companies, 2000-2014
Market Share of Major Drilling Ship Manufacturers, 1971-2018
Market Share of Major Drilling Ship Manufacturers, 2000-2018
Global Shipment of Drilling Ships, 1971-2018
Drilling Ship Market Segmentation by Operators, 1971-2018
Revenue and Operating Margin of Samsung Heavy Industries, 2005-2011
Revenue of Samsung Heavy Industries by Business, 2006-2010
Backlog Value of Samsung Heavy Industries, 2006-Oct. 2011
New Orders of Samsung Heavy Industries by Type
New Orders of Samsung Heavy Industries by Type, 2006-Oct. 2011
Backlog of Samsung Heavy Industries by Type, Oct. 2011
Backlog of Samsung Heavy Industries by Region, Oct. 2011
Global Distribution of Samsung Heavy Industries
Revenue and Operating Margin of Hyundai Heavy Industries, 2005-2011
Revenue of Hyundai Heavy Industries by Division, 2010
Revenue of Hyundai Heavy Industries by Division, 2005-2011
New Shipbuilding Order Value of Hyundai Heavy Industries, 2001-2011
Ship Sales and New Order Value of Hyundai Heavy Industries, 2001-2011
Shipbuilding Revenue of Hyundai Heavy Industries by Product, 2010
New Orders of Hyundai Heavy Industries by Ship Type, Jul. 2011
Backlog of Hyundai Heavy Industries by Ship Type, Jul. 2011
Annual Delivery Tonnage of Hyundai Heavy Industries by Plant, 2007-2011
Annual Delivery Number of Hyundai Heavy Industries by Plant, 2007-2011
Offshore Revenue and New Order Value of Hyundai Heavy Industries, 2005-2011
Revenue breakdown of Hyundai Heavy Industries by Product, 2010
New Offshore Orders of Hyundai Heavy Industries by Type, 2007-2011
Key Offshore Orders of Hyundai Heavy Industries, H1 2011
STX's Revenue and Operating Margin, 2005-2011
Revenue and EBITDA Rate of STX OSV, 2007-2011
Revenue of STX OSV by Business, 2010
Backlog of STX OSV by Region, 2009-Sep. 2011
Backlog of STX OSV by Ship Type, 2009-Sep. 2011
New Orders and Backlog Value of STX OSV, 2009-Sep. 2011
Keppel's Revenue and Operating Margin, 2005-2011
Keppel's Revenue by Business, 2005-Sep. 2011
Keppel's Operating Income by Business, 2005-Sep. 2011
Revenue and Operating Margin of COSCO Shipyard, 2005-2011
Ship Repair Business of COSCO Shipyard by Ship Type, 2010
Revenue of COSCO Shipyard by Business, 2010
Organizational Structure of Sembcorp Marine
Sembcorp's Revenue and Operating Margin, 2005-2011
Sembcorp's Revenue by Business, 2005-2011
Revenue and Operating Margin of Sembcorp Marine, 2006-2011
Revenue of Sembcorp Marine by Business, 2006-2010
Types of Repaired Ships of Sembcorp Marine, 2009-2010
Orders of Sembcorp Marine by Type, 2010
Contract Value and Backlog of Sembcorp Marine, by Nov., 2011
Revenue and Operating Margin of Penglai Oilfield Services, 2006-2011
Revenue by Business of Penglai Oilfield Services, 2008-H1 2011
Gross Margin of Penglai Oilfield Services by Business, 2008-H1 2011
Revenue of Yantai Raffles, 2006-2011
Net Income of Yantai Raffles, 2006-2011
DSME's Revenue and Operating Margin, 2005-2011
DSME's Revenue by Ship Type, 2008-2010
DSME's New Orders by Ship Type, 2008-2010
DSME's Backlog by Ship Type, 2008-2010
Fulfilled Volume of Dalian Shipbuilding, 2006-2011
Revenue and Operating Margin of Dalian Shipbuilding, 2006-2011
Fulfilled Volume and Delivery of Shanghai Waigaoqiao Shipbuilding, 2006-2011
Revenue and Operating Margin of Shanghai Waigaoqiao Shipbuilding, 2006-2011
Revenue and Operating Income of Offshore Oil Engineering, 2005-2011
Lamprell's Revenue and Operating Margin, 2005-2011
Offshore Oilfields under Construction, May 2011
Offshore Oilfields Growth by Region
Global Offshore Support Vessel Backlog, 2011-2014
Global Orders for Offshore Support Vessel by Country, Aug. 2011
Orders for 46 AHTS / PSV / AHT Ships (including Owner, Yard, Dims, Power) in China, Aug. 2011
Offshore Wind Power Installation Vessels under Construction or Completed, Apr. 2011
FPSO, FSO and TLP Projects Operated by MODEC
FPSO Projects (including Operator, Storage Capacity, Hull Fabricator, Topsides Fabricator), 2008-Nov. 2011
Transocean's Platform Daily Rent by Type, Q3 2011
Transocean's Platform Utilization by Type, Q3 2011
ENSCO's Platform Utilization by Type, Q3 2011
Jack-ups Projects (including Operator, Rig Name, Design, Builder, Water Depth, Drilling Depth), 2000-2014
China's Large Exploration Ships, Mar. 2011
Ramform Series Exploration Ships of Norway PGS
CHIKYU Deepwater Drilling Ship
Offshore Engineering Performance of Hyundai Heavy Industries, 1976-2011
Financial Data of STX Dalian, 2010
Keppel's Backlog, Sep. 2011
DSME's New Orders and Backlog by Ship Type, Oct. 2011
Overview of Hamriyah Shipyard
Overview of Sharjah Shipyard
Overview of Jebel Ali Shipyard