FPSO Bulletin

12 years of connecting the global FPSO community - Maximizing fi eld returns with innovations in FPSO technology

50 vessel owners and oil companies confi rm their participation at the FPSO Congress 2011 read more inside...

STOP PRESS... STOP PRESS...

New Dynamics Forge Strong

Growth Trends for the FPSO

Market in 2011/2012Continued demand from deepwater Brazilian, Asian and West African

projects, but key developments will be determined by new dynamics in

the global FPSO market...

...read inside for more

FPSO Bulletinwww.fpsoasia.com Volume 1

Maximizing fi eld returns with innovationsin FPSO technology

New dynamics forge strong growth trends for the FPSO market In just over three decades, floating production systems have evolved from relatively simple units producing from a single well to massive facilities capable of handling 250,000 barrels of oil per day. Today, as deep water oil reserves remain mostly undiscovered, a continued optimistic long-term outlook for floating production systems is expected.

Deepwater pays, but don’t leave out opportunities in marginal fi eld exploitationGrowth in the FPSO market through to 2014 will be driven by continued demand from deepwater Brazilian and West African projects. Key developments will be determined by new dynamics in the global FPSO market including demand growth in Asia, the greater role of smaller independent oil companies and the increased importance of smaller offshore oil fields.

The fi ve year forecast shows that capital expenditures thrown off by fl oater orders are expected to total between $80 billion and $115 billionQuoting a recent report from the International Maritimes Associates (IMA), expected orders for production floaters will be between 24 and 35 units annually over the next five years, or between 120 to 175 FPS systems in total. Some 80 percent of these units are expected to be FPSOs.

Challenges moving aheadIn an inherently capital and asset-intensive industry, the reevaluation of risk exposure levels by major lenders has led to a prolonged period of FPSO project implementation. Attention has also been turned to the nature of the contract between the operator and FPSO vessel owners, where a more balanced contracting regime is the subject of heated discussion. >>more on page 3

Key Industry Figures Shapethe 2011 FPSO CongressIn its 12th year, the congress addresses key industry dynamics with advisors including;

• David Cannon, General Manager, North Sea Production Company Limited, Maersk FPSO UK Ltd

• Rashim Berry Director, Projects, Tanker Pacific Management Pte Ltd

• Kelvin Sam, Senior Market Analyst, ODS-Petrodata

• David Boggs, Managing Director, Energy Maritime Associates Pte Ltd

• Eng Yew Chan, CFO, EOC

• Julian Callanan, Analyst, Infield Systems>> more on page 2

Premier Oil Vietnam Offshore BV commences charter of the Lewek EMAS - (18 April 2011) Offshore Energy TodayThe FPSO will process oil from Chim Sao field on Block 12W in the Nam Con Son basin, about 350 km off southern Vietnam. The field development involves producing oil and associated gas to an unmanned, minimum facility wellhead platform in 100m of water and then to the FPSO.

Eni secures Angola FPSO - (15 April 2011) - Upstream OnlineMonaco-based SBM Offshore’s new deal with Eni Angola for the use of its Xikomba floating production storage and offloading vessel will be part of a 12 year lease agreement after a letter of intent was signed today, the company has announced.

Petrobras Receives BOEMRE Nod for First FPSO in GOM (17 March 2011) - RigzoneThe Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) provided the final approval necessary for Petrobras America to begin oil and natural gas production at its Chinook-Cascade project using a Floating Production Storage Offloading (FPSO) facility. This will be the first time this technology is used in the U.S. Gulf of Mexico.

FPSO Bulletin presentswww.fpsoasia.com

News in Brief

Log on to www.fpsoasia.com for updates on the 12th Annual FPSO Congress

Volume 1

David Boggs, Managing Director of Energy Maritime Associates explains why FPSO’s will only increase in popularity going forward. >>> more on page 7

Jason Waldie, Douglas Westwood gives his thoughts on why FPSOs will return to pre 2008 levels on the upswing >>> more on page 2

Jerry Joynson, Corporate Director, Concept Development, SBM Offshore outlines some of the challenges to achieving successful FPSO delivery >>> more on page 2

The 12th Annual FPSO Congress goes global bringing together key experts from Petrobras, ENI Australia, ConocoPhillips and ExxonMobil 20 - 21 Sept 2011, Singapore

Venue: Grand Hyatt Hotel, Singapore

350+ attendees expected at the 12th Annual FPSO Congress Oil and Gas IQ announces their 2011 event - don’t miss the longest running FPSO congress. This annual platform brings you global insights from major hotspots such as Brazil, Gulf of Mexico, West Africa, North Sea, Baring Sea, West of Australia and the South China Sea.253 attendees joined the global congress in 2010 and attendance numbers are expected to increase in 2012 inline with rapid growth in the market this year.

50 vessel owners and oil companies confi rm their participation at the FPSO Congress 2011To date, the programme committee together with its advisors have confirmed over 50 industry experts to share field case studies. Operators and owners confirmed include• Exxonmobil • OMV • Petrobras • Teekay Petrojarl • ENI Australia • BTL • Modec• Husky Mudara • Chevron • Maersk Oil• BP Migas • SBM • Tanker Pacific • EOC • Premuda • Aker Floating Production• ConocoPhillips

For details on how to register, log-on to www.fpsoasia.com or email [email protected]

Supporting the talent-stretched FPSO industry; the FPSO Congress committee has launched the Young Engineers Support Programme in 2011How will this benefit the industry? Aimed at developing young talent, this fund will entitle you to a travel grant* of up SGD1000 if you are a young engineer 35 and below**, from an oil and gas operator or vessel owner company.

For further details on the programme, email [email protected]

* Travel grant of up to SGD1000 will be rendered upon time of registration as a rebate off the conference registration fee** Supporting documents will be required for proof of age

FPSO market set to reach US$16 billion by 2014

FPSO Congress Bulletin 2011

Until 2008, there were many new speculative players planning to enter the FPSO market. By the time 2009 came around it all rather fell apart.

Small-time operations were financing from external debt providers simply because credit markets were the tightest that they had been in years. This all led to many of the new start-up and smaller players exiting the market shortly into 2009.

Those that remained and could weather the crisis are still active and are enjoying the resurgent economic upswing. Globally, monetary policy is loosening and we have seen activity expanding globally from East to West. This has changed the entire scope of the sector as it is now not uncommon to see projects in Brazil financed from Japan or projects in West Africa being financed from China.

Deepwater production is set to double and capex is expected to increase by as much as 179% by the year 2015, to a decent $205 billion. On the other hand,

drilling and subsea processing emerging from increased exploration will result in a little more than US$74.6 billion during the same period.

As a result of the 2008 downturn and subsequent turn of fortunes in 2009 and 2010 we have seen a slight increase in scrutiny on the part of the private equity sector with respect to the FPSO market, this seems to be the right level of scrutiny.

Consequently, the market is now seeing balanced contracting regimes, which was in some way forced by the new entrants to the market from the private equity side. Numerous interviews with dominant players in the industry seem to confirm this feeling and continue to reassure us that, on the whole, FPSO projects are returning to pre-2008 level and a turn of fortunes for the sector is imminent.

There was a material decrease in orders since 2009 but it seems that market has bottomed last year and there is an increasing share of the market which is being leased to FPSOs.

The deepwater horizon disaster is unlikely to impact the FPSO sector as the Gulf of Mexico accounts for a small part of the market and in the long term it seems as though growth will return as the FPSO market is set to reach US$16 billion by 2014.

Jason Waldie, Douglas Westwood gives his

thoughts on why FPSOs will return to pre 2008

levels on the upswing

Deepwater will remain the most significant activity in the oil industryBryan Camoens: Could you please outline the current position of FPSO’s in today’s field development strategy?

Jerry Joynson: The major discoveries are taking place in deep water and look to continue to do so in the foreseeable future, and hence FPSO’s will clearly be central to developing these deep water fields. The use of steel catenary risers connected to FPSOs, as demonstrated on the turret moored Espirito Santo in 2008, will extend their range beyond the current flexible riser limit of around 2,000m. Extraction of the massive arctic oil and gas reserves will require means to cope with the winter ice shelf, and disconnectable FPSOs will prove to be invaluable in this respect. The enormous flexibility of the FPSO will ensure its leading position in regions where there is no offshore oil export pipeline infrastructure.

Bryan Camoens: What are some of the challenges faced from evaluation to the final phase of construction?

Jerry Joynson: The challenges in achieving successful FPSO delivery are manifold, and are often client or regional specific. Local content requirements can be challenging to comply with, such as the 65% Brazilian content recently achieved on P57; bidding rules and a need for competitive tendering can hamper clients’ ability to carry out effective development in collaboration with FPSO suppliers; and resources will become tighter including the demand for experienced personnel as we pull out of the global recession.

Jerry Joynson, Corporate Director, Concept

Development, SBM Offshore outlines some of

the challenges to achieving successful FPSO delivery

Jason Waldie will be speaking at the 12th Annual FPSO Congress at 10.00 on day 1. Log on to www.fpsoasia.com for a full versionof this report.

Jerry Joynson will be speaking at the 12th Annual FPSO Congress at 16.30 on day 1. Log on to www.fpsoasia.com for more details onthe congress.

FPSO Congress 2011 sponsors & exhibitorsGold Sponsors Silver Sponsors

Exhibitors

IHC Hytop

20060

10

20

30

40

50

60

70

2007 2008 2009 2010 2011 2012 2013 2014 2015

Exp

end

iture

($b

illio

ns)

Drilling Floating Platforms Pipelines Subsea Production Subsea Processing SURF

Visit our knowledge library at www.fpsoasia.com for the latest news on FPSO 2011


Full steam ahead but not all smooth sailingDespite immense growth it’s not all smooth sailing for the FPSO sector, as it continues to be out of favour with liquidity. Stocks of some of the largest names in the sector were down by as much as half over the past couple of years, due to poor project execution in 2008 and 2009.

Kristian Diesen, a research analyst for Parerto believes that the reason for this was primarily cost overruns and delays but the risk of these is now significantly reduced. “Whereas taking on new projects have been a negative thing over the past couple of years, this should now increasingly be a positive. The FPSO companies are currently in a position to take on new projects at attractive terms with competition on many projects being limited, overall capital expenditure risk reduced through improved contract terms with sub-suppliers and a supply chain that has a significantly lower pressure than in the 2006 - 2008 period,” he said in a note.

Kristian also mentions that the likelihood of contract extensions for a unit in the FPSO market is far larger than for instance in the rig market, as the units are tailor-made for each specific field. Hence, he views the risk on the optional period as low for most contracts, so long as the field continues to produce at economical levels.

The alternative cost for the oil company in contracting another unit is generally high with a significant lead time.

Also, the lifting cost is on average very low once the field is on stream and the majority of costs are sunk. The main risk to option periods is that the reservoir is not performing, i.e. production is too low to justify further commencement.

Source: Pareto Research

Reported by Bryan Camoens, FPSO Correspondent, FPSO Congress.

Nexus is in talks with SBM for the supply and operation of an FPSO for Crux24 January 2011, RigzoneNexus advises that it is in discussions with a contractor to provide an FPSO and act as a project financier and potential joint venture partners for the Crux liquids project. Negotiations are ongoing.

ENI to lease FPSO for exploration of oil block in Angola15 Apr 2011, Oil Field Daily NewsItalian oil group ENI has signed a letter of intent with SBM Offshore to lease the Xikomba FPSO vessel to explore the deep water 15/06 oil block in the Angolan sea.

OMV Scoops Up License Offshore New Zealand24 March 2011, RigzoneOMV New Zealand announced that it will farm into PEP 51906 currently held by Octanex N.L. Subject to government approval, the farm-in arrangement will see OMV New Zealand take on a 65% share and become the operator of the license. Octanex NL retains a 35% share and will be free carried through certain agreed phases of exploration.

PTSC and Lam Son JOC LSJOC endorse the Head of Agreement (HOA) for the provision of FPSO chartering for the development of Thang Long4 March 2011, PTSCAccording to the HOA, PTSC and LSJOC commit to general terms & conditions for one contract for the provision of the Floating Production Storage Offloading vessel (FPSO) for LSJOC for the defined period of 07 years with extension of 03 years. Total contract value is estimated to reach 500M USD. PTSC shall perform the operation the FPSO during 7 years plus 3 years extension, participate in manufacturing/conversion as well as installation/commissioning of the vessel. The vessel shall receive first oil at year end of 2013 tentatively.

The Deepwater Horizon One Year OnThough the oil spill in the GOM has been plugged, the aftermath of the incident remains today. Aside from the environmental, fishing and tourism impact, tougher requirements in all areas from: well design and cementing practices, to blowout preventers and employee training have been imposed on offshore exploration and production activities. Today, major FPSO projects have seen more stringent compliance requirements from countries like Australia and the USA. The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) announced on March 17 2011 that it has granted final approval for Brazil’s Petrobras to begin oil and gas production at the deepwater Cascade-Chinook project using an FPSO.

Visit www.fpsoasia.com for more on this subject.

>>continued from page 1

Download the full report from the knowledge libraryat www.fpsoasia.com

Wheels and Deals

FPSO growth set to increase as deeper fields are developedBryan Camoens: Could you please outline the current position of FPSO’s in today’s field development strategy?

David Boggs: FPSOs are the most popular floating production development option. FPSOs are proven technology and have oil storage facilities. Almost two - thirds of Floating production vessels are FPSOs. The deepest floating production system in the world is the recently installed BW Pioneer FPSO on the Cascade / Chinook field in 2600m of water. As deeper and deeper fields are developed, FPSOs will be increasingly popular.

Bryan Camoens: What are some of the challenges faced from evaluation to the final phase of construction?

David Boggs: The period between evaluations to delivery is typically many years, so the challenges include changes in foreign exchange rates, price of steel and fuel, and changes in law and regulations.

David Boggs, Managing Director

of Energy Maritime Associates

explains why FPSO’s will only

increase in popularity going

forward.

0

2

4

6

8

10

12

16

14

Fred. Olsen Production

SBM Offshore

Prosafe Production

Sevan Marine

BW Offshore

6.78.1

5.5 5.3 6.6

7.0 4.6

6.35.2 3.6

Contract Duration FPSOs

Firm Years Optional Years *Sevan includes drilling rigs

Centering Global KnowledgeLog on to the FPSO knowledge universe at www.fpsoasia.com and receive exclusive industry interviews and news. Keep in touch with leading influencers in the industry at our annual event.

• Key players in the industry discuss the position of FPSO to fuel today’s energy sector.

• Carl Arnet, CEO of BW Offshore speaks exclusively to Oil & Gas IQ on the energy demand in the future and the potential issues and challenges currently facing the FPSO sector.

• C-level Vessel Owners talk about mergers and acquisitions, issues outlook and trends in the Global FPSO sector.

Watch exclusive online videos including:

Log on towww.fpsoasia.com today!

David Boggs will be speaking at the 12th Annual FPSO Congress. Log on to www.fpsoasia.com for a full version of this interview.

Technical Stream

Innovations in FPSO Design, Construction and Conversion1310 PRE-FEED and FEED Studies to Define a Solid Scope Definition for On-Time and On-Budget Project Delivery

GL Noble Denton

1340 FPSO Topside Modules: Structural Interface Design Considerations

Richard Cao, Senior Structural Engineer, Modec Xiao Ming Tan, Lead Structural Engineer, Modec

1410 Advances in New Build FPSO Hull and Marine Systems

Hardy Augustin, Lead Instrument / Electrical Engineer, Peregrino FPSO

1440 Innovations in Design New generation Turret, Mooring and Fluid Transfer System

Per Skiftesvik, Framo Engineering

1510 Afternoon Refreshments and Networking

New Technologies in Deepwater Developments1540 Driving the New Age of FPSOs With Innovative Power Solutions

Stig Bøtker, Sales Director, Offshore, Wartsila

1610 Compact And Efficient Solutions For Sea Water Injection Applications

Jarle Nilsen, Senior Manager Sales & Marketing of Offshore Production Solutions, Siemens Oil & Gas

1640 Advanced Multi-phase Separation Technology

John Eow, Senior Research Engineer, Keppel Offshore & Marine

1700 Creating the “Safety vs. Profitability” Case for FPSO Operations

Alvin Chin, Sales Director, HIMA

1715 Panel: Energy Efficient Solutions for Powering FPSO Vessels Moderator: Jerry Joynson, Corporate Director, Concept Development, SBM Panellists: KC Gupta, Chief Facilities Manager, Tanker Pacific Per Aae Staunstrup, Head of Engineering, Maersk Oil Stig Bøtker, Sales Director, Offshore, Wartsila

1740 Chairman’s Summary

1800 12th Annual FPSO Congress Cocktail Reception

Commercial Stream

FPSO Financing to Support the Rapid Growth of Vessel Demand1310 FPSO: Sources of Financing - a Perspective From a Multilateral Financing Institution

Karsten Fuelster, Senior Investment Officer, International Finance Corporation

1340 Developments in the China Oil and Gas Market and Opportunities in the Offshore Sector

Bradley Way, Head of Asia Energy, BNP Paribas

1410 Panel: Understanding Lending Requirements for FPSO Developments

Moderator: David Boggs, Managing Director, Energy Maritime Associates

Panelists: Chan Eng Yew, CFO, EOC Limited Simon Davies, Director, Oil & Gas, Structured Asset and Export Finance, ANZ Birgit Marquart, Head of Offshore, UniCredit Bank AG Tony Nguyen, Managing Director, EP Legal

1440 Understanding the Critical Factors to Create a Bankable Project

Simon Davies, Director, Oil & Gas, Structured Asset and Export Finance, ANZ


1540 Executive Table Discussions

Table 1: Exploring Islamic Finance Options for FPSO Projects

Table 2: Analyst Insight: Equity Fund Raising - Dead or Alive?

Table 3: Debt Financing for FPSO Developments

Table 4: Alternative Project Funding Structures - Leveraging on Export Credit to Drive FPSO Project Developments

Table 5: Lender’s Insight: Stock Take on Leasing Rate Formulation for Improved Project Profitability

Legal & Contractual Issues To Balance & Minimize the Risk of Contracting & Contractor Parties 1610 Arbitration to Protect Relevant Parties in Disputes

Marcus Gordon, Partner, Watson, Farley & Williams LLP

1640 Developing a Clear Structure for Risk Allocation and Mitigation Between the Contracting Parties

Giovanni Cobau, General Manager for Offshore Division, Premuda

1715 An Update on New Indonesia Cabotage Laws Affecting FPSO

Effendi Karim, Senior Legal Counsel, BP Migas

1740 Chairman’s Summary & Cocktail Reception

0815 Congress Registration

0850 Chairperson’s Opening

0900 Exploring the Changing Role of FPSO in Today’s Field Development Strategy • Case history of the Kitan project • Challenges faced from evaluation to final phase construction

• Implementation of solutions to overcome challenges from project design to construction

Francesco Piasentin, Project Manager, ENI Australia

0920 Developments in Compliance and Regulation For FPSO Projects In Australia FPSOs are challenging in the way that they represent a combination of maritime and offshore regulatory regimes, technologies and practices. This session will define the technical and regulatory aspects of floating production in Australian waters.

Simon Schubach, Regulatory Operations GM, National Offshore Petroleum Safety Authority

0940 An Operator’s Perspective on Taking Deepwater Development to the Next Level with FPSO Technology • Evaluating the benefits of conversion versus new build

• Developing a contracting and execution strategy

• Legal considerations• Interface management challenges

Per Aae Staunstrup, Head of Engineering, Maersk Oil

1000 Regional Hotspot Market Trends in the FPSO Business • Market Trends in the FPSO Business: energy demand growth • Short-term outlook; longer- term outlook

• Macroeconomic analysis for the FPSO sector: an Asian perspective on global developments

• Market drivers; current market analysis; what happened in 2011? Brazil presalt activity; lessons from Macondo; insight and opportunities for the 2011 recovery

Jason Waldie, Associate Director, Douglas-Westwood

1020 Morning Refreshments and Networking

1050 Offshore Investment Opportunities in the Philippines and Implications for the FPSO Contracting Sector • Understanding offshore regulations and opportunities in the Philippines

• Maritime flag laws and varying local practices• Regulatory compliance

Jose M Layug JR, Undersecretary, Department of Energy Philippines

1110 Forging New Frontiers: Responding to the Evolving Dynamics in the FPSO Industry • Developing a more balanced contracting regime: project risk, responsibilities and cost management • Evolving safety standards and their effect on project advancements

• The economics of FPSO projects as a cost-effective field development solution

Panellists: Arne Hyen Tornkvist, CEO, Aker Floating Production ASA Maarten Van Aller, COO, Petrofac Jon Dunstan, COO, EOC Limited

1140 Evolving to a Unified Control Environment to Improve Vessel Safety and Productivity

ABB

1210 Lunch and Visit to the FPSO Consultation Hall

Highlighted speakers for 2011:

Ketil HoxManager Project EngineeringTeekay Petrojarl

Jose M Layung JRUndersecretaryDepartment of Energy Philippines

Arne Hyen TornkvistCEOAker Floating Production ASA

Maarten Van AllerCOOPetrofac

Daniel C.S AhnDistinguished Professor of PracticeKAIST

Simon SchubachRegulatory Operations GMNational Offshore Petroleum Safety Authority

Andrew JefferiesManager Operations and EngineeringOMV NZ

Michael SurkeinSenior Materials and Corrosion ConsultantExxonMobil Development Company

Richard CaiSenior Structural EngineerModec

Kevin JudkinsOffshore Installation ManagerCrystal Ocean FPSO

Karsten FuelsterSenior Investment OfficerInternational Finance Corporation

Per Ae StaunstrupHead of EngineeringMaersk Oil

With over 2000 members on LinkedIn, the FPSO Network is the largest global FPSO community connecting professionals in this dynamic field. Find out why so many of your peers are connecting up by joining us today.

Join the FPSO network to participate in discussions with your peers online. To be a member, email [email protected]

Main Congress Day One: Tuesday, 20 September 2011

Connecting Globally and Locally on the Largest FPSO network

Driving key developments forward as an FPSO community; the FPSO Congress committee has launched the Operator Development Programme in 2011Aimed at creating a cohesive environment for evaluating FPSO technology as a cost effective field development solution, the congress will sponsor passes for directors of FPSO projects from oil companies

Only a limited number of passes are available. Email us at [email protected] or call +65 6722 9388 now to find out how you can obtain a VIP pass as part of the FPSO Congress operator development programme.

Technical Stream I

Standards and Norms in Design for FPSO Systems: Now and in the Future1100 The Impact of Macondo And Montara On FPSO Safety Cases

Brendan Fitzgerald, Director, Vanguard Solutions

1130 Developing an Optimum Safety Case to Ensure that Productivity is Not Sacrificed

Gangahar S, Department Head, Engineering, Modec

Excellence in Field Operations1200 Leveraging on FPSO to Optimise Operations in Small Field Developments

Maarten Van Aller, COO, Petrofac

1230 Ensuring Maximum Reliability of Your FPSO Operations Whilst Optimizing Cost

Kevin Judkins, Offshore Installation Manager, Crystal Ocean FPSO

1300 Lunch and Visit of FPSO Consultation Hall

Asset Integrity Management 1400 An Alternative Class Approach For Minimizing FPSOs Downtime - From “Calendar Based” To “Condition Based” Through a Risk Management Approach

Alexandre Imperial, Regional Offshore Class Director, DNV - South East Asia & Pacific

1430 Case Study on Corrosion Management in the North Sea

Abdel Kader Mekki, Senior Corrosion Engineer, ConocoPhillips

1500 Innovative Coatings for FPSO Conversion: Improved Predictability and Lower Costs

Joao Azevedo, Global Business Development Manager - Offshore, Sherwin-Williams

1530 FPSO Corrosion Control Design to Ensure a Long Reliable Life

Michael Surkein, Senior Materials and Corrosion Consultant, ExxonMobil Development Company


Technical Stream II

Maximizing Field Productivity through Latest Technology Innovations 1100 Evaluating FPSO Technology to Maximize Field Productivity

Ketil Hox, Manager Project Engineering, Teekay Petrojarl

1130 Ensuring Subsurface Safety Valve Reliability in Deepwater, High pressure Gas Wells

Mr. Tony Globe, Business Development Manager, Castrol Offshore

Local Compliance and Regulations1200 Understanding Ownership and Flagging Laws In Malaysian Waters

Abdul Samad Bin Shaik Osman, Principal Assistant Director, Ship Accreditation Unit, Maritime Industry Control Division, Marine Department of Malaysia

1230 Early Phase Identification of Key Commercial and Technical Risks to Reduce Costs

1300 Lunch and Visit of FPSO Consultation Hall

0815 Congress Registration

0850 Chairperson’s Opening

0900 The Economics of FPSO as a Solution to Maximize Field Productivity FPSOs are often used on marginal or quick developments. Understanding the range and drivers of future uncertainty is critical to get the “right” development in place. FPSO technology can maximise the recovery of the development • Front end loading • What size storage is the right size?

• Appraisal techniques to address uncertainties • Subsurface uncertainties and impact on topsides design

Andrew Jefferies, Manager of Operations and Engineering, OMV New Zealand Limited

0930 FPSO Demand Forecast: Realistic Projections of Vessel Delivery and Project Schedules • New orders in 2012: A tale of two scenarios

• FPSO capacity conundrum: Too much or too little?

• Equipment supply risk: lead time and backlog trends

Kelvin Sam, Senior Market Analyst, ODS-Petrodata

0950 What Lies Ahead: Trends in FPSO Capital Expenditure and Cost Management To Maximize Your Project Returns

Julian Callanan, Business Manager, Infield Systems

1010 Key Capabilities of Shipyards, and Technology Innovations to Support FPSO Developments Reviewing the Landscape of FPSO fabrication • Who are the main fabricators today? • Will be there be new players?

• Who are the key technology companies? • What does the industry expect from new FPSOs?

Moderator: Matthew Flynn, Managing Director, Worldyards Panellists: Zahar Mohd Hashim Zainuddin, CEO, GMOS Daniel C.S Anh, Distinguished Professor of Practice, KAIST

1030 Morning Refreshments and Networking


1630 Critical Technical Evaluation for the Successful Redeployment of FPSO Vessels

Jerry Joynson, Corporate Director, Concept Development, SBM

1700 FPSO Turret Design Approach: An Operator’s Perspective On How To Pursue Extended Lifetime

Carlos Mastrangelo, WR - Facilities Manager, Petrobras America


Be a Part of the Longest Running and Largest Global FPSO Congress Present your products for project tenders to oil companies and vessel owners with a booth at the FPSO Consultation Hall

Only 3 booths left! See page 7 for the floorplan.

Contact us today on:+65 6722 9388 or [email protected]

Main Congress Day Two: Wednesday, 21 September 2011

Commercial Stream

Procurement and Cost Management1400 Contract Negotiation And Management To Protect And Ensure A Win-Win Situation For All Contracting Partners

Joe Patrick, Director, Hunter Oil

1430 Accurate FPSO Cost Planning and Control to Protect Project Bottom line

David Boggs, Managing Director, Energy Maritime Associates

FPSO Project Management to Ensure On Time and On Target Delivery1500 Optimum EPCIC Contracting Strategies for Various Types of FPSO

Daniel C.S Ahn, Distinguished Professor of Practice, KAIST

1530 Table 1: Offshore Tax Management: Managing Tax and Risk Exposure in Asia for Offshore Projects

Table 2: Local Content Management to Overcome Resource Shortages in a Talent-Stretched Industry

Table 3: FPSO Risk Management and Allocation: Examining Insurance Possibilities to Mitigate Risk


Executive Table

Discussions

log on to www.fpsoasia.comfor the full agenda, speaker Q&As and industry insights

or email us at [email protected]

Don’t forget to visit our download centre at www.fpsoasia.com

FPSO demand likely to doubleWith FPSOs being the best and perhaps the only valid option for many discovered oil fields going forward, growth for the sector will likely soar. Oil companies and vessel owners are looking to capitalize on innovations in FPSO technology to maximize their field returns.

Support Key Developments of the FPSO Community at the Largest and Longest Running Global FPSO CongressIn a sector where timelines are of upmost importance, though proving to not always be optimal, going back to providers who they have worked with before seems like the easiest choice. That’s why for the past 11 years, operators and owners have chosen the Annual FPSO Congress as the place to evaluate the best partners for such time-critical projects

Do you have a credible solution to offer that help global operators and vessel owners achieve their needs? If so, join us now at the 12th

Annual FPSO Congress, 20 - 21 September 2011, Grand Hyatt Hotel Singapore. Email us at enquiry@fpso. com.sg, to find out how you can get involved.

Interesting update of FPSO activities and useful networking opportunity - Mark Wood, Business Development manager, Telleborg Offshore

We fulfilled our expectations because we met 80% of our targeted customers and have confirmed official meetings with 2 already - Sose Frias, Key Account Manager, Camfil Farr Power System AB

Who Should Attend• Oil Companies • FPSO Vessel Owners • Shipyards • Topside Engineering• Classification Societies• Hull Specialists• Offshore Support Solutions• Fabrication Yards• Offshore Communication Solutions• Ship/Fleet Management Software Providers

• Design, Engineering & Build Consultants • Repair and maintenance solution providers• Banks/Financing Firms • Ship Equipment e.g Compressors• Offshore Project Insurance Firms• Hotwork Enclosures, Turbines & Pipings

B: 19 September 2011 1300 - 1600

Optimum Design, Conversion And Construction For Safe And On Target Delivery

In a business where traditionally the time of vessel delivery has been prioritized over all, how can you ensure that you set things straight right from the design stage to ensure a quick delivery time yet comply with safety standards to minimize breakdowns in operations? This technical briefing is designed for FPSO project managers, heads of engineering, naval architects and stakeholders involved in the design, construction and conversion phase of projects to drive greater efficiency and safety in this process.

Attend this technical briefing to find out how you can:

• Improve Project Delivery And Profitability through modular construction

• Examine innovations in design including a comparison between round shaped FPSOs vs ship shaped FPSOs

• Understanding advancements in turret, mooring and swivel technologies to combat dynamic offshore conditions

1245 Technical Briefing Registration

1300 Technical Briefing Leader’s Opening and Introduction

1310 Modular Construction To Improve Project Delivery And Profitability

1340 Innovations In FPSO Design Concepts To Gain Carpet Returns

1420 Afternoon Refreshments

1440 Advancement In Turret, Mooring And Swivel Technologies To Combat Dynamic Offshore Conditions

1510 Improved FPSO Design To Facilitate Future Inspections and Extend Operational Life

1540 Conversion and Relocation of Existing FPSOs

1600 Summary

Your Technical Briefing Leaders:Cedric Moriandini, Head of Naval Architecture,SBM Malaysia Sendirian Berhad

JC Hueber, Technical Development & Marketing Manager, SSP Offshore INC

A: 19 September 2011 0830 - 1130

Evaluating FPSO Technology To Maximize The Effi ciency Of Your Field Development Plans

• How can you increase future revenues and the profitability of FPSOs and FSOs worldwide?

• How well can FPSO technology maximize your production capacity and minimize cost?

• What is the quickest way to evaluate the suitability of your field for FPSO developments? Attend the field development and evaluation technical briefing created for E&P companies to benchmark, and fast track your evaluation processes and understand how to fully exploit FPSOs to maximize field returns.

This focus day will give you an in-depth review of the following:

• Understanding key field characteristics suitable for development with FPSO technology

• Investigating the cost and benefits of development with FPSO

• Major factors to ensure value optimisation of your field with FPSO technology

• Understanding the size selection of FPSO vessels given prospective reserves

0815 Technical Briefing Registration

0830 Technical Briefing Leader’s Opening and Introduction

0840 Identifying The Key Characteristics of Fields For Which FPSO Is An Optimum Solution

0950 Investigating The Costs And Benefits Of Development With FPSO

1010 Morning Refreshments

1110 Ensuring Value Optimisation Of Your Field With FPSO Technology

1130 Summary

Your Technical Briefing Leader:Joe Patrick, Director, Hunter Oil Pty Ltd

Pre-Congress Technical Briefings Post-Congress Technical BriefingC: 22 September 2011 0830 - 1130

Asset Integrity, Repair and Maintenance

As many floating production systems are now approaching the middle or end of their design lives, this technical briefing session is created for operators and owners to seek assurance on the ongoing integrity of assets from the processing equipment to the risers, subsea architecture, hull, marine systems and moorings.

Examine critical factors on:

• Rationale and implementation strategy for fpso asset integrity management

• Key assessment criteria for vessel condition in harsh water conditions

• Realignment strategies of maintenance programmes to the dynamic conditions of your field and vessel conditions

0815 Workshop Registration

0830 Workshop Leader’s Opening and Introduction

0840 Rationale and Implementation Strategy for FPSO Asset Integrity Management

0940 Assessment of Vessel Condition in Asset Integrity Management and Identifying Challenges in Harsh Water Environment

1000 Morning Refreshments

1050 Realignment of FPSO Maintenance Programs for Asset Integrity Management, and Techniques To Mitigate Vessel Breakdowns and Loss of Production Lead Time

1130 Summary

Your Technical Briefing Leader:Zahar Mohd Hashim Zainuddin, CEO, GMOS

Find out more about our Technical Briefi ng leaders and read the full agenda by visiting:www.fpsoasia.com


“Of the 196 projects in the pipeline worldwide, FPSOs will be the preferred solution for over 100 of those”

Stig Hoffmeyer, CEO, Maersk FPSO

What’s so different about the FPSO Congress in 2011? Revamped! FPSO consultation hall consolidating key solution partners you need all in one place. You will meet solution partners in from these key categories:• Design, Engineering and Safety Companies• Classification Societies• Ship Equipment Providers• Repair and Maintenance Solutions• Topside Engineering Companies• Ship Communication and Navigation Solutions• Law Firms• Banks/ Financiers

350+ expected attendees in 2011!• The largest and longest running FPSO conference globally, with technical and commercial streams • Content shaped by FPSO community opinion has asked for The FPSO community has asked for more targeted content this year and so we have focused each stream into 5 main themes

• Global innovation sharing: 15 unique regions represented this year!• Congress support programmes to connect and drive the industry forward * Young Engineer support Programme * Operator Development ProgrammeEmail [email protected] for further details

• Connect with your peers on a personal level after a long day of benchmarking best practice! Don’t miss the golf and whisky tasting evening with your peers to forge continuing bonds in the industry

Do you have a vessel you want to showcase to the FPSO community through a site tour? Email us at [email protected] to find out how you can arrange this in conjunction with the congress.

Technical: Benchmark your experienceas in key areas including:

1 Innovations in FPSO Design, Construction and Conversion2 New Technologies for Deepwater Developments3 Standards And Norms In Design For FPSO Systems: Now And In The Future4 Excellence in Field Operations5 Asset Integrity Management

Commercial: benchmark your experiences in key areas including:

1 FPSO Financing2 Legal and Contractual Issues3 Procurement and Cost Management4 FPSO Risk Management and Allocation 5 FPSO Project Management to Ensure On Time and On Target Delivery

Why the 12th Annual FPSO Congress is the best value for your marketing spendExtensive face-to-face interaction opportunities with global operators and ownersYou’ll notice our congress is very different from other conferences, our partners recognize the value of participating at the congress to network with key industry experts and to select the best partners. If you have a credible solution which can help them achieve improved project management, operations and efficiency of their FPSO projects, make sure they meet you onsite.

Areas of Involvement:• Be part of our FPSO Consultation Hall where operators and owners take further discussions with technology and commercial experts on how to improve FPSO operations, production and field development

• Spotlight Innovations! Get your solution evaluated (from a technical and commercial perspective) by key decision makers from operator and owner companies in our technology spotlight sessions

• Augment your position as an industry leader by joining as a session sponsor

• Create awareness of your organization through sponsoring the cocktail and networking evening *for the first time ever, a golf and whisky tasting evening with your peers to forge continuing bonds in the industry

• Increase your visibility by sponsoring lanyards/goodie bags

• Join us as a delegate

Email us at [email protected] or call +65 6722 9388 to explore further areas of involvement or clarify your questions.

Exhibition areaLimited spaces now available... ...don’t miss out on the opportunity to speak directly to your customers.

Contact us now on: Phone: +65 6722 9388 or email: [email protected]

Available Booked Reserved

BUFFET LINE

EXIT

1 2 3 4 5 6

1617

9

8

7

18

15 14 13 12 11 10

BUFFET LINE

Illustration is not to scale and is to be used for guidance purposes only.

COFF

EE

/ TE

A

COFFEE

/ TEA

Log on to www.fpsoasia.com for updates on the 12th Annual FPSO Congress

A big thank you to our partners for their support


FPSO Congress 2011 sponsorsGold Sponsors

Silver Sponsors

Supporting Partners

Offi cial TV Station

Offi cial NewspaperMedia Partners

Supported By

Held In

Mobile Apps Partner

Offi cial Newswire

Please do not remove this label even if it is not addressed to you.

IQPC WORLDWIDE PTE. LTD.Company Registration No: 199702288Z

Copyright@ 2011 IQPC Worldwide Pte. Ltd. All rights reserved. This brochure may not be copied, photocopied, reproduced, translated, or converted to any electronic

or machine-readable form in whole or in part without prior written approval of IQPC Worldwide Pte. Ltd

CONGRESS DOCUMENTATION & AUDIO CD

I am registering as a delegate, please send me an extra set of Congress Documentation with Audio CD with a SGD100 discount: SGD699.

I cannot attend the event, please send me the Congress Documentation and Audio CD at SGD799.

I cannot attend the event, please send me the Congress Documentation only at SGD549.Orders without immediate payment or credit card details will incur a processing fee of SGD99 per order.

(N.B. Advance orders will determine whether or not this congress will be recorded – Please enclose payment with your order.)Any custom duties & taxes imposed on the shipment of order/s shall be borne by the recipient.

VENUE & ACCOMMODATION

PAYMENT TERMS

Registrations/orders received without immediate payment or credit card details will incur a processing fee of SGD99 per registration/order. Payment is due in full upon receipt of invoice. Full payment prior to the event is mandatory for attendance.

Online: Email:Phone: Fax:Post:

*Register and Pay in full no later than 24 June 2011 to qualify for the Early Bird Discount.

CONGRESS PACKAGESALL PRICES IN SGD

Book & Pay by24 June 2011 Regular Price

OWNERS AND OPERATORS ONLY PACKAGE EARLY BIRD STANDARD

Congress + 3 Technical Focus Days 7,046 (save 1050) 7,346 (save 750)

Congress + 2 Technical Focus Days A B C 5,797 (save 800) 6,097 (save 500)

Congress + 1 Technical Focus Day A B C 4,548 (save 350) 4,848 (save 250)

Congress Only 3,299 (save 300) 3,599

Technical Focus Day only A B C 1,499

CONGRESS PACKAGESALL PRICES IN SGD

Book & Pay by24 June 2011 Regular Price

VENDORS PACKAGE EARLY BIRD STANDARD

Congress + 3 Technical Focus Days 7,546 (save 1250) 8,046 (save 750)

Congress + 2 Technical Focus Days A B C 6,297 (save 1000) 6,797 (save 500)

Congress + 1 Technical Focus Day A B C 5,048 (save 750) 5,548 (save 250)

Congress only 3,799 (save 500) 4,299

Technical Focus Day only A B C 1,499

PAYMENT METHODS

*Discounts DO NOT apply to technical focus day(s)-only bookings*Singapore companies, please add prevailing GST.*Registrations without immediate payment or credit card details will incur a processing fee of SGD99 per registration

DELEGATE DETAILS

By Check/Bank Draft: Made payable to IQPC Worldwide Pte Ltd

By Direct Transfer: Please quote 12021.005 with remittance advice IQPC Bank details: Account Name: IQPC Worldwide Pte Ltd Bank Number: 7232 • Account No: 147-048128-001 • Swift Code: HSBCSGSG The Hong Kong and Shanghai Banking Corporation, 21 Collyer Quay, #08-01 HSBC Building, Singapore 049320

All bank charges to be borne by payer. Please ensure that IQPC receives the full invoiced amount.

By Credit Card: Please debit my credit card: Visa MasterCard American Express

Card Number: Expiry Date:

Name printed on card:___________________________________________________ Signature:_________________________

5 WAYS TO REGISTER

Salutation / First Name: ...................................................................... Last Name: ...........................................................................

Job Title: ............................................................................................... Email: ....................................................................................

Tel: .........................................................(Office) .............................................. (Mobile) Fax:...............................................................

Department:.......................................................................................... Company: .............................................................................

Address: ..................................................................................................................................................................................................

Postcode: .............................................................................................. Country: ................................................................................

Delegate’s signature: ........................................................................... Date: ................................

Approving Manager’s Name:.................................................................................................................................................................

Email Address: .......................................................................................................................................................................................

Signature: ............................................................................................. Date: .....................................................................................

If the invoice is to be addressed for the attention of a different person than the delegate, please complete the details below:

Salutation / First Name: ...................................................................... Last Name: ...........................................................................

Email: .................................................................................................... Tel: ............................................................................. (Office)Please note: - If you have not received an acknowledgement before the congress, please call us at +65 6722 9388 to confirm your booking.- Photocopy this form to register multiple delegates.

Hotel accommodation and travel costs are not included in the registration fee. A reduced corporate room rate has been arranged at Grand Hyatt Hotel, Singapore for attendees at this congress. To take advantage of this special rate, please process the hotel room reservation form provided upon confirmation of your attendance.

Grand Hyatt Hotel, Singapore10 Scotts Road, Singapore 228211

Tel: +65 6738 1234

Fax: +65 6732 1696

Web: www.singapore.grand.hyatt.com

I agree to IQPC’s payment terms.

IQPC recognises the value of learning in teams. Group bookings at the same time from the same company receive these discounts:

u 3 or more 7% u 5 or more 10% u 8 or more 15%

This offer is exclusive of the early bird discount. Call us for a special discount rate for teams of 10 and above.Not applicable to technical focus day(s) only bookings.

DISCOUNTS & TEAM DEALS

IQPC CANCELLATION, POSTPONEMENT AND SUBSTITUTION POLICY• You may substitute delegates at any time by providing reasonable advance notice to IQPC. • For any cancellations received in writing not less than eight (8) days prior to the congress, you will receive a 90% credit to be used at another IQPC congress which must occur within one year from the date of issuance of such credit. An administration fee of 10% of the contract fee will be retained by IQPC for all permitted cancellations. No credit will be issued for any cancellations occurring within seven (7) days (inclusive) of the congress. • In the event that IQPC postpones an event for any reason and the delegate is unable or unwilling to attend in on the rescheduled date, you will receive a credit for 100% of the contract fee paid. You may use this credit for another IQPC event to be mutually agreed with IQPC, which must occur within one year from the date of postponement. • Except as specified above, no credits will be issued for cancellations. There are no refunds given under any circumstances. • IQPC is not responsible for any loss or damage as a result of a substitution, alteration or cancellation/postponement of an event. IQPC shall assume no liability whatsoever in the event this congress is cancelled, rescheduled or postponed due to a fortuitous event, Act of God, unforeseen occurrence or any other event that renders performance of this congress impracticable, illegal or impossible. For purposes of this clause, a fortuitous event shall include, but not be limited to: war, fire, labor strike, extreme weather or other emergency. • Please note that while speakers and topics were confirmed at the time of publishing, circumstances beyond the control of the organizers may necessitate substitutions, alterations or cancellations of the speakers and/or topics. As such, IQPC reserves the right to alter or modify the advertised speakers and/or topics if necessary without any liability to you whatsoever. Any substitutions or alterations will be updated on our web page as soon as possible.

DISCOUNTS:All ‘Early Bird’ Discounts require payment at time of registration and before the cut-off date in order to receive any discount. Any discounts offered whether by IQPC (including team discounts) must also require payment at the time of registration. All discount offers cannot be combined with any other offer.

YOUR DETAILS: Please email our Database Manager at [email protected] and inform them of any incorrect details which will be amended accordingly.

DATA PROTECTION:Personal data is gathered in accordance with the Data Protection Act 1984. Your data may be passed to other companies who wish to communicate with you offers related to your business activities. If you do not wish to receive these offers, please tick the box below.

Please do not pass my information to any third party.

Main Congress:20 - 21 September 2011Pre Congress Technical Briefi ng Day:19 September 2011Post Congress Technical Briefi ng:22 September 2011 Venue:Grand Hyatt Hotel, Singapore

My booking code is: 12021.005 PDFWPlease complete in BLOCK CAPITALS as information is used to produce delegate badges. Please photocopy for multiple bookings.

[email protected] 65 6722 938865 6720 3804 IQPC Worldwide Pte Ltd 61 Robinson Road #14-01 Robinson CentreSingapore 068893

Documents

FPSO Bulletin