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Oil price drop unevenly affects floating production projects

02/16/2009
The recent $100 oil price drop, closure of financing windows, and general aversion to investment risk will affect in the near-term new floater projects. But as discussed in the latest International Maritime Associates study,1 the effect likely will be uneven and short-term.Assessing the near-term effect of the current turmoil requires viewing the market in four subsegments: large projects, Brazil, marginal projects, and speculative units. Each has its own unique outlook.Large projectsMost large floater projects planned by major operators off West Africa, in the Gulf of Mexico, and elsewhere are insulated from the current turmoil. Floater projects such as Clov offshore Nigeria, Block 32 of...
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