1. FPSO Milestones –
To Boldly Go Where No Man Has Gone Before
Emerging FPSO FORUM
September 22, 2011
Presentation by: Bruce Crager
envision • engage • energize • enable
CONTACT:
Endeavor Management
2700 Post Oak Blvd., Suite 1400
Houston, TX 77056
713 877-8130 (office)

2. FPSO by Region
35
Western Europe
North America
30
Middle East
Latin America
25 Eastern Europe & FSU
Australasia
20 Asia
Africa
15
10
5
0
1975 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015
Source: Douglas-Westwood
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3. FPS By Type
45 TLP 100%
Spar
40 FPSS 90%
FPSO 80%
35
Linear (FPSO (% of total))
70%
30
60%
25
50%
20
40%
15
30%
10
20%
5 10%
0 0%
1975 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015
Source: Douglas-Westwood
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4. FPSO Construction Type
Newbuilds
38%
Conversions
62%
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5. FPSO Ownership
Operator
Owned Contractor
43% Owned
57%
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6. Leased FPSO Market Share by Owner
Owners with >1 Unit
3% 3%
3%
3% 18% MODEC
3%
SBM
4% BW Offshore
Prosafe Production
5% Bluew ater Offshore
Sevan Marine
Teekay
5%
Fred Olsen Production
18% Aker Floating Production
5% Bum i Arm ada
Maersk
MISC
Sea Production
9%
Tanker Pacific
11%
10%
Includes JV Shares Source: Quest
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©2011 Endeavor Management. All Rights Working Q4 2010.xls
Source file: FPS Lease Expirations_ Reserved.

7. Forecasted Off Contract FPS Leased Fleet Availability
by Type and Year Current-2014 (Likely to be retired and EWT excluded)
10
9
8
7
Number of Units
6
5
4
3
2
1
0
Current 2011 2012 2013 2014
Available Year
Source: Quest
FPSO
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©2011 Endeavor Management. All Rights Working Q4 2010.xls
Source file: FPS Lease Expirations_ Reserved.

8. San Jacinto
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9. San Jacinto Technical Data
Operator, Field, Location Conoco - Kepiting, Ikan Pari, Sembilang - Indonesia
Date Built / Converted 1986 Built / 1994 Upgraded
?
Owner
Coldstacked
Operating 91 meters,
Water Depth Sembilang
Number of
3
Locations
Max Liquid
11,000 bpd
Handling
Oil Storage
53,000 bbls
Capacity
Mooring System
8 Point Spread
Type
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10. Seillean (BP SWOPS)
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11. Seillean Technical Data
Operator, Field, Location BP, North Sea Petrobras, Deepwater EWT, Brazil
Date Built / Converted 1990 FPSV / 1998 FPSO
Owner Noble Drilling
Operating
2,000 meters Max
Water Depth
Number of
Multiple
Locations
Max Liquid
20,000 bpd
Handling
Oil Storage
300,000 barrels
Capacity
Mooring System Dynamic
Type Positioning
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12. Ocean Producer
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13. Ocean Producer Technical Data
Operator, Field, Location Amoco, Gabon Sonangol - Kiabo, Canuku - Angola
Date Built / Converted 1969 / 1991
Oceaneering
Owner
Scrapped 2010
Operating
15m – 53m
Water Depth
Number of
3
Locations
Max Liquid
25,000 bpd
Handling
Oil Storage
510,000 bbls
Capacity
Disconnectable
Mooring System
6 Point Spread /
Type
8 Point Spread
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14. BW Athena
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15. BW Athena Technical Data
Operator, Field, Location Ithica Energy, Athena, UK, BW Offshore
Date Built / Converted 1994 BWT / 1999 FPSO
Owner BW Offshore
Operating
20 meter min.
Water Depth
Number of
Multiple
Locations
Max Liquid
40,000 BPD
Handling
Oil Storage
50,000 Barrels
Capacity
Mooring System Dynamic
Type Positioning
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16. Zafiro Producer– Phase 1
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17. Zafiro Producer Technical Data
Operator, Field, Location ExxonMobil, Zafiro Block B, Equatorial Guinea
Date Built / Converted 1973 / 1996
Owner ExxonMobil
Operating
180 meters
Water Depth
Number of
1
Locations
Max Liquid
80,000 BOPD
Handling
Oil Storage
1.9 Million Barrels
Capacity
Mooring System
12 Point Spread
Type
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18. Zafiro Producer
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19. Zafiro Producer – Phase 2 A, B and C
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20. Zafiro Producer
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21. Zafiro Producer Technical Data
Operator, Field, Location ExxonMobil, Zafiro Block B, Equatorial Guinea
Date Built / Converted 1973 / 1996, Upgraded 1997 -1998 in field to FPU
Upgrades
Waterflood 120,000 BWPD
2@ 60,000
Slug Catchers
BWPD each
Power 12 MW
Compression 15,000 HP
58 Person
Accommodations
Additional
Replaced in field
Hull Steel
Owner: ExxonMobil 200 Tons
Increased Life From 5 – 15 yrs.
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22. ORCA
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23. ORCA
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24. ORCA Technical Data
Operator, Field, Location PetroSA, Oribi, South Africa
Date Built / Converted 1970 Halifax Canada / 1997 Conversion
Owner PetroSA
Operating
120 meters
Water Depth
Number of
1
Locations
Max Liquid
30,000 BOPD
Handling
Oil Storage
34,000 Barrels
Capacity
Mooring System
9 Point Spread
Type
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25. Sevan Piranema
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26. Sevan Piranema Technical Data
Operator, Field, Location Petrobras, Piranema, Brazil
Date Built / Converted 2007
Owner Sevan Marine
Operating 1,090 meters
Water Depth (1,600 - Phase 2)
Number of
1
Locations
Max Liquid
30 MBOPD
Handling
Oil Storage
250 MBBLs
Capacity
Mooring System
9 Point Spread
Type
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27. Dynamic Producer
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28. Dynamic Producer Technical Data
Operator, Field, Location Petrobras, Carioca, Brazil
Date Built / Converted 1987/2009
Owner Petroserv
Operating
200-2,500 meters
Water Depth
Number of
Multiple
Locations
Liquid Handling
30,000 bpd
Capacity
Oil Storage
300,000 barrels
Capacity
Mooring System Dynamic
Type Positioning
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29. Azurite - FDPSO
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30. Azurite Graphic - FDPSO
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31. Azurite Technical Data
Operator, Field, Location Murphy, Azurite, Republic of the Congo
Date Built / Converted 1998 / 2009
Owner BW Offshore
Operating
1,400 meters
Water Depth
Number of
1
Locations
Max Liquid
60,000 BOPD
Handling
Oil Storage
1.3 MBBLs
Capacity
Mooring System
Spread
Type
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32. BW Pioneer
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33. BW Pioneer
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34. BW Pioneer Technical Data
Operator, Field, Location Petrobras Cascade Chinook, US GOM
Date Built / Converted 1992 / 2010 Converted
Owner BW Offshore
Operating
2,600 meters
Water Depth
Number of
1
Locations
Max Liquid
80 MBOPD
Handling
Oil Storage
600 MBBLs
Capacity
Mooring System
10 Leg Spread
Type
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35. Conclusions
• FPSO’s come in many shapes and sizes
• FPSO’s can support marginal projects as well as large
projects
• Benefits of FPSO’s:
– FPSO’s are not a patented solution and can be used by
anyone
– Redeployment of FPSO’s is very common and cost
effective
– There is a robust market supply of leased FPSO’s
– FPSO’s can be fully commissioned before leaving the
shipyard
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