Offshore structures plate market
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A brief analysis of volume and steel grades consumption by offshore structures world market in both segments, oil&gas drilling platforms and European windpower offshore support structures. Main customers at the market, supply chain, target products for development by steel producers.
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Offshore structures plate market
- 1. Offshore structures plate market 2014
- 2. Market of offshore machine building for the oil & gas industry
- 3. Classification of offshore drilling rigs An Offshore Drilling Rig (ODR) is a vessel designed to drill and serve wellbores through the seabed Classification of offshore drilling rigs (ODRs) jackupsubmersible semi-submersible drilling ships bottom-supported floating 12% ХХ% - share of the global offshore drilling rig fleet in 2011 62% 26% (drilling ships, FPSO)
- 4. Markets for constructing and revamping offshore drilling rigs are potential sales markets for plate producers Cash flows from offshore drilling markets Secondary market Annual market size is $2-10 billion Distribution of operating ODRs by region in 2011 E&P companies Market of rig revamping Annual market size is $1-5 billion Market for scrapping out-of-date rigs Market of new rigs construction Annual market capacity is $10-20 billion Market for drilling service contracts Annual market size is $25-50 billion Source: "Offshore Drilling Industry and Rig Construction in the Gulf of Mexico," Coastal Marine Institute study, March 2013 Structure of contracts for drilling services by region in 2011, $ billion 85, 14% 81, 13% 70, 11% 70, 11% 53, 9% 45, 7% 39, 6% 32, 5% 27, 4% 24, 4% 101, 16% Gulf USA, MZ Brazil North Sea SEA India West. Africa China Mexico, MZ Egypt Others 3.3, 8% 4.8, 11% 7.7, 18% 8.3, 19% 4.0, 9% 2.6, 6% 5.3, 12% 1.9, 5% 1.3, 3% 0.5, 1% 3.5, 8% Gulf USA, MZ Brazil North Sea SEA India West. Africa China Mexico, MZ Egypt Others
- 5. Oil price Supply of jackup ODRs Consumer market for offshore drilling rigs is cyclical. It is mainly driven by oil prices Source: "Offshore Drilling Industry and Rig Construction in the Gulf of Mexico," Coastal Marine Institute study, March 2013 Dependence of offshore drilling rig consumption on oil prices Oilpriceincludinginflation,$/barrelOilpriceincludinginflation,$/barrel Oil price Supply of floating ODRs NumberofsuppliedODRsNumberofsuppliedODRs
- 6. Over 80% of offshore drilling rigs manufactured are concentrated in SEA and China Main manufacturers of offshore drilling rigs in 2011 o Key ODR manufacturers are located in SEA and China, which account for 80% of global production both in kind and monetary o ODR manufacturing in SEA and Brazil is focused on more sophisticated rigs compared to China Offshore drilling rigs manufacturing in kind and monetary by region in 2011 130 57 40 4 4 4 4 6 14 14 18 22 130 Прочие Lamprell ABG Dalian COSCO Hyundai Sembcorp Marine Daewoo Samsung Keppel FELS ВСЕГО quantity of rigs o Four largest offshore drilling rigs manufacturers account for more than 50% of the global market 92 42 18 7.0 9 5.1 7 1.6 0% 25% 50% 75% 100% No. of assemblies $ bln. Others Norway UAE Brazil China SEA (5 countries) 52% Source: "Offshore Drilling Industry and Rig Construction in the Gulf of Mexico," Coastal Marine Institute study, March 2013 (international*) (UAE) * Singapore, Brazil, Philippines, Netherlands (Korea) (Indonesia) (Korea) (China) (China) (India) (Korea) Others Total
- 7. There are two key players in the market of offshore drilling rigs revamping, namely Lamprel and Keppel, whose market share is more than 75% Key players in the ODR revamping market Main facilities for ODRs revamping are located in the UAE, Singapore, and Brazil Structure of the ODR modernization market by region 3 8 3 2 3 1 2 1 1 1 1 3 2009 2010 Others Norway Oman Philippines India Netherlands Brazil Singapore UAE 13 16 3 1 6 3 13 1 1 1 5 8 16 Прочие Sembawang Aker L&T Hindustan Keppel Lamprel ВСЕГО 2009 2010 quantity of modernized rigs Quantity of revamped rigs 76% Source: "Offshore Drilling Industry and Rig Construction in the Gulf of Mexico," Coastal Marine Institute study, March 2013 (UAE) * Singapore, Brazil, Philippines, Netherlands (international*) (Singapore) (Oman) (India) (Norway) Others Total
- 8. Purchases of plate for ODR fabrication starting 9 months prior to manufacture Main stages 24 months Time period 18 months 15 months 9 months 6 months 3 months 0 months - 3 months Main construction phase Start of the process of steel main volume purchasing MarketingCost estimation Testing and commissioning works Signing of steel supply contracts Process drawings Delivery to customers Rig construction First steel supply Docking Steel purchasing process and offshore drilling rig manufacturing at the Keppel Shipyard Source: "Inventory Management of Steel Plates at an Oil Rig Construction Company," Massachusetts Institute of Technology, July 2006
- 9. The global market for ODR construction consumes about 3 mln. t of plate 43 37 42 44 18 27 9 107 85 5 2011 2012 Others USA Norway India UAE Brazil China Singapore S. Korea 60 77 20 16 50 47 2011 2012 Drilling ships Semi-submersible Jackups 130 130 140 140 By region quantity of rigs Global manufacturing of offshore drilling rigs by type quantity of rigs 6,000 8,400 12,000 18,000 20,000 60,000 Jackups Semi-submersible Drilling ships Minimum Maximum Metal intensity of offshore drilling rigs, t 1.1 1.2 4.5 4.5 2011 2012 минимум максимумMaximum Estimated steel consumption by ODR market, based on steel intensity, mln. t 2.8 2.9 Source: "Offshore Drilling Industry and Rig Construction in the Gulf of Mexico," Coastal Marine Institute study, March 2013 Minimum
- 10. The target value added segment for plate producers is sales development of TMCP plate, which account for 20-40% of the metal intensity of the offshore drilling industry Cost structure of offshore drilling rig manufacturing by type $ mln. 215 580 Share of steel in the cost of ODR manufacturing amounts to 10%-20% depending on rig type 60% 30% 10% 235-350 MPa 690 MPa 500-620 MPa Steel yield strength Source: "Offshore Drilling Industry and Rig Construction in the Gulf of Mexico," Coastal Marine Institute study, March 2013 Target segment for plate producers sales development Plate consumption structure by strength in FPSO manufacture, ths. t 16 36 27 20 17 15 0% 25% 50% 75% 100% FPSO Dalia FPSO Agbami TMCP, более 355 Мпа 235-355 Мпа до 235 МпаTo 235 MPa Plate consumption structure by yield strength in jack- up drilling rig manufacture 7161 Target segment for plate producers sales development ths. t Steel yield strength 60 40 120 55 200 70 200 50 0% 25% 50% 75% 100% Floating Jackups Steel Payroll Drilling equipment Other equipment TMCP, over 355 MPa 235-355 MPa
- 11. Market of offshore wind turbine foundations
- 12. Classification of foundation structures for offshore wind turbines Standard depth ~ 35 m ~ 20 m Type of support structure Monopile Gravity based Share in the current fleet in 2012 74% 16% up to 70 m Space frame (Jacket, Tri-pile, Tripod) 10% Material, size steel, ∅ 4- 5 m concrete, ∅ 30 m steel, 25х60 m Sea level Source: European offshore wind industry - key trends and statistics 2012
- 13. Total capacity of offshore wind farm projects under construction and approved projects is five times the capacity of existing wind farms List of offshore wind farm projects in Europe at different stages of execution, in 2012, MW 2000 2005 2010 2012 2015п 2020п 36 695 2,977 2,948, 59%921, 18% 380, 7% 280, 6% 249, 5% 234, 5% England Denmark Belgium Germany Netherlands Others 14,000 5,011 40,000 Regional structure of wind power capacity in 2012, MW 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 Operating wind farms Under construction Approved projects Capacity of offshore wind farms in Europe, MW Source: European Wind Energy Association
- 14. As offshore wind farms are installed in deeper water as part of anticipated projects, the choice is made in favour of steel support structures rather than concrete solutions Offshore turbine capacity, MW distancetoshore,km depth, m Wind farms in operations Projects under construction Approved projects Diameter corresponds to wind farm capacity Space frameMonopile Gravity based Average depth and distance to shore of offshore wind farm projects as of 2012 Source: European Wind Energy Association Structure of wind farms in operation by type of support structures
- 15. In Europe, steel consumption for the support structures of offshore wind farms will double to 1 mln. t in the next five years Steel consumption for manufacturing support structures for offshore wind farms in Europe, ths. t Source: European Wind Energy Association 2 31 12 16 16 16 38 61 80 170 54 314 559 507 561 615 760 923 1,158 1,249 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 х2 European producers of support structures for offshore wind farms Steel consumption per MW of offshore turbine capacity is 130-250 tons (only for manufacturing a support structure without a tower) Company Country Product type Market share in 2012 Bladt Denmark Monopile, Jacket 40% EEW Germany Monopile 18% Sif Group Netherlands Monopile 18% IDESA Spain Monopile 6% Cuxhaven Steel Construction Germany Tripod 5% AMBAU Germany Monopile, Tripod, Jacket 5% Weserwind Germany Monopile, Jacket 4% SIAG Nordseewerk Germany Monopile, Jacket 4% Aker Norway Jacket, Tripod Smulders Netherlands Monopile, Jacket BiFAB England Jacket Harland and Wolff Ireland Jacket Tata Steel England Monopile TAG England Monopile Heerema England, Netherlands Jacket
- 16. Both normalized and TMCP plates up to 40mm thick can be used for support structures of offshore wind farms Size range of plates for support structures of DONG Energy's offshore wind farms DONG Energy is the largest owner of offshore wind power facilities in Europe, with a market share of ~20% Source: DONG Energy, Dillinger Hutte websites 40% 50% 10% 40-75 mm 75-100 mm 100-110 mm London Array Number of turbines 174 Turbine capacity, MW 3.6 Type of support structure Monopile Total volume of plates supplied for supports, t 54,000 Steel grade S355J2+N; S355G9+N; S355G9+M; S355G10+N; S355ML Plate thickness, mm 47-100 BARD Offshore 1 Number of turbines 80 Turbine capacity, MW 5 Type of support structure Tri-pile Total volume of plates supplied for supports, t 105,000 Steel grade S355G7+M; S355G8+M; S355ML; S355K2+N; S355NL; S420G1+M; S420G2+M; S420ML; S460ML Plate thickness, mm 10-120 Thanet Number of turbines 100 Turbine capacity, MW 3 Type of support structure Monopile Total volume of plates supplied for supports, t 46,300 Steel grade S355J2+N; S355ML Plate thickness, mm 40-95 Alpha Ventus Number of turbines 12 Turbine capacity, MW 5 Type of support structure Jacket, Tripod Total volume of plates supplied for supports, t 12,800 Steel grade S355G8+N/M; S355K2+N Plate thickness, mm up to 110 Walney Number of turbines 102 Turbine capacity, MW 3.6 Type of support structure Monopile Total volume of plates supplied for supports, t 43,900 Steel grade S355NL; S355ML Plate thickness, mm 55-105 Plate specifications and mix for offshore wind farm projects Plate thickness