Drilling rigs, FPSO vessels and offshore vessels experience continuous growth
Driven by stellar performances in the inventory and energy markets since last year, oil and fuel corporations have placed more orders in China to build offshore engineering products, from floating production, garage and offloading vessels (FPSOs) to ocean engineering vessels for growth. .
While the power sector benefited from rising commodity prices, driven by points such as the Russian-Ukrainian conflict, inflation and climate change, China’s offshore engineering apparatus sector saw a surge in orders in the first part of the year: its brands delivered a cat. drilling rig, a semi-trailer, a submersible drilling rig and six marine engineering auxiliary vessels for domestic and foreign consumers in the first part of the year, according to the knowledge of Shanghai Shipping Exchange.
“It’s like riding a roller coaster,” said Dong Liwan, a shipbuilding professor at Shanghai Maritime University. “The era leading up to 2014 is a peak season for the industry. losing orders and facing overcapacity issues. “
Driven by a surplus of developing sources, the collapse in oil values occurred between mid-2014 and early 2016, causing the longest price drop since the 1986 source crash, according to a World Bank Group report.
The recession has only tested the resilience of oil exporters, but has particularly reduced unit usage rates and lease value grades for offshore engineering products such as drilling rigs, offshore pipeline vessels, marine crane vessels and dredgers worldwide, which forced China and other global countries. suppliers in the sector in a long and slow market cycle.
“Although offshore engineering vessels are more expensive and more complex to build, global demand in energy resource development is expected to hold orders in the coming years,” he said.
Offshore engineering products are necessarily functional vessels and oil drilling rigs that can navigate deep water. Offshore oil and fuel corporations use those vessels to process grass-based fuel and crude oil pumped from the ocean floor. They can also be used in the extraction process.
CHI (Qidong) Offshore Co Ltd, a seafood manufacturer in Qidong province, Jiangsu and a subsidiary of state-owned COSCO Shipping Heavy Industry Co Ltd, said it finished the structure of an FPSO vessel in mid-September.
The vessel, co-designed through France’s Technip Energies NV, is expected to sail from China to the Senegalese Greater Tortue Ahmeyim fuel project, developed through British energy organization BP Plc.
It is one of the most complex marine engineering apparatus projects and the longest structure time ever undertaken by a Chinese company, said Qiu Ming, vice president of CHI (Qidong) Offshore Co Ltd.
As a giant Chinese-built herbal fuel processing platform, the ship’s herbal fuel processing capacity will reach 14. 2 million cubic meters per day. Its production can be fed through other people in Shanghai for two or three days. It is about 320,000 metric tons and its oil deposit is about 1. 44 million barrels. If such an oil and fuel processing plant were built on land, it would require at least 800,000 square meters of space.
The FPSO will continue to operate offshore for 25 years returning to the shipyard, and the resulting capacity expansion has been taken into account, which demands incredibly high safety and engineering quality standards, he said.
Due to complex structure processes, superior degree of integration and engineering precision requirements, some countries are capable of structuring FPSO vessels, said Bao Zhangjing, vice president of the China Institute of Marine Technology and Economics, a Beijing-affiliated think tank. at China State Shipstructure Corp.
Currently, the global FPSO market is governed by China, the Republic of Korea, Singapore and Brazil. China after the country delivered the first locally built FPSO vessel to its British visitor in 2017.
In the FPSO sector alone, China has surpassed the Republic of Korea and Singapore in terms of number of structure units, taking the lead in the global market, said Yu Jian, vice president of CHI (Qidong) Offshore Co Ltd.
Although some FPSO orders have been placed through shipyards in the Republic of Korea or Singapore, the actual structure paints will most likely be placed in China, which has distinctive benefits in terms of loading and execution of allocations, he added.
CIMC Raffles Offshore Ltd, a subsidiary of China International Marine Containers (Group) Ltd, founded in Shenzhen, Guangdong province, has started construction of a wind turbine installation vessel commissioned through Van Oord, an offshore engineering company founded in Rotterdam, the Netherlands, Yantai, Shandong Province, end of July.
With a maximum operating water intensity of 80 meters, it can accommodate another 135 people on board with a maximum lifting capacity of 20,000 tons and a deck area of more than 7,000 square meters.
The lifting capacity of the main crane is more than 3000 tons and the height of the 4 feet of triangular lattice is 127. 4 meters. cubic meters and five dual-fuel methanol engines, said Li Minggao, vice president of CIMC Raffles Offshore Ltd.
Driven by a fast-growing offshore wind sector and the transformation of power intake in many parts of the world, demand for new drilling rigs has declined and offshore production platforms and other auxiliary vessels have potential popular options in the industry, Lin Boqiang said. , director of the China Institute of Energy Policy Studies at Xiamen University in Fujian Province.
“The offshore engineering equipment market has emerged from gloomy situations in recent years,” he said, attributing the recovery to existing oil value grades particularly above the break-even rate of several deepwater projects operating in Brazil and Guyana, adding. that floating production platforms will continue to play an important role in the market.
Liu Xinyan, deputy director-general of the apparatus industry branch of the Ministry of Industry and Information Technology, said that after making structural changes and trade improvements, Chinese enterprises have established a comprehensive business formula that integrates innovation, design, construction and service. China has become a major force in building offshore ships and engineering apparatus around the world, he said.
Chinese products, polar icebreakers, deep-sea semi-submersible drilling rigs and liquefied herbal fuel (LNG) carriers have strongly supported the expansion of foreign trade, maritime activities and maritime economy, Mr. Liu said.
In addition to the construction of 8 mega LNG tanks for Samsung Heavy Industries Co Ltd, a visitor to the Republic of Korea, and the delivery of seven gantry cranes to Indonesian consumers in August, Jiangsu Watts Energy
“While the strain of inadequate global transport capacity for LNG tankers and carriers is easing, demand for offshore engineering vessels and ancillary products will continue to rise globally this year,” said Zhang Hongbiao, vice president of Jiangsu Watts Energy.
Other products, such as devices similar to offshore wind, will also experience immediate expansion in the favorable situations of the global transformation of the power intake and a positive point in the structure market, said Sun Fuquan, vice president of the Chinese Academy of Sciences. and generation for progression in Beijing.
According to the Ministry of Natural Resources, China’s maritime economy recovered in the first part of the year as the country struggles to respond to the COVID-19 pandemic and pursue economic and social progress in a well-coordinated manner.
For the classic maritime industry, offshore crude and herb fuel production increased by 7. 4% and 12. 4%, respectively, compared to the previous semester, according to ministry data.