Jack-up barges for rig-less interventions

Transcription

1 Subsurface INVESTMENT OPPORTUNITY: Jackup barges for rigless interventions

2 Executive summary To bring locally operated jackup barges to Qatari waters would provide additional deck space, crane capacity, and accommodation for: Coiled tubing operations Well testing and stimulations Accommodation during shutdowns and maintenance campaigns. Currently, lowspec drilling rigs are also used to accommodate this demand, however, with rig rates expected to increase from 2019 on, this creates an opportunity for more costeffective jackup barges. On average, the demand for jackup barges is expected to reach QAR 50M/yr in , with little capex investment required if an existing barge is relocated. It is forecasted that at least one jackup barge can be kept fully utilized throughout the year. More maintenance campaigns are expected to become economical if jackup barges are shared between operators and utilization rates are kept high. Performancebased bonuses and support with lowcost logistics and utilities may be provided. 2

3 Detailed opportunity description Jackup barges for rigless interventions Text Accommodation jackup barge Localization opportunity Business scope A jackup barge is a selfelevating platform with long support legs that can be selfpropelled or towed into position. Compared to a jackup rig, a barge does not have drilling equipment on board (e.g., derrick). Currently, lowspec jackup rigs are also used for coiled tubing operations, well stimulation and testing, and maintenance jobs, however, their rates are expected to increase from 2019 on, creating an opportunity for jackup barges. Simple jackup barges are more cost effective than rigs and can provide the needed deck space and equipment for these operations. Relocating an existing jackup barge to Qatari waters Refurbishment and mob/demob costs to make the barge suitable for: Well services: stimulation services, running and retrieving tubing, coiled tubing operations, e line/slickline etc. Installation of temporary well testing equipment: flare booms and burners, test separators, choke manifolds, surge tanks, etc. Additional accommodation for well interventions, well test, or shutdown crew Crew for managing daily barge operations (e.g., crane operators, roustabouts) Out of scope Purchasing of a new jackup barge Ownership and operation of temporary equipment (e.g., well testing equipment) Capital intensity Low (QAR 010M) Medium (QAR 1050M) High (QAR 50M+) 3

4 Market size Estimated spend (Qatar only) on jackup barges, QAR M Historic Forecast Also includes drilling rigs used for well testing and interventions Estimated jackup barge activity, days Accomodation Well testing Coiled Tubing Key highlights Between 2013 and 2017, the demand for jackup barges/rigs for rigless interventions and related services such as well testing and stimulation, coiled tubing operations, and accommodation has more than doubled. Currently, jackup barges are present in Qatar and in the region, but are not always locally owned or operated. With the exception of 2020, at least 330 days of jackup barge/rig activity have been forecasted for each year from 2019 to 2023, and spend on barges alone is expected to reach at least QAR 40M/yr. This implies that there is an opportunity for at least one jackup barge to be kept fully utilized throughout the year. Additional potential could come from more intervention and maintenance campaigns to become economical if jackup barges are shared between operators and utilization rates are kept high. Relevant stakeholders (2017) Top 3 buyers Other demand TOP 3 BUYERS : 4

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