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Glossary
Gl
Gloss
Technology creating value has been the motto of IHC Caland N.V. for several years. Sometimes however, the
terms used to describe the Groups technology are not self-explanatory, and require clarification. Also certain
of the Groups key products deserve a detailed description, which should not be included in the body of the
Annual Report for one particular year. Accordingly, this Glossary of technical terms and product descriptions
has been produced to ensure that key terms and products are clearly explained and understood. An explanation
of some financial terms is included as well.
CALM
Condensates
Crane vessel
A ship-shape vessel with one crane or semi-submersible vessel with one or two
cranes for lifting platform modules and structures at sea. The crane hoisting
capacities are substantial and range from 300 tons to 8000 tons. Cranes allow for
moving the hook-load vertically and horizontally (in a 360 degree radius).
Nowadays also frequently used to install heavy equipment on the seabed.
In medium water depths the crane vessel is anchor-moored. In deepwater areas
the vessel is dynamically positioned.
Cryogenic
Low temperature processing, generally sub zero. For LNG this can be as low as
minus 162 degrees centigrade.
DCU
Deepwater
Desulphatation
The removal of sulphate ions from seawater prior to use as injection water. This
operation is required when the formation contains barium and strontium and to
a lesser extent calcium to prevent re-agitation of sulphates which will cause
plugging of the flow-path of the produced fluids from the reservoir.
D.p.
Dynamic positioning
A station keeping system for floating units which uses thrusters to compensate
wind, wave and current forces in a dynamic controlled mode to keep the unit on
a predetermined location and heading at sea.
Drill ship
DSV
DTU
Dwt
Dead weight
The total weight of cargo, fuel, fresh water, stores and crew that a ship can carry
when immersed to her load line.
E/P or E&P
EPCI
FEED
Flowlines
FPDSO
FPSO
Fractionation
FSRU
Floating storage and re-gasification unit, a floating vessel that has the capability
to be permanently moored at a site where it receives LNG from carriers, stores
and re-gasifies the LNG at a rate required by natural gas users.
GAP
Gas lift
GTL
HAZID/HAZOP
Working offshore often includes working in inclement weather and rough seas.
The lifting and lowering of loads from barges and vessels is affected by these
conditions and can cause uncontrolled upswing movements in vertical direction,
which can lead to damage of the load. To suppress the movements of the load a
mechanical system, often referred to as heave compensation system, is devised
to dampen and control vertical movements. Two methods of heave compensation
exist; passive systems and active systems.
Hydrocarbons
Oil, gas and other chemical components carrying hydrogen and carbon atoms.
A mobile drilling unit, which can elevate itself well above the sea surface on three
or more legs to become a stable seabed supported drilling platform. Drilling jackups can operate in water depths up to 150 metres. On most jack-up drilling rigs
the drill tower is placed on cantilever beams such that wells supported by an
adjacent platform can be drilled in work-over mode by skidding the cantilever
over that fixed platform.
J-lay tower
A pipe-lay method used in deepwater to allow the pipe to leave the pipe-lay unit
at a vertical departure angle. The tower supports the up-ended pipes.
LNG
LPG
Manifolds
MARPOL
MARine POLution
International regulations produced by the International Convention for the
Prevention of Pollution from Ships, 1973, as adopted by the International
Conference on Marine Pollution convened by the International Maritime
Organisation, which is the regulatory body in respect of pollution by oil, noxious
substances, harmful substances in packaged forms, sewage and garbage.
A pipeline to transfer fluids or gases between two floating facilities when ultradeepwater makes sea bottom pipe configurations uneconomical or technically
unacceptable. Typically, a mid water pipe would be configured at a depth of
100 to 300 metres.
MMSCFD
MPV
Multi-Purpose Vessel
A dedicated vessel that is able to perform multiple tasks for offshore installations.
MSV
Multi-Service Vessel
A dedicated vessel which is able to perform multiple maintenance services on
platforms, floaters, subsea wells, pipelines and risers.
Non-flaring operations
Operations where the produced gas from an oil field is not allowed to be flared
and therefore either has to be transported, used as a fuel source or reinjected.
Pipe-lay barge
Risers
Steel or flexible pipe, which transfer well fluids from the seabed to the surface.
ROV
SALM
SCR
SeaStar
Semi-submersibles
A floating unit, with its deck supported by columns to enable the unit to become
almost transparent for waves and provide a favourable motion behaviour.
Spar
A deep draft cylindrical and vertical floating production unit (single column) with
possible storage for crude oil in small quantities inside the column. This facility,
although not heave-restrained, can accommodate surface completed wellheads.
SPM
Spread mooring
In the case of a spread moored FPSO/FSO, the tanker or process barge is moored
in a fixed heading with up to 12 anchor lines distributed over the bow and stern
of the vessel, to anchor points situated on the seabed around the vessel. The
chosen heading is determined by the prevailing sea and weather conditions. The
spread moored FPSO/FSO can only be used on locations where currents, waves
and winds are very moderate or normally come from a prevailing direction.
With this type of FPSO/FSO no turret or swivel stack is required, as the vessel
does not change heading in relation to the risers connecting the tanker with the
wells on the seabed. This means that a greater flexibility exists in the number of
risers from the wells and manifolds on the seabed that can be connected onto the
FPSO/FSO than would be the case with a turret moored vessel. One disadvantage
is however that for spread moored FPSOs/FSOs a separate tanker loading facility
should be provided, as the offtaking tanker cannot safely moor in tandem to the
FPSO/FSO, due to changing current, wind and wave direction, possible
interference with the FPSOs/FSOs anchor lines, and high risk of collision.
STL
STP
Subsea facilities
Sub-sea xmas trees, manifolds, control boxes, valves, pipelines, risers, umbilicals,
cables, etc.
The xmas tree completing the well is located either on a fixed platform (shallow
water) or on a floating platform (deepwater DCU) such as a SeaStar, Spar, TLD
or TLP.
Swivel stack
The component on a full weathervaning FPSO that allows for continuous transfer
of fluids, gas, controls and power from the static mooring to the facilities on the
rotating part of the FPSO.
SYMO
TLD
Topsides
See FPSO.
Turnkey supply
Turret mooring
The turret system is integrated into or attached to the hull of the tanker, in most
cases near the bow, and allows the tanker to weathervane around it and thereby
take up the line of least resistance to the combined forces of wind, waves and
current. A high pressure oil and gas swivel stack is mounted onto the mooring
system. This swivel stack is the connection between the risers from the subsea
flowlines on the seabed to the piping onboard the vessel. It allows the flow of oil,
gas and water onto the unit to continue without interruption while the FPSO
weathervanes. For reasons of size and cost, the number of swivels is kept to a
minimum, and therefore the flow of oil and gas has to be manifolded in the turret
area, particularly when the system produces from a large number of wells.
The turret mooring and high pressure swivel stack are thus the essential
components of an FPSO.
Internal turret
External turret
ULCC
Ultra-deepwater
Umbilicals
Flexible cables carrying electrical and instrument wiring, hydraulic tubing and
chemical tubing.
VLCC
Xmas trees
Pump-station, used when the discharge distance is too great for the dredgers own
pump capacity.
Cable layer
Stationary dredger using a special cutting device for the loosening of the soil in
front of the suction inlet, and moored by means of anchors and/or spuds (poles).
Large centrifugal pumps transport the dredged soil as a fluid mixture (slurry)
through a pipeline to the dumping site, or discharged into barges. Specific
applications for this equipment are the dredging of channels and rivers, the
building of dams, roads and reclamation sites for industrial, airport or living area
development.
The main advantages of this type of vessel are its ability to operate in shallow
water and to dredge a wide range of materials including rocks, as well as being
able to produce a uniform bottom level.
DTPS
A grab hopper dredger is a self-propelled vessel with a hopper. The hopper will be
loaded by means of an on board placed grab crane. Unloading of the hopper takes
place by means of bottom doors. The grab hopper dredger is ideal for maintaining
small harbours and for working along the quays and other constructions.
Hydraulic dredgers
Dredgers with centrifugal pumps for the suction and transport of the dredged soil
as a slurry. For the loosening of the soil in front of the suction head various types
of equipment are used such as cutters, wheels, dragheads and high pressure water
jets. Examples are trailing suction hopper dredgers and cutter suction dredgers.
Hydrohammer
Mechanical dredgers
Equipment with which the soil is loosened and transported by mechanical means
such as grabs, dippers and buckets.
Various types are bucket dredgers, backhoe dredgers and grab cranes.
Product tanker
Ro-Pax ferry
A vessel for transport of cars and/or trucks which can drive on and off the vessel
as well as for transport of passengers with passenger accommodation (cabins).
Ro-Ro ferry
A vessel for transport of large lorries and cars, which drive on and off the vessel
and are parked on special car decks during transport.
Rpm
Splittrail
The IHC Splittrail is an example of this type of trailing suction hopper dredger.
The halves are swung apart to permit discharge and are then closed and secured
with the aid of hydraulic rams.
Suction tube
10
A dredger used to remove and transport soil from water bottoms by dragging a
long suction tube with a draghead over the bottom, loosening the soil in front of
the suction head. Big centrifugal pumps transport the dredged soil as a slurry to
the hopper, from which it is later dumped (released via the vessels keel) or
pumped (through a pipeline or rainbowed) to a reclamation area.
Specific activities in this field includes the construction or deepening of harbours
and waterways.
The main advantages of this type of vessel are its relative immunity to weather
and sea conditions and the ability to transport soil over long distances.
Furthermore it can operate independently with hardly any interference to other
shipping traffic. A unit with a capacity of around 20000m3 or more is often
referred to as a jumbo hopper dredger.
Tunnelling equipment
Wheel dredger
The wheel dredger, like its conventional counterpart the cutter suction dredger, is
a hydraulic dredger, which implies that the spoil is drawn up with the aid of a
centrifugal pump.
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FINANCIAL TERMS
EBIT
EBITDA
EPS
EV
Enterprise Value
Market capitalisation plus long-term debt minus cash and cash equivalents.
Hedging
A ratio that reflects a companys ability to meet its obligation to pay interest.
The number of times the net interest expense is covered by EBIT or EBITDA.
Liquidity ratio
Market capitalisation
Over/underrecovery of
indirect costs
A positive or negative profit and loss account movement due to production and/or
sales volumes being higher or lower than the budgets used to recover (allocate)
indirect costs.
P/E ratio
Price/Earnings ratio
A ratio that reflects how expensive a stock is.
Share price divided by earnings per share.
Residual value
That part of the investment in an FSO or FPSO which has not been amortised at
the end of its initial guaranteed contract.
ROCE
ROE
Solvency ratio
A ratio that reflects a companys ability to meet its long-term financial obligations.
Shareholders equity divided by total assets.
12
Value of production
Total output of the Group, including delivered orders, the value added to tangible
fixed assets (relates mainly to FPSOs/FSOs in the lease fleet), plus the increase
or decrease in stocks and work in progress.
WACC
13
FSO XV Domy
Field
Client
Duration
:
:
:
Storage capacity
:
:
:
:
Nkossa, Congo
Elf Congo
10 years starting June 1996
2,020,000 bbls
Nkossa, Congo
Elf Congo
10 years starting November 1996
78,000 m3
Tantawan, Thailand
Chevron, Thailand
11 1/2 years starting January 1997
1,000,000 bbls
50,000 bbls oil per day
150 mmscfd gas
FPSO Firenze
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
Aquila, Italy
AGIP
5 1/2 years starting end 1997
550,000 bbls
18,900 bbls oil per day
14
FSO Okha
Field
Client
Duration
Storage capacity
:
:
:
:
FSO Yetagun
Field
Client
Duration
Storage capacity
:
:
:
:
Yetagun, Myanmar
Premier Oil
15 years starting May 2000
625,000 bbls
FPSO Kuito
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
Kuito, Angola
Chevron Angola
5 years starting end 1999
1,400,000 bbls
100,000 bbls oil per day
FPSO Espadarte
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
Espadarte, Brazil
Petrobras
13 years starting June 2000
1,900,000 bbls
100,000 bbls oil per day
FPSO Jamestown
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
FPSO Brasil
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
Roncador, Brazil
Petrobas
5 1/2 years starting October 2002
1,700,000 bbls
90,000 bbls oil per day
15 15
FPSO Falcon
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
Yoho, Nigeria
ExxonMobil
6 years starting November 2002
2,100,000 bbls
90,000 bbls oil per day
FPSO Mystras
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
FPSO Eagle
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
FPSO Atlantic
Field
:
Client
:
Duration
:
Storage capacity
:
Maximum throughput :
Xikomba, Angola
ExxonMobil
7 years starting November 2003
1,700,000 bbls
90,000 bbls oil per day
16
Sanha, Angola
Chevron
8 years starting 2005
135,000 m3
Butane
: 1250 T per day
Propane
: 1780 T per day
17 17
MTI Holland BV
Smitweg 6, P.O. Box 8,
2960 AA Kinderdijk, the Netherlands
Telephone (+31) 78 691 0322
Fax
(+31) 78 691 0331
Homepage www.mtiholland.com
E-mail
info@mtiholland.com
Merwede
Rivierdijk 586, P.O. Box 5,
3370 AA Hardinxveld-Giessendam, the Netherlands
Telephone (+31) 184 677300
Fax
(+31) 184 677301
Homepage www.merwede.com
E-mail
shipyard@merwede.com
Merwede Shipyard
Rivierdijk 586, P.O. Box 5,
3370 AA Hardinxveld-Giessendam, the Netherlands
Telephone (+31) 184 677300
Fax
(+31) 184 677301
Homepage www.merwede-shipyard.com
E-mail
shipyard@merwede.com
IHC Hydrohammer BV
Smitweg 6, P.O. Box 26,
2960 AA Kinderdijk, the Netherlands
Telephone (+31) 78 691 0302
Fax
(+31) 78 691 0304
Homepage www.ihchydrohammer.com
E-mail
ihc@hydrohammer.ihcholland.com
IHC Handling Systems V.O.F.
Distributieweg 3, P.O. Box 493,
2600 AL Delft, the Netherlands
Telephone (+31) 15 251 2000
Fax
(+31) 15 251 2005
E-mail
sales@ihchs.nl
Hytop B.V.
Industrieweg 30, P.O. Box 335,
3360 AH Sliedrecht, the Netherlands
Telephone (+31) 184 431933
Fax
(+31) 184 431616
Homepage www.hytop.com
E-mail
info@hytop.nl
IHC Tunnelling Systems B.V.
Molenstraat 24, P.O. Box 8,
2960 AA Kinderdijk, the Netherlands
Telephone (+31) 78 691 0765
Fax
(+31) 78 691 0912
Homepage www.ihcts.com
E-mail
info@its.ihcholland.com
IHC Delta Shipyard B.V.
Molendijk 94, P.O. Box 51,
3360 AB Sliedrecht, the Netherlands
Telephone (+31) 184 436301
Fax
(+31) 184 436320
Homepage www.ihcdeltashipyard.com
E-mail
info@deltashipyard.ihcholland.com
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