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Floating Production Systems

February 2003 Report

List of Exhibits

1.             Deliveries and Orders Since the April Report  1

2.             Current Orders for Production and Storage Systems    2

3.             Trend in Order Backlog for Floating Production Systems   2

4.             Number and Location of Facilities Fabricating Floater Hulls or Topsides  3

5.             Projects in the Planning, Bidding or Final Design Stage as of February 2003  4

6.             Overview of Floating Production Systems and Storage Vessels in Operation or Available as of February 2003   6

7.             Inventory of Floating Production Systems as of February 2003   7

8.             Inventory of Floating Storage Systems as of February 2003   21

9.             Floating Production and Storage Systems Installed Since September 1996   22

10.         Floating Production and Storage Systems on Order as of February 2003   25

11.         Overview of Who's Building What?   38

12.         Location and Water Depths of Floating Production Systems Planned or Under Study as of February 2003   39

13.         List of Floating Production Systems Being Bid, Designed, Planned or Studied as of February 2003   40

14.         Major Contract Awards for the Kristin Production Semi   69

15.         Major Contract Awards for the Bonga FPSO Vessel   70

16.         Trend in Global Oil Demand    77

17.         OPEC Agreed Quotas vs. Production Over Past Several Months   78

18.         Trend in Global Oil Production   79

19.         Actual and Futures Price of Crude   80

20.         Henry Hub Natural Gas Price and Nymex Futures   81

21.         Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   83

22.         Trend in Orders for Floating Production Systems  84

23.          Forecast of Orders for Floating Production Units Over the Next Five Years   85

24.          Forecast Growth in FPSO Vessel Inventory Through Mid-2009   88

25.          Projected Orders for FPSO Vessels Over the Next Five Years   89

26.          Projected Capex for FPSO Vessels Over the Next Five Years   90

27.          Breakdown of Five Year FPSO Capex by Major Component   90

28.          Forecast Growth in Production Semi Inventory Through Mid-2009   92

29.          Projected Orders for Production Semis Over the Next Five Years   92

30.           Projected Capex for Production Semis Over the Next Five Years   93

31.           Forecast Growth in TLP Inventory Through Mid-2009   94

32.           Projected Orders for TLPs Over the Next Five Years   94

33.           Projected Capex for TLPs Over the Next Five Years   95

34.          Forecast Growth in Production Spar Inventory Through Mid-2009   96

35.           Projected Orders for Production Spars Over the Next Five Years   97

36.           Projected Capex for Production Spars Over the Next Five Years   97

37.           Comparison of This Year's and Last Year's Five Year Forecast of Floating Production System Orders    98

38.           Characteristics of Deepwater Anchoring Concepts   101

39.           How the Jones Act Waiver for Shuttle Tankers Would Work  103