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Floating Production Systems

June 2003 Report

List of Exhibits

1.             Deliveries and Orders Since the February 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 June 2003  4

6.             Overview of Floating Production Systems and Storage Vessels in Operation or Available as of June 2003   5

7.             Inventory of Floating Production Systems as of June 2003   6

8.             Inventory of Floating Storage Systems as of June 2003   20

9.             Floating Production and Storage Systems Installed Since September 1996   21

10.         Floating Production and Storage Systems on Order as of June 2003   24

11.         Overview of Who's Building What?   36

12.         Location and Water Depths of Floating Production Systems Planned or Under Study as of June 2003   37

13.         List of Floating Production Systems Being Bid, Designed, Planned or Studied as of June 2003   48

14.         Trend in Global Oil Demand   61

15.         World Energy Demand Mirrore Changes in World GDP   62

16.         Trend in World Oil and Gas Consumption    62

17.         OPEC Agreed Quotas vs. Production Over Past Several Months   63

18.         Actual and Futures Price of Crude   64

19.         Henry Hub Natural Gas Price and Nymex Futures   65

20.         Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   66

21.         Trend in Orders for Floating Production Systems   67

22.         FPSO Vessels Currently or Potentially for Sale  71

23.          New Leases in the Deepwater Gulf of Mexico Resulting from the March 2003 Sale   72