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Floating Production Systems

October 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 and Converting Floating Production Units  3

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

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

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

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

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

10.         Floating Production and Storage Systems on Order as of October 2003   26

11.         Overview of Who's Building What?   37

12.         Location and Water Depths of Floating Production Systems Planned or Under Study as of October 2003   38

13.         List of Floating Production Systems Being Bid, Designed, Planned or Studied as of October 2003   39

14.         Trend in Global Oil Demand   65

15.         Trend in World Economic Growth   66

16.         OPEC Agreed Quotas vs. Production Over Past Several Months    67

17.         Actual and Futures Price of Crude   68

18.         Henry Hub Natural Gas Price and Nymex Futures   68

19.         Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   69

20.         Trend in Orders for Floating Production Systems   71