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Floating Production Systems

March 2004 Report

List of Exhibits

1.             Deliveries and Orders Since the October 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 March 2004  4

6.             Overview of Floating Production Systems and Storage Vessels in Operation as of March 2004   5

7.             Inventory of Floating Production Systems as of March 2004   6

8.             Inventory of Floating Storage Systems as of March 2004   22

9.             Floating Production and Storage Systems Installed Since September 1996   23

10.         Floating Production and Storage Systems on Order as of March 2004   27

11.         Overview of Who's Building What?   40

12.         Location and Water Depths of Floating Production Systems Planned or Under Study as of March 2004   41

13.         List of Floating Production Systems Being Bid, Designed, Planned or Studied as of March 2004   42

14.         Trend in Global Oil Demand   69

15.         OPEC Agreed Quotas vs. Production Since November 2003   70

16.         Actual and Futures Price of Crude    71

17.         Henry Hub Natural Gas Price and Nymex Futures   72

18.         Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   74

19.         Trend in Orders for Floating Production Systems   75

20.         Forecast of Orders for Floating Production Units Over the Next Five Years   77

21.         Orders for FPSO Vessels Over the Past Five Years  79

22.          Forecast of FPSO Orders Over the Next Five Years    80

23.          Composition of FPSO Orders Over the Next Five Years   80

24.          Projected Capex for FPSO Vessels Over the Next Five Years  82

25.          Forecast Growth in FPSO Inventory Through 2010  83

26.          Orders for Production Semis Over the Past Five Years   84

27.          Forecast of Production Semi Orders Over the Next Five Years   85

28.         Projected Capex for Production Semis Over the Next Five Years   86

29.          Forecast Growth in Production Semi Inventory Through 2010   86

30.         Orders for TLPs Over the Past Five Years   87

31.         Forecast of TLP Orders Over the Next Five Years   88

32.         Composition of TLP Orders Over the Next Five Years   89

33.         Projected Capex for TLPs Over the Next Five Years   89

34.         Forecast Growth in TLP Inventory Through 2010   90

35.         Orders for Production Spars Over the Past Five Years   91

36.         Forecast of Spar Orders Over the Next Five Years    91

37.         Composition of Orders for Production Spars Over the Next Five Years   92

38.         Projected Capex for Production Spars Over the Next Five Years   92

39.         Forecast Growth in Production Spar Inventory Through 2010   93

40.         Forecast Growth in Production Floaters   93

41.          Comparison of This Year's and Last Year's Five Year Forecast of Orders  94

42.          Historical Redeployments of FPSOs    97

43.          Issues Associated with Reuse of FPSOs   98

44.          Petrojarl 1 Redeployments Since 1986  99

45.          Leasing vs. Ownership of Production Floaters  100

46.          Use of New vs. Converted Hulls for FPSOs   101

47.          FPSO Hulls Delivered and On Order in China   102