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Floating Production Systems

July 2004 Report

List of Exhibits

1.             Deliveries and Orders Since the March 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 July 2004  4

6.             Overview of Floating Production Systems and Storage Vessels in Operation or Available as of July 2004   5

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

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

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

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

11.         Overview of Who's Building What?   39

12.         Location and Water Depths of Floating Production Systems Planned or Under Study as of July 2004   40

13.         List of Floating Production Systems Being Bid, Designed, Planned or Studied as of July 2004   41

14.         Trend in Global Oil Demand   69

15.         OPEC Agreed Quotas vs. Production Since March 2004   70

16.         Actual and Futures Price of Crude    71

17.         Henry Hub Natural Gas Price and Nymex Futures   71

18.         Trend in Upstream Capital Spending   72

19.         Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations   73

20.         Trend in Orders for Floating Production Systems   74

21.         DP FPSOs Now Available  77

22.          Average Number of Storage Days in FPSOs at Full Production    78