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Floating Production Systems
March 1998 Report

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

1.     Floating Production Systems Now in Operation     3
2.     Systems Installed Since September 1996     6
3.     Floating Systems Now on Order     8
4.     Shipyards Currently Building or Converting Floaters     10
5.     Floating Production Systems Planned or Being Studied     11
II.    UNDERLYING MARKET DRIVERS

1.     Long Term Oil Supply and Demand     17
2.     Growing Role of Offshore Production     18
3.     Recent Drop in Spot Prices     19
4.     When Will Crude Prices Rebound?     19
5.     Has the Drop in Crude Prices Impacted Offshore E&P     22
III.   FORECAST OF CAPITAL EXPENDITURES FOR FLOATING PRODUCTION SYSTEMS

1.     FPSO Vessels     25
2.     Production Semisubmersibles     28
3.     Tension Leg Platforms     31
4.     Production Spars     34
5.     Summary of Available Market     36
6.     How Does This Compare to Our Previous Forecast?     37
IV.   RECENT  DEVELOPMENTS

1.     Projects in the Planning or Design Stage     39
          Offshore Australia     39
          Trinidad and Tobago     29
          Bilondo Marine (Congo)     29
          Girassol, Dalia, Landana (Angola)     40
          Undan/Bayu (Australia)     40
          Connemara (Western Ireland)     40
          King's Peak (Gulf of Mexico)     40
          Fuji (Gulf of Mexico)     40
          Otter (North Sea)     41
          Nakika (Gulf of Mexico)     41
          Fram/Gjøa (North Sea)     41
          Snorre II (North Sea)     41
          Offshore Brazil     41
2.     Floating Systems on Order     42
          Bittern and Guillemot West FPSO Vessel (North Sea)     42
          Ruby FPSO Vessel (Vietnam)     42
          Terra Nova FPSO Vessel (Canada)     42
          P-47 FSO Vessel (Brazil)     43
          Elang/Kakatua FPSO Vessel (Australia)     43
          Diana/Hoover Spar (Gulf of Mexico)     43
          Brutus TLP (Gulf of Mexico)     43
          Åsgard FPSO and FSO Vessels (North Sea)     44
          Stag FSO Vessel (Australia)     44
          Balder FPSO Vessel (North Sea)     44
          Laminaria and Corallina FPSO Vessel (Australia)     44
          Marlim Sul P-40 Semi (Brazil)     45
          Smedvig Speculative FPSO Vessel      45
3.     Systems Recently Installed     46
          Schiehallion FPSO Vessel (North Atlantic)     46
          P-31 FPSO and P-19 Semi (Brazil)     46
          Foinaven FPSO Vessel (North Sea)     46
          Curlew FPSO Vessel (North Sea)     46
          Durward/Dauntless FPSO Vessel (North Sea)     47
          Tchatampa FSO Vessel (Gabon)     47
          Lu Feng FPSO Vessel (China)     47
4.     Older Systems     47
          Griffin Venture FPSO Vessel (Australia)     48
          Veslefrikk B Production Semi (North Sea)     48
          Seillean SWOPS Vessel (North Sea)     48
          San Jacinto Production Barge (Indonesia)     48
          Albacora P-24 Production Semi (Brazil)     49
V.     TECHNOLOGY AND COMPANIES

1.     Multi-Phase Pump     51
2.     Subsea Problems     51
3.     Steel Fracturing in FPSO Vessels     51
4.     Trend Toward Industry Consolidation     52
5.     Chevron/Aker/Saipem Deepwater Alliance     52
6.     DeepTech Merger with El Paso     52
7.     Reorganization of Shell Offshore     53
8.     Transcoastal's New Yard     53