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Overview of the Floating Production Sector

Overview of the Floating Production Sector. International Maritime Associates, Inc. — Washington, DC, USA — Tel: 202-333-8501 Fax: 202-333-8504 — E-mail: imaassoc@msn.com — Website: www.imastudies.com. Presentation by James McCaul at the

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Overview of the Floating Production Sector

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  1. Overview of theFloating Production Sector International Maritime Associates, Inc. — Washington, DC, USA — Tel: 202-333-8501 Fax: 202-333-8504 — E-mail: imaassoc@msn.com — Website: www.imastudies.com Presentation by James McCaul at the 18th Annual Floating Production SystemsConference and Exhibition December 1, 2001

  2. The Presentation Will . . . • Profile the current inventory of floaters • Characterize the current order backlog • Identify potential new floater projects • Describe the longer term outlook for new floaters International Maritime Associates, Inc. - 2 - www.imastudies.com

  3. 154 Floating Production SystemsNow Available • 15 Tension Leg Platforms • 38 Production Semis • 92 FPSO Vessels • 9 Production Spars International Maritime Associates, Inc. - 3 - www.imastudies.com

  4. Where Floating Production SystemsAre Now Operating International Maritime Associates, Inc. - 4 - www.imastudies.com

  5. Geographic Distribution ofProduction Floaters Now Operating FPSOs Semis International Maritime Associates, Inc. - 5 - www.imastudies.com TLPs Spars

  6. 30 Year Growth in Number of FloatersHas Been Impressive International Maritime Associates, Inc. - 6 - www.imastudies.com

  7. Over the Past 7 Years 101 Floating Production, 30 Storage Systems Have Been Installed - - - - - Where Installed - - - - - International Maritime Associates, Inc. - 7 - www.imastudies.com

  8. Production Floater InstallationsOver Past 7 Years International Maritime Associates, Inc. - 8 - www.imastudies.com

  9. Almost 11 MB/D Oil Processing Capacity Now On Floating Production Systems International Maritime Associates, Inc. - 9 - www.imastudies.com

  10. 37 Floating Production Systems and5 Storage Systems are on Order(as of November 2003) • 4 TLPs — 2 mini, 2 wellhead • 25 FPSO Vessels — 12 new, 11 conversions, 2 upgrades • 4 Production Semis — all new • 4 Production Spars — all new • 5 FSOs — 1 new, 4 conversions International Maritime Associates, Inc. - 10 - www.imastudies.com

  11. Where Floating Production and Storage Systems on Order are to be Installed International Maritime Associates, Inc. - 11 - www.imastudies.com

  12. Production Floaters Now on Order(as of November 2003) International Maritime Associates, Inc. - 12 - www.imastudies.com

  13. 6 Year Trend in Orders forFloating Production Systems(average order intake per month) International Maritime Associates, Inc. - 13 - www.imastudies.com

  14. 87 Floating Production Systems are Planned or Under Study(as of November 2003) International Maritime Associates, Inc. - 14 - www.imastudies.com

  15. Projects in the Biddingor Final Design Stage(as of November 2003) International Maritime Associates, Inc. - 15 - www.imastudies.com

  16. Some Near Term Projects . . . • Roncador P-54 • Marlim Leste • Tahiti • Merganser/Vortex • Peng Lai 2 • Akpo • Agbami • Kizomba C/D • Block G • Usan/Ukot International Maritime Associates, Inc. - 16 - www.imastudies.com

  17. Projects Planned or Under Study(as of November 2003) International Maritime Associates, Inc. - 17 - www.imastudies.com

  18. Some Longer Term Projects . . . • Southern Alaminos Canyon — FPSO/shuttle tanker or production semi/pipeline? • Block 31 Angola — large FPSO • Bonga Southwest — large FPSO, maybe joint development with Aparo • Marlim Sul/Roncador — 3 or 4 additional large FPSOs or semis • Gehem/Ranggas — TLP/production barge combo, like West Seno International Maritime Associates, Inc. - 18 - www.imastudies.com

  19. The Long Term Outlook for Floater Orders is Very Favorable International Maritime Associates, Inc. - 19 - www.imastudies.com

  20. Trend in World Oil andGas Consumption International Maritime Associates, Inc. - 20 - www.imastudies.com

  21. Long Term Oil and Gas Demand • IEA expects global energy demand to increase at a rate of 1.7% per year over next 30 years • Oil and natural gas to supply 90% of the increased demand • Oil consumption is expected to rise at an annual rate of 1.6% • Gas consumption is expected to double by 2030 International Maritime Associates, Inc. - 21 - www.imastudies.com

  22. Futures Price of Crude($ per bbl) International Maritime Associates, Inc. - 22 - www.imastudies.com

  23. Our February 2003 Forecast of Requirements for Floating Production Units International Maritime Associates, Inc. - 23 - www.imastudies.com

  24. This Forecast Would Produce Orders for 62 to 89 FPUs Between 2003-2008 • Composition of orders is expected to be - 60% FPSOs - 30% spars or TLPs - 10% production semis • These orders would generate $22 to 31 billion capex • In February 2004 we will revisit this forecast and extend the forecast period from 2004 to 2009 International Maritime Associates, Inc. - 24 - www.imastudies.com

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