2. 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 18 th Annual Floating Production Systems Conference and Exhibition December 1, 2001

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

4. 154 Floating Production Systems Now Available International Maritime Associates, Inc. - 3 - www.imastudies.com 15 Tension Leg Platforms 38 Production Semis 92 FPSO Vessels 9 Production Spars

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

6. Geographic Distribution of Production Floaters Now Operating International Maritime Associates, Inc. - 5 - www.imastudies.com FPSOsSemis SparsTLPs

7. 30 Year Growth in Number of Floaters Has Been Impressive International Maritime Associates, Inc. - 6 - www.imastudies.com

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

9. Area % of InstallationsType Northern Europe26%19 FPSOs, 7 semis Gulf of Mexico19%9 TLPs, 9 spars, 1 semi West Africa18%17 FPSOs, 1 semi Brazil17%11 FPSOs, 6 semis Asia/Pacific16%15 FPSOs, 1 TLP Other5%5 FPSOs International Maritime Associates, Inc. - 8 - www.imastudies.com Production Floater Installations Over Past 7 Years

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

11. 37 Floating Production Systems and 5 Storage Systems are on Order (as of November 2003) International Maritime Associates, Inc. - 10 - www.imastudies.com 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

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

13. Where to be Installed % of Orders Type West Africa32%10 FPSOs, 2 well-TLPs Gulf of Mexico22%2 TLPs, 2 semis, 4 spars Asia/Pacific22%8 FPSOs Brazil16%6 FPSOs Northern Europe3%1 semi Other5%2 FPSO International Maritime Associates, Inc. - 12 - www.imastudies.com Production Floaters Now on Order (as of November 2003)

14. 6 Year Trend in Orders for Floating Production Systems (average order intake per month) International Maritime Associates, Inc. - 13 - www.imastudies.com

15. 87 Floating Production Systems are Planned or Under Study (as of November 2003) International Maritime Associates, Inc. - 14 - www.imastudies.com

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

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

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

19. Some Longer Term Projects... International Maritime Associates, Inc. - 18 - www.imastudies.com 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

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

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

22. Long Term Oil and Gas Demand International Maritime Associates, Inc. - 21 - www.imastudies.com 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

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

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

25. This Forecast Would Produce Orders for 62 to 89 FPUs Between 2003-2008 International Maritime Associates, Inc. - 24 - www.imastudies.com 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