2. The Deepwater Gulf of Mexico 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 to Intsok Partners March 4, 2002

3. 15 Floating Production Systems Now Producing in the Gulf of Mexico International Maritime Associates, Inc. - 2 - Washington, DC

4. Characteristics of Floating Production Systems Now Producing in the Gulf of Mexico International Maritime Associates, Inc. - 3 - Washington, DC

5. 12 Floating Production Systems on Order for Installation in the Gulf of Mexico International Maritime Associates, Inc. - 4 - Washington, DC

6. Characteristics of Floating Production Systems on Order for the Gulf of Mexico International Maritime Associates, Inc. - 5 - Washington, DC

7. Number of Exploratory Deepwater Wells Drilled Annually Has Been Increasing International Maritime Associates, Inc. - 6 - Washington, DC

8. Water Depth of Deepwater Exploratory Wells in the Gulf of Mexico Has Been Increasing (average water depth in feet) International Maritime Associates, Inc. - 7 - Washington, DC

9. 5 Field Operators Account for 61 Percent of Exploratory Wells in the Deepwater Gulf of Mexico Over the Past Ten Years International Maritime Associates, Inc. - 8 - Washington, DC 479 of the 786 wells drilled

10. More Than 3,600 Non-Producing Deepwater Leases in the Gulf of Mexico (only leases in more than 1,000’ water depth) International Maritime Associates, Inc. - 9 - Washington, DC

11. Where Deepwater Exploratory Drilling is Planned (drill plans filed since January 2000) International Maritime Associates, Inc. - 10 - Washington, DC

12. Where Individual Companies Plan to Drill (drill plans filed since January 2000) International Maritime Associates, Inc. - 11 - Washington, DC

13. Eleven Deepwater Prospects With Near Term Development Potential International Maritime Associates, Inc. - 12 - Washington, DC

14. Front Runner International Maritime Associates, Inc. - 13 - Washington, DC

15. Front Runner Green Canyon block 338, water depth 3300 feet Murphy Oil is the field operator 11 wells drilled to date, reserves estimated at 120 to 150 million boe Production spar similar to Medusa to be placed on the field McDermott selected to supply entire production system under turnkey contract, but agreement not yet finalized First oil planned for late 2003/early 2004 International Maritime Associates, Inc. - 14 - Washington, DC

16. Magnolia International Maritime Associates, Inc. - 15 - Washington, DC

17. Magnolia Garden Banks block 783, water depth 4670 feet Conoco is the field operator 9 wells drilled, reserves estimated at 150 million boe Mini-TLP to be placed on the field, which will be the deepest application yet of a TLP Design contracts awarded (ABB-hull, Alliance- topsides), hardware contracts likely this fall First oil planned September 2004 International Maritime Associates, Inc. - 16 - Washington, DC

18. Llano International Maritime Associates, Inc. - 17 - Washington, DC

19. Llano Garden Banks block 385/386, water depth 2600 feet Amerada Hess is the field operator — after taking over from EEX 14 wells drilled since 1997, reserves estimated at 125 million boe Subsea tieback seems to be the leading possibility, probably a 30 km tieback to Baldpate But spar or mini-TLP could be chosen, with export via the old Cooper pipelines a possibility Engineering out to bid in about 1 month, hardware ITTs could be in the 3 rd or 4 th quarter First oil likely early 2004 International Maritime Associates, Inc. - 18 - Washington, DC

20. Aspen International Maritime Associates, Inc. - 19 - Washington, DC

21. Aspen Green Canyon block 243, water depth 3150 feet BP is the field operator, Nexen now a 60% owner 5 wells drilled to date, reserves estimated at 40 to 70 million boe — but 150 million boe possible 2 wells to be tied back to Bullwinkle as initial production system Nexen to pay initial production system capex ($194 million) McDermott may be negotiating with BP for the installation contract First production planned by year end International Maritime Associates, Inc. - 20 - Washington, DC

22. Hornet International Maritime Associates, Inc. - 21 - Washington, DC

23. Hornet Green Canyon block 379, water depth 3700 feet Kerr McGee is the field operator Reserves in December set at 75 to 100 million boe, but 3 wells drilled since have lowered expectations Could be a leased standalone production unit (if so, spar likely) or subsea tieback KMG talking with Williams about a leasing deal for the production unit Hardware contracts could be as early as next year, provided engineering begins in the near future First oil possible in early 2004 International Maritime Associates, Inc. - 22 - Washington, DC

24. Falcon International Maritime Associates, Inc. - 23 - Washington, DC

25. Falcon East Breaks block 579, water depth 3400 feet Mariner Energy is the field operator 4 wells drilled to date This will be a subsea development tied back to a newly installed fixed platform 52 km distant 2 wells initially, maybe 2 more later Some awards have been made, some are pending First production in early 2003 International Maritime Associates, Inc. - 24 - Washington, DC

26. Ozona Deep International Maritime Associates, Inc. - 25 - Washington, DC

27. Ozona Deep Garden Banks block 515, water depth 3300 feet Marathon is the field operator 3 wells drilled to date — 1 st and 2 nd abandoned, the 3 rd considered a discovery Will be a subsea tieback, probably to Auger, provided Marathon and Shell can come to terms Hardware contracts likely 4Q 2002 or 1Q 2003 First production could be in 2004 International Maritime Associates, Inc. - 26 - Washington, DC

28. Boris International Maritime Associates, Inc. - 27 - Washington, DC

29. Boris Green Canyon block 282, water depth 2385 feet BHP is the field operator Single well spudded/sidetracked 5 times during past six months Likely to be developed as a subsea tieback to Typhoon, engineering design underway LOIs for subsea facilities understood to have been issued First production in 2003 International Maritime Associates, Inc. - 28 - Washington, DC

30. Kate International Maritime Associates, Inc. - 29 - Washington, DC

31. Kate International Maritime Associates, Inc. - 30 - Washington, DC Green Canyon block 730 near Holstein, in water depth of 4460 feet Conoco the field operator, Norsk Hydro a partner 3 wells on Kate since November, prospect believed significant, in line for development after Magnolia Likely to require a mini-TLP or spar — possibly a repeat of the unit planned for Magnolia Hardware contracts in late 2003/early 2004, but likely earlier if prospect looks real good First oil now planned for 2006

32. Champlain International Maritime Associates, Inc. - 31 - Washington, DC

33. Champlain International Maritime Associates, Inc. - 32 - Washington, DC Atwater Valley block 63 near Ursa, water depth 4400 feet ChevronTexaco the field operator, Agip joint owner Drilled or sidetracked 6 times over past two years, considered to have significant potential Spar or mini-TLP the most likely production solution Hardware contracts could be placed by year end First oil planned for 2004

34. Hawkes International Maritime Associates, Inc. - 33 - Washington, DC

35. Hawkes Mississippi Canyon 509 near Thunder Horse, water depth 4175 feet ExxonMobil the field operator and sole owner Exploratory drilling late last year appears to have dampened EMDC enthusiasm — and FEED contract suspended pending further appraisal Spar similar to Hoover/Diana the likely production solution, assuming project go-ahead Hardware contracts could be early to mid-2003, assuming FEED work soon restarted First oil in late 2004/early 2005 International Maritime Associates, Inc. - 34 - Washington, DC

36. Ultra-Deepwater Prospect Update International Maritime Associates, Inc. - 35 - Washington, DC

37. Ultra-Deepwater Prospect Update In November we described ten prospects in water depth beyond 5,000 feet that appear to have high near term development potential Some of these projects have heated up, some have cooled off over the past several months And a few new ultra-deepwater prospects have emerged — all in Walker Ridge International Maritime Associates, Inc. - 36 - Washington, DC

38. Heating Up Trident Unocal stated in January that an FPSO is among the production solutions being considered for Trident Meanwhile, MMS has approved use of FPSOs in the central and western GOM International Maritime Associates, Inc. - 37 - Washington, DC

39. Cooling Off South Titan Prospect not found commercially viable Red Hawk Our understanding is Kerr McGee is a bit disappointed with the appraisal results and reserves may be less than originally thought International Maritime Associates, Inc. - 38 - Washington, DC

40. Cooling Off White Ash Exploratory well drilled last Fall has been permanently abandoned Kama First exploration well on this prospect has been permanently abandoned International Maritime Associates, Inc. - 39 - Washington, DC

41. New Prospects Merganser Kerr McGee is the field operator. Ocean Energy is a 50% partner Located in Atwater Valley block 36, water depth 7800 feet Appraisal results indicate field commercially viable Operator has said a production unit on the site could serve as a hub for the Atwater Valley area Given KMG’s preference, a production spar (leased) would be the likely choice International Maritime Associates, Inc. - 40 - Washington, DC

42. New Prospects Flathead (new) Marathon prospect on Walker Ridge 30, water depth 6600 feet Exploratory well drilled, results being studied Cascade (new) BHP prospect on Walker Ridge 206, water depth 8140 feet First well spudded in early February International Maritime Associates, Inc. - 41 - Washington, DC

43. New Prospects Spa (new) Conoco prospect on Walker Ridge 285, water depth 6650 feet First well spudded in February International Maritime Associates, Inc. - 42 - Washington, DC