The Deepwater Gulf of Mexico

1. IMA The Deepwater Gulf of Mexico Presentation to Intsok Partners March 4, 2002 International Maritime Associates, Inc. — Washington, DC, USA — Tel: 202-333-8501 Fax: 202-333-8504 — E-mail: imaassoc@msn.com — Website: www.imastudies.com

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

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

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

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

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

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

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

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

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

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

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

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

14. 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

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

16. 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

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

18. 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 3rd or 4th quarter • First oil likely early 2004 International Maritime Associates, Inc. - 18 - Washington, DC

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

20. 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

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

22. 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

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

24. 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

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

26. Ozona Deep • Garden Banks block 515, water depth 3300 feet • Marathon is the field operator • 3 wells drilled to date — 1st and 2nd abandoned, the 3rd 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

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

28. 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

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

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

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

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

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

34. 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

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

36. 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

37. 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

38. 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

39. 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

40. 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

41. 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

42. 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