M a r c h A nn o u n ce d t h a t  we wo u l d  acq u ire s t eel  t u be  u m bilical  m a n u fac t u ri n g  e q u i pm e n t t o q u a d r u p le o u r s t eel  t u be  u m bilical ca p aci t y a n d t h a t  o u r  U .S. base d m a n u fac t u ri n g o p era t io n s wo u l d  be reloca t e d t o a larger facili t y. T o t al es t i m a t e d  ca p i t al cos t  is $35  t o $40  m illio n . T h e eq u i pm e n t  for o u r exis t i n g Brazil  p la n t  is a n t ici p a t e d t o be o p era t io n al i n t h e seco n d  q u ar t er of 2004. T h e eq u i pm e n t  for o u r  n ew  U .S. facili t y,  t o be loca t e d  i n  P a n a m a  C i t y, Flori d a, s h o u l d be  p ro d u ci n g  p ro d u c t d u ri n g  t h e fo u r t h  q u ar t er of 2004.  T h e Flori d a  facili t y  h as  d irec t  loa d  o u t ca p abili t y  t o 32 f t . of wa t er, a 300- t o n d ocksi d e boo m  cra n e, a n d  will h ave  n early 200,000 sq. f t . of  p la n t  s p ace af t er  m o d ifica t io n . W i t h t h e reloca t io n a n d ex p a n sio n of o u r  U .S. facili t y a n d t h e a d d i t io n of a large  p la n e t ary  cabler i n Brazil, we will be  p osi t io n e d t o be  t h e i n d u s t ry  lea d er i n ca p abili t y a n d ca p aci t y  t o s u pp ly s p ecial t y, b u il t - t o-or d er  t h er m o p las t ic a n d s t eel  t u be  u m bilicals for  offs h ore oil a n d  gas i n s t alla t io n s aro u n d t h e worl d . 2003AnnualRepo r t O ceanee r ing  I n t e r na t ional P a ge  9 Illustration of Florida Facility Following Modifications Illustration of Multiflex Planetary Cabling Machine Below:  Multiflex Deepwater Facility - Florida