D u ri n g  t h e year we co mp le t e d or i n i t ia t e d seve n a c q u isi t io n s a n d m ajor  ca p i t al i n ves t m e n t s  t o  p osi t io n O cea n eeri n g for f u t u re  grow t h a n d i n crease d p rofi t abili t y. T h ey will ex p a n d  a n d  a u g m e n t  o u r exis t i n g o p e r a t io n s a n d , for  t h e  m os t p ar t , i n crease  t h e  C o mp a n y’s offs h ore oil fiel d  i n d u s t ry ex p os u re  t o  d ee p wa t er; s u bsea co mp le t io n s;  m obile offs h ore  p ro d u c t io n  sys t e m s; a n d  i n fras t r u c t u re i n s p ec t io n .  T h e  t o t al ex p e n d i t u re associa t e d wi t h t h ese s t ra t egic , ca p i t al i n i t ia t ives is  a pp roxi m a t ely $185  m illio n , or  m ore  t h a n 50 % of  t h e  book val u e of o u r  n e t lo n g- t er m  asse t s a t t h e begi nn i n g of  t h is year. A c h ro n olog y  of  t h e acq u isi t io n s a n d ca p i t al i n ves t m e n t s follows. O ceanee r ing  I n t e r na t ional P a ge  7 2003AnnualRepo r t