w h o  h ave a n i n t eres t i n O cea n eeri n g by  d isc u ssi n g so m e as p ec t of  t h e  p h iloso p h ical  t e n e t s  n ee d e d t o work  h ere.  T ea m s c u t  a cross orga n iza t io n  li n es a n d t h e  p eo p le i n T ea m s  h el p e ac h  o t h er ac h ieve s p ecific a n d  q u a n t ifiable res u l t s.  I f y o u  e n joy bei n g  p ar t  of a s u ccessf u l  T ea m , O cea n eeri n g  is a f u n p lace  t o work. “ T helof t ies tt owe r s  r isef r om  t heg r ound.” C h i n ese P ro ve rb O u r e mp loyee co u n t  is  n ow aro u n d  4,800.  O u r abili t y  t o co mm u n ica t e wi t h  eac h  o t h er, bo t h t h ro u g h i mp rove d t ec h n ologies a n d be tt er social  p rocesses, is grea t er  t h a n  a t  a n y  t i m e i n t h e  p as t .  O u r  u n d ers t a n d i n g of w h a t  o u r  C u s t o m ers  n ee d  a n d  ex p ec t  is kee n er a n d m ore s h ar p ly foc u se d t h a n  ever before.  O u r obsessio n wi t h ac h ieve m e n t h as reac h e d p assio n a t e levels a n d eac h d ay o u r abili t y  t o  d eliver sol u t io n s is f u ele d  by a crea t ive  p rocess  u n m a t c h e d i n t h e  m u n d a n e worl d of “ d ay- t o- d ay.”  A n d  bes t  of all, as we  h ave grow n  a n d p ros p ere d , we  h ave  n o t  b u r d e n e d  o u rselves wi t h t h e  t ra pp i n gs of b u rea u cracy. O cea n eeri n g f u n c t io n s be tt er  t o d ay  t h a n a t  a n y  t i m e i n t h e  p as t  beca u se every si n gle  p erso n  i n o u r  C o mp a n y works s m ar t , works  d ilige n t ly a n d works  t oge t h er  t o  d eliver a q u ali t y  p ro d u c t a n d service – i n t h e safes t m a nn er  p ossible.  I n  a wor d  we are a “ T EA M …” T h e  O cea n eeri n g  p h iloso p h y is  n o t t o es p o u se t h e wor d  Fa m ily - ra t h er we  u se  t h e  t er m T ea m . Yo u h ear a lo t  abo u t  co mp a n y fa m ilies (a n d p robably  m ore abo u t t ea m s…) ye t I  believe  t h e  d iffere n ce is clear. A fa m ily  t eac h es f u n d a m e n t al val u es s u c h as love,  co mm i t m e n t ,  h o n es t y,  t r u s t , i n t egri t y, a n d m ore. A fa m ily  h as a  t o t al a n d u n co n d i t io n al bo n d (eve n d u ri n g  t h e i n evi t able  t i m es of  d isagree m e n t ). A  t ea m h as a n e n t irely  d iffere n t m issio n . A  t ea m e m bo d ies p eo p le wi t h  co mp li m e n t ary skills req u ire d t o ac h ieve a n objec t ive.  T h e Peo p le co m e wi t h “fa m ily val u es” a n d i t is  t h e  T ea m s  t h ey for m w h ic h s h a p e o u r “ C o mp a n y  C u l t u re.”  I n t eres t i n gly, a  t ea m objec t ive ca n  be e n ergize d  w h e n  we fer t ilize i n d ivi d u al crea t ivi t y a n d  e n visio n  a wor d  like “ m issio n ” or “visio n ” as o u r objec t ive ra t h er  t h a n a  m ere wor d like “goal” or “b u d ge t .” As o u r se n ses eleva t e, o u r abili t y  t o beco m e a  p ar t  of  t h e  T ea m  a n d t h e ac h ieve m e n t  of  t h e  T ea m objec t ive  t akes o n  a co mp re h e n sive  n ew  m ea n i n g. A t O cea n eeri n g we  u se  T ea m s for al m os t  all o u r ac t ivi t ies - ac t u ally,  T ea m s co m e a n d go, as we  n ee d t h e m . I n closi n g,  I wa n t t o  t h a n k all o u r co n s t i t u e n t s for t h eir role i n o u r s u ccess; o u r S h are h ol d ers for  t h eir willi n g n ess  t o i n ves t t h eir for t u n es alo n g wi t h u s; o u r  C u s t o m ers for  t h eir willi n g n ess  t o give  u s a c h a n ce; o u r  Ve n d ors for  t h eir willi n g n ess  t o  h el p u s  solve  C u s t o m er  N ee d s  a n d es p ecially  o u r E mp loy ees for  t h eir  u n iq u e abili t ies  t o u n d ers t a n d t h e  C u s t o m er  N ic h es we serve a n d t h eir crea t ivi t y i n  se tt i n g  u p t h e a pp ro p r ia t e  p rocesses  t o bri n g  s u ccess  t o e v eryo n e i n volve d .  W e are very  p ro u d o f  h ow far we  h ave co m e a n d m os t a n xio u s  t o co n t i n u e o u r  s u ccessf u l j o u r n ey.  W e e n t er  t h is n ew “Lo n g  R u n ” wi t h  grea t  cer t ai n t y of a very  “ H ig h Lea p ”  t o a  n ew level  of f u t u re s u ccess…  T h a n k yo u . Jo h n  R.  H u f C h air m a n  a n d C h ief  Exec u t ive  O fficer O ceanee r ing  I n t e r na t ional P a ge  3 2003AnnualRepo r t