S u mm a r y Res u l t s for 2003 agai n d e m o n s t ra t e d  o u r abili t y  t o ge n era t e goo d  ear n i n gs i n p erio d s of lackl u s t er m arke t  co n d i t io n s. W e co n t i n u e d t o  h ave a  p osi t ive  p rofi t  co n t rib u t i o n  fro m  all of o u r o p era t i n g b u si n ess seg m e n t s a n d t h is s p eaks well for o u r  n ic h e  m arke t s s t ra t egy. T h is s t ra t egy is  t o  p rovi d e t ec h n ical  p ro d u c t s a n d  services  n ee d e d  i n  all  p h ases of a n  offs h ore fiel d ’s life cycle, wi t h  a foc u s o n t h ose req u ire d t o s u pp or t t h e ex p loi t a t io n  of  d ee p wa t er reserves a n d t h e u se of s u bsea co mp le t io n s. O u r 2003 ca p i t al ex p a n sio n i n i t ia t ives  h ave sig n ifica n t ly i n crease d O cea n eeri n g’s asse t base a n d ear n i n gs  p ower. W e like o u r co mp e t i t ive  p osi t io n . I t  is o u r belief  t h a t O cea n eeri n g will be able  t o co n t i n u e  t o be a m o n g  t h e  t o p  i n d u s t ry fi n a n cial-re t u r n p erfor m ers i n t h e years a h ea d . 2003AnnualRepo r t O ceanee r ing  I n t e r na t ional P a ge  1 5