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## 2004 OU T L OO 

Ear n i n gs are ex p ec t e d t o i n crease t o $1.55 - $1.65 p er s h are p re d ica t e d o n i mp rovi n g d e m a n d for o u r s u bsea p ro d u c t s a n d a co n t i n u a t io n  of c u rre n t m arke t  co n d i t io n s or si m ilar d e m a n d t re n d s for o u r o t h er b u si n ess seg m e n t s. T h is i n cl u d es t h e p rojec t e d fi n a n cial be n efi t s of o u r a nn o u n ce d 2004 u m bilical m a n u fac t u ri n g ca p aci t y ex p a n sio n , o u r rece n t ly 

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Perfor m a n ce of t h ese o p era t io n s is ex p ec t e d t o be co mp arable i n  lig h t  of t h e p ersis e n ce of very co mp e t i ive m arke t co d i t io n s i n t h e G u lf of M exico for o u r vessel-base d services a n d m a nn e d d ivi n g o p era t io n s. 

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Profi t abili t y is ex p ec t e d t o co n t i n u e t o rise as we m ark t t ec h ically a d va n ce d i n s p ec t io n ca p abili t ies t o o u r p reexis i g C u s t o m er base a n d realize a d d i t io n al cos t co n soli d a t io n  be n efi t s . 

acq u ire d ow n ers h i p p ar t ici p a t io n i n t h e M e d u sa S p ar, a n d t h e acq u isi t io n i n Febr u ary 2004 of S t ol t O ffs h ore’s d rill s u pp or t R O V flee t . 

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W e are ex p ec t i n g a n o t h er goo d year ge n erally for all of o u r services. F u r t h er m ore, we are aggressively p rs u i n g n ew co n t rac t  o pp or t u n i t ies rela t e d t o co mm ercial a n d  gover m e n t co mp u er si m u la t io a pp lica t io s, a dd i t io n al vessel rela t e d  work for t h e N avy, a d N ASA p rogra m s associa e d wi t h t h e re t u r n t o flig h t  of t h e s p ace s h u tt les. 

