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Rising Oil, Gas Demand Spur Deepwater Activities

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The rise in crude prices past $100 per barrel coupled with a jump in natural gas prices in the first quarter of 2008 has pumped up interest in the offshore petroleum sector. In the United States, capital spending is expected to increase by about three percent to around $80 billion. oil and gas companies are investing record amounts to develop new technology to enhance exploration and production in the Gulf of Mexico and international regions. Granherne Inc. (Houston), a subsidiary of the global engineering group KBR (Houston), secured a three-year contract to provide technical support for design of the hull for the fields' early production system, FPSO and laterphase full field development in about 8,530 feet of water.

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