FOR IMMEDIATE RELEASE

CONTACT: KEVIN MCPHERSON (+1-972-952-9371, e-mail kmcpherson@otcnet.org)

OTC 2002-DEEP INTO THE FUTURE

RICHARDSON, TX, U.S.A. (8 February 2002)- The latest technologies and innovations in the industry bring worldwide participants to explore "Deep Into the Future" of the offshore industry at the most important oil and gas event of the year-the 34th Offshore Technology Conference (OTC).

The four-day event, 6-9 May 2002, will bring more than 45,000 oil and gas industry professionals to the city of Houston. OTC 2002: Deep Into the Future signifies the journey that the industry has made over the past decade, and at the same time, the forward progression of technology, the management of people, and work efficiency.

"After this year's recent tragedies and economic downturn, the strength and tradition extended by OTC will become even more important," said Charlie Richards, OTC 2002 Chairman. "The gathering of worldwide companies and professionals at OTC will again prove to be the crux of the newest leading technologies and innovations."

OTC 2002 promises to deliver four days of the latest technologies in the global offshore industry. The more than 365,000 net square feet of exhibit space will tout state-of-the-art technology available to the industry. Running concurrently with the exhibition are technical sessions that detail new practices available to engineers in the offshore field.

Attendees can expect more than 49 technical sessions that include 285 technical papers. Other presentations include eight Topical Luncheons and two General Sessions, "What is the Future Model for Offshore Project Execution?" and "Offshore Gas Development: A Critical Factor in Global Energy Markets," featuring some of the most notable names in the industry. Three Industry Breakfasts are scheduled for Tuesday through Thursday.

On Tuesday, attendees will gather in the ballroom for the annual OTC Awards Luncheon. This year's luncheon recognizes Bruce G. Collipp, Shell Oil Company and ExxonMobil Development Company's Hoover Diana Project.

Founded in 1969, the Offshore Technology Conference is the world's foremost event for the development of offshore resources in the fields of drilling, exploration, production and environmental protection. OTC is held annually in May at Reliant Center at Reliant Park in Houston. For more information, visit the OTC 2002 Web site at www.OTCnet.org.

###