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FOR IMMEDIATE RELEASE

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

OTC to present Distinguished Achievement Award for Individuals to Bruce G. Collipp

RICHARDSON, Texas, U.S.A. (4 March 2002) - Bruce G. Collipp, a pioneer in developing the first semisubmersible floating platform, will receive the Distinguished Achievement Award for Individuals at the 2002 Offshore Technology Conference (OTC).

Collipp, who enjoyed a 33-year career with Shell Oil Co., will be presented the award at the 2002 OTC Awards Luncheon, scheduled for 12:15 p.m. Tuesday, 7 May, at Reliant Center in Reliant Park in Houston. Each year, OTC recognizes outstanding work and service in the industry by honoring an individual and an organization, institutions, or company at the OTC Awards Luncheon. The 34th OTC is scheduled for 6-9 May.

Collipp put his training in naval architecture to good use in more than three decades with Shell, where he and his colleagues developed a reputation for leadership in offshore technology. He teamed with Ronald Geer and Douwe DeVries to create semisubmersible drilling technology. Their work on Bluewater I in the 1950s and 1960s paved the way for the creation of a new generation of mobile drilling vessels capable of operating in deeper waters.

Designed to float and remain nearly motionless in the severest weather, semisubmersibles have allowed for exploration and drilling in deep water in the harshest ocean environments.

Collip has previously received the American Society of Mechanical Engineers' Holley Medal, the Society of Naval Architects and Marine Engineers' Blakely Smith Medal, and the National Academy of Science's Gibbs Medal.

A member of the National Academy of Engineers, Collipp has a BS degree in marine transportation and an MS degree in naval architecture and marine engineering from the Massachusetts Institute of Technology.

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.

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