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W hile April 2011 is our traditional Offshore Annual, it is not fitting to start this space without discussing the massive earthquake and resulting tsunami which has wreaked havoc and inflicted a tremendous loss of life, property and created a looming nuclear disaster in Japan last month. I, like many of you, watched in disbelief and awe at the sheer power of

Mother Nature, and while it is indeed a tragedy, to me it high- lights more than ever the critical work that you do every day in the subsea sector, work that greatly enhances the world’s knowledge of the portion of the earth’s surface that we cannot see, helping to better understand and predict these events in the future.

As this is the “offshore” edition, I think you will find a more buoyant mood in the sector if you plan to attend the Offshore Technology Conference in Houston next month. $100+ per barrel of oil seems tends to make the offshore industry swoon (and the consumer curse!)

The strong market has been lifted further by a quick string of deepwater permit approvals from the Bureau of Ocean Energy Management, a move applauded by the industry as the

Gulf of Mexico gets back to the business of drilling for oil and gas in the wake of last year’s

Deepwater Horizon blow out and oil spill. A report on page 8 from IMA Associates offers a particularly bullish outlook for the Floating Production Systems, estimating an additional 120 to 175 units in the coming five years, dominated by activity to and from Brazil.

In the past few months I’ve had the opportunity to visit with two vastly different compa- nies with business in the subsea sector: Polarcus in its Dubai headquarters, and Graham

Hawkes in his workshop just across the bay from San Francisco. The latter, Hawkes, is sure- ly a familiar name to most of you, as he has made a career of pushing commonly accepted boundaries with his underwater flying vehicles. Late last year Hawkes signaled his intention to re-enter the commercial space via Hawkes Remotes, designing and building a new family of ROVs designed to swim at full ocean depth. This story starts on page 28.

The latter, Polarcus, is a new name to the industry, just three years old but maturing fast.

Executive Vice President Peter Zickerman explains how his company has invested nearly $1.4 billion in a fleet of state-of-the-art seismic survey vessels, outfitted and sized to meet most any need, to capture a significant portion of this business going forward.

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