The past six years have been difficult for companies in the deepwater supply chain. Business conditions had just about recovered from the 2016 collapse in oil prices when the Covid virus sent the global energy market into a tailspin. Oil and gas prices collapsed again in 2020 as global economic activity came to a stall. Field operators cut E&P budgets to conserve cash. New projects were deferred. Orders for floating production systems dried up. Cost overruns and delays popped up along the entire supply chain. Many companies in the deepwater sector were forced to cut personnel -- some were forced out of business. But as we describe in our 2022 Annual Review and Forecast, the business environment in the deepwater sector is much different now than 12 months ago. There has been a strong recovery over the past year. Orders for production floaters have returned to a historic pace, and a large backlog of deepwater projects in the near-term planning queue has developed. In our annual report, we detail why we see the deepwater sector in 2022 entering a period of sustained strength.