Emergence of the deepwater market from the downturn is accelerating. Oil inventory has been brought to below seasonal average, crude is trading in the high $60s, deepwater E&D has been rebounding and the number of deepwater projects lined up for investment commitment in 2021/22 is growing. As detailed in our May report, 23 deepwater projects with an aggregate EPC contract value of $35 to $40 billion look likely proceed to development by end next year. This is a much higher near-term ordering pace than anticipated in our five-year forecast made six months ago. In industry news, Petrobras in May contracted for a $2.3 billion FPSO to use in the Santos Basin, with a second similar order soon to follow. All is discussed in the May WER report. Also in the data section of the report are details for 203 floater projects in the planning stage, 45 production or storage floaters now on order, 307 floating production units currently in service and 44 production floaters available for redeployment contracts. Charts in the report update the location where floating production and storage systems are being planned, operating and under construction. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 25 May.