Abstract: This invention is directed to a novel method and apparatus for constructing artificial islands in relatively shallow bodies of water such as lakes, seas and oceans for use in drilling oil and gas wells and installing storage and production platforms. The method of building an artificial island in a Water-bound area comprises converting a conventionally designed oil tanker, oil/bulk/ore, or oil/ore (O, O/B/O, O/O) hull so that it can be partially submerged by liquid or solid ballast; transporting the hull to the water-bound area where the artificial island is to be created; and partially submerging the hull with liquid or solid ballast so that the bottom of the hull is founded on the bottom of the water body, while a portion of the hull remains above the water level.