Abstract: A floating/tensioned production system for use in deepwater drilling and production operations generally combining a relatively small tension leg platform with a semisubmersible platform. The semisubmersible platform is provided with a working deck supported above the water surface so that an air gap exists between the working deck and the water surface. The tension leg platform provides a heave-restrained production deck for near-surface wellhead equipment. The production deck is supported above the drill site but beneath the water surface by buoyancy members and held in place by one or more tethers. Most other drilling and production equipment is located on the semisubmersible working deck. A caisson, surrounding the production deck, is used to provide a substantially dry working area. In one embodiment, the caisson is retractably attached to the production deck.