Page 9: of Maritime Reporter Magazine (April 1996)

Tenneco Plans To Spin Off

NNS

On March 21, Tenneco Chairman and CEO Dana G. Mead an- nounced that the company's board of directors approved steps to accelerate Tenneco's transforma- tion into a global manufacturing company, focused on its packaging and automotive parts businesses.

These actions include: a tax-free spinoff of Newport News Ship- building (NNS) to Tenneco's share- holders; and the development of strategic options to separate Ten- neco Energy from the packaging and automotive parts divisions, and to maximize shareowner value through a tax-free spinoff, sale, strategic alliance or other action.

The development of these actions is expected to be completed during the second quarter. "In four years, we have built tre- mendous value at Newport News

Shipbuilding, strengthening its position to build nuclear-powered aircraft carriers and submarines, re-entering the market for com- mercial ships, and pursuing for- eign sales of fast frigates," said Mr.

Mead. "It has a seasoned and dynamic management team that has created a world class competi- tor fully capable of standing on its own and thriving as a public com- pany."

For more information on NNS

Circle 126 on Reader Service Card

Kemp Joins BethShip Repair

Team

Joseph F. Kemp has been named assistant operations man- ager at BethShip Sparrows Point

Yard. Prior to this appointment, he served as general superinten- dent, responsible for all production activities, at Tampa Shipyards

Inc., and in the past has also served as chief ship superinten- dent at Bethlehem Steel's Hoboken yard.

Dresser-Rand Division Buys

GE's Navy Steam Turbine

Business

Dresser-Rand Co. and General

Electric reached an agreement in

December 1995 between GE Power

Systems and the Steam Turbine

Division of Dresser-Rand for the purchase of GE's steam turbine and steam turbine generator busi- ness for U.S. Navy applications.

This agreement covers the manu- facture of parts, field service, engi- neering services, field engineering and related repair, retrofit, over- haul replacement, and turnkey installation of GE's steam turbines and generators for past, present and future U.S. Navy applications.

During the transition period, the two companies are working cooper- atively to ensure that customer needs are met and that existing contract obligations are fulfilled.

The Navy steam turbine services formerly performed by GE's

Fitchburg, Mass., and Hampton,

Va., offices will now be performed by Dresser-Rand Services Divi- sion's operations in Wellsville, N.Y.

Dresser-Rand manufactures a comprehensive line of steam tur- bines, with units ranging from 2 to 70,000 hp.

For more information on Dresser-Rand

Circle 134 on Reader Service Card

Marine Insurer Reports

Excellent Renewals

The Strike Club, a large insurer in the marine market for risks related to industrial unrest and restraint of labor, has reported excellent renewals for the 1996-97 underwriting year.

According to Bill Milligan, chief executive of the managers of the

Club, "The Club put on over 700,000 gross tons at renewal on

February 1, 1996." The club has more than 3,400 vessels, totalling in excess of 40 gt under 80 flags.

For more information on The Strike Club

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It's the Company You Keep

Marine Worldwide

Services Inc.

Wisconsin Protective

Coatings Inc.

BP Oil Co. USA

Shell Canada Ltd.

ValsparCorp.

Office of Naval

Research

BP Oil Shipping Co.

Hempel Coatings

Sigma Coatings USA

Marine Materials AS

ANACE

INTERNATIONAL

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These companies know that marine corrosion could cost the industry billions of dollars in repairs— that's why they rely on NACE

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April, 1996 Circle 288 on Reader Service Card