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replace another vessel, the Pinto.

The company did not disclose the ship's buyer.

The Senglea is the former

Arcade Eagle, built in 1981 for the

Norwegian company LeifHoesh. It was bought by Sea Malta a year ago and is capable of earring 86

TIR trailers, 300 containers or 500 cars.

Benor Buys Five Tankers For $99 M

Benor Tankers Ltd. has spent $99 million on the purchase of five product tankers during July and

August.

In a statement to the Oslo stock exchange, Benor said it had bought the medium-range/handymax product tankers Leopard, Panther,

Tiger and Endurance, as well as the long-range/Panamax tanker

Trader.

The acquisitions have been financed through a $68 million loan and $20 million in Benor shares, with the balance coming from other company funds.

According to Benor, the four medi- um-range vessels will all continue their current time charter employ- ment.

Benor also holds contracts for two medium-range newbuildings to be delivered during the first quarter of 1999.

Ugland Nordic Buys Four

Ships For $113 M

Ugland Nordic Shipping AS has reportedly agreed to acquire four tankers for $113 million, funded largely by a new share issue.

The company said it will pay $82.5 million in shares for three oil tankers controlled by Norwegian shipowners Seabulk AS and L.

Gill-Johannessen AS.

The 107,000-dwt, 1997-built

Suezmax tanker Svenner will reportedly cost $45 million, and will be converted into a shuttle tanker after the expiration of her current charter in spring 1998.

The 48,000-dwt, 1985-built dou- ble-hulled sisterships Biakh and

Brali, at $18.3 million and $19.3 million respectively, are suited for conversion into either shuttle tanker or floating production units.

Ugland Nordic has exercised its option to acquire a fourth ship, the 1996-built Suezmax shuttle tanker

Sarita currently on time-charter to

Statoil.

Sarita will be bought for $30.8 million in shares from the private- ly-held Andreas Ugland & Sons,

Ugland Nordic's largest sharehold- er.

Unocal Sets Rig For

Deepwater Exploration

Spirit Energy 76, Unocal Corp.'s

Lower 48 exploration and produc- tion business unit, said it has signed a memorandum of under- standing with Smedvig Offshore

Limited for a deepwater drill ship that can operate in 10,000-ft. (3,048 m) of water.

The drillship is currently under construction and has been designed to provide dual activity and capacities for production test-

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