Page 15: of Maritime Reporter Magazine (April 1998)

P&O Nedlloyd Orders Five

New Ships

P&O Nedlloyd has announced plans to order five new 5,000 TEU ships for delivery before the end of 2000. According to the Anglo-

Dutch container shipping compa- ny, the ships will replace older ton- nage that will be scrapped to achieve further cost savings. The new ships will reportedly be financed and owned by third par- ties.

Samsung Wins $200M In

Ship Orders

Samsung Heavy Industries Co. has won $200 million worth of overseas orders for the construc- tion of five ships. The company reportedly won $150 million worth of orders from Italy-based

Premuda Shipping Co. to build four 73,000-dwt crude-oil tankers.

And was also contracted to build a 180,000-dwt bulk carrier for

Liberia Shipping Co. for $50 mil- lion. All ships are scheduled for delivery in 2000. The latest con- tracts will reportedly earn

Samsung Heavy a total $470 mil- lion worth of newbuilding orders for the year.

TTE Makes Name Change

The partners in the TTE Tanker pool have agreed to re-name the group Torm Waterfront Tankers.

The tanker pool trades predomi- nately in the clean markets between the Middle East Gulf and

Far East. It is complemented by a second seven-vessel pool of

Aframax product carriers known as LR-2.

A&P Managing Director

Resigns

A&P Group Ltd., one of the

U.K.'s largest shiprepairers, recently lost its managing director when Steve Jervis resigned to pursue new interests overseas and outside the marine industry.

According to A&P officials, Mr.

Jervis' role had been split into two regional posts with the appoint- ment of new managing directors of ;he group's northern and southern operations in anticipation of his ieparture. Dennis Scott will nanage A&P's two northern yards >n Tyneside, while Clive Towl vill manage the yards in t\pril, 1998

Falmouth, Southampton,

Chatham and Dover.

Smedvig Wins $200M Deal

Smedvig ASA has signed a $200 million, three-year drilling rig deal with an unnamed Norwegian oper- ating company. According to

Smedvig, the letter of intent for the West Alpha rig would mean that it would mainly perform exploration drilling in the

Norwegian sector.

West Alpha is currently being operated by Esso Norge on the

Balder field.

The new contract is scheduled to commence at the end of 1998, in direct continuation of the existing contract with Esso.

Masterbulk Extends

Konecranes Option

Singapore-based shipowner

Masterbulk — a subsidiary of

Norwegian Westfal-Larsen — plans to use its option to buy four more Munckloader cranes from

Konecranes of Finland, doubling its January $18 million order. 0N-B0ARD MACHINING

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