Page 63: of Maritime Reporter Magazine (April 1998)

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Ingalls To Market Zentech Rig Design

Ingalls Shipbuilding has signed a licens- ing agreement with Zentech, Inc. under- which Ingalls will market Zentech's design for a new, state-of-the-art deepwa- ter jack-up drilling rig. "This agreement allows Ingalls to mar- ket and build rigs of the Zentech R-450 design. We are doing this because we forecast a market in the construction of new jack-up drilling rigs, and this licens- ing agreement will give Ingalls a highly competitive design which will immediate- ly improve our position in the market," said Dave Wright, vice president,

Program Operations.

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OMI To Complete MTL

Acquisition; Places Order

With Daewoo

U.S. tanker company OMI Corp. expects its planned acquisition of

Marine Transport Lines Inc. (MTL) and efforts to spin off its foreign operations to be completed next month. Under the terms of the planned merger, OMI will be spun off to existing shareholders as a subsidiary, owning and oper- ating its non U.S.-flagged shipping fleet. The merged OMI-Marine

Transport unit will take on OMI's

U.S.-flagged ships and operate under the Marine Transport name.

Following completion of the

Marine Transport merger, OMI will move its corporate headquar- ters from New York to Stamford,

Conn. In addition, OMI has ordered two 35,000-dwt product carriers from South Korea's

Daewoo, which are due for deliv- ery in 1999, and have already been chartered out for two years to unidentified charterers. OMI has also agreed to sell a 1992-built

Suezmax tanker and is negotiat- ing to construct a replacement.

The company also has four new 156,000 deadweight tankers scheduled for delivery between the summer of 1998 and January 1999.

Canadian Pacific To Acquire

Ivarans Lines

Canadian Pacific Ltd. has agreed to acquire the container shipping business of Ivarans Lines from Norway's Ivarans Rederi

ASA. Ivarans will become part of its Canadian Pacific's CP Ships unit and is expected to increase the subsidiary's revenue and con- tainer volume by 10 percent.

Completion of the deal was sched- uled for this month. The transac- tion includes Ivarans services from the U.S. East Coast and U.S. Gulf to the east coast of South America and Central America and the

Caribbean, plus a fleet of 10 char- tered container ships.

April, 1998

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Offshore industry is tough business.

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