Page 24: of Maritime Reporter Magazine (January 2002)

ing facility at Port Mobil on Staten

Island, N.Y. Benzene-contaminated wastes were generated at the facility and some of that waste was discharged into Arthur Kill, part of the waters of the United States.

Transocean Sedco Forex

COO Retires

Transocean Sedco Forex Inc., announced that W. Dennis Heagney, executive vice president and COO, will retire from the company in June 2002, after 33 years of service. Heagney began his career in 1969 with The Off- shore Company, a predecessor of

Transocean Sedco Forex and has worked in a variety of operating and marketing roles in both the United

States and International locations.

The board of directors has appointed

Robert L. Long as president of

Transocean Sedco Forex Inc., effective immediately. Long, who will also assume the role of COO upon the retirement of Heagney in June 2002, joined the company in 1975 and has held numerous operational and finan- cial roles over his 26-year career including division engineer, division manager of the North Sea and Egypt and his most recent role as executive vice president and chief financial offi- cer. In addition, the company's board has appointed Gregory L. Cauthen as vice president and CFO, effective immediately. Cauthen, who presently serves as vice president of finance, joined the company in March 2001 fol- lowing management positions with

Arthur Young, First Interstate Bank and Service Corporation International, where he was senior vice president and president of SCI Financial Services,

Inc.

Maritrans Announces New

Financing Arrangement

Maritrans Inc. has entered into a new five-year financing agreement with a syndicate of financial institutions.

Mellon Bank, which led the transac- tion, was joined by Fleet Bank, Hiber- nia Bank and SunTrust Bank. The new facility consists of a $45 million term loan and a $40 million revolving cred- it facility, and the new debt will have floating interest rates and should cost significantly less than the previous 9.25 percent fixed-rate indenture that was paid off in October.

ICS Welcomes New Director

Alan Phillips has replaced Barbara

Fletcher as director of the Institute of

Chartered Shipbrokers (ICS), effective

December 1.Phillips, who has a Navy background, gained experience as a captain of a variety of vessels, includ- ing HMS Phoebe and HMS

January, 2002

Endurance. He has also been involved in a number of maritime incidents including the search and rescue opera- tion following the Piper Alpha disaster.

Prior to taking voluntary retirement form the Navy in 2001. he held policy- making positions with NATO and the

Royal Marines. After 13 years of ser- vice, Fletcher retired at the end of

December. Although she hopes to maintain her links with the Institute,

Fletcher plans to pursue a consultancy role in the shipping industry.

Cal Dive Agrees to Acquire

Canyon Offshore

Cal Dive International, Inc. has agreed to acquire 85 percent of Canyon

Offshore, Inc., a supplier of remotely operated vehicles (ROVs) and robotics to the offshore construction and telecommunications industries. Cal

Dive would purchase the remaining 15 percent at a price to be determined by

Canyon's performance during the years 2002 through 2004. The purchase price from $66 million $74 million is four to five times expected Canyon

EBITDA. The acquisition, which is subject to the customary Hart Scott

Rodino filing, is expected to close before year-end.

Canyon Offshore Appoints Execs

Canyon Offshore has appointed Doug

Stroud as vice president sales and marketing. In this newly-created posi- tion, Stroud will be responsible for overseeing Canyon's international mar- keting program, developing new mar- kets and identifying new business opportunities for the company. He will also develop and implement marketing strategies designed to increase aware- ness of Canyon's deepwater capabili- ties, expand Canyon's current market share of the remotely operated vehicle market. Canyon Offshore has also appointed Scott Sparks as general manager, cable protection Services.

Sparks will be based out of Canyon

Offshore's Aberdeen, Scotland facility and will be responsible for overseeing the company's rapidly expanding sub- marine cable trenching operations on an international basis.

New Chairman For Bilbroughs

Graham Edmiston will retire as chairman and chief executive of A Bil- brough & Co, managers of the London

P&I Club, on February 20, 2002.

Edmiston has been with Bilbroughs for 30 years — 27 of them as director. The directors, however, announce that

Edmiston will continue to be associat- ed with Bilbroughs as a consultant. He will be succeeded as chairman and chief executive by Paul Hinton, who joined Bilbroughs in 1976, and was appointed a director in 1987.

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