Page 6: of Maritime Reporter Magazine (July 15, 1974)

Global Marine And Mitsui O.S.K. Lines Enter Joint Venture

Based In Los Angeles —A $40-Million Drilling Ship Is First Project

AMERICAN/JAPANESE JOINT VENTURE: This rendering shows the 450-foot drilling ship that will cost $40 million and will be designed by Global Marine. In addition to twin-screw propulsion, the ship will be equipped with five thrusters for dynamic position keeping for deepwater operations.

Global Marine Inc. of Los Angeles, Calif., and Mitsui O.S.K. Lines. Ltd. of Tokyo, have signed a letter of intent to enter into a joint venture, based in Los Angeles, with the first project to be a $40-million Global Marine- designed 450-foot drilling ship.

The joint venture, to be known as Global

Marine Mitsui O.S.K., Ltd. (GMOL), was announced by A.J. Field, president, Global

Marine, and Yoshio Shinoda, president, Mit- sui O.S.K, Ltd. "The general objective of this joint ven- ture is to establish and promote a sound company which can benefit from the com- bined expertise and resources of the two parent organizations in providing equipment and services needed by the offshore petro- leum industry," Mr. Field said. GMOL's first objective is to build a drilling ship of the

Glomar 40 class.

In addition to twin-screw propulsion, the ship will be equipped with five thrusters for dynamic position keeping for deepwater op- erations, as well as a conventional mooring system for operating in more shallow wa- ters. It will have a maximum loaded dis- placement of 14,500 long tons, a variable load of 7,200 long tons and will be equipped with the industry's most advanced drilling tools, Mr. Field said.

ON THE COVER: The Glomar Conception is part of the world's largest and most versatile fleet of drilling ships operated by Global Marine Inc.

A.J. Field Yoshio Shinoda

He added, "Years of naval architectural analysis, hydrodynamics, computer simula- tions, model-testing and operational experi- ence have resulted in this very latest design of a drilling ship."

As to long-range plans for GMOL, Mr.

Field said, "We fully expect to announce further ventures as we progress in our ac- tivities, but it is too early to be more spe- cific until we become operational."

Global Marine Inc. is a worldwide offshore oil and gas drilling contractor with offshore exploration interests in various parts of the world.

Global Marine is a unique combination of sophisticated equipment, experienced per- sonnel and proven techniques. Pioneers in offshore drilling technology from floating

MITSUI SUPERTANKER: The Takakurasan Maru is just one of the many ships owned and operated by

Mitsui O.S.K. Lines, Ltd. vessels, many concepts developed by its en- gineers and naval architects have become industry standards and new ones continue to be developed.

Combining extensive seagoing knowledge with deep-drilling expertise has resulted in the world's largest and most versatile fleet of drilling ships. Global Marine currently operates 12 ships in various areas of the world. An active construction program calls for delivery of a new ship in June, with ad- ditional deliveries in 1975, 1976, and 1977.

Global Marine Inc. common shares are traded on the New York Stock Exchange.

Mitsui O.S.K Lines, Ltd. is a major steamship company in Japan formed in 1964 as the result of a merger between Mit- sui Line Ltd. and O.S.K. Line Ltd., the lat- ter organized in 1884. One of the largest steamship companies in the world, Mitsui

O.S.K. Lines has a worldwide network of liner services with various types of special- ized ships, among them oil tankers, includ- ing the VLCC, LPG carrier, ore/oil carrier, bulk/oil carrier and bulk carrier, scrap- metal carrier and vehicle carrier.

Mitsui O.S.K. Lines currently operates 291 oceangoing vessels, amounting to 10 million deadweight tons, including its own fleet of 152 vessels with 6.6 million dead- weight tons.

Mitsui O.S.K. Lines has its registered head office in Osaka, Japan, and operating headquarters in Tokyo. Mitsui O.S.K. Lines' shares are going to be listed on European stock exchanges (Frankfurt and Brussels) from September 1974 onward.

Graduating from Tokyo Commercial Col- lege in 1935, Yoshio Shinoda joined O.S.K.

Line Ltd. to launch a career as a steamship businessman in the overseas liner service section. His major role in the corporation has mainly been in general administration during his 39-year career, but he has served many overseas appointments with O.S.K.

Line, including Santos, Singapore, Hong

Kong, Buenos Aires and London.

With the formation of Mitsui O.S.K

Lines, Ltd. in 1964, he became director. In 1967, he was elected managing director, sen- ior vice president in 1972, and was named president in 1973.

One of the founders of Global Marine Inc.,

A.J. Field is a graduate of California Insti- tute of Technology and was awarded his master's degree in civil engineering by Stan- ford University.

In 1947, he joined Union Oil Company of

California as an engineer in the production department. A series of petroleum engineer- ing and supervisory positions led to his ap- pointment in 1953 as principal petroleum engineer in the Offshore Drilling Group, formed to operate on the California coast as a joint venture of four major oil companies.

With the founding of Global Marine Inc. in 1959, he was elected vice president and general manager. In 1961, he was named ex- ecutive vice president and president in 1966. 8 Maritime Reporter/Engineering News