Page 105: of Maritime Reporter Magazine (June 1994)

Orkot Changes Ownership

Marine bearing manufacturer

Orkot Limited has changed owner- ship. A newly-formed engineering group, Vector Industries, has pur- chased Orkot and four other niche engineering companies from the

Bridon Group.

The current Orkot management will form part of the team oversee- ing the new operation. Orkot Man- aging Director Graham Tooke spoke favorably of the takeover. "By acquiring the nest in composite manufacturing technology, we will be in a better position to develop new grades of Orkot, satisfying both existing and future customers world- wide," he said.

Orkot composites for marine ap- plications have full classification approvals and are available world- wide and manufactured both in the

U.S. and the U.K.

Tidewater Reports Stronger

First Quarter, Year End

Revenues

Tidewater Inc. reported stronger fourth quarter and 12-month 1994 fiscal revenues and earnings from continuing operations as compared with the same periods a year ago — a result of higher levels of marine activity in the Gulf of Mexico, ac- cording to the company.

John P. Laborde, Tidewater chairman, president and CEO, said the growth in earnings is directly attributable to higher utilization of

Tidewater's U.S. vessels and gas compressors, as well as significant increases in day rates for the do- mestic marine fleet.

Revenues for FY '94 were $522.1 million, as compared with FY '93 revenues of $475.5 million, and FY '94 fourth quarter revenues of $ 125.8 million compared favorably with fourth quarter 1993 revenues of $120.1 million. For the year ended

March 31, 1994, Tidewater posted earnings from continuing operations of $36.1 million, compared with $27.8 million for FY '93. Fourth quarter

FY '94 earnings from continuing operations were $5.2 million, com- pared with $2.5 million for fourth quarter FY '93.

AMSC Elects New Chairman,

Director

The American Mobile Satellite

Corp. (AMSC) announced the elec- tion of Anthony J. Iorillo to the position of chairman of the board of directors, and of Dr. Chia Choon

Wei as director.

Mr. Iorillo, who replaces Kevin

McGrath as chairman of AMSC, recently retired as senior vice presi- dent of Hughes Aircraft Company.

Prior to his retirement, he was a member of the office of the chair- man and president of Hughes' Tele- communications Sector. With 34 years of experience at Hughes, Mr.

Iorillo has been involved in all phases of space systems develop- ment and management, and is a

Fullbright scholar. Dr.Chia is man- aging director/vice president, ven- tures, of Singapore Telecom Inter- national. His 23 years of experience has given him a broad knowledge of telecommunications. He is currently responsible for the development of investment opportunities for

Singapore Telecom.

Others re-elected to the AMSC

Board of Directors include: Carlson

E. Agnew, vice president, mobile satellite programs, Hughes Com- munications, Inc.; John C. Baker, senior vice president and general partner, Patricof & Co. Ventures,

Inc.; Jai P. Bhagat, exec, vice presi- dent and director, Mobile Telecom- munications Technologies Corpora- tion (MTEL); Jerald F. Farrell, exec, vice president, Hughes Com- munications and president, Hughes

Communications Galaxy; Emmet

B. Hume, senior vice president,

MTEL Technologies; Lim Toon, exec, vice president, network ser- vices, Singapore Telecommunica- tions; Kevin McGrath, president and CEO, Hughes Communications,

Inc.; Billy J. Parrott, president,

Satellite Mobile Telephone; Brian

B. Pemberton, president, Ameri- can Mobile Satellite Corp.; Andrew

A. Quartner, senior vice president, law, McCaw Cellular Communica- tions, Inc.; Jordan Roderick, vice president, product development,

McCaw Cellular Communications,

Inc.; and Albert Zesiger, manag- ing director, BEA Associates.

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Circle 286 on Reader Service Card

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