Page 56: of Maritime Reporter Magazine (December 1996)

MARINE FINANCIAL ANNUAL — NEWS

Swedish Club Breaks Even

The Board of the Swedish Club met on October 11 in Gothenburg.

As of the beginning of October, 662 vessels were entered for Hull &

Machinery cover, with a total ton- nage of 17.8 million grt. The aver- age vessel age is 13.4 years, com- pared with the figure for world tonnage which is reportedly in excess of 16 years. These ships generate a premium of $53.7 mil- lion and have a total value of $10.5 billion. The result for the first eight months of 1996 indicates a break even result, even though the Club has only debited 95 percent of the premium for the year. For 1997, the Board decided to maintain the deferred premium of 95 percent of

Hull premium. All members who have implemented the ISM Code will receive a two percent discount on agreed rates. The Board also said it would continue to work for a lower limit for P&I cover.

Halter Marine listed On AMEX

Ten shipyards of the Trinity

Marine Group, Inc., have been orga- nized into Halter Marine Group,

Inc., which has sold 17 percent of its common stock in a public offering.

Since September 27, Halter has been listed on the American Stock

Exchange (AMEX) and traded under the symbol "HLX". Halter's initial offering price was $11 per share.

Trinity continues to own approxi- mately 83 percent of the issued and outstanding common stock of the

Halter Marine Group.

AOD Provides Financial Update

American Oilfield Divers, Inc. (AOD) announced that a total of 9,616,594 common shares, or approximately 97 percent of the common shares outstanding of Hard

Suits Inc. (HSI), have been taken up and paid for under AOD Acquisition

Corp.'s offer dated September 25, 1996, which expired on November 8.

AOD also announced that Rene

Nuytten and William Liddell, pre- viously the president and CEO and secretary/treasurer of HSI, respec- tively, have both left the company.

Litton Financial Evaluation

Released

Duff & Phelps Credit Rating Co. (DCR) has reaffirmed the 'BBB+' (Triple-B-Plus) rating of the senior unsecured debt of Litton Industries.

DCR's rating balances Litton's cur- rent strong financial measures for the rating category and leading positions in defense, electronics and shipbuilding against management's announced policy of defense acquisi- tions. In FY 96, Litton paid $648 million to acquire approximately $1 billion in sales. The largest acquisi- tion was PRC Inc., a major provider of information technology services, principally for the government mar- •I

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Circle 290 on Reader Service Card Circle 244 on Reader Service Card 56 Maritime Reporter/Engineering News