Page 17: of Maritime Reporter Magazine (May 1997)

MARINE FINANCE minal operators.

Marine Drilling May Buy

Controlling Interest In

Norwegian Co.

On April 14, Marine Drilling

Companies, Inc. announced execu- tion of an agreement to acquire

Deepsea Stavanger from Deep Sea

ASA for $54.5 million, a newbuild

Bingo 8000 design bare-deck hull which, dependent upon completion of construction and final outfitting, can be configured as either a fourth or fifth-generation semi- submersible.

The rig, currently located in

Norway, will be named Marine 700.

The closing of this acquisition is expected to occur on or about May 23, and the purchase agreement also includes a breakup fee payable to the company by Deep

Sea ASA in the event the sale is not consummated under certain circumstances.

In addition, Marine Drilling has obtained an option to acquire approximately 48 percent of the outstanding shares of Deep Sea

ASA.

Marine Drilling intends to make an offer to all of Deep Sea ASA's shareholders at a per share price equivalent to the purchase price of the rig.

If the company is successful in acquiring two-thirds or more of the outstanding shares of Deep Sea

ASA, the rig acquisition agree- ment may be terminated and the company may become Deep Sea's primary share holder.

FastShip Project Receives

New Funding

On March 17, Thornycroft, Giles & Co. (TCG), owner of the patent- ed FastShip technology and

FastShip Atlantic, Inc. (FSA), the company licensed the use the tech- nology on the North Atlantic and

North Pacific trade routes, announced the receipt of $2 million in funding to support project devel- opment.

In addition, Einar Pedersen, president and CEO of TTS

Technology, will serve as TCG chairman; and Jonathan Byrnes,

May, 1997 a senior lecturer at MIT, was also made a member of the boards of both TCG and FSA.

FastShip is the technology which will provide seven-day, door-to- door service for containerized cargo traveling between the U.S. and Europe with Philadelphia as its exclusive U.S. North Atlantic port of call.

American Shipyard

Completes Repair Work

Newport, R.I.-based American

Shipyard Corp. has successfully completed more than $2.5 million in government ship repair con- tracts this winter.

Work included a $1.5 million con- tract for overhaul of two army tugs based out of Baltimore; a contract which was reportedly secured with the aid of Rhode Island

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