Page 10: of Maritime Reporter Magazine (July 1997)

MARINE FINANCE ery of all 10 carriers by the end of 1999.

Crowley Sale Of Bay Asset

Nears Conclusion

San Francisco-based company

Fisherman's Wharf Bay Cruise was to complete the purchase of

Red & White Fleet bay cruise and charter operations from Crowley

Maritime Corp. last month — a transaction including the acquisi- tion of Pier 43-1/2 at Fisherman's

Wharf. "We will continue to operate as

Red & White, offering both bay cruises and land tour products with expansion into fast ferries," said Thomas Escher, president of the new company and grandson of

Crowley's founder.

Former Red & White Fleet GM

David Pence will serve as

Marketing executive vice presi- dent. Previously linked to P&O and the Fred Olsen Group, John

Keith-Berkley will serve as exec- utive vice president and CFO. In addition, William Stotler has been named Sales vice president and Capt. James Reed will con- tinue his tenure begun at Red &

White Fleet as port captain for the new company.

Xylan Chosen As SmartShip

Supplier

Xylan Corp. products have been chosen for the U.S. Navy's

SmartShip program, which strives to reduce shipboard personnel requirements through advanced technology.

SmartShip subsystems include integrated condition assessment systems, damage control systems, machinery control systems and integrated bridge systems. The first SmartShip installation is aboard Ticonderoga class Aegis cruiser USS Yorktown, and the

Xylan backbone network on this ship was reportedly the first ship- wide ATM backbone installed on a

U.S. Navy ship.

The network architecture for

SmartShip consists of a shipwide backbone network based on ATM switching for distribution of real- time control system and naviga- tion traffic among dedicated, switched Ethernet connections to

SmartShip consoles, workstations and engineering signal data distri- bution nodes.

Transocean Offshore

Completes Divestment In

Norway

Transocean Offshore Inc. has reportedly completed its divest- ment of non-core activities and assets within its drilling services line of business in Norway. Net proceeds generated from the trans- action were approximately $105 million. Reidar Lund resigned as president and CEO of the

Transocean ASA subsidiary to head Procon Offshore ASA, which holds the divested operations.

Moody's Assigns Rating To

P&O

On June 2, Moody's Investors

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Maritime Reporter/Engineering News

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