Page 20: of Maritime Reporter Magazine (October 1997)

OMI And MTL Sign

Acquisition Agreement

OMI Corp. and Marine

Transportation Line (MTL) announced that they have signed the definitive agreement for the previously announced transaction pursuant to which OMI is to acquire MTL, a privately owned company specializing in marine and transportation service, princi- pally to the energy and chemical industries. The transaction is expected to be completed in the spring of 1998.

The transaction is subject to a number of conditions, including receipt by OMI of a favorable pri- vate letter ruling from the Internal

Revenue Service and OMI share- holder approval.

In connection with its acquisition of MTL, OMI plans to spin off as a tax free distribution to sharehold- ers a subsidiary owning and oper-

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Circle 372 on Reader Service Card ating its foreign assets (Foreign

OMI). Foreign OMI will retain the

OMI name and will be managed by

OMI's current management. The combined OMI-MTL entity (Domestic) will use the MTL name and will be managed by MTL's cur- rent management. MTL share- holders will receive OMI shares in exchange for their MTL owner- ship. Upon completion of the acquisition and spinoff, holders of

OMI shares prior to the transac- tion will own approximately two- thirds of the outstanding shares of

Domestic, as well as substantially all outstanding shares of Foreign

OMI. Former MTL shareholders will hold approximately one-third of the outstanding shares of

Domestic.

Marine Accommodations

Wins Royal Caribbean

Contract

Royal Caribbean Cruise Line has awarded Marine Accommodations,

Inc. (MAI) a contract for supply and installation of ceilings on board Song of America's main din- ing room and gift shop. MAI will also be replacing a total of 90 cabin doors. Work will be completed during drydock this November.

Norsk Hydro And Permea

Maritime Protection Sign

Contract

Norsk Hydro has signed a $920,500 contract with Permea

Maritime Protection, a division of

Air Products A/S, for the delivery of a process equipment package based on Permea's PRISM

Separators for dehydration of nat- ural gas. The plant is to be installed on the Brage Platform in connection with an increase in oil and gas production.

HAM Marine Signs Contract

With Falcon Drilling

HAM Marine Inc. has signed a contract with Falcon Drilling Co. to overhaul and reactivate its semisubmersible rig, Falcon 100, which has been idle for more than a decade.

The upgrade will include an increase in deck load capacity, "You won't find a boat towed metal detector that can cover as much area as the PULSE 12." "With the PULSE 12, you get a 16ft.x 24ft. detection area, and the ability to tow three search coils.

Extremely sensitive, the PULSE 12 detects all metals.

It comes complete with a control box, one search coil, a 150 foot cable, and a tow fish. The system is powered by two 12V batteries."

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GMT 20 Maritime Reporter/Engineering News