Page 94: of Maritime Reporter Magazine (October 1997)

Modernization Of Tanker Fleet A Main

Priority

The Latvian Shipping Co. (LSC) reported that its council has approved a tanker fleet strategy that would involve a large scale invest- ment to modernize existing vessels, sell poten- tially unviable vessels and purchase new ones.

LSC tanker fleet profits after depreciation in the first half of 1997 equalled $13.71 million against a budgeted $8.5 million.

The company had a first half profit of $3.4 million, but is expected to end the year in the red. LSC has already upgraded two tankers, investing $13 million in Dzintari and Zanis

Griva, and has bought two sister gas tankers this year, worth approximately $50 million each. LSC currently operates 39 tankers, which comprises 60 percent of its total fleet.

Sumitomo Wins Bulk Carrier Orders

Sumitomo Corp. has received an order for four bulk carriers worth approximately 12 bil- lion yen from Canada's Fednav Ltd.

The 34,000-dwt vessels have been commis- sioned to navigate the St. Lawrence Seaway for service in the Great Lakes. Japan's Oshima

Shipbuilding Co. will build the ships at its

Nagasaki yards.

Delivery of the 34,000 dwt vessels will begin in the second half of 1999 and conclude in the first half of 2000.

Keppel Marine Wins $65.4 M Contract

Keppel Marine Industries Ltd. has won a second contract from the A.P. Moller Group to build two Anchor Handling Tug/Supply (AHTS) vessels valued at $65.4 million. Keppel

Singmarine Dockyard Pte Ltd. (Keppel

Singmarine) will design and construct the ves- sels, which are scheduled for delivery in 1999.

The contract follows A.P. Moller's decision to exercise an option in an earlier shipbuilding contract for two AHTS vessels — which are cur- rently under construction at Keppel

Singmarine's main yard and are expected to be delivered in the second half of 1998.

Hess Signs Rig Deal With Dolphin

Amerada Hess signed a three-year contract with Norwegian-based Dolphin Drilling for a rig to drill the first well off the disputed

Falkland Islands in the south Atlantic in May 1998.

The Borgny Dolphin rig will go into a yard in western Norway for the upgrades necessary to enable it to drill in water depths up to 500 m next month.

As operator of tranche A, Hess will drill the first well to the north of the islands. The rig contract is expected to run from February next year and could be worth as much as $150 mil- lion to Dolphin, which is owned by the Fred

Oslen Ltd.

The operators will share equally the costs of commissioning the rig and its round trip from the North Sea to the south Atlantic — estimat- ed at nearly $9 million.

Industry sources said the rig could command a day rate of around $130,000. LASMO will drill the second well, followed by Shell and then

IPC. The rig will then return to Amerada Hess for a second well.

Mobil, Chevron Ink Offshore Pact

The Canadian units of Mobil and Chevron have reportedly agreed to pool resources for the exploration and development of 29 million acres off the east coast of Canada.

No time limit or dollar figure was attached to the strategic alliance.

Under the alliance, the companies plan to create teams to jointly plan and manage explo- ration, development of current and future plays.

Mobil and Chevron have worked on various offshore Newfoundland projects since Chevron drilled the Hibernia discovery well in 1979.

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