Page 15: of Maritime Reporter Magazine (December 1997)

MARINE FINANCE

Sumitomo To Supply Tankers

To Russian Shipper

Sumitomo Corp. has won an order from Novorossiysk Shipping

Co. of Russia for two 100,000-ton, double-hulled oil tankers. The tankers will be manufactured by steelmaker and shipbuilder NKK

Corp.

Earlier in the year, Sumitomo and NKK received an order to build four tankers for the Russian company.

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Halla Heavy Wins

Norwegian Crude

Carrier Contract

Halla Engineering and Heavy

Industries Limited has won a $104-million contract for two 153,000-dwt crude oil tankers from

Norwegian company Jahre Dahl

Bergesen. The first is scheduled for delivery in the second half of 1999.

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Saudi Shipping Firm Signs

Deal To Refinance

Five Tankers

The National Shipping Co. of

Saudi Arabia reportedly signed a $300 million deal with Chase

Manhattan Bank to refinance the purchase of five VLCCs.

The Riyadh-based firm, 28.8 per- cent of which is owned by the

Saudi government, has already taken delivery of the five VLCCs, which were built at a cost of approximately $400 million by

Japan's Mitsubishi Heavy

Industries.

Farstad Enters Kvaerner

Ship Deal

Farstad Shipping ASA has signed an agreement of intent with

Kvaerner ASA for the construction of two VS 483 platform supply ves- sels.

The vessels are scheduled for delivery in December 1998, and

February 1999.

December, 1997

Transocean Wins Contract

Transocean Offshore Inc. was awarded a 2.5-year contract by

Petrobras for the third-generation semisubmersible Transocean

Driller which is expected to gener- ate revenues of $125 million to $130 million including a daily earned bonus opportunity.

OSG To Sell 10 Old Cargo

Vessels

Overseas Shipholding Group Inc. plans to dispose of 10 of its older dry cargo vessels.

The company reportedly expects to gain net proceeds of approxi- mately $140 million from selling the ships, which aggregate approx- imately one million dwt. According to the company, funds raised will be used to reduce outstanding indebtedness.

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