Page 14: of Maritime Reporter Magazine (January 1998)

MARINE FINANCE

ERC Wins Contract

From J.J. McMullen

Energy Research Corporation (ERC) has received a $270,664 con- tract from naval architectural firm

John J. McMullen Associates, Inc. to design a Direct Fuel Cell Power

Plant configuration for a U.S.

Coast Guard (USCG) maritime application. This design effort is expected to lead to the construction and demonstration of a fuel cell power plant in a land-based setting followed by installation on a USCG cutter. "The project is synergistic with the company's recent contract with the U.S. Navy to develop a ship service fuel cell announced on

September 20, 1997. Power plants for naval and commercial ships offer a potentially large fuel cell application. ERC has already suc- cessfully demonstrated operation of its fuel cell on diesel fuel and other logistic fuels," said Jerry

Leitman, president and CEO.

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JRM Nabs Shell

Offshore Contract

J. Ray McDermott (JRM) was awarded a $25 million contract from Shell Offshore Inc. for con- struction of a fixed-base platform for an offshore development in the

Gulf of Mexico. The platform is a light-weight, six-well structure capable of supporting a self-con- tained drilling rig and equipment for a minimum production facility.

JRM will fabricate the three-leg jacket and transport and install the jacket and deck for Shell's

Cinnamon development at Green

Canyon Block 89, located in 671 ft. of water, 176 miles southeast of the mouth of the Mississippi River.

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CCC Fabricaciones Wins

Three Offshore Contracts

Global Industries Ltd. sub- sidiary CCC Fabricaciones Y

Construcciones SA de CV has been awarded three offshore contracts valued at about $160 million. CCC is to perform a range of offshore construction and support activities for Pemex Exploracion y

Produccion in the Bay of

Campeche.

The first of the contracts was scheduled to begin by the begin- ning of this year. Under the terms of the first two contracts, which are expected to take about 12 months to complete, CCC will support the development of Pemex's Cantarell

Field.

Under the third contract, CCC is to design, procure, lay, bury and test 30 km of 36-in. diameter pipeline linking the Akal J

Complex to Pemex's floating stor- age offloading unit FSO-1.

Actinor Buys Paal Wilson

Ships For $26M

Actinor Shipping ASA has acquired 23 small bulk carrier ships from its majority shareholder

Paal Wilson & Co. for $26 million.

The transaction includes the ships and their charter commitments.

According to Actinor, the deal is in line with its acquisition in October of a 70 percent stake in Norwegian bulk carrier operator Jebsens SA for $20 million.

Paal Wilson, a private

Norwegian firm, acquired a con- trolling 62 percent stake in Actinor earlier this summer.

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