Page 12: of Maritime Reporter Magazine (February 1998)

MARINE FINANCE

GulfMark To Offer $26.7M

For Brovig

GulfMark Offshore Inc. reported- ly plans on making a cash offer of approximately $26.7 million to purchase the outstanding shares of

Norwegian offshore support vessel

Algoma Buys Tankers From company Brovig Supply ASA. standing voting shares.

Under the deal, GulfMark would pay $3.07 per share for the 8.7 mil- lion outstanding shares of Brovig ~ . .

Supply that the company does not imperial already own.

GulfMark currently owns 2.9 Algoma Central Corp.'s Algoma million shares, or 25 percent of Tankers Ltd. unit acquired four

Brovig Supply's 11.6 million out- tankers from Imperial Oil Ltd. for

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HEAVY-DUTY SIGNALS by "M^enfte^

Kahlenberg Signals were developed to withstand the pun- ishing use of commercial and military service. Their dura- bility has been demonstrated over decades of service on ocean-going vessels ranging from naval warships to com- mercial vessels. Military specifications have required extensive testing for many of these whistles and the accessories supplied with them, which have proven the exceptional qualities of Kahlenberg design and manufac- turing.

Model S-120 Piston Horn

Chosen for use on aircraft carriers as well as commercial vessels over 200 meters in length, the S-120 utilizes an oscillating piston driven by 7-1/2 horse- power 3 phase 220/440 volt electric motor producing 143 dB and a funda- mental frequency of 94 Hz in 1/3 octave band at one meter.

OTHER QUALITY KAHLENBERG

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FAIRWATERS, PROPELLER REBUILDING, PRO-

PELLERS UP TO 120'DIA, SHAFTS, COUPLINGS,

BEARINGS, STUFFING BOXES, AIR COMPRESSORS,

SOLENOID VALVES, USCG-ASME AIR RECEIVERS,

FOG SIGNAL TIMERS, WHISTLE LIGHTS, AUTOMATIC

AND AT WILL CONTROLS.

KAHLENBERG BROTHERS COMPANY

P.O. Box 358, 1966 MONROE ST.

TWO RIVERS, WISC. 54241

PHONE: (920) 793-4507

CABLE: KAHLENBERG

FAX: (920) 793-1346

MARINE PRODUCTS SINCE 1895

Model S-203C S-203 CHT

For vessels over 75 meters in length, this design allows both whistles to exceed 143 dB (1/3 octave band). The S-2036 and

S-203 CHT are virtually mainte- nance free Durability is ensured by the use of bronze and marine aluminum construction materials through out. For the most extreme cold weather operation.

Model S-203 CHT (shown) includes a thermostatically con- trolled, heated enclosure for both the combination manual/eiectric valve and the horn sounding body. $8.9 million. The company also won a long-term contract to trans- port Imperial Oil liquid products.

Under the agreement, Algoma i:Taf&§?& will transport Imperial products on the Great Lakes, the

St. Lawrence Seaway and the coastal waters of eastern Canada and the eastern U.S.

Frontline Orders Tankers

From Hyundai

Frontline has signed building contracts with the Hyundai

Shipyard in South Korea for two

Suezmax tankers. The ships, to be delivered in January and April 2000, are sisterships to three ves- sels Frontline already has on order at the same yard. Frontline will finance the vessels through ordi- nary bank financing and the com- pany's ordinary cash flow and would not require additional sup- ply of equity.

Meridian In $160M

Norwegian Ship Deal

Ukraine's Meridian shipyard in the southern city of Mykolayiv is to build 16 container ships for

Norway's Eksportfinansin. The contract is reportedly worth $160 million.

First Olsen Sells Last 1970s

Tanker

First Olsen Tankers Ltd. has agreed to sell its vessel Knock

Davie to Liberian-registered

Nortrans Offshore Vietnam Ltd.

The sale price was $7.2 million on an "as-is" basis. The book value of

Knock Davie was $4.3 million as of

September 30, 1997. The vessel is scheduled to be delivered to the buyer by February 15, 1998. The sale is in accordance with the com- pany's policy of phasing out its tankers built in the mid-1970s.

Oryx Signs $28.8M Oil

Deal With Algeria

Oryx Energy Co. of the U.S. has signed a $28.8 million oil explo- ration accord with the Algerian state-owned oil and gas company

Sonatrach. In a five year deal,

Oryx will carry out seismic work and drillings in the Timissit area, stretching more than 4,731 sq. mi. in southeastern Algeria.

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