Page 14: of Maritime Reporter Magazine (February 1998)

MARINE FINANCE

Atlantic Marine In Final

Stages Of

Conversion Project

The third and final phase of the reactivation and conversion of

Houston-based Global Marine,

Inc.'s Glomar Explorer is nearing completion at Atlantic Marine's

Mobile, Ala., facility.

The 116 x 619-ft. (35.3 x 188.6-m) Navy vessel was converted to an ultra-deepwater drillship with the addition of a rig floor substructure, derrick riser tensioning/handling system motion compensator, drillpipe racker, two pedestal cranes, addi- tional blowout prevention (BOP) system, drilling mud system and a "Professionals prefer^hej;

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Fisher Says Ship Upgrades

Will Lift Capacity

James Fisher & Sons Pic plans to spend $10.34 million on upgrades to two coastal oil product tankers that will halve their time in port and increase their annual carrying capacity. The U.K. shipping com- pany signed a contract with

Birkenhead ship repairer Cammell

Laird Pic for the installation of segregated ballast tanks and the upgrade of piping on the vessels,

Cableman and Tankerman.

Finance for the conversions will reportedly be met from the compa- ny's own cash resources and bank facilities.

Lockheed Martin Signs $50M Contract With

Egyptian Government

Lockheed Martin Corp has signed a $50 million contract with the Egyptian government to sup- ply equipment to monitor ship traf- fic in the Gulf of Suez.

The contract for the Vessel Traffic

Information Management System (VTIMS) will form the basis of

Egypt's port management system.

It is a continuation of an existing system Lockheed Martin devel- oped for the Gulf of Aqaba.

Keppel Wins $130M

Ensco Order

Ensco International Inc has signed a contract with Keppel Fels

Shipyard in Singapore for a harsh environment jack-up drilling rig at a cost of approximately $130 mil- lion.

The rig, an enhanced KFELS

MOD V, is expected to be delivered in January 2000, and will be named Ensco 101.

The cost of the rig (which excludes capitalized interest) will reportedly be financed out of corpo- rate funds, including proceeds from a recent $300 million debt offering.

Ensco also has an option with

Keppel Fels to build an identical rig for the same price. 14 Circle 262 on Reader Service Card Maritime Reporter/Engineering News