Page 12: of Maritime Reporter Magazine (March 1998)

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MARINE FINANCE

Transocean, Shell Reach

Agreement

Transocean Offshore Inc. has reached an agreement with Shell Deepwater

Development over the dayrate for the third-year of a five-year contract on the company's fourth-generation semi-sub- mersible rig Transocean Richardson.

Transocean reported that revenues associ- ated with the third year of the contract, which began on February 1, were around $67.5 million.

New NICO Ship To Work For Total

UAE-based ship repair, fabrication and offshore services group NICO has pur- chased and overhauled a new ship for $3.5 million which will be used by France's Total for operations off Thailand on a long-term oil field supply contract.

The NICO group is due to be acquired shortly by Topaz Energy & Marine SAOG (TEAM), a new public company under establishment in Oman.

Burmah Sells LNG Stake To Mitsui

British lubricants and chemicals group

Burmah Castrol Pic has reportedly agreed to sell the remaining 50 percent stake in its liquefied natural gas (LNG) transportation joint venture to Mitsui O.S.K. Lines Ltd. and Nissho Iwai Corp. for approximately $70 million. According to Burmah, the sale will result in a profit of around $45 million.

Keppel Marine Wins $ 18M

Contract

Keppel Singmarine Dockyard won two contracts worth approximately $18 million.

One is for the conversion of two flat top barges to power generating barges for

Wartsila NSD Finland Oy (Wartsila). The second contract was awarded by Sunlover

Cruises Ltd., a subsidiary of Japan's NYK

Lines, for the refurbishment of two high speed aluminum ferries.

CP Ships To Extend TMM, Tecomar

Shipping Pact

Canadian Pacific Ltd.'s CP Ships sub- sidiary plans to extend and improve an operating agreement with Transportation

Maritima Mexicana SA (TMM) and

Tecomar SV on the west Mediterranean to

U.S. Gulf/Mexico container trade for an additional two years.

According to CP Ships, its Contship and

Lykes Lines subsidiaries will increase the frequency of their service to weekly from the current once-every-11-day service which has been operating for the past three years.

Maritime Reporter/Engineering News

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Adviskxi of Dunlop-Beaufoft Canada Ltd. [email protected] ^ www.dbcmarine.co