Page 17: of Maritime Reporter Magazine (December 1998)

MARINE FINANCE

ECL Completes Drill Rig Con- version

ECL of Lafayette, La. has recently completed the conversion of a matt supported, jackup drilling rig into a Mobile Offshore

Production Unit (MOPU). Owned and operated by Consolidated Oil

Ltd. of Lagos, Nigeria, the com- pleted MOPU is capable of pro- cessing 80,000 barrels of crude per day along with 80 million cu. ft. of natural gas. Consolidated Oil plans to utilize the MOPU to expand production capacity with their existing fields with proven reserves. The rig, christened Aun- tie Julie the Matriarch, left ECL's yard in mid-October for Nigeria.

Sunoco To Charter VLCCs

Sunoco, Inc., formerly known as

Sun Company, Inc., has entered an agreement to charter two new innovative VLCCs to bring crude oil to its Philadelphia and Marcus

Hook Penn. refineries on the

Delaware River. The new-design vessels will have increased safety and environmental features that take into account the unique aspects of the Delaware Bay and

River. They will be built by sub- sidiaries of Concordia Maritime, a highly-respected publicly-held

Swedish tanker company that works in close cooperation with

Stena, the largest shipping compa- ny in Sweden. The two-million- barrel-capacity tankers, which will be built in the Hyundai Heavy

Industries shipyard in South

Korea, are expected to be complet- ed by 2001 and will be immediate- ly put on three-year charter to

Sunoco. Sunoco Senior Vice Presi- dent Deborah M. Fretz said the new VLCCs will provide substan- tial cost savings over the use of existing VLCCs as well as the smaller, one-million-barrel tankers typically used on the Delaware

River. "Lightering costs will be substantially reduced because the shallow draft of the new vessels will enable them to get to Big

Stone Anchorage without having to offload some of their cargo at sea," said Fretz. "In addition, the total amount that needs to be lightered will be reduced."

Existing VLCCs now lighter approximately 20-25 percent of their cargo onto other vessels at sea and another 30-35 percent in the Delaware Bay at Big Stone

Anchorage before coming up the

Delaware River.

Fretz said additional savings will be realized through improved fuel economy from a wider, shal- lower unique hull design and an increased maximum speed of 17 knots (a 15 percent increase over existing VLCCs). Several safety features are also part of the new design. These include double hulls, double engines and com- pletely separated engine rooms, double rudders and steering gears, and double propellers. Stena developed the new design in close consultation with Sunoco to take into account the unique features of the Delaware River and Bay. "The combination of reduced operating costs and increased reliability will benefit Sunoco and reduce the risk of transporting crude oil," said

Fretz. "Stena already has an exceptional safety record, and these new vessels will only enhance their reputation for safe, efficient and environmentally sound transportation. We are very pleased to be part of this innova- tive venture." 1PVS! m you re looking for a financial partner who knows the sea, it s time you found out more about debis. With an entire team of specialists (jlg^ dedicated to the marine industry, we understand the subtleties of providing custom financing for commercial vessels like no other lender.

As a w holly owned subsidiary of Mercedes-Benz , {* Credit Corporation, we're part of one of the largest leasing and financing organizations in the world.

With resources few lenders can offer. And the ability to speak many languages. Fluently. Of course, that includes the unique language of the sea.

Learn how our new and innovative approaches to marine • financing can help you. For more information, contact us today or visit our website at www.debisf inancialusu.com.

Find out how to rule the seas with debis. ^ j ^

Send for more information today. . debis

Financial Services. Inc • Check here if you'd also like to receive our CD.* *CD is PC-based for Microsoft Windows' 95

Mail to: debis Financial Services, Inc.

P.O. Box 494

Monroe, CT 06468-0494

Name/Title

Company

Address

City A subsidiary of State

Phone

Mercedes-Benz

Credit Corporation call 1-888-571-3081 or outside the U.S. at: 1-203-261-2058 debis-Registered Trademarks of Daimler-Benz InterServlces (debis) AG, Stuttgart, Federal Republic of Germany 0 Mercedes-Benz-Registered Trademarks of Mercedes-Benz AG, Stuttgart, Federal Republic of Germany MREN-98 \

December, 1998 Circle 220 on Reader Service Card 17