Page 7: of Maritime Reporter Magazine (February 2000)

Contracts

Tidewater To Build New Vessels

For $300M

Tidewater Inc. will build new vessels for a total of about $300 million. The company said it expects to fund the pro- gram using its current cash balances, which exceed $150 million, its project- ed cash flow and its existing $200 mil- lion line of credit. Currently, Tidewater is debt-free.

According to the company, the new vessels will include large Anchor Han- dling Towing Supply vessels and large

Platform Supply vessels.

Bergesen Orders Four Tankers

From Hitachi

Norwegian shipping group Bergesen d.y. ordered four 296,000 dwt tankers from Japan's Hitachi Zosen Corp. for $263.7 million.

Officials said the vessels were all under construction, and one will be delivered in the first quarter of 2000, two in the second quarter and the fourth in the first quarter of 2001. Bergesen said it has an option to order two other ships for delivery in the first half of 2001. Hitachi Zosen Corp., a major

Japanese shipbuilder, posted a parent current loss of $163.4 million for the year ended March 1999, its first current loss in 10 years, against current profit of $65.3 million a year earlier, mainly due to losses from unprofitable overseas business.

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Chuan Hup Unit Secures

PB Contract

Chuan Hup Holdings Ltd.'s joint ven- ture company Asia-Pac Geraldton Pte

Ltd. had secured an $11.6 million con- tract to build seven high-speed patrol boats for the Singapore Police Force (Coast Guard). Asia-Pac Geraldton is a 50-50 joint venture between Chuan

Hup's wholly-owned subsidiary Asia-

Pacific Shipyard Pte Ltd. and Geraldton

Boat Builders Pty Ltd., a builder of high-performance patrol boats in West- ern Australia, Chuan Hup said. A state- ment added that Asia-Pac Geraldton had previously secured a $29.2 million con- tract to build 18 patrol boats and two command boats for the Singapore police in September 1997, with an option to buy up to another 21 boats. The police force had now exercised its option to buy another seven patrol boats.

UAE Group Buys Third Ship

From Hitachi

A United Arab Emirates company signed a contract with Japan's Hitachi

Zosen Corp. to buy a third bulk carrier at a cost of approximately $22 million.

The Dubai-based al-Ghurair group signed deals last year to purchase two ships from the Hitachi. Delivery of the first ship is expected by the end of this year, and the other two are expected to be delivered early in 2002.

Al-Ghurair group already has a fleet of seven ships operated by a subsidiary, including three based in Dubai and four based in India.

Leif Hoegh Sells Three Ships

Norway's Leif Hoegh Unicool unit sold three reefers for a total of just more than $27 million. The sales price was close to the book value, Leif Hoegh said in a statement to the Oslo bourse. It said

Unicool had sold the vessels Baltic Spir- it, built in 1986, Lincoln Spirit, built in 1987 and Tasman Spirit from 1988. ^Registered trade mark and ™trade mark of Telstra Corporation Limited ACN 051 775 556. © Inmarsat and the Inmarsat logo are trade marks of Inmarsat, London, United Kingdom.

TIN0077/B

February, 2000 Circle 285 on Reader Service Card 7