Page 14: of Maritime Reporter Magazine (March 2003)

News

ENSCO Sells Marine

Vessel Fleet to Tidewater

ENSCO International has signed a definitive agreement to sell all of the oil- field support vessels owned by the

Company's subsidiary. ENSCO Marine

Company, to Tidewater Inc. for $79 mil- lion in cash. The transaction, which is expected to result in a pre-tax gain of approximately $5 million to ENSCO. ($0.02 per diluted share after taxes), is subject to various regulatory consents.

It is anticipated that the transaction will close early in the second quarter of 2003.

Blohm + Voss Offers

Hand With Olympic Games

Blohm + Voss GmbH and Blohm +

Voss Repair GmbH are providing dock 11 as advertising space for Spiele fur

Hamburg 2012 GmbH. With this contri- bution the two companies support the application of Hamburg as venue for the

Olympic Summer Games 2012. On

April 12, 2003, the decision will be made as to which of the five German cities will win the national contest for the Olympic Games 2012. The 220-ft. (67.2-m) wide and 36-ft. (11-m) high banner with the "Olympic Games for

Hamburg" logo was mounted on

February 6, 2003. on dock 11.

Measuring 740.1 sq. m., the king-size poster consists of three parts, covers one third of the total length of the dock and is printed with the slogan "Feuer und

Flamme 2012" and "City Olympics".

U.S. Sues NNS For

Alleged Overcharges

The U.S. has filed suit against

Newport News Shipbuilding Inc. alleg- ing that the company knowingly mis- charged the U.S. Navy on costs it incurred for work under commercial contracts from 1994 to 1999, according to the Justice Department.

The lawsuit alleges that the Newport

News. Va.-based company charged the

Navy for independent research and development (IR&D) costs for double- hulled tankers that Newport News was building for commercial customers under existing contracts. Since

November 2001, Newport News

Shipbuilding has been a wholly-owned subsidiary of Northrop Grumman

Corporation.

The shipbuilding company is alleged to have charged the Navy for more than $72 million of costs related to the design and development of the commercial tankers, which were passed through as overhead on major Navy shipbuilding contracts. The government's complaint states that Newport News Shipbuilding mischarged the costs even after being warned in 1995 by senior staff and by its outside consultant. Arthur Andersen &

Company, that its charges to IR&D could make it subject to suit under the

False Claims Act.

Under the False Claims Act, the

United States may recover three times the amount of its losses plus civil penal- ties.

IBIA Warns on EU Tanker

Proposals

The International Bunker Industry

Association (IBIA) says that proposals by the European Commission for a EU ban on single hull tankers may inadver- tently have a major affect on bunkering operations. Ian Adams, secretary gener- al of IBIA, says, "The European

Commission has proposed a new regula- tion amending regulation 417/2002 which bans entry into EU ports, offshore terminals or anchorage areas under the jurisdiction of a Member State of single- hull tankers transporting "heavy grades of oil". This measure would apply to oil tankers of 600 dwt and above. As draft- ed, this would effectively outlaw a sig- nificant proportion of the current EU bunker barge fleet, as many bunker barges are in effect small tankers within their definition. We believe it could lead to significant supply problems for ship- ping in EU ports, and we will be asking the Commission to reconsider its pro- posal, and exclude "small tankers used in the fuelling of ships" from the pro- posals."

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