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Bender Acquires Large Dry Dock Formerly Operated At Todd Ship Bender Shipbuilding & Repair Co., Inc., Mobile, Ala., recently pur- chased a 545-foot-long steel floating drydock formerly operated at Todd Shipyards Corporation's Galveston, Texas, facility. The drydock, which recently arrived in Mobile, has been named the Pete B in memory of a Bender superintendent, the late Pete Borgueta. The drydock, called Lone Star by Todd, was built by Bender at its Mobile shipyard and delivered in January 1983. The Pete B has a lifting capacity of 17,500 long tons and has an over- all length of 545 feet. The distance between the inside of its wingwalls is 122 feet. The drydock's lifting capacity and wider working area between its wingwalls will allow Bender to serv- ice larger vessels including cruise ships and vessels designated Pana- max, the largest vessels capable of navigating the Panama Canal. For free literature on the facili- ties and capabilities of Bender Ship- building & Repair Co., Circle 35 on Reader Service Card You can't make money from nothing - you can make it from almost everything Good overall finance means getting all the details right. This, briefly is the idea behind the compre- hensive package offered by the Ulstein Group to shipyards and shipowners all over the world. Look at the ships in the illustration. We can design them, we can build them and we can equip them. The point is, no matter where we enter into this process, you will be dealing with one single con- tact who takes on the job of coordinating specia- lists to ensure that you have the best possible investment, both in the short and long term. We do not claim to be the only shipyard building profitable ships, but we can make all ships more profitable. iff ULSTEIN JMW - SUPPLIERS TO THE MARINE INDUSTRY Ulstein International AS. N-6065 Ulsteinvik, NORWAY. Tel.: +47-70-14 000. Telefax: +47-70-14 002. Telex: 42 342 uin n. Circle 252 on Reader Service Card Tidewater Negotiating Acquisition Of Zapata In $500 Million Deal In a deal worth up to $500 million and which would create the world's largest support vessel fleet, Tidewa- ter is negotiating the acquisition of Zapata Gulf Marine. An agreement between the two U.S. groups would combine the 304 vessels of Zapata with the 303-vessel fleet of Tidewa- ter. Tidewater's worldwide market share would more than double, analysts say, with a fleet of more than 600 vessels. Currently, Tidewater has be- tween 10 percent and 11 percent of the world's offshore boat market, while Zapata's market share is put at nearly 12 percent. Combined, an expanded Tidewater could control 23 percent of the world's workboat market, and within U.S. waters, Tidewater, which has about 25 per- cent of the market in the U.S. Gulf, would have even more strength. With Zapata's share of the Gulf, where 3,400 platforms and 132 drill- ing rigs are currently working, analysts say Tidewater's market share would soar to perhaps 40 per- cent. On the supply and towing-and- supply business end, Zapata is very active, with boats currently com- manding $3,000 per day or more. Zapata has about 200 such vessels in its 304-vessel fleet. Officials say a merger of the two firms would create tremendous economies-of-scale, by combining management and administration. In a merger, Tidewater revenues would soar. Tidewater, in its latest figures for the nine months ending December 31, 1990, had revenue of $180.4 million and net earnings of $24.7 million, up from $150.8 million and a loss of $6.7 million, respectively, in the previous year. Privately owned Zapata reported revenue for the 1990 calendar year of $241 million and operating in- come of $22 million. Net income was not made public by the company. Kuwait Oil Production Could Reach Pre-lnvasion Levels By End Of '93 U.S. oil experts expect oil produc- tion in Kuwait to reach pre-invasion levels by the end of 1993. Daniel Yergin, president of the Cambridge Energy Research Insti- tute private think tank, said Ku- wait will produce 50,000 barrels a day as a symbolic gesture within the next several weeks. He expects exports of 350,000 barrels a day (b/ d) by the end of 1991. Although scientists, inventors and entrepreneurs are seeking in- novative ways to extinguish the Kuwaiti oil fires, putting them all out is expected to take at least one year. Mr. Yergin said by the end of 1993, output should be back to 1.5 million b/d, the level before last August's invasion by Iraq. 6 Maritime Reporter/Engineering News
