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MARINE FINANCIAL ANNUAL — NEWS Swedish Club Breaks Even The Board of the Swedish Club met on October 11 in Gothenburg. As of the beginning of October, 662 vessels were entered for Hull & Machinery cover, with a total ton- nage of 17.8 million grt. The aver- age vessel age is 13.4 years, com- pared with the figure for world tonnage which is reportedly in excess of 16 years. These ships generate a premium of $53.7 mil- lion and have a total value of $10.5 billion. The result for the first eight months of 1996 indicates a break even result, even though the Club has only debited 95 percent of the premium for the year. For 1997, the Board decided to maintain the deferred premium of 95 percent of Hull premium. All members who have implemented the ISM Code will receive a two percent discount on agreed rates. The Board also said it would continue to work for a lower limit for P&I cover. Halter Marine listed On AMEX Ten shipyards of the Trinity Marine Group, Inc., have been orga- nized into Halter Marine Group, Inc., which has sold 17 percent of its common stock in a public offering. Since September 27, Halter has been listed on the American Stock Exchange (AMEX) and traded under the symbol "HLX". Halter's initial offering price was $11 per share. Trinity continues to own approxi- mately 83 percent of the issued and outstanding common stock of the Halter Marine Group. AOD Provides Financial Update American Oilfield Divers, Inc. (AOD) announced that a total of 9,616,594 common shares, or approximately 97 percent of the common shares outstanding of Hard Suits Inc. (HSI), have been taken up and paid for under AOD Acquisition Corp.'s offer dated September 25, 1996, which expired on November 8. AOD also announced that Rene Nuytten and William Liddell, pre- viously the president and CEO and secretary/treasurer of HSI, respec- tively, have both left the company. Litton Financial Evaluation Released Duff & Phelps Credit Rating Co. (DCR) has reaffirmed the 'BBB+' (Triple-B-Plus) rating of the senior unsecured debt of Litton Industries. DCR's rating balances Litton's cur- rent strong financial measures for the rating category and leading positions in defense, electronics and shipbuilding against management's announced policy of defense acquisi- tions. In FY 96, Litton paid $648 million to acquire approximately $1 billion in sales. The largest acquisi- tion was PRC Inc., a major provider of information technology services, principally for the government mar- •I Marine Magnetometer "Send your search team after our SSS-100K Side Scan Sonar, and your job will be done at half the cost." Fw^mX?' "And with greater accuracy! The SSS-100K is the only low cost side scan that comes with a built-in 17" thermal printer as standard equipment and a full set of operator controls to give you complete control of the unit. It has a range of 1800 feet on each Call for a free catalog or to order our demonstration video. ) side, and comes complete with fish and tow cable." Only $26,995 J. W. Fishers Mfg., Inc. 1953 County St., E. Taunton, MA 02718 USA (800)822-4744 Tel. (508)822-7330 FAX: (508)880-8949 or 822-1931 Pulse 12 Boat-towed Metal Detector Sea Otter ROV $8,295 DHC-1 Diver-held Camera $3,195 $5,495 JOV-1 Towed Video S $4,195 Circle 232 on Reader Service Card • Cuts square, to within .005 inch • Ideal for high- purity applications • Cuts burr-free • Portable • Durable CALL TODAY FOR FREE ON-SITE DEMO (U.S. & Canada) GEORG FISCHER +GF+ Georg Fischer Pipe Tools Division P.O. Box 40, Holly, Ml 48442 Tel 810-634-8251 Fax 810-634-2507 eee Built to Work Built to Last. Jeamar Sheaves and Blocks High quality steel sheaves, with work hardened grooves & high sheave to rope diameters. • All Jeamar sheaves are fitted with lifetime lubricated ball bearings for long life and low maintenance costs. Fast Delivery on over 25 models. JeamarWinches Your First Choice for Winching Solutions 1051 Clinton Street, Buffalo, N.Y. 14206 TEL: (716) 854-3211 FAX: (716) 854-4141 Circle 290 on Reader Service Card Circle 244 on Reader Service Card 56 Maritime Reporter/Engineering News
