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MARINE FINANCE minal operators. Marine Drilling May Buy Controlling Interest In Norwegian Co. On April 14, Marine Drilling Companies, Inc. announced execu- tion of an agreement to acquire Deepsea Stavanger from Deep Sea ASA for $54.5 million, a newbuild Bingo 8000 design bare-deck hull which, dependent upon completion of construction and final outfitting, can be configured as either a fourth or fifth-generation semi- submersible. The rig, currently located in Norway, will be named Marine 700. The closing of this acquisition is expected to occur on or about May 23, and the purchase agreement also includes a breakup fee payable to the company by Deep Sea ASA in the event the sale is not consummated under certain circumstances. In addition, Marine Drilling has obtained an option to acquire approximately 48 percent of the outstanding shares of Deep Sea ASA. Marine Drilling intends to make an offer to all of Deep Sea ASA's shareholders at a per share price equivalent to the purchase price of the rig. If the company is successful in acquiring two-thirds or more of the outstanding shares of Deep Sea ASA, the rig acquisition agree- ment may be terminated and the company may become Deep Sea's primary share holder. FastShip Project Receives New Funding On March 17, Thornycroft, Giles & Co. (TCG), owner of the patent- ed FastShip technology and FastShip Atlantic, Inc. (FSA), the company licensed the use the tech- nology on the North Atlantic and North Pacific trade routes, announced the receipt of $2 million in funding to support project devel- opment. In addition, Einar Pedersen, president and CEO of TTS Technology, will serve as TCG chairman; and Jonathan Byrnes, May, 1997 a senior lecturer at MIT, was also made a member of the boards of both TCG and FSA. FastShip is the technology which will provide seven-day, door-to- door service for containerized cargo traveling between the U.S. and Europe with Philadelphia as its exclusive U.S. North Atlantic port of call. American Shipyard Completes Repair Work Newport, R.I.-based American Shipyard Corp. has successfully completed more than $2.5 million in government ship repair con- tracts this winter. Work included a $1.5 million con- tract for overhaul of two army tugs based out of Baltimore; a contract which was reportedly secured with the aid of Rhode Island Stern to bow, Gems Sensors has all your shipboard liquid level, flow and pressure sensing needs covered. Our MarineGrade™ sensing components are precisely engineered for a wide variety of specialized needs through- out ships and off shore rigs. MarineGrade™ Sensors are ideal for both new and retrofit applications. HE EASY CHOICE FOR FLUID SENSING SENSORS FOR MOST AI\IY APPLICATION Remote Alarm Indication Strobe Lights & Siren •Hi Bi "HP I Lube Oil Tanks I Fuel Oil Tanks I Hydraulic Systems I Coolant Tanks I Ballast Tanks I Cargo Tanks I Storage Tanks Control Area Alarm Monitoring Panel, Tank Level Indication Panel, Zener Barrier Panel I Day Tanks I Potable Water Tanks IFire Fighting Foam I Gray Water Tanks I Overfill Alarm Monitoring I Sump Tanks iWaste Oil & Oily Waste Holding Tanks I Expansion Tanks I Feed Water Systems I Bilges Water Tank Level Switches SureSite Indicators GEMS Dipsticks™, Self-Checking Level Switches, Transmitters and Receivers ABS CERTIFIED Cooling Systems Flow Switches Fresh Water Tanks- Transmitters, Receivers, Level Switches Forepeak Ballast Tanks Transmitters and Receivers Auxiliary - Equipment Flow Switches Level Switches Double Bottom Tanks Transmitters and Receivers Propulsion Systems Flow Switches Engine Room Service Tanks Level Switches, Transmitters, Receivers FREE! MARINEGRADE™ FLUID SENSORS BROCHURE •Products "Sales Offices • Distributors ^Yes, I want to keep up with the best! Send the latest MarineGrade™ brochure. Name Company Streets _ City Phone: .State _ Fax:. Cargo tanks Bilges and Voids-j Transmitters, Receivers, Level Switches Self-Checking Level Switches Fuel Oil Storage Tanks Transmitters and Receivers For Application Assistance Call: 1-800-321-6070 Sensors Gems Sensors One Cowles Road Plainville, CT 06062-1198 tel 860.747.3000 fax 860.747.4244 www.gemssensors. industry, net Circle 210 on Reader Service Card 17