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Modernization Of Tanker Fleet A Main Priority The Latvian Shipping Co. (LSC) reported that its council has approved a tanker fleet strategy that would involve a large scale invest- ment to modernize existing vessels, sell poten- tially unviable vessels and purchase new ones. LSC tanker fleet profits after depreciation in the first half of 1997 equalled $13.71 million against a budgeted $8.5 million. The company had a first half profit of $3.4 million, but is expected to end the year in the red. LSC has already upgraded two tankers, investing $13 million in Dzintari and Zanis Griva, and has bought two sister gas tankers this year, worth approximately $50 million each. LSC currently operates 39 tankers, which comprises 60 percent of its total fleet. Sumitomo Wins Bulk Carrier Orders Sumitomo Corp. has received an order for four bulk carriers worth approximately 12 bil- lion yen from Canada's Fednav Ltd. The 34,000-dwt vessels have been commis- sioned to navigate the St. Lawrence Seaway for service in the Great Lakes. Japan's Oshima Shipbuilding Co. will build the ships at its Nagasaki yards. Delivery of the 34,000 dwt vessels will begin in the second half of 1999 and conclude in the first half of 2000. Keppel Marine Wins $65.4 M Contract Keppel Marine Industries Ltd. has won a second contract from the A.P. Moller Group to build two Anchor Handling Tug/Supply (AHTS) vessels valued at $65.4 million. Keppel Singmarine Dockyard Pte Ltd. (Keppel Singmarine) will design and construct the ves- sels, which are scheduled for delivery in 1999. The contract follows A.P. Moller's decision to exercise an option in an earlier shipbuilding contract for two AHTS vessels — which are cur- rently under construction at Keppel Singmarine's main yard and are expected to be delivered in the second half of 1998. Hess Signs Rig Deal With Dolphin Amerada Hess signed a three-year contract with Norwegian-based Dolphin Drilling for a rig to drill the first well off the disputed Falkland Islands in the south Atlantic in May 1998. The Borgny Dolphin rig will go into a yard in western Norway for the upgrades necessary to enable it to drill in water depths up to 500 m next month. As operator of tranche A, Hess will drill the first well to the north of the islands. The rig contract is expected to run from February next year and could be worth as much as $150 mil- lion to Dolphin, which is owned by the Fred Oslen Ltd. The operators will share equally the costs of commissioning the rig and its round trip from the North Sea to the south Atlantic — estimat- ed at nearly $9 million. Industry sources said the rig could command a day rate of around $130,000. LASMO will drill the second well, followed by Shell and then IPC. The rig will then return to Amerada Hess for a second well. Mobil, Chevron Ink Offshore Pact The Canadian units of Mobil and Chevron have reportedly agreed to pool resources for the exploration and development of 29 million acres off the east coast of Canada. No time limit or dollar figure was attached to the strategic alliance. Under the alliance, the companies plan to create teams to jointly plan and manage explo- ration, development of current and future plays. Mobil and Chevron have worked on various offshore Newfoundland projects since Chevron drilled the Hibernia discovery well in 1979. ULTRAJET ISO 9001 High Propulsion Efficiency with Reliability Ultrajet outputs range from 150 hp (112kW) to 1,341 hp (1000kW) Over 15,000 military and commercial installations worldwide Detailed performance evaluations, pre and after sales support With Ultrajet on board, you have 40 years experience behind you Ultra Dynamics Ltd, Gloucester, GL51 9NY, England. Tel: (01242) 707900 Fax: (01242) 707901 Ultra Dynamics Inc, Columbus, Ohio 43230, USA. Tel: (614) 759 9000 Fax: (614) 759 9046 E-mail U.K. 106153.711@compuserve.com E-mail U.S.A. 70414.1337@compuserve.com Circle 360 on Reader Service Card DIESEL OR GAS TURBINE? For Fast Ship Propulsion... The Choice is Yours Diesel and Gas Turbine Powered Marine Reduction Gears for High Speed Marine Applications Features: • Compact, Lightweight Designs -Parallel Shaft: Single or Dual Input -Epicyclic -Diesel, Turbine or Combined (CODAG or C0D0G) Configurations • 3,000 to 10,000 kW/ln put Diesel Designs • 3,000 to 25,000 kW/lnput Turbine Designs ISO 9001 CERTIFIED Circle 237 on Reader Service Card THE CINCINNATI GEAR company 5657 WOOSTER PIKE CINCINNATI, OH 45227 USA (513) 271-7700 FAX (513) BHS - CINCINNATI GETRIEBETECHNIK GMBH HANS-BOCKLER - STR. 7 D-87527 SONTHOFEN POSTFACH 1251, SONTHOFEN, GERMANY BHS CINCINNATI 104 Maritime Reporter/Engineering News
