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OMI And MTL Sign Acquisition Agreement OMI Corp. and Marine Transportation Line (MTL) announced that they have signed the definitive agreement for the previously announced transaction pursuant to which OMI is to acquire MTL, a privately owned company specializing in marine and transportation service, princi- pally to the energy and chemical industries. The transaction is expected to be completed in the spring of 1998. The transaction is subject to a number of conditions, including receipt by OMI of a favorable pri- vate letter ruling from the Internal Revenue Service and OMI share- holder approval. In connection with its acquisition of MTL, OMI plans to spin off as a tax free distribution to sharehold- ers a subsidiary owning and oper- Circle 283 on Reader Service Card MOTOR-SERVICES HUGO STAMP, INC, AUTHORIZED DISTRIBUTORS & SERVICE CENTER WOODWARIJ ® Authorized Dealer * GOVERNOR REPAIR FACILITY WITH STATE-OF-THE-ART 5 HP DIGITAL TEST STANDS AND FIELD SERVICE FOR ALL ELECTRONIC CONTROLS AND LOAD SHARING SYSTEMS * PRIME MOVER RETROFITS OF EXISTING GOVERNOR SYSTEMS WITH MICROPROCESSOR TECHNOLOGY USING ORIGINAL "OEM' FUEL LINKAGE AND ENGINE GOVERNOR DRIVES * CERTIFIED GOVERNOR TECHNICIANS WITH 45 YEARS COMBINED EXPERIENCE FOR TURNKEY REPAIRS AND NEW INSTALLATIONS * EXTENSIVE INVENTORY OF GENUINE SPARE PARTS & UNIQUE GOVERNOR EXCHANGES FOR THE MARINE INDUSTRY. 24 HOURS SERVICE HOT-LINE 1-800-622-6747 (MSHS) 3190 SW 4TH AVENUE - FORT LAUDERDALE, FL 33315 - FAX (954) 763-2872 Circle 372 on Reader Service Card ating its foreign assets (Foreign OMI). Foreign OMI will retain the OMI name and will be managed by OMI's current management. The combined OMI-MTL entity (Domestic) will use the MTL name and will be managed by MTL's cur- rent management. MTL share- holders will receive OMI shares in exchange for their MTL owner- ship. Upon completion of the acquisition and spinoff, holders of OMI shares prior to the transac- tion will own approximately two- thirds of the outstanding shares of Domestic, as well as substantially all outstanding shares of Foreign OMI. Former MTL shareholders will hold approximately one-third of the outstanding shares of Domestic. Marine Accommodations Wins Royal Caribbean Contract Royal Caribbean Cruise Line has awarded Marine Accommodations, Inc. (MAI) a contract for supply and installation of ceilings on board Song of America's main din- ing room and gift shop. MAI will also be replacing a total of 90 cabin doors. Work will be completed during drydock this November. Norsk Hydro And Permea Maritime Protection Sign Contract Norsk Hydro has signed a $920,500 contract with Permea Maritime Protection, a division of Air Products A/S, for the delivery of a process equipment package based on Permea's PRISM Separators for dehydration of nat- ural gas. The plant is to be installed on the Brage Platform in connection with an increase in oil and gas production. HAM Marine Signs Contract With Falcon Drilling HAM Marine Inc. has signed a contract with Falcon Drilling Co. to overhaul and reactivate its semisubmersible rig, Falcon 100, which has been idle for more than a decade. The upgrade will include an increase in deck load capacity, "You won't find a boat towed metal detector that can cover as much area as the PULSE 12." "With the PULSE 12, you get a 16ft.x 24ft. detection area, and the ability to tow three search coils. Extremely sensitive, the PULSE 12 detects all metals. It comes complete with a control box, one search coil, a 150 foot cable, and a tow fish. The system is powered by two 12V batteries." Only $5,795 Call for a free catalog or to order our demonstration video. 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 DHC-1 Diver-held Camera $3,495 SSS-100K Side Scan Sonar $26,995 Sea Otter $18,995 Proton 3 Marine Magnetometer $8,495 Pulse 8x u/w Metal Detector PROPULSION SYSTEMS aroiESEL ENGINES MADE IN GERMANY GMT 20 Maritime Reporter/Engineering News
