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MARINE FINANCE P&O To Sell Stake In Argentinean Operator Peninsular & Oriental Steam Navigation Co.'s (P&O) Australian subsidiary will sell its 37.5 percent stake in a Argentinean terminal operator for $38.8 million. The sale of Terminales Rio de la Plata SA (TRP) to AIG-GE Capital Latin American Infrastructure Fund LP (LATIF) will reduce P&O's stake in the operator to 50 percent. TRP operates terminals 1 and 2 at Puerto Nuevo in a Buenos Aires under a 25-year concession award- ed in September 1994. Aker RGI Wins Farstad Deal Langsten Slip & Baatbyggeri, a yard of the Langstengruppen group, has won a contract from Farstad Shipping ASA to build a multi-purpose anchor- handling/supply vessel. Following the deal, Langstengruppen has an Kvaerner Masa-Yards Inc. - the experienced builder of successful ships Kvaerner Masa-Yards Inc. Marketing and sales, Helsinki, P.O.Box 132 FIN-00151 HELSINKI, Finland Tel. +358-9-1941, Fax. +358-9650 051 Tlx 121246 masah fi Marketing and sales, Turku, P.O.Box 666 FIN-20101 TURKU, Finland Tel. +358-2-2666 111, Fax. +358-2-2667 488 Tlx 62356 masat fi Piikkid Works, FIN-21500 PIIKKIO, Finland Tel. +358-2-474 300, Fax. +358-2-472 6000 Technology, P.O.Box 666, FIN-20101 TURKU, Finland Tel. +358-2-2666 111, Fax. +358-2-2666 700 Tlx 62228 masat fi Kvaerner Masa Marine Inc., Suite 207-1525 West 8th Ave., VANCOUVER, B.C., V6J 1T5, Canada Tel. +1-604-736 8711, Fax. +1-604-738 4410 Kvaerner Masa Marine Inc., Power Technology Center 201 Defence Highway, Suite 202 Annapolis, MD 21401, USA Tel. +1-301-970 2226, Fax. +1-301-970 2230 Kvaerner Masa-Yards Circle 241 on Reader Service Card 10 order reserve of approximately $470.5 million. PGS Wins China Seismic Deal Seismic specialists Petroleum Geo-Services ASA (PGS) has been contracted to perform a 3-D seis- mic survey offshore China. The contract was awarded by state- owned China National Offshore Oil Corp. The 2,150-sq.-km survey will take place in the Qiong Dong Nan Basin, offshore Hainan Island. PGS Awards Order To Aker, Wins Contract From Norwegian Interests A unit of Aker RGI's partly- owned Langstengruppen sub- sidiary has won a contract to build a new Ramform vessel for offshore service company Petroleum Geo- Services ASA. The contract is val- ued at $80 million. PGS said it had decided to exer- cise its option to build a sixth Ramform vessel following a strong performance from the existing ships and firm demand for the high technology equipment within the oil industry. The vessel is expected to be delivered in the first half of 1999, will have the same dimensions as the company's Ramform #5 and will be equipped to handle up to 20 streamers. Aker RGI holds 67.5 percent of Lanstengruppen. In addition, PGS has been awarded two seismic contracts tendered by Norwegian operators. The contracts were with Norsk Hydro ASA and Statoil. The two 3- D seismic contracts would cover between 11,000 and 12,000 sq. km aggregate, subject to results from final survey configurations. PGS said the contracts would occupy two Ramform vessels from April/May through September/October 1998. First Calgary In $15M Oil Deal First Calgary Petroleum recently signed a $15 million deal for oil exploration in the southern province of Hadramout. First Calgary signed a memorandum of understanding (MOU) with Yemen in November 1997 for sector 43, which covers 2,717-sq.-km. Maritime Reporter/Engineering News
