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News cent relation with them and we've start- ed speaking about possible collaboration in the area of submarine building," he said. Earlier in the presentation he said state-owned Izar would break even in 2003 and make a profit of 5.0 billion pesetas ($26.7 million) by 2005 after years of restructuring and heavy losses in the public-controlled industry. Cammell Laird Awaits Costa Crociere Decision At press time Merseyside shipbuilder Cammell Laird Pic was anxiously await- ing the outcome of its negotiations to bring the Costa Classica in for its con- version. The shipyard reported a num- ber of proposals regarding the delayed conversion of a cruise ship, Costa Clas- sica, were being considered after meet- ings with the ship's owner Costa Crociere. Technical meetings relating to the proposals were also underway and the company could not predict the time scale or outcome of these discussions. Earlier in the month, Cammell Laird was reported to be hammering out a new agreement to save the $75.9 million cruise liner contract and protect a num- ber of jobs. In November, the liner was due to arrive for refitting at the docks in Merseyside but then headed back to Genoa. Croce Cruciere delayed the delivery because work at the shipyard was behind schedule. Cammell held a final meeting with the Department of Trade and Industry in relation to a fur- ther cruise ship contract. Transfennica Sale Cancelled On June 28, 2000, an agreement was signed between the shareholders of Transfennica Ltd. and Finnlines Pic to sell Transfennica's shares to Finnlines. The sale required the approval of the relevant competition authorities. How- ever, the conditions presented by the competition authorities, were such that Finnlines could not accept them. The partners have therefore decided to can- cel the sale of the shares. Transfennica's shareholders are UPM-Kymmene Cor- poration ( 49.9% holding), Metsa-Serla Corporation (32.7%), Myllykoski Paper Oy (9%) and Oy Metsa-Botnia Ab (8.4%). Worldwide Offshore Rig Utilization Drops Worldwide rig utilization decreased the week ending December 15, accord- ing to Offshore Data Services (ODS). With 560 of the world's 647 mobile off- shore drilling rigs under contract, world- wide offshore rig utilization fell 0.6 per- cent to 86.6 percent. The rig utilization rate in the U.S. Gulf of Mexico fell because of a one-rig decrease, bringing the number of mobile offshore drilling rigs in the Gulf under contract to 181 out of 207, bringing utilization down 0.9 percent to 87.4 percent. The European offshore rig count fell by one, with 87 of the 101 mobile offshore drilling rigs in the region under contract, pressuring utilization to down one percent to 86.1 percent, ODS said. ODS' total worldwide offshore rig count includes changes in utilization and fleet size in regions beyond just the Gulf of Mexico and Europe. Kvaerner, Saipem Sign Deal Kvaerner ASA said it has an intention- al deal with Italian oilfield services company Saipem for a subsea umbilical project in the Gulf of Mexico. The deal, valued at about $28 million, calls for Kvaerner to manufacture and supply production control, electrohydraulic steel tube umbilicals for the Canyon Exress subsea development, in which Saipem is the main contractor, it said in a statement. The steel tube umbilicals will be manufactured by Kvaerner. Why Paint and Insulate? Seal, Insulate and Protect all with Delta T Marine Insulating Coating Replaces thermal insulation! A 40 mil layer achieves an R11-R15 factor! Non toxic and contains no harmful VOCs! USCG, Lloyds, ABS and DNV Approved • Cost Effective! 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