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HALIFAX SHIPYARD, Nova Scotia, Canada. 380n/miles from Boston - 600 from NY - 790 Norfolk. H ighly competitive pricing A ll around Safety L arge wharfage I SO 9002 F ull service docks A deep harbor port X cellent workmanship Donald R. Kerr: Tel. 902-492-5820 E-mail: kerr.donald@halifaxshipyard.com www.irvingshipbuilding.com US Agent: Lou Gomlick: Tel. 732-290-0049 June 2005 13 Circle 249 on Reader Service Card phase-out of all single hull tank vessels less than 5,000 gross tons by January 1, 2015. After a recent oil spill on the Delaware River involving a single- hulled vessel, Congress asked the Coast Guard for information on the impact of changing the final phase-out date to January 1, 2010. In addition to the 1648 single-hulled tank barges, 14 U.S. tank vessels and 72 foreign-flagged tank ves- sels with double bottoms or double sides would loose from one to five years of service life. This information was pro- vided in a report to Congress on May 12 on the implementation of the Oil Pollution Act of 1990. The full report can be viewed at http://www.uscg.mil/hq/npfc. USCG Warns of Spill Clean Up Fund Depletion The Oil Spill Liability Trust Fund, which helps fund the cleanup of spills nationwide, is expected to be depleted before fiscal year 2009, according to a U.S. Coast Guard report provided to Congress on May 12. "A stable source of funding for oil spill clean-up costs and damages is vital in protecting the environment and compen- sating those who have been damaged by spills," said Jan Lane, the director of the National Pollution Funds Center, which administers the fund. "The trust fund makes it possible for cleanup equipment and personnel to be instantly deployed, provides money to compen- sate claimants for their costs and dam- ages from oil spills and provides money to restore natural resources. "We are working closely with the administration and Congress to ensure the fund's long-term viability." The Oil Pollution Act of 1990 estab- lished the fund, making it the ultimate insurer for oil spill removal costs and damages when those responsible can not or do not pay. In many incidents, liable responsible parties cannot be located, do not have the ability to pay or have defenses or limits to their liability. Therefore, recoveries from liable parties cannot fully reimburse all removal costs and damages incurred by the fund. The result is the fund spends more than it takes in. Between now and fiscal year 2007, expenditures from the fund are expected to significantly rise as a result of several large spills in the in the past few years. "Before the creation of the trust fund, various federal funds existed to handle cleanup, but there was no mechanism to pay for the restoration of the environ- ment or compensate claimants for their costs and damages," Lane said. "In addition, the Exxon Valdez inci- dent in 1989 highlighted that there was no fund large enough to handle a spill of that magnitude." Until 1994, there was a five-cent per barrel tax on petroleum produced in or imported to the United States. Between the tax and the consoli- dation of the other federal funds, the fund at one time held $1 billion. At the start of fiscal year 2005, the fund held $842 million. Between recurring costs, appropria- tions for various agencies, and the increasing costs of several major spills, the fund balance will not be sufficient to sustain all of its demands starting around fiscal year 2007. Keppel Singmarine Wins Contracts for Five Vessels Keppel Singmarine Ltd. won orders for three offshore support vessels (OSVs) and two tug- boats for about $80 million. The vessels will be progressively delivered to their owners up to end 2006. Keppel Singmarine will build one ice-class OSV for anchor handling and supply purposes for new customer, the Russian oil company Lukoil Kaliningradmorneft (LUKOIL). When complet- ed at end 2006, the vessel will be deployed in the Caspian Sea region. The other two OSVs are for repeat customer Groupe Bourbon (Bourbon). With these two 100- ton bollard pull anchor handling tugs, Keppel Singmarine's orders from Bourbon will add up to a total of seven vessels. Keppel Smit Towage has placed an order for two tugboats, designed by Keppel's Marine Technology Development. Circle 36 on Reader Service Card News MR JUNE 2005 #2 (9-16).qxd 6/2/2005 11:03 AM Page 5
