That's a shade over $30 million and Kværner said "the transaction will produce an accounting loss ... but within the scope of the provision made in the first quarter of 1999."
Those words are beginning to sound repetitive. On December 23, 1999 Kværner announced a a preliminary agreement for the sale of the Mandal Shipyard in Norway to Umoe AS. That deal, too, "will produce an accounting loss to Kvaerner, but within the provision made in the first quarter of ."
The Mandal Shipyard has been specializing in the construction of vessels, utilizing composite materials, for the defense market. The yard has typically employed some 300 people.
Also on December 23, Kværner inked a final agreement for the sale of another Norwegian yard, Leirvik , to Havyard AS for a total consideration of NOK 92 million.(around $11.6 million).
The proceeds are subject to adjustments,
dependent upon the completion result of a new building contract
to be delivered in February 2000. The transaction, which is
subject to Havyard Board approval, is , again, "estimated
to produce a loss to Kvaerner, but within the scope of provision
made in the first quarter of .
Wah Kwong shifts vessels
to from Liberia to Hong Kong register
Deputy chairman and president George Chao
Sze-kwong said eight of the
Chao said Wah Kwong, a Hong Kong-based
company, had registered its
Since April, the Hong Kong register has
grown to 8.36 million gross
Eight months ago, the Government introduced
a package of measures,
And, from January 28, owners of Hong Kong-registered ships will pay lower dues when their ships call at mainland Chinese ports , says the South China Moprning Post.
Mobil in Egyptian deepwater move
The block covers approximately 10 million
acres and is located in water depths ranging from 2,600 to nearly
9,800 feet (800 to nearly 3,000 meters). It
David I. McEvoy, president of EEPEL, said,
"We are very pleased to have this opportunity to re-enter
the Egyptian upstream. The size of the block and
The acquisition of this interest is another
significant addition to ExxonMobil's substantial portfolio of
deepwater acreage. During 1999, ExxonMobil's