Wednesday, April 5, 2000
Energy and Kerr-McGee team up for
Canadian 88 is one of the largest single landholders in the newly evolving deepwater Canadian East Coast exploration play. It holds four exploration licenses offshore Nova Scotia. Located approximately 100 miles southwest of the prolific Sable Island developments in waters 500 feet to 9,200 feet deep, the licenses cover over 1.5 million acres. Canadian 88 and Western Geophysical have shot a large deepwater 3-D seismic program (900 square miles) off the east coast of Canada. Initial mapping indicates a large turbidite fan play analogous to major discoveries offshore Angola and Brazil.
Kerr-McGee will pay U.S. $10.5 million (Cdn. $15.2 million)for its 50% stake in the holdings and will become operator. It will also , on behalf of the participants who remain contingently liable, replace Cdn. $9.4 million (US $6.5 million) of work commitment promissory notes previously filed by Canadian 88 with the Canada-Nova Scotia Offshore Petroleum Board. Kerr-McGee will also assume U.S. $1.5 million (Cdn. $2.2 million) of future seismic processing costs related to the project.
"Kerr-McGee brings to the table the
deepwater expertise needed to drill and develop this play while
leaving us with a very significant ownership interest,'' said
Canadian 88 President Joseph Pritchett III.
Heavyweight backing for
bulk shipping e-site
LevelSeas.com, will offer a "life-of-the-voyage" solution for all seaborne wet and dry bulk commodity shipping. It will provide comprehensive freight management services encompassing market intelligence, online chartering, pre and post fixture activities and risk management tools, including freight derivatives.
LevelSeas.com has the backing of BP Amoco, Cargill, shipbroker Clarksons and Royal Dutch/Shell Group - investors who represent significant shipping volume and expertise - and will accelerate industry-wide adoption of the new marketplace.
Shell International Trading and Shipping Company Limited's VP of Shipping, Jan Kopernicki said: "We think this will act as a real catalyst for change in the industry and change for the better. Nothing else offers a seamless service to take us from the start to the end of a voyage."
LevelSeas.com will provide greater market access, lower costs and greater efficiencies in today's shipping environment, delivering significant value to a broad community of large and small industry players, including intermediaries.
Gary Weston, Chairman of Clarksons shipbroking commented, "The advent of LevelSeas.com provides a real opportunity to create an electronic market place for the shipping industry. We believe LevelSeas.com will provide liquidity as well as a level playing field for all participants to trade on. This is an environment in which Clarksons can assist our clients in making the move to on-line trading."
LevelSeas.com will be uniquely positioned to cater to the freight needs of international businesses which rely on ocean transportation as a critical link in their global commodity supply chain.
According to consulting firm Booz·Allen Hamilton, the global bulk ocean transportation market has an annual turnover in excess of US$100 billion. This industry is ideally suited for an online marketplace that can bring together buyers and sellers of freight across the world and streamline the present substantial administrative burden.
Said Tom Intrator, Vice-President, Ocean Transportation Division of Cargill, "LevelSeas.com will combine the latest internet technology together with deep shipping expertise to provide the central point for what is today a complex and dispersed global industry. We see this as a tremendous opportunity to fundamentally change the way we and the industry manage our freight business."
Cargill is an international marketer, processor and distributor of agricultural, food, financial and industrial products with some 82,000 employees in 59 countries. Revenues for the fiscal year that ended May 31 1999 were US$46 billion.
Cargill's Ocean Transportation Business is headquartered in Geneva with offices in London, Amsterdam, New Jersey, Tokyo and Hong Kong. It is a global leading charterer of primarily dry bulk commodities, including grain and minerals. Cargill operates an extensive period timecharter fleet and has been in the vessel owning business for over 30 years.
LevelSeas.com says it is "committed to developing further strategic alliances and relationships with other businesses in the industry to ensure its position as the recognized industry standard."
"We are very excited about participating
in LevelSeas.com, and believe it will become the premier player
in the online bulk ocean transportation marketplace, providing
substantial value for all industry participants," said Linda
Adamany, CEO of BP Amoco Shipping.
Finnish bid for Masa-Yards
reported as ended
Masa-Yards chief Martin Saarikangas, who heads the consortium, declined comment to comment on this morning's national radio news
Kauppalehti quoted Januz Szlanta, chief
executive of Poland's Gdynia shipyard, as saying that Gdynia
was not withdrawing its bid and the timetable for talks with
Kvaerner was still open.
The deal is expected to be completed by the end of April.
The acquisition includes the CCAL brand and three Astrakhan-class ships, designed to carry containers, breakbulk and roll-on/roll-off cargo.
CCAL, which will operate as part of the CP Ships subsidiary, Americana Ships, offers a 21-day multi-purpose service between Montreal and South Africa.
According to Frank Halliwell, CEO of Americana Ships: "The transaction represents a strengthening of our position in the South Africa trade following the termination of Lykes Lines' relationship with SafBank and MSC. Our intention is to improve the service of CCAL and also maintain the brand."
Erik Gloersen, CEO of Thor Dahl Shipping
AS said the sale is part of Thor Dahl Shipping's strategy of
focusing on owning and
Korean group to invest
in Indonesian shipbuilding