Friday, August 11
Global Marine drillship set to leave Harland &
Glomar Jack Ryan, the second drill-ship constructed by Harland
and Wolff for Global Marine, is expected to leave the yard this
month. Fred Olsen Energy, which holds the majority of shares
in Harland & Wolff, says a dispute between H&W and Global
Marine involving the completeness of the vessel for delivery,
has been subject to a High Court of Justice ruling in London.
Global Marine will take possession of the ship by arranging security.
A condition ofthe ruling is that the dispute be resolved by arbitration
as soon as possible. The dispute mainly concerns the responsibility
for commissioning of Global Marine supplied equipment and payment
of outstanding contractual amounts
Mosvold planning private placement
Mosvold Shipping Ltd. says it has received expressions of interest
in relation to a proposed private placement of 10,000,000 shares
to a limited number of investors at a subscription price of NOK
4.00 per share. Gross proceeds from such an issue would be approximately
U.S. $4.4 million. The purpose of such a placement would be to
enable the financing of a
second newbuilding contract, which Mosvold entered into in July
2000. Mosvold will decide on whether to ahead with the share
issue by August 16, 2000.
Cable layer order for Jurong
Jurong Shipyard Pte Ltd, a subsidiary company of SembCorp Marine,has
signed a Singapore $66 million (around U.S.$38 .5 million) contract
to construct a cable laying and repair vessel for ASEAN Cableship
Pte Ltd. The contract includes optionsoption for two additional
The 9,650 dwt vessel is scheduled for delivery
in the first half of 2002. It will be equipped with sophisticated
and high performance equipment to enable it to perform in severe
ASEAN Cableship Pte Ltd has plans for further
expansion of its fleet to meet the growing demands of the fiber
optic network on the cable laying industry.
"The contract marks Jurong Shipyard's
entry into the higher value cable laying market, having established
itself as a reputable shipbuilder for the product/chemical tankers
and container vessels" said the yard's executive director,
Chew Yam Poey,
Currently, Jurong Shipyard has an orderbook
of S$210 million for the construction of six 1090 TEU container
vessels with deliveries scheduled between end 2000 to 2002. It
has also recently completed and delivered the 70MW Power Barge,
"Estrella Del Mar" to its owner, Wartsila NSD of Finland.
The S$7.5 million conversion contract from a bare barge to that
of a 70MW Power Barge was completed on schedule and at a record
time of four and a half months. The "Estrella Del Mar"
was delivered to the owner on July 18, 2000 and left the yard
on July 27 for deployment as a floating base load power plant
in the Dominican Republic.
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