Friday, August 11 2000

Global Marine drillship set to leave Harland & Wolff
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 identical vessels.

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 conditions.

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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