December 21, 2000

Seacor acquires inland barge line
Seacor Smit Inc. has acquired SCF Corporation (``SCF''), a company that owns and operates inland river barges and that is substantially owned and controlled by certain Seacor directors.

SCF owns 43 barges and is the 50% owner of a partnership that owns an additional 11 barges. These barges and partnership interest are valued at approximately $7.5 million. In addition, SCF manages an overall barge fleet of 262 units and owns 254,380 shares of Seacor's common stock. The transaction will result in the issuance of approximately 121,000 shares of Seacor stock net of the shares owned by SCF, which would be returned to treasury, and the payment to SCF's shareholders of approximately $2.9 million in cash, representing SCF's working capital. The acquisition was unanimously approved by SEACOR's directors, including all directors who are disinterested with respect to the transaction.

Charles Fabrikant, Chairman of Seacor commented: ``This acquisition is part of our previously announced intention to expand our presence in the inland marine industry. Earlier this year Seacor constructed 23 covered hopper barges which are operated in a pool of equipment by SCF.'' This equipment is used to transport grain, coal, and other bulk commodities on the inland river system. SCF's operations are based in St. Louis, Missouri.

Keppel FELS' Brazilian unit gets FPSO conversion job
FELS Setal SA, the Brazilian subsidiary of Keppel FELS Limited, has signed a letter of intent with Halliburton Productos Ltd for the marine conversion of a tanker, Stena Concordia into a Floating Production Storage and Offloading facility (FPSO).

Halliburton Productos Ltd is a Brazilian subsidiary of Kellogg Brown & Root which has secured a R$2.5 billion project from Petrobras for the development of the production facilities in the Barracuda and Caratinga Fields in the Campos Basin.

FELS Setal was formed in March this year as a 60/40 percent joint venture between Keppel FELS and Brazilian PEM Setal respectively. It is operating from a 360,000 sq m yard located in the city of Angra dos Reis, about two hours south of Rio de Janeiro.

Tong Chong Heong, managing director of Keppel FELS said, "I'm very pleased that our near-market, near-customer strategy is working for us. Through FELS Setal, our new joint venture shipyard in Brazil, our ability to meet the demands of our clients based in South America and the Mercosul region is greatly enhanced.

"Keppel FELS will bring to FELS Setal our vast experience in the fabrication of marine and offshore facilities which will be complemented by PEM Setal's wide experience in the fabrication of topside production facilities."

This contract, once it is finalized, will be a major step for FELS Setal, as the last time any work of this magnitude was performed in Brazil was over four years ago. It is expected to re-vitalise the offshore and marine fabrication industry in Brazil, with projections to create thousands of new jobs for the state of Rio de Janeiro.

Keppel FELS has just partnered ENSCO to build and operate a US$130 million jack-up rig for deployment in deep waters of the North Sea, Gulf of Mexico and Southeast Asia. In October, its U.S. subsidiary, AMFELS secured a US$76 million rig order from Chiles Offshore. In September, another subsidiary, Caspian Shipyard Company in Azerbaijan, delivered a jack-up rig to owner Transocean Sedco Forex.

More Sulzer RTA84T engines for large tankers
For the year 2000, Wärtsilä Corporation reports that 24 Sulzer RTA84T
low-speed diesel engines with an aggregate power output of 713.4 MW
(970,800 bhp) have been ordered for installation in very large tankers contracted at shipyards in China, Japan and South Korea. The
engines will all be built by licensees of Wärtsilä in Japan and Korea.

Altogether there are now 78 Sulzer RTA84T engines (including the -B
and -D versions) delivered or on order, with a combined output of 2171.9 MW (2.95 million bhp).

Ten 305,000 tdw oil tankers recently contracted in China and South Korea by National Iranian Tanker Co (NITC) will each be propelled by a seven-cylinder Sulzer RTA84T-B low-speed diesel engine. The engines will have a maximum continuous output of 27,160 kW (36,960 bhp) at 74 rev/min, and give the ships a service speed of 15.5 knots.Five of these VLCCs (very large crude oil carriers) will be built at Dalian New Shipyard, China, with delivery between December 2001 and December 2002. The other five will be built by Hyundai Heavy Industries Co Ltd at Ulsan, South Korea, with their delivery due during 2002.

All ten engines will be built in Korea under licence from Wärtsilä Corporation. Those for the ships building at Dalian will be built by HSD Engine Co Ltd, whereas Hyundai Heavy Industries Co Ltd will build the other five engines for the newbuildings in Korea.

National Iranian Tanker Co already owns five VLCCs powered by Sulzer
7RTA84T engines.

Hellespont has contracted the first ULCCs (ultra large crude oil carriers) to be ordered for many years.

Hellespont recently placed orders for a total of four 442,500 tdw ULCCs at Daewoo Heavy Industries Ltd, as well as four 310,000 tdw VLCCs at Samsung Heavy Industries Co Ltd.

The four ULCCs will each have a Sulzer 9RTA84T-D engine of 36,900 kW (50,220 bhp) MCR output to obtain a service speed of 16.5 knots.

The four VLCCs will each be powered by a Sulzer 8RTA84T-D engine of 32,800 kW (44,640 bhp) MCR output, for a service speed of 17 knots. All eight RTA84T-D engines will be built under licence from Wärtsilä Corporation by HSD Engine Co Ltd.

In addition, the ULCCs will each be equipped with three Wärtsilä 9L20 auxiliary engines each of 1530 kW output. The VLCCs will each have three 1360 kW Wärtsilä 8L20 auxiliary engines. These auxiliary engines will be manufactured at Wärtsilä's Vaasa factory in Finland.

Shinwa Kaiun has ordered a 280,000 tdw VLCC at Ishikawajima Harima Heavy Industries Co Ltd (IHI) to be powered by a Sulzer 7RTA84T engine of 27,160 kW (36,960 bhp) output. The ship is due for delivery in December 2001

Two 260,000 tdw tankers contracted by Formosa Plastics at IHI will each be equipped with a Sulzer 7RTA84T engine of 27,160 kW (36,960 bhp) output.

NYK Line has ordered two 300,000 tdw VLCCs at NKK Corporation which will each be powered by a Sulzer 7RTA84T engine of 27,160 kW (36,960 kW). The ships are both due for delivery in 2002.

A single 300,000 tdw VLCC has also been contracted by Iino Kaiun at IHI that will be equipped with a Sulzer 7RTA84T engine. All six RTA84T engines ordered by Japanese shipyards will be built under
licence from Wärtsilä Corporation by Diesel United Ltd.

The Sulzer RTA84T low-speed two-stroke diesel engine is specifically tailored for the propulsion needs of large tankers. It runs at low speeds (54 - 76 rev/min) to match the optimum propeller speeds of such large ships. As part-load fuel economy is important in ships which might have long periods of 'slow-steaming,' the RTA84T uses flexible engine setting through variable exhaust valve closing (VEC), load-dependent cylinder liner cooling, and variable fuel injection timing (VIT).

The engine is manufactured in two versions, the RTA84T-B and the RTA84T-D with a higher power output. Available with five to nine cylinders, the RTA84T covers a power range of 19,400 to 36,900 kW (26,400 to 50,220 bhp) at maximum continuous output.

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