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Wednesday, July 5,
2000
Keppel
in talks to acquire Lisnave
According to reports in Singapore
and Portuguese newspapers, Keppel Hitachi Zosen is in talks about
a possible buyout of leading Portuguese ship repairer Lisnave.
The Straits Times says that Keppel Hitachi
has confirmed that it is still in talks with Lisnave's operators,
despite a change in the Portuguese yard's majority shareholders.
Reportedly, Grupo Jose de Mello, a holding
company for one of Portugal's richest families, has agreed to
sell its 69% stake in the yard to two board members --Jose Mendes
Rodrigues and Nelson Nunes Rodrigues-- for US$1. The $1 sale
came after failure to reach a labor agreement that would have
ended rigid work rules.
Keppel has been talking to Lisnave since
May. Contacted by the Straits Times yesterday a Keppel spokeperson
said: "We are going to continue our discussions with the
two new majority shareholders.''
Lisnave was reported to have lost 28.1
million euros (about $27 million) last year after posting a profit
in 1998.
The shipyard's survival depends on a network
of alliances with international partners and on the reorganization
of the labour force, the Straits Times quotes Grupo Mello head
Jose Manuel de Mello as saying. Lisnave already has an agreement
with Germany's ThyssenKrupp, holders of a 12%stake that will
be raised to 19%
.
Halliburton and Petrobras in $2.5 billion
deepwater contract
Halliburton Company and Petrobras
have signed contracts to proceed with the development of both
the Barracuda and the Caratinga offshore oil fields in Brazil.
The contracts are valued at more than $2.5 billion and will be
performed by Halliburton's Brown & Root Energy Services (BRES)
and Halliburton Energy Services (HES) business units, together
with Petrobras' Exploration and Production unit.
The Barracuda and Caratinga Fields are
located in the Campos Basin, offshore Brazil, in water depths
varying between 600 and 1,350 meters.
The principal agreement is a lump-sum engineering,
procurement and construction (EPC) contract between BRES and
the Barracuda & Caratinga Leasing Company B.V. (BCLCO). BCLCO
is a special purpose company established by Japanese trading
companies Itochu and Mitsubishi in connection with the project
finance structure negotiated by Petrobras for the development
of the two fields. Petrobras is the concessionaire of the fields.
Work will commence in July 2000.
Two FPSOs
The EPC contracts will be on a full engineering, procurement,
installation and construction basis, including work related to
construction of 51 wells, fabrication and installation of flowlines
and risers, construction and installation of two floating production,
storage and offloading vessels (FPSOs), and the commissioning,
start-up and operations support for both fields.
Each of the FPSOs will have a storage capacity
of 2 million barrels and a production capacity of 150,000 barrels
of oil per day. Work representing more than 40 percent of the
value of the FPSOs will be performed in Brazil, including one
of the ships' hull conversions.
DD21 class to be named after Zumwalt
The Navy will honor Navy Admiral Elmo R. "Bud" Zumwalt
Jr., by naming its 21st Century Land Attack Destroyer (DD 21)
after him. Zumwalt, who became the youngest man ever to serve
as chief of Naval Operations (CNO) in 1970, passed away in Durham,
N.C., on Jan. 2, 2000.
Entering the fleet at the end of this decade,
USS Zumwalt will usher in the Navy's newest class of destroyers.
These revolutionary warships are being designed to meet post-Cold
War requirements using 21st century naval warfare concepts. The
Zumwalt class will incorporate several advanced technologies
and introduce a number of design features to improve the DD 21
sailor's quality of life.
Armed with an array of land attack weapons,
USS Zumwalt will be capable of delivering an unprecedented level
of offensive firepower from the sea. It will also be the first
U.S. Navy ship to be powered and propelled by a fully integrated
power system, including modern electric drive. The cruiser-sized
Zumwalt will be manned by a crew approaching 100 and will feature
new habitability standards and shipboard amenities, including
staterooms for the entire ship's company.
Shades of Chicken Run
If you liked the animated movie Chicken Run, you'll love this.
Here's how one of those online computer-based translation services
mangled a German language report on the decision of a Bremen
court to withdraw its arrest warrant on ex-Bremer Vulkan chief
Friedrich Hennemann
Regional court removed warrant of arrest against ex volcanic
boss hen man
Bremen (dpa) - the regional court Bremen removed the warrant
of arrest against ex volcanic boss Friedrich hen man. Reason
is that with hen man no more danger of absconding exists. The
former chief executive must answer for itself for scarcely one
year as well as three other managers before court. The accusation
accuses to them approximately 850 million Marks to have defrauded
which were intended actually for the volcanic daughters in the
new Lands of the Federal Republic. That of Bremen volcano network
had gone to 1996 into bankruptcy."
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