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%


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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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