Friday, June 9, 2000
Kvaerner sells
Singapore yard
Kvaerner Group, today announced
that it has signed an agreement with Damen Shipyards Group, of
the Netherlands, for the sale of the Kvaerner Fjellstrand yard
in Singapore.
The transaction will result in a small
accounting loss for Kvaerner. In February this year the group
announced the sale of the sister yard, Kvaerner Fjellstrand in
Norway.
Olsen
buys R&B Falcon stake in Navis
Fred.Olsen Energy ASA has reached an agreement to buy the 38.6%
shareholding in NAVIS ASA owned by R&B Falcon Inc. In addition,
Fred.Olsen Energy will assume the management contract for the
drillship Navis Explorer 1.
Navis Explorer I was delivered from the
Samsung Yard in Korea in March 14,at an estimated construction
cost of $303 million. Navis has contracts for the unit with BP
Amoco, Arco and Petrobras for drilling in Brazil and Trinidad
in up to 2,700 meters water depth. The estimated duration of
the contracts is one year and contract value is estimated at
approximately $59 million.
Transocean Sedco Forex
Inc. strongly disputes drillship
is in default on contract
Transocean Sedco Forex Inc. says it has received a letter styled
as a "notice of default" from BP Amoco . The notice
relates to the five-year contract on the ultra- deepwater drillship
Discoverer Enterprise and was stated to be issued in response
to incidents of non-productive time resulting from equipment
problems pertaining to the rig's blow-out prevention system (BOP).
The rig remains on contract and is currently
standing by on location at Mississippi Canyon block 822 in the
U.S. Gulf of Mexico, says Transocean Sedco Forex. The drilling
contractor says it has strongly disputed that it is in default
and is meeting with BP Amoco, which has indicated its commitment
to work with the company
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