Wednesday, May 24, 2000
The three companies will first seek an
alliance to cover orders, design and materials procurement. Then
they plan to spin off their shipbuilding operations and consolidate
them into a joint venture, sources familiar with the deal told
The news comes shortly after NKK Corp
and Hitachi Zosen Corp had confirmed that they will study the
feasibility of cooperating in shipbuilding .
cleared for safe operation
Ten crew cabins sustained damage from the fire, which occurred at about 9:30 a.m., while the ship was cruising near Tarr Inlet, at the northern end of Glacier Bay, Alaska. Of the ten cabins, seven have minor damage. The fire was quickly brought under control and extinguished. Following an initial damage assessment, the ship proceeded on its regular itinerary of scenic cruising of Glacier Bay. The cause of the fire is under investigation. No damage estimate has been made yet.
The Coast Guard was notified of the fire immediately and the guests were advised to go to the outside decks as a precautionary measure.
"The crew handled the situation quickly and professionally," said A. Kirk Lanterman, CEO and chairman for Holland America Line. "It was textbook procedure and all of us are proud of the job done to secure the safety of passengers and the vessel."
No injuries due to the fire were reported; one guest sustained injuries while making his way from his stateroom and has been taken to a regional hospital.
The fire incident caused no operational damage, no environmental damage, and no damage to passenger cabins or public areas. Holland America expects the damaged crew cabins to be fully repaired by June 1.
There are 1,201 guests on board the 704-foot,
33,930-gross-ton ship and 556 crew members. The ship has nine
passenger decks and 607 passenger staterooms.
Coast Guard allows damaged
Alaska tanker to sail for repairs
Stolt Offshore plans
In December 1999 the company completed
the acquisition of ETPM. This
The investment by SNSA, which takes effect on or about May 26, 2000 is based on the average value of the Class A shares in the fourteen day period immediately preceding the Stolt Offshore Board meeting on May 5th at which this action was approved and will increase SNSA's ownership of Stolt Offshore to 53%.
Bernard Vossier, CEO of Stolt Offshore said the refinancing and the investment by SNSA "provide additional liquidity and strengthen our balance sheet at a time when we continue to experience weak market conditions in the UK sector of the North Sea, the Gulf of Mexico and in Asia Pacific."
These conditions and the delay of several projects into next year, meant, said Vossier, that uncertainties remain as to the final level of revenues and earnings for the full year with some 20% of anticipated revenues yet to be awarded. "Accordingly second quarter and full year earnings will fall short of current estimates."
"Looking ahead," said Vossier," we see clear evidence of firming market conditions for 2001, and a recovery in the offshore construction sector. I am confident that Stolt Offshore is now very well positioned to profit from the improving market conditions which we see for 2001 and for subsequent years."