Tuesday, August 29, 2000
Farstad declares option
for second PSV
The vessel is of the same design as the lengthened UT 745 currently under construction at the yard for delivery in May 2001.
financing for Cal Dive MSV
The Q4000, under construction at the AMFELS yard in Brownsville, Texas, is a sixth generation semi-submersible that the Cal Dive believes will revolutionize the economics of deepwater completion and construction operations.
At closing, the company made an initial draw of $40 million, with additional funding to occur at the end of 2000 and upon delivery of the vessel. Proceeds from the initial draw were used to retire all borrowings on the company's revolving line of credit and fund current construction calls of the Q4000. Govco Incorporated, a unit of Citigroup, handled the sale of the notes which are backed by the full faith and credit of the United States government.
Jim Nelson, Chief Financial Officer of Cal Dive,
stated, "This attractive financing vehicle offers the advantages of a relatively
low interest rate, initially 6.9%, and mortgage style amortization over
a 25-year period. It's also important that we have four years to lock in
the fixed rate for the permanent financing, and that a portion of the principal
repayment is secured solely by the vessel. Since Cal Dive had already funded
$67 million of the vessel's estimated $150 million construction cost through
internally generated cash flow, the $25 million net balance from this first
draw is available for general corporate purposes."
firm plans cruise ships
Agreements have been signed with Societa Esercizio Cantieri shipyard in Viareggio, Italy, for construction of the first two vessels, Quest I and Quest II. S.E.C. was the contractor for the construction of Silver Sea's five-star vessels, Silver Cloud and Silver Wind. Preliminary plans call for the ships to have a worldwide itinerary, with inaugural launch scheduled for 2002.
The 25,000 grt Quest I and Quest II will each carry only 320 guests in 180 cabins. Each ship will feature large all-outside suites, 90% of which will have private verandas. All suites will be lavishly appointed, complete with entertainment centers, luxurious private baths and ample closet space.
A staff of more than 300 on each ship will include 120 spa and health professionals.
The ships will each carry a floating lagoon for swimming, sunning and water sports -- including jet skiing, canoeing, kayaking and scuba diving. Each ship will also carry a 12-person underwater observation vehicle for unique views of the ocean below.
Headquarters for Canyon Ranch at Sea will be in Tucson,
Arizona. Operational offices will be located in South Florida and Athens,
Greece. The executive team of the Canyon Ranch at Sea will be announced
in the near future.
Crescent Real Estate Equities Company (NYSE: CEI),
one of the countries largest real estate trusts, (REIT), has an interest
in the Canyon Ranch at Sea venture and as owner of the sites on which the
two original Canyon Ranch Health Resorts are located in Tucson, Arizona
and Lenox, Massachusetts. Crescent is a partner in all new Canyon Ranch