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MARINE LOG AWARDS

October 22, 2001

IMO reacts to September 11 incident
At the urging of IMO Secretary General William A. O'Neil, the organization's Legal Committee is to review the Convention for the Suppression of Unlawful Acts against the Safety of Maritime Navigation, 1988 and the Protocol for the Suppression of Unlawful Acts against the Safety of Fixed Platforms Located on the Continental Shelf, 1988  (the SUA treaties) .

Speaking at the opening of the Legal Committee session earlier this month, O'Neil said the shocking events of September 11 could not be ignored by an international Organization such as IMO, which has as an integral part of its mandate the duty to make travel and transport by sea as safe as possible.

He noted that he was consulting on the need to review the measures already adopted by IMO to combat acts of violence and crime at sea.

“Apart from any possible revision of practical preventative measures advocated by IMO,," said O'Neil, "it is also important to ensure that criminals who have perpetrated acts of violence at sea be properly brought to trial and punished.  This is directly related to two important IMO legal treaties on prosecution and extradition adopted in 1988, namely, the [SUA treaties]."

The main purpose of the SUA convention is to ensure that appropriate judicial action is taken against persons committing unlawful acts against ships, which include the seizure of ships by force, acts of violence against persons on board ships, and the placing of devices on board a ship which are likely to destroy or damage it.  The convention obliges contracting governments either to extradite or prosecute alleged offenders.  The pProtocol provides similar regulations relating to fixed platforms located on the Continental Shelf.

Yukos to buy two chunks of Kvaerner for $100 billion
Russia's second-largest oil company, YUKOS Oil Company, today said it had accepted an offer from Kvaerner ASA and would purchase Kvaerner's hydrocarbons and process technology businesses, on a debt free basis, for an aggregate consideration of $100 million.
It said Kvaerner’s obligation to sell the businesses is subject to the approval of its current board and to the approval of the board expected to be elected at a shareholders’ meeting on November 2, 2001.

Yukos’s obligation to purchase the businesses is subject to a number of conditions including:
- satisfactory completion of due diligence;
- the negotiation of satisfactory documentation; and
- the obtaining of all necessary corporate and regulatory approvals.
It is expected that the purchase and sale agreements will be executed in the second half of November and that the transactions will be completed as soon as practicable thereafter.
Kvaerner Hydrocarbons provides engineering services, mainly to onshore oil and gas projects. The business employs approximately 600 people, the majority located in London. The sale of Kvaerner Process Technology includes Kvaerner Heurtey. Both businesses are part of the Kvaerner E&C business area, and are engaged in research, development, testing and sale of process technologies and equipment. These businesses employ approximately 375 people located in the U.K., Switzerland, France and Italy.

Keppel completes FPSO conversion
Keppel Shipyard, Singapore, a division of Keppel Group, has successfully converted a 155,000 dwt tanker into a Floating Production Storage and Offloading Vessel (FPSO) for ProSafe.

The vessel, the former White Sea, was named Espoir Ivoirien by Mrs Agnes Monnet, wife of the Minister of Mines and Energy, Côte d’Ivoire, at a ceremony at Keppel Shipyard this afternoon.

The conversion included construction and installation of an internal turret and the installation and integration of the complete topside equipment package.

Preparatory work for the conversion began in Subic Shipyard in the Philippines, which carried out surface treatment, repair, blasting and painting.

The vessel will be under a 10+10-year lease contract to Ranger Oil Côte d’Ivoire SARL (ROCIS), a subsidiary of Canadian Natural Resources Limited (CNRL). It will be deployed for operations in the Espoir Field Development, located off Côte d’lvoire in West Africa.

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