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February 25, 2002

Ownership change for P&I Club manager
The Shipowners Claims Bureau, Inc., (SCB) which manages the American Club, the only P&I Club domiclied in the America's has now been demerged from Marsh, Inc..

Since acquisition of the SCB from Johnson & Higgins in 1997, the American Club has implemented a strategy of diversification and international growth. Both Marsh and the club's directors became conscious of a potential conflict between SCB's status as manager of the club and its obligations to its proprietor, Marsh.

Towards the end of last year, Marsh and the American Club reached an agreement to demerge SCB under terms that included acquisition by the club of SCB's offices at 60 Broad Street, New York.

Now the club has reached an agreement that sees it retain the fixed assets of SCB while transferring the SCB equity to a new holding company, Eagle Ocean Management, LLC, a New York corporation. The shareholders of Eagle Ocean are members of the SCB management staff, led by chairm,an and CEO Joe Hughes.

Paul Sa, chairman of the American Club, says the board is "highly enthusiastic" about future prospects and that the change in SCB's status "marks the beginning of a new era" for the club.

GlobalSantaFe sells jackup
Houston-based offshore drilling contractor GlobalSantaFe Corporation announced today that it has sold the Key Bermuda offshore jackup drilling rig to Nabors Drilling International Limited for about $29 million in an all cash transaction. The Key Bermuda was not considered a core asset in the company's worldwide fleet of offshore drilling rigs.

ABS gets landmark German recognition
At a landmark signing ceremony in Hamburg, the German ship safety authority See-Berufsgenossenschaft approved ABS as a recognized organization for conducting safety surveys on German-flag vessels.

The See-Berufsgenossenschaft was founded in 1887 and is the German federal agency that handles the social insurance of seafarers, accident prevention, ship safety and port state control.

ABS is the first non-European classification society to be recognized by the See-Berufsgenossenschaft and is only the third non-German society to be approved.

"The agreement between See-Berufsgenossenschaft and ABS means that owners of German-flag vessels now have a wider choice when selecting a classification society, " said Albert Goebel, Chairman of the Board of Directors of See-Berufsgenossenschaft.

The agreement covers a wide range of statutory surveys covering safety and pollution prevention certification.


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