TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 28, 2005

Jurong gets Independence Hub contract

Singapore's Jurong Shipyard, a subsidiary of SembCorp Marine, says it has been awarded an approximately US$50 million (Singapore $82 million) contract from Houston-based Atlantia Offshore.

This base contract amount is for the fabrication of Atlantia's new deep draft semi-submersible hull design for the Independence Hub gas-processing platform in the ultra deep waters of the Gulf of Mexico.

The semi-submersible hull, measuring 232 feet in length and width and 160 feet in height will be built by Jurong Shipyard under a very fast track schedule that entails some 10,000 metric tonnes of steel fabrication, installation of large marine systems, installation of hull electrical and instrument equipment and systems, and fabrication and erection of hull marine piping systems.

Work commenced in February 2005 with delivery scheduled in the first quarter of 2006.

The 105-foot deep-draft hull will accommodate a two-level production deck capable of processing 850 million cubic feet of gas per day. When completed, the Independence Hub platform will be located at the Mississippi Canyon Block 920 in a water depth of 8,000 feet.

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