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!

March 2, 2005

Giant FPSO for China

China's CNOOC Limited and ConocoPhillips China Inc. have signed a contract with Shanghai Waigaoqiao Shipbuilding (SWS), a subsidiary of China State Shipbuilding Corporation (CSSC), for the 280,000 dwt FPSO (floating, production, storage and offloading) vessel hull for the PengLai oil fields.

This will the biggest FPSO hull thus far built in China.

The contract covers the design, partial procurement and construction of the FPSO.

Estimated to cost over US$200 million, the hull is scheduled for delivery from Shanghai Waigaoqiao in May 2007.

With a length of over 310 meters, breadth of over 60 meters and a depth of 29 meters, the FPSO vessel is designed to have an onboard storage capacity of approximately 2.0 million barrels of crude oil. When completed, the FPSO facility is bound for Block 11//05 in Bohai Bay.

The topsides, weighing approximately 35,000 tonnes, will have a processing capacity of 190,000 barrels of oil per day (annual processing capacity of 10 million tonnes) with 510,000 barrels of fluid handled per day.

Sembawang Shipyard Pte Ltd, a subsidiary of SembCorp Marine, in partnership with SMOE Pte Ltd, the offshore engineering unit of SembCorp Industries will fabricate and integrate the topsides module.

Sembawang Shipyard (SSPL) will be executing the project in partnership with SMOE under a 50/50 joint venture arrangement. SSPL and SMOE have collaborated previously in similar partnership arrangement and successfully delivered three FPSO projects, including the FPSO topsides currently under construction for the Erha Field Development in Nigeria.

SSPL and SMOE will provide the secondary structural steel materials and fabricate 15 FPSO topside modules, one flare tower and seven pipe-rack modules, as well as integrate the facilities onto the hull of the FPSO vessel and commission them.

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