Friday, June 9, 2000

Kvaerner sells Singapore yard
Kvaerner Group, today announced that it has signed an agreement with Damen Shipyards Group, of the Netherlands, for the sale of the Kvaerner Fjellstrand yard in Singapore.

The transaction will result in a small accounting loss for Kvaerner. In February this year the group announced the sale of the sister yard, Kvaerner Fjellstrand in Norway.

Olsen buys R&B Falcon stake in Navis
Fred.Olsen Energy ASA has reached an agreement to buy the 38.6% shareholding in NAVIS ASA owned by R&B Falcon Inc. In addition, Fred.Olsen Energy will assume the management contract for the drillship Navis Explorer 1.

Navis Explorer I was delivered from the Samsung Yard in Korea in March 14,at an estimated construction cost of $303 million. Navis has contracts for the unit with BP Amoco, Arco and Petrobras for drilling in Brazil and Trinidad in up to 2,700 meters water depth. The estimated duration of the contracts is one year and contract value is estimated at approximately $59 million.

Transocean Sedco Forex Inc. strongly disputes drillship
is in default on contract

Transocean Sedco Forex Inc. says it has received a letter styled as a "notice of default" from BP Amoco . The notice relates to the five-year contract on the ultra- deepwater drillship Discoverer Enterprise and was stated to be issued in response to incidents of non-productive time resulting from equipment problems pertaining to the rig's blow-out prevention system (BOP).

The rig remains on contract and is currently standing by on location at Mississippi Canyon block 822 in the U.S. Gulf of Mexico, says Transocean Sedco Forex. The drilling contractor says it has strongly disputed that it is in default and is meeting with BP Amoco, which has indicated its commitment to work with the company


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