TMAR and the XON/TX deals coming online with Petro.Bras
3.5 BILLION coming into this market during the next 3 years!
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On August 15, 1996, the Company entered into a five year contract with Petroleo Brasileiro S.A. ("Petrobras"), to build and operate an advanced "small water area twin hull" crew boat (the "SWATH vessel") which will be used to transport personnel to offshore platforms. On October 7, 1996, the Company entered into an agreement with a shipyard to construct the SWATH vessel. In addition, the Company is constructing or refurbishing and upgrading five additional supply vessels. The total remaining committed costs of the six vessels, including equipment provided by the Company, is expected to be approximately $22,851,000. The Company expects the six vessels to commence operations at various times during 1998.
3.5 BILLION coming into this market during the next 3 years!
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Vessel Construction. Trico has entered into definitive agreements to acquire two 230-foot supply vessels that are currently under construction. Delivery of these vessels is expected in July and December 1998, respectively. The Company is also constructing the Northern River, a 276-foot PSV for use in the North Sea, which is scheduled for delivery in March 1998, and a 275-foot, technologically advanced AHTS, with 23,800 horsepower that is scheduled for delivery in May 1999. The Company also has an option with the shipbuilder to construct a similar AHTS for delivery in 2000. The Company is also constructing the SWATH vessel which will be used to transport up to 250 passengers to offshore platforms for Petrobras, the Brazilian national oil company, under a five-year contract. Construction on the SWATH vessel is expected to be completed in April 1998. The Company is also completing the construction of the Palma River, a 200-foot supply boat, which will be dedicated to the Brazilian market. Construction of this vessel is expected to be completed in March 1998.
I know this info is 'old' news for most of you oil buffs, but jeesss - watch for TMAR to head for the low 19'eens or high 18'eens later this week. If all of the Yahoo , Excites, and LEAP's in the world were to go offline tomorrow - the world and Brazil must come to a crashing HALT! That's what the market is telling us...
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