Middle East Money & Ships conference 2007

The international Money & Ships conference of this year will be held from Nov 4-5, 2007 at Mlna A’Salam Madinat Jmeirah, Dubai.

The conference will be a sharp focus on the maritime sector of Middle East. Developed by Seatrade over more than 30 years, the conference provides the world’s best forum to discuss hot contemporary issues in maritime finance. The Money & Ships conference was held in Dubai for the first time in 2005. This year will assess the remarkable record of growth in the region and the new entrepreneurial approach which is transforming the sector. The international forum will discuss on the region’s maritime future, pave way to meet key players from within the sector and benefit from an outstanding social and networking program. General Sharafuddin Sharaf, President, UAE Ship Owners Association will deliver the keynote address. The conference will be followed by the Seatrade Middle East & Indian Subcontinent Awards 2007 at the Johara Ballroom, Madinat Jumeirah on 5^th evening.

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DP World takes over Egyptian port operator

Dubai government-controlled port operator pays $670 million to acquire 90% stake in ECHCO.

Dubai government-controlled DP World said it had moved into the Egyptian maritime market for the first time, buying a 90 percent stake in a container port operator for 670 million dollars. DP World, one of the world's largest container port operators, said in a statement it had acquired a controlling stake in Egyptian Container Handling Company (ECHCO), which in turn is the controlling shareholder of a firm which operates the Port of Sokhna.

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Rowan orders 4 more rigs

Rowan Companies, Inc. entered into contracts with Keppel AmFELS, Inc. for the construction of four Super 116E class jack-ups.

The rigs will be built at AmFELS' Brownsville, Texas shipyard, with delivery scheduled at approximately four-month intervals beginning in the second quarter of 2010. Rowan's total cost of each rig is expected to average approximately $175 million, with more than one-third of that amount attributable to the cost value of the design, kit components and drilling equipment to be provided by the Company's manufacturing businesses. Rowan will also build two additional 240-C class jack-ups at its own Vicksburg, Mississippi shipyard for delivery in the third quarters of 2010 and 2011, at a total cost of approximately $400 million. All six of these new rigs will be equipped to reach 35,000 feet. S

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Daewoo Shipbuilding surpasses 2007 order target

Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said it has recently secured deals valued at US$900 million to build four liquefied natural gas carriers.

With the latest contracts, the shipbuilder has won $17.1 billion worth of orders this year to build 122 vessels, exceeding its 2007 target of $17 billion. The vessels include 80 container ships.

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First S. African oil and gas shipyard opens

South Africa's first shipyard to construct oil and gas production platforms was recently opened.

The shipyard will provide a foothold for the country to take advantage of a booming oil sector in Angola and other West African countries. South Africa is hoping the $30.4m plant, part of a $258.3m investment by Germany-based MAN Ferrostaal AG, will act as a service hub for Africa's burgeoning oil industry. The facility in Saldanha, about 100 km north of Cape Town, will manufacture components, such as bridges, decks and hulls for offshore oil platforms, largely to service fields in Angola and Nigeria to the north.

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