Dryships Continues Fleet Renewal and Expansion

DryShips Inc., a provider of marine transportation services for drybulk cargoes announced that the company has entered into agreements to sell the Panamax vessel MV Waikiki 75,473 dwt built in 1995 for $63m.

Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $36.5m. The company will sell the Panamax vessel MV Solana 75,100 dwt built in 1995 for $63m. Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $28.7m. An agreement was made to sell the Panamax vessel MV Lacerta 71,862 dwt built in 1994 for $55.5m. Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $44m. Dryships will acquire a 76,500 dwt Panamax vessel built in 2004 for $86.75m. The vessel will be delivered to the company, charter free, during the third quarter of 2008. The company will also acquire a 170,012 dwt Capesize vessel built in 2004 for $158m. The vessel will be delivered to the company, charter free, during the third quarter of 2008. Dryships will also acquire a 177,000 dwt Capesize vessel under construction in China for $153m to be delivered during the first quarter of 2009.

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Nexus and Anzon bin merger

Anzon Australia and compatriot Nexus Energy have cancelled a proposed merger after failing to agree on the impact on reserves of Anzon’s Basker-6 drilling program in the Bass strait off Victoria.

Industry sources said Anzon had disagreed with attempts by Nexus to revise the terms of the merger following the disappointing results of the Basker-6 campaign. The decision was mutual and will be effected at no cost to either party, said Anzon. “There has been speculation suggesting a reserves downgrade of 40% was possible, but I think this is too much and there has been no guidance given by either Nexus or Anzon,” said Perth-based analyst Richard Quin of Wood Mackenzie. “Whatever the result, Nexus and Anzon obviously didn’t agree in their interpretation of the well and things went sour,” he added. Anzon is the operator of the Basker-Manta oil project, which produces 4600 barrels per day of oil net to Anzon. The project, off south-eastern Australia, has estimated proved and probable reserves of about 40 million barrels of oil, 10.15 billion cubic metres of gas and around 90 million barrels of condensate. First oil from the Basker-6 sidetrack is planned in July this year and is expected to boost output from the project’s current production of about 10,000 barrels per day. Anzon holds 50% of the Basker-Manta joint venture, with partner Beach Petroleum on a 30% stake, CIECO Exploration & Production on 10% and Sojitz Energy with the remaining 10%. Nexus, who said it would buy Anzon for A$650 million (US$565 million) in late January, said it would continue to develop its interests in the Bass Strait area independently.

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Subsea 7 announces new pipelay vessel

Subsea engineering and construction company Subsea 7 has announced that it has signed a contract for the construction of a newbuild pipelay and construction vessel.

The overall project cost is in the region of US$190 million. The vessel will have an overall length of 133 metres and a beam of 24 metres. She will be equipped with a pipelay suite for installing flexible flowlines and umbilicals, including a Vertical Lay System tower and twin underdeck carousels, a 250-tonne crane from Huisman and twin 3,000-metre rated ROVs. The ship should be delivered in the third quarter of 2010.

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Aries Chundan all set to enter Guinness Book of World Records

Aries Chundan, the first ever snake boat made of steel and a design wonder crafted by Aries Marine is all set to enter the Guinness Book of World Records.

Aries Chundan has successfully completed the record attempt for the largest canoe crew with a crew of 141 rowers and five helmsmen on board on 1 May 2008 at Alleppey backwaters in Kerala. The attempt was in comparison to ‘Nadumbhagam Chundan’, which had only 118 crewmembers, and holds the existing record. Several international dignitaries, including representatives of RINA, Italy and Germanischer Lloyd, Germany who visited Cochin for ShipTek 2008 have witnessed the rowing of Aries Chundan held at the Punnamada Lake. Members of Legislative Assembly, Thomas Chandy and K.K Shaju inaugurated the Guinness attempt of Aries Chundan. Mr. Sohan Roy S.K, CEO Aries Group was also present on the occasion. The entire event has been covered and will be sent to the Guinness Book authorities for verification. Aries Chundan has a length of 143 feet and the snake boat has already found place in the Limca Book of Records as the longest snake boat made of steel. This innovative steel snake boat has a scientific design, which is based on the latest scientific methods in Naval Architecture. Its shape and stability have been designed using the world famous ‘AUTOSHIP’ software.

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Aries Chundan all set to enter Guinness Book of World Records

Aries Chundan, the first ever snake boat made of steel and a design wonder crafted by Aries Marine is all set to enter the Guinness Book of World Records.

Aries Chundan has successfully completed the record attempt for the largest canoe crew with a crew of 141 rowers and five helmsmen on board on 1 May 2008 at Alleppey backwaters in Kerala. The attempt was in comparison to ‘Nadumbhagam Chundan’, which had only 118 crewmembers, and holds the existing record. Several international dignitaries, including representatives of RINA, Italy and Germanischer Lloyd, Germany who visited Cochin for ShipTek 2008 have witnessed the rowing of Aries Chundan held at the Punnamada Lake. Members of Legislative Assembly, Thomas Chandy and K.K Shaju inaugurated the Guinness attempt of Aries Chundan. Mr. Sohan Roy S.K, CEO Aries Group was also present on the occasion. The entire event has been covered and will be sent to the Guinness Book authorities for verification. Aries Chundan has a length of 143 feet and the snake boat has already found place in the Limca Book of Records as the longest snake boat made of steel. This innovative steel snake boat has a scientific design, which is based on the latest scientific methods in Naval Architecture. Its shape and stability have been designed using the world famous ‘AUTOSHIP’ software.

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