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!

February 23, 2005

Daewoo to build $1 billion FPSO

According to Korean press reports, Daewoo Shipbuilding and Marine Engineering has won an order worth Won 1 trillion (US$1 billion) to build a floating oil production, storage and offshore loading (FPSO) facility. The order is from Star Deep Water Petroleum, a Nigerian unit of Chevron Texaco.

The unit will service the Agbami deepwater field, located 70 miles offshore Nigeria approximately 220 miles southeast of Lagos in water depths ranging from 4,200 ft to 5,400 ft.

Daewoo Shipbuilding and Marine Engineering plans to deliver the plant by May 2008.

Award of the contract had been expected earlier, but has been held up by negotiations between Chevron Texaco and Nigerian National Petroleum Company (which has 50 percent of the Agbami project) over local content in the FPSO.

Reportedly, the contract provides that 300,000 man-hours or 40 percent of the total man-hours involved in constructing the vessel go to Nigerian companies, with 7,000 tons of fabrication of the entire FPSO to be carried out in Nigeria.

The Nigerian Federal Government has approved an application by Niger Dock plc to establish an Export Free Zone around its Snake Island yard in Lagos to enable it to take full advantage of the local content provisions.

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