COMPANY NEWS

In a tale of two oils, J.E. Hyde’s weekly Sale and Purchase report for the week ending January 8 contained a window into the corporate thinking about ships and shipping at two oil majors.

CHEVRON was active in the market, acquiring the residual value in a refinancing of two 1973 built VLCCs the company knows well for $4.35 million a piece. Across the pond, SHELL was disposing of yet another mid seventies built VLCC, the 1976 built 317,996 dwt Lepeta, for a reported $113 per ldt to Pakistan, as part of their quite different approach to older vessels.

DEN NORSKE BANK ASA (Arranger) and ING BARINGS (Co-Arranger) have successfully syndicated and closed a $150,000,000 six-year Secured Medium-Term Loan for Fred Olsen Drilling AS, a subsidiary of Fred Olsen Energy ASA, a leading Norwegian offshore company.

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