• Chinese, Nigerian presidents satisfied with bilateral ties • Pang Yuliang Acquired German Parchim Airport

• Chinese, Nigerian presidents satisfied with bilateral ties

• Pang Yuliang Acquired German Parchim Airport

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• Bourbon expands global fleet in bid to dominate support vessel sector.(CONSTRUCTION & INSTALLATION)

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Chinese, Nigerian presidents satisfied with bilateral ties
494 words

7 June 2007

Xinhua News Agency

XNEWS

English

(c) Copyright 2007 Xinhua News Agency
BERLIN, June 7 (Xinhua) -- Chinese President Hu Jintao and his Nigerian counterpart Umaru Yar'Adua expressed satisfaction Thursday with the development of bilateral relations.
The two leaders are currently in Germany for dialogue with leaders of the Group of Eight (G8) most industrialized nations and developing countries.
Since China and Nigeria established diplomatic relations in 1971, bilateral ties have witnessed smooth development and have demonstrated new momentum in recent years, Hu said.
The two countries have established a strategic partnership based on political mutual trust, economic mutual benefit and cooperation in international affairs, said the Chinese leader.
Cooperation was successful in the fields of infrastructure, agriculture, telecommunications, energy, culture, education, health, aviation and outer space, said Hu, adding that with joint efforts, mutually beneficial cooperation will bear more fruit.
Hu said China is willing to enhance coordination and cooperation with Nigeria on important international issues, such as regional conflicts, the fight against terrorism and human rights, in a bid to promote South-South cooperation and South-North dialogue and to jointly protect developing countries' legitimate rights.
The Chinese leader expressed hope that the two countries can implement the projects which have been agreed on, including the upgrading of Nigeria's rail networks, the development of Nigeria's rural telephone networks and the Mambilla hydropower station.
Hu said the Chinese government will continue to encourage well-established Chinese companies to invest in Nigeria, and he hoped that the Nigerian side will take effective measures to protect the lives and property of Chinese citizens in Nigeria to facilitate cooperation.
Hu also briefed Yar'Adua on the development of China-Africa relations and the implementation of the results of Beijing summit of the China-Africa Cooperation Forum last year.
To promote unity and cooperation with other developing countries, including African countries, has been an important part of China's diplomacy, said Hu. China will be steadfast in deepening the traditional friendship and practical cooperation with Africa and in promoting the new China-Africa strategic partnership.
Yar'Adua said the development of Nigeria-China relations has been sound. He appreciated China's assistance, saying China has been playing an important role in Nigeria's development.
He said Nigeria hopes that the two countries can deepen economic and trade links, enhance cooperation in railway, hydropower and telecommunications, and expand exchanges in culture, education and science and technology.
Yar'Adua said his country will spare no efforts in protecting the lives of Chinese citizens in Nigeria.
Attaching importance to relations with China, Nigeria sticks to the one-China policy, said Yar'Adua.
He spoke highly of China's efforts to develop relations with Africa, pledging that Nigeria is ready to play a positive role in promoting Africa-China relations as closer cooperation with China will be conducive to African development.
Yar'Adua hoped that China can play an even more important role in helping Africa with its development and its fight against poverty.
Document XNEWS00020070607e367005xz
Pang Yuliang Acquired German Parchim Airport
396 words

6 June 2007

SinoCast China Transportation Watch

SCCT

Page 1

English

Copyright 2007 SinoCast LLC. All Rights Reserved.
BEIJING, June 06, SinoCast -- Pang Yuliang, chairman of LinkGlobal Logistics Co., Ltd., has acquired the Parchim Airport in Germany for CNY 1 billion.
LinkGlobal Logistics signed an agreement with Parchim Airport authorities on May 14, 2007. Under the agreement, the Chinese company will have a 100 percent stake in the airport and property rights to its facilities.
The president of the German airport confirmed the deal in a phone interview on May 29. The airport, which is located in Schwerin, not far from Hamburg and Berlin, had been sold to a UK airport operator in March 2001 and still been in struggling operations in recent years. Thus, the German local government took over the airport again in March 2005, added the president.
It is the first time for a Chinese investor to wholly own an overseas airport, signifying that the Chinese airlines will have a transferring base in Europe.
The local government started accepting global bidding for the airport at the end of last year in order to seek a partner for airport construction, management and operation.
Beating other 10 competitors, such as FedEx, Hamburg Airport, and Emirates Airline, LinkGlobal Logistics, a Chinese logistics company, became the successful bidder.
A Nigerian bank is willing to give an assurance for the deal, unveiled Pang Yuliang. Meanwhile, he also expects that domestic banks can participate in the project.
The airport, which used to be a military airport of the Soviet Union, began repairing its facilities in 1992. In 1993, it was taken over by the local government. Before selling it to the UK operator, the government had to give a subsidy of EUR 2 million to the airport a year. The airport has no scheduled flights or routes for the moment.
Chinese high-tech companies and manufacturers of costume, commodity, and vehicles can enter the bonded economic cooperation and logistics zones affiliated to the airport, said Pang Yuliang.
It is wise for Chinese investors to edge into the European markets on the basis of logistics facilities. The Chinese companies will be likely to form a cluster in Parchim, noted an editor for a German local media.
The airport is not to become profitable in the short term. In the long run, it is still worth investing, expressed a source in Hamburg.
(USD 1 = CNY 7.64 and USD 1 = EUR 0.74)
Document SCCT000020070606e36600004
A record breaker: orders for large platform supply and anchor handling tug supply vessels surge.(OFFSHORE)
3,481 words

1 June 2007

Marine Log

MRLG

57

ISSN: 0732-5460; Volume 112; Issue 6

English

Copyright 2007 Gale Group Inc. All rights reserved.
Orders for new offshore service vessels reached record levels in 2006, driven by the soaring demand generated by increased offshore activity, particularly for drilling operations in the harsh, deep water environment. Shipbroker R.S. Platou expects this year to be another "exceptional year in the supply vessel market," even in the face of a possible decline in oil prices. As of press time, crude oil was still hovering at around $65 per barrel.
In a year-end report, R.S. Platou says, "The soaring newbuilding activity reported in our 2005 report reached even higher levels in 2006. Increased newbuilding activity in 2006 was clear both in terms of number of newbuilding orders placed as well as contract values." According to Platou, there were 123 platform supply vessels (PSV's) and 86 anchor handling tug supply vessels (AHTS's) ordered in 2006, which is about twice as many as the prior year.
The report says newbuilding prices increased about 15 to 30% in 2006, depending on the type of vessel ordered. Platou says the increased newbuilding prices in the supply vessel market reflect not only the increased demand for additional tonnage, but also the shift in demand towards larger and more sophisticated high-value vessels.
At the end of 2006, the order book contained 139 PSV's over 2,000 dwt and 96 AHTS's newbuildings over 10,000 bhp, with delivery dates stretching well into 2010.
NORWEGIAN YARDS GEAR UP
During the past year, Norwegian owners have been aggressively ordering new tonnage, particularly offshore service vessels (OSV's) for the deepwater drilling market. At the end of 2006, the order book stood at 356 vessels, 179 of which were OSV's, according to the Norwegian Shipowners Association.
[ILLUSTRATION OMITTED]
The major beneficiary of this ordering binge has been Norwegian yards, with orders for 121 ships, many of which are OSV's that have been designed by Norwegian naval architects.
Perhaps there is no better example than relative newcomer Siem Offshore, Kristiansand, Norway, which has 13 vessels under construction, 12 of which are being built by Norway's Kleven Maritime Group. Spun-off from Subsea 7, Inc., in 2005, Siem will grow from its initial fleet of six Platform Supply Vessels (PSV's) and 10 Brazilian crewboats to a fleet of 34 vessels by 2010 through a series of acquisitions and an aggressive newbuilding program.
[ILLUSTRATION OMITTED]
The most recent contracts signed by Siem are valued at NOK 1.1 billion (about $182.6 million) for two Anchor Handling Tug Supply (AHTS) vessels. The two 91m x 22m AHTS's are based on an impressive VS 491 Clean Design (CD) from Norwegian naval architects Vik + Sandvik. One AHTS will be built by Kleven Verft in Ulsteinvik, Norway, and the other by its sister yard, Myklebust Verft. Siem Offshore already has six identical vessels on order with Kleven Verft and Myklebust Verft.
The DP2 vessels are classed by DNV as + 1A1, ICE C, TUG, Supply Vessel, EO, SF, Dynpos AUTR, Comf-V(3), Oil Rec, Naut OSV(A), Clean Design, DK(+), HL(2,8), T-mon, Bis, LFL *, Options: FiFi 1 & 2, Standby Vessel(S).
To reduce emissions and fuel consumption, each 28,000 hp AHTS will have a "hybrid" diesel-electric propulsion plant, with two 8,000 kW diesel engines, two 3,400 kW shaft generators and two 2,100 generator sets. Each of the engines will be connected to a reduction gearbox with Power Take-In (PTI). On this PTI a 2,400 kW electric motor is installed. Emissions will be further reduced through the use of SCR.
[ILLUSTRATION OMITTED]
Propulsion will be supplied by two controllable-pitch propellers fitted with HR nozzles, with two 1,000 kW tunnel thrusters forward, one 830 kW retractable azimuthing thruster forward, two 880 kW tunnel thrusters aft and two high lift rudders.
Each vessel has a Hydraulikk Brattvaag 500-ton capacity triple-drum towing an anchor handling winch and a bollard pull of 300 tons. The combination of an environmentally friendly design and large capacities make the vessels especially suitable for operations in the North Sea. The North Sea, as you might recall, has been established as a Sulfur Emissions Control Area (SECA), with full implementation as of Nov. 21, 2007. Additionally, the hull will be strengthened according to ice class Ice C. The vessels will be delivered in March and June 2010, respectively.
The Kleven Maritime's order book now stands at 31 vessels valued at NOK 10.5 billion ($1.743 billion).
Meanwhile, Simon Mokster Shipping AS, Stavanger, Norway, has three vessels on order for delivery between June 2008 and June 2009, including a Vik + Sandvik-designed VS-470 Mk II Clean Class supply vessel with Karmsund Maritime Service AS, Kopervik, Norway, and two Havyard 842 design Anchor Handling Tug Supply (AHTS's) at Havyard Leirvik.
With the most recent order, there are now 13 Havyard 842 design AHTS's under construction in Norway, China and India. Simon Mokster Shipping already operates two of the Havyard 842 vessels, the Stril Power and Strilborg.
The Havyard 842 design has an overall length of 74.5m, beam of 17.2m, maximum draft of 7.2m, with a deadweight of 3,000 tons at a draft of 6.85m. The service speed is 18 knots, with a bollard pull of 200 tons and an anchor handling winch of 350 tons. It can accommodate a deck cargo of 1,000 tons with an aft deck area of 520[m.sup.2].
Another Norwegian owner in an expansive mood is Rem Maritime. With its most recent NOK 1.4 billion ($232.4 million) order for two AHTS's from Aker Yards, Rem has 11 vessels on order, including five at Kleven Maritime and four at Simek A/S, Flekkefjord, Norway.
The two 95m x 24m AHTS's being built by Aker Yards will be based on the Aker Yards design AH 12. The hulls for the vessels will be built at Aker Yards in Romania and outfitted in Norway. The AHTS's will be delivered in the first quarter and second quarter of 2010, respectively. Each vessel will have a bollard pull in excess of 300 tons and be outfitted with a triple-drum, 500-ton winch.
DIVE SUPPORT/ROV VESSEL
Tucked away on Norway's west coast, Westcon Contractors AS, Olensfjord, is building a sophisticated 69m dive/ROV offshore supply vessel for subsea service specialist Riise Underwater Engineering AS (RUE), Haugesund, Norway. The multi-purpose DP-2 class vessel was ordered last year by RUE and Simon Mokster, which operates a fleet of standby/rescue, anchor handling and towing, ROV support and survey vessels.
The vessel was specially designed by Multi Maritime AS, Forde, Norway, to support air/nitrous oxide diving, remotely operated vehicle (ROV) and module handling operations. The vessel, which will be delivered in the second quarter of 2009, will have an overall length of 69m, breadth of 16.2m and design draft of 4.75m. A helideck forward will accommodate a Sikorsky S-92 helicopter, while the shelter deck will support 5 tonnes/[m.sup.2], as will the main deck ROV hangers.
RUE signed a long-term contract with Statoil in 2000 for the inspection, repair and maintenance of Statpipe gas landing tunnels, and jetty facilities at the Karsto gas terminal north of Stavanger, Norway. Other RUE customers have included DeepOcean, Solstad and the Norwegian Coastal Administration.
Designed for a service speed of 13 to 14 knots, the ship's main propulsion system will include four 1,500 kW Caterpillar 3512B diesel-driven alternators with two STP 1010 Schottel Twin-Propellers rated at 1,100 kW each. Schottel is also supplying a SRP 550 ZSV 800 kW retractable bow thruster. Brunvoll will supply a 900 kW bow tunnel thruster.
An active-heave compensated 60-tonne knuckle boom crane will be positioned amidship to allow it to handle loads on the port and starboard sides as well as the stern of the vessel. Additional onboard cranes will include a 10-tonne wipe line active heave compensated main crane and a 10-tonne knuckle boom crane for dive support and deck assistance.
ROV equipment will be located in large hangars below deck, with capacity for operating two large working ROV's and one observation ROV simultaneously.
One very unique design element of the new vessel is a Module Handling System (MHS), which will be capable of handling subsea modules up to 30 tonnes over the ship's port side. The MHS will use a horizontal and vertical cursor arrangement in conjunction with a ship-integrated over-boarding cursor rail system.
PLATFORM SUPPLY VESSELS
Havyard is also supplying the design for three 78.5m Platform Supply Vessels (PSV's), one of which is for Havila Shipping ASA and another by P/F Supply Service, Faroe Islands. Two 1,600 kW model STP 1212 Schottel Twin-Propellers will supply propulsion for each of the vessels. Two vessels will be built by Fjellstrand AS and the other by Sol-strand Verft AS. The vessels will enter service in 2009.
Aker Yards has also signed a NOK 680 million ($112.9 million) contract with Germany's Nordcapital Group, to build two Rolls-Royce Marine UT-776 CD PSV's.
[ILLUSTRATION OMITTED]
The Hamburg-based Nord-capital Group, which is active in shipping, real estate and private equity, has only just recently begun investing in the offshore market with the acquisition of 11 PSV's. It has a joint venture agreement with Norway's OSM to manage specialized vessels.
With the most recent contract, Aker will once again fabricate the hulls for the 93m x 20m vessels in the lower cost production facilities in Romania, and outfit them in Norway. Delivery of the vessels is scheduled for the third quarter of 2009 and first quarter of 2010.
The contract also includes an option for two similar vessels for delivery in the third and fourth quarter of 2010.
BOURBON: X-BOW MARKS THE SPOT
Back in March, France's Bourbon unveiled plans to invest $730 million to build 46 vessels. All of the vessels are to be constructed at Chinese yards, except for two, which will be built at West Atlantic Shipyard in Nigeria.
Forty-two of the vessels will be based on designs from Guido Perla & Associates, Inc., Seattle, Wash. These include 28 GPA 254 anchor-handling supply tug vessels with 80 tons traction and 14 GPA 654 platform supply vessels with 1,600 tons deadweight.
While these new vessels are intended to replace older vessels operating in the continental shelf offshore, they are also capable of supporting deepwater operations. The vessels are diesel-electric propulsion, classed DP2 and FiFi1, and can each transport 640 [m.sup.3] of liquid mud.
Bourbon's order also includes four 88.8m x 19m, 4,400 dwt PSV's designed by Norway's Ulstein Design. The PX105 MACS supply vessels (see inset image on page 60) feature the distinctive X-Bow and the PG-MACS system. The MACS (Multi Application Cargo Solution) system increases storage capacity in the hold and enables different types of cargo to be stored (see sidebar).
The series is based on a Clean Design and equipped with diesel-electric propulsion, classed DP2 and FiFi1, and has a double hull.
Q&A
with GUIDO PERLA
FOR THE LAST 25 YEARS, GUIDO PERLA HAS ALWAYS HAD his finger on the pulse of vessel design trends. Perla, chairman of naval architectural firm Guido Perla & Associates, Inc., has designed tractor tugs, research vessels, cruise ships, ferries and casino boats.
Most recently, the Seattle-based design house has focused its creative efforts on platform supply vessels and anchor handling tug supply vessels for Rigdon Marine, Bourbon Offshore and Trico Marine. GPA designs are being built worldwide, from shipyards in China to Nigeria to Mobile, Ala., to Lockport, La.
MARINE LOG: There appears to be more and more OSV's being designed with diesel-electric propulsion. What was the first diesel-electric vessel GPA designed and do you think this trend will continue in the OSV market?
GUIDO PERLA: Our first diesel electric, a passenger vessel, was designed in 1992, and we have continued to design many diesel-electric vessels in the last 25 years. GPA is perhaps the most experienced naval architectural firm in the U.S. in the design of diesel-electric boats. Our first OSV diesel electric was the GPA 640 for Rigdon Marine. Prior to that vessel, we had designed other OSV's that were diesel electric, but they were never built.
[ILLUSTRATION OMITTED]
Rigdon had the foresight of choosing diesel electric for his designs, and we were very glad that he accepted our recommendations. With our extensive knowledge in the design of diesel-electric boats, we saw very early the advantages of this system in terms of flexibility of the design and economy of operation. The diesel-electric system gives the designer a lot more flexibility in the development of the internal arrangement of the vessel, thus making the design more efficient in the way the internal space is used.
Also, because of the variable load demands in the operation of these vessels, diesel electric gives a lot of flexibility in the power management onboard the vessel, thus providing more efficiency and reduced fuel consumption while managing all these different load and power demand requirements.
We have proven the advantages of these systems, and every design we are doing now is a diesel-electric OSV and AHTS. These new designs are multi-purpose vessels that require a lot of flexibility in the power management and the arrangement of the vessel. We strongly believe that this trend of using diesel-electric propulsion will continue and will become the norm for the OSV designs.
We are currently developing new designs like the GPA 654, GPA 254 and the GPA 691 SC for the future. They are all born from our experience in the market and the application of diesel electric propulsion on the OSV market.
ML: What are the differences, if any, between designing for a U.S. and a Chinese shipyard?
GP: Man hours. The only area the shipyard can control regarding cost is man hours. GPA spends a considerable amount of time and effort in developing designs for the U.S. shipyards that are easy to build and minimize the amount of man hours. The hull shapes are single curvature surfaces that will not require forming. We also reduced construction hours by extensive use of CNC machines, more construction engineering, 3D modeling, etc.
Sometimes the structure was designed with thicker plating with the object of reducing stiffening, and, therefore, the welding hours. Everything was done in function of reducing man-hours with some increase on the material cost. The additional material cost was less expensive than the added man hours.
For Chinese shipyards, we needed to approach the designs in a different way, and also instruct them about our approach. In the beginning, they preferred that we reduce the material cost despite that the number of man hours would increase. They felt that the labor was so cheap that it was more profitable to increase hours and reduce material cost. In other words, it was the reverse of what we did in the U.S. Later we were able to convince them that the American approach of reducing hours was better because even though labor was cheap, they could build more vessels in the same time period. In the end, our designs for the Chinese shipyards are basically the same as those for the U.S.
ML: Over the years, you've designed vessels that have been powered by various disel engines. Do you specify a particular engine or does the owner?
GP: Generally it is requested by the owner. Sometimes the selection is done because it fits the project better in relation to power, weight, physical size, financing etc. Now, with the large number of vessels under construction, it is difficult to find engines available to meet the schedule, and the selection is heavily driven by engine availability.
ML: There also seems to be more demand for crew boats with DP. What's behind this trend?
GP: These crew boats are getting larger. They are as large as the OSVs that I designed in the 70s. In addition to the crew, they are delivering more liquid cargo to the rigs and this demands more DP capabilities to stay on station. We are just getting more sophisticated and crews are demanding more.
ML: Are there any closing comments you'd like to add?
GP: The only comment that I would like to add is that the designs developed by American designers like GPA are more price competitive and perform as well as the very expensive European designs. That is the reason we as a single company have so many vessels under construction. The value these vessels bring to the owner compared with the investment is very high. Thus, I believe more American operators should start looking to the American design companies when thinking of obtaining a design instead of looking to other foreign designers. We appreciate the opportunity and trust that our clients, especially Rigdon Marine, have given us to show what we can do. American designs are equal to and even better than many so called European designs.
Quick facts
Orders for anchor handling tug supply vessels such as Norway's Vik + Sandvik's VS 491 Clean Design (at right) and Aker Yards AH 12 (below) doubled in 2006 as compared with 2005, according to shipbroker R.S. Platou.
Want more OFFSHORE? Read MARINE LOG'S JUNE DIGITAL EDITION for additional coverage
RELATED ARTICLE: THINK GREEN
Should offshore service vessel companies begin thinking green? Leading offshore vessel designer Offshore Ship Designers (OSD) thinks so. OSD says going green is no longer just an expensive option, and it is no longer just about containing noxious emissions and oil spills. A global focus on carbon dioxide emission reduction means that going green is both a challenge and a business opportunity for OSV operators.
Writing in a company newsletter, Neil Patterson, managing director of IMT Marine Consultants, part of OSD, says, "There are already signs that oil companies will give preference to chartering ships that produce fewer carbon emissions. Soon that will become a requirement. There are currently about 500 OSV's building around the world. Only about 120 of those are to green designs, which creates an opportunity for those yet to order. Go green, and get to the head of the charter queue."
Patterson goes on to explain that the big green factor is to get a grip on operational fuel consumption.
"Diesel-electric propulsion offers the most environmentally effective solution," he says. "Power at any time can be matched to demand, and only those generator sets needed are run, and these are run at an efficient load. Experience in practice with similar-shape ships using conventional mechanical power with controllable-pitch propellers compared with diesel-electric plant has shown around 40% reduction in fuel usage for similar service. That's a lot less carbon and other pollutants going into the air."
Clearly, many OSV operators are already thinking green. Many of the Anchor Handling Tug Supply (AHTS) vessels and Platform Supply Vessels (PSV's) on order and under construction that we reviewed for this story are being designed with diesel-electric propulsion and built to Clean Design Class.
RELATED ARTICLE: What's MACS?
The Multi Application Cargo Solution or MACS is a system that enables the use of tanks for different types of cargo such as drill cuttings, dry bulk, synthetic fluids and oil recovery. It was developed by PG Marine Group-Ing Per Gjerdrum AS. PG Marine worked with Bourbon Offshore Norway, Ulstein Design, and Flowsafe on the refinement of MACS for a series of 88.8m PSV's.
[ILLUSTRATION OMITTED]
Norway's Ulstein Design has developed its ship designs to allow for the integration of MACS depending on customer requirements.
[ILLUSTRATION OMITTED]
Ulstein Design's project manager Kjellbjorn Kopperstad says MACS offers "greater tank capacity and flexibility" for operators and is simpler and easier to build than traditional pressure tanks for shipyards. "Furthermore," he says, "the MACS solution aboard offshore vessels will compensate for lost tank capacity in the Clean Design class."
The combination tanks are highly suitable aboard platform supply vessels, but Kopperstad believes the solution is also suited to anchor handling tug supply vessels, which are often equipped with dry-bulk tanks. "It is often a challenge to get enough space for all kinds of equipment aboard an anchor handling vessel, but with integrated hull tanks, you can save a lot of space."
COPYRIGHT 2007 Simmons-Boardman Publishing Corporation
Document MRLG000020070713e3610000r
Bourbon expands global fleet in bid to dominate support vessel sector.(CONSTRUCTION & INSTALLATION)
Beckman, Jeremy

1,868 words

1 June 2007

Offshore

OFSH

90

ISSN: 0030-0608; Volume 67; Issue 6

English

Copyright 2007 Gale Group Inc. All rights reserved.
High day rates in the North Sea and contract renewals off West Africa helped Bourbon Offshore turn in a strong performance last year, with revenues up 36% to over 376 million [euro] ($507 million).
In 2006, the rapidly expanding support vessel contractor pressed ahead with its global fleet renewal program, commissioning 31 new-build vessels, including anchor handlers, crew boats, platform supply vessels (PSVs), and fast-supply intervention boats.
This February, the company announced plans for a further 46 new vessels, of which 44 will be built by SinoPacific Shipyards in China, and two by West Atlantic Shipyard in Nigeria.
The $993-million investment covers:
* Twenty-eight GPA 254 anchor-handling tugs and supply vessels (AHTSs), with 80 tons traction
* Fourteen GPA 654 PSVs
* Four Ulstein PX105 MACS PSVs.
These latest orders bring the number of supply vessels on order to 110, all of which are scheduled for delivery by September 2011. By that point, Bourbon aims to be the global leader in maritime services for the offshore industry, with a larger pool of multipurpose vessels for deepwater construction support, a market currently growing at over 10%/year.
Design innovations
The three latest series of vessels on order will all be built from new designs. All of them incorporate diesel-electric propulsion, providing 20-30% savings in fuel consumption, according to Bourbon Offshore Managing Director Christian Lefevre. The diesel-electric configuration also eliminates the need for drive shafts, and the relocation of the main engines from the normal below-deck position frees up extra cargo space.
In the case of the DP-2 class GPAs 254 and 654, the propulsion system comprises three main engines and three Z-drives, with two 750 hp bow thrusters and azimuth propellers. The AHTSs are 60 m (197 ft) long and 1,400 dwt. The 1,600 dwt GPA 654s--with an overall length of 58 m (190 ft)--are the smallest supply vessels in Bourbon Offshore's range. They will be capable of working in shallow water and deepwater and will have storage capacity for up to 4,000 bbl of liquid mud in oval-shaped tanks.
"Both these new designs will be adopted by all of the customers as replacements for aging members of the competitor fleets that they are using at the present time" Lefevre says. "They will be a great improvement over existing conventional supply boats, capable of carrying loads over 1.5 times greater, with maneuverability very much comparable to that of dedicated deepwater vessels."
The four 88.8-m (291-ft) long, 4,400 dwt Ulstein Design PSVs offer three main innovations. First is the single-deck, X-Bow hull form, patented by Ulstein and first featured on the Bourbon Orca, which entered service offshore Norway last year.
The inverted bow, curving inward as it rises, is designed to reduce slamming and to improve the ship's stability, fluidity, maneuverability, and cruising speed, especially in rough seas (in calm waters, motions are claimed to be similar to those of conventional PSVs).
Secondly, the engine exhaust is positioned on the water line, eliminating the need for funnels. This gives the navigation team a virtually unobstructed view from any position on the bridge.
The third innovation is the Multi Application Cargo Solution (MACS) tank arrangement, developed jointly by PG Marine, Bourbon Offshore Norway, and Ulstein. This provides combination tanks that are capable of handling different types of cargo from drill cuttings to dry bulk and synthetic fluids without the need for conventional pressure tanks.
Aside from a larger, more versatile fleet, Bourbon's growth strategy involves penetrating new markets via partnerships with local players, Lefevre says. He points to the example in Nov. 2005 when the company formed a joint venture in Singapore, called Bourbon Offshore Asia, with local entrepreneur Farid Khan.
As managing director of the new seven-man operation, Khan helped Bourbon raise its offshore revenues in Asia last year nearly fourfold to $12.24 million. New business included a two-year contract with Shell Sarawak for the Bourbon Alexandre, one of five newbuild 120 t AHTSs delivered recently by Keppel Shipyard in Singapore. Elsewhere, the company now has four crewboats operating for Total Indonesie. This is in addition of the four "T" class AHTS and one Rampage series AHT currently working in India. Bourbon Offshore Asia also recently won a two-year contract (letter of intent) for one of the 70 t BP "S" AHTS, which will operate in the Gulf of Thailand.
Bourbon Offshore has decided to allocate three brand new AHTSs to the region this year. "At the moment," says Lefevre, "the largest operator locally is Swire, which has seven or eight new vessels under construction, and there are several other Singapore-based ship owners like Scomi, Esra, PaccHavila. So there is competition, but we believe Bourbon is very well positioned."
On the other hand, the overall fleet is aging, while at the same time, the trend is increasingly toward deepwater developments. "We think that with our GPAs 654 and 254 newbuilding program, we will be able to meet these future demands. We chose to develop this partnership with a good professional who knew the area and the industry locally and who speaks the language. Our new venture will grow by having to operate vessels built mainly in China--we see Malaysia, Indonesia, Thailand and Vietnam as the main markets," Lefevre says.
Another new venture is Naviera Bourbon Tamaulipas in Mexico, based in Tampico. Naviera Tamaulipas was a family-owned shipping company, established 25 years ago and managed by Captain Gerardo Sanchez Schutz. The company had a fleet of three modern PSVs, all built after 1999, and seven utility and small supply boats, which were quite old, Lefevre says. "When we formed this venture, each company agreed to allocate three of its vessels. In our case, we contributed one 125-ton bollard pull anchor handler and two crew boats, all brand new. This month, the joint venture will also take delivery of a new MPSV, built in China."
Pemex is expanding its operations in the Mexican sector, Lefevre says, but there is a shortage locally of modern tonnage vessels. "In many places, Pemex wants to have a more modern and more capable fleet to match its new technologies and offshore equipment. Also the company's exploration effort is going deeper and deeper, which in turn demands bigger anchor handlers as well as bigger platform supplies," Lefevre explains.
Naviera Bourbon Tamaulipas has a shore base with facilities in a nearby harbor. It employs 30 personnel, including administration staff. "The Mexican crews on the new tonnage crew boats were trained by American skippers. We also brought in captains and chief engineers from Europe to train the crews of the anchor handlers and PSVs. From our experience, Pemex is a very well organized and demanding company, running the same standard operation as Petrobras does in Brazil," Lefevre says.
A third new venture is Bourbon Guff in Qatar in partnership with the Jaidah family-owned ENSRV Group. This JV was formed in June 2006 as a small operation, initially supplying a Surfer 220 crewboat to Total. Subsequently, Total agreed to a new five-year contract for a Surfer 2800. In this region, these vessels, with their cargo-carrying capacity, offer an alternative to helicopters, the primary transport medium for offshore crews.
Recently, Bourbon Gulf won a contract for two AHTSs--both currently under construction in China--which will be chartered shortly by local operator Zamil on behalf of Saudi Aramco.
Elsewhere, in the group's established markets, Brazil's deepwater construction boom is continuing, with 55 AHTSs operating in the region. Bourbon acquired its local subsidiary here, Delba Maritima Navigacao, in 2001; this became the first vessel operator to build AHTSs in Brazil under an eight-year contract from Petrobras. Since last year, Delba Maritima has operated four AHTSs in the Campos Basin, and at the end of last year, the fleet was increased in size with the addition of the newbuild Lars Grael, which was delivered from China. The Lars Grael will work offshore northern Brazil.
"Offshore West Africa," Lefevre says, "we are working with the same major oil companies as before, although our level of activity has been growing with BP in Angola and ExxonMobil and Shell in Nigeria."
Earlier this year, the group's Sonasurf subsidiary won a long-term field support vessel contract from BP for the Greater Plutonio development in block 18. This was in association with Oceanteam Power & Umbilical, which has an agreement with Bourbon to supply subsea construction vessels for projects in West Africa and the Middle East.
"During 2006," Lefevre adds, %re picked up a new client in Nigeria, Addax, for anchor handlers, and we worked with Amerada Hess for the first time off Equatorial Guinea, where we have an inspection, maintenance and repair vessel."
Last year in the North Sea, day rates for PSVs were strong on the spot market, even in December. "Like other operators in this region, we foresee another good level of activity this year. Beyond 2007, there is a risk of over-supply in the PSV sector, less so for anchor handlers".
In the case of Bourbon, Lefevre says, there are five PSVs on long-term charter, two with BP Norge. "The Bourbon Topaz is working for Statoil/Hydro on their projects in the Tampen area of the Norwegian North Sea; at present, we have no vessels doing duty in the Barents Sea. In the UK sector, we have a small standby vessel, the Bourbon Eko, on long-term charter to ConocoPhillips."
Off North Africa, the company has three AHTSs in service off Tunisia, Libya, and Egypt, where Bourbon is about to open a marketing operation to deal with local operators. Other new centers include Bourbon Logistics Indonesia, formed late in 2005 on undeveloped land in Kalimantan in Borneo. This will provide oilfield services to several major oil companies and contractors in Indonesia, Lefevre says.
Training centers
To manage and service the fleet expansion, Bourbon is looking to double its workforce by recruiting over 4,000 seamen worldwide, around half of whom will be officers. Many of them will then have to undergo training, for which the group is making intensive preparations.
At the end of this year, Bourbon plans to open an offshore simulator center in Marseille in southern France. The company has existing programs on dynamic positioning and safety. This new program will provide instruction in anchor-handier operations via an advanced simulator. An identical facility will be launched in Manila, The Philippines, in 2008.
Elsewhere, three vessels will be used as dedicated mobile training centers in West Africa, Asia, and Latin America. All will be certified by the Nautical Institute of London. Bourbon also plans further partnerships with local training facilities, such as the Gepmare marine instruction school in Cameroon, which the company already supports. In the absence of certified local programs, Bourbon Offshore now is training its Angolan officers in South Africa or sending its Nigerian officers to Singapore for courses in dynamic positioning.
Jeremy Beckman
Editor, Europe
COPYRIGHT 2007 PennWell Publishing Corp.
Document OFSH000020070703e3610001x
EQ/PIMCO Real Return Portfolio - Class IA - Part 9
16,227 words

30 May 2007

Mutual Fund Prospectus Express

MFPE

English

(c) 2007 NewRiver Format. Data Licensing LLC. All Rights Reserved.
Family: EQ Advisors Funds
Nasdaq-Symbol: No
Fund Type: NRMF
Filing: May 30, 2007
Effective: May 01, 2007
Type: Statement Of Additional Information
Sequence: 1

Compensation is a critical element in our ability to attract investment

professionals with the appropriate skills and experience to manage portfolios

consistent with our expectations of outstanding results. Base salary is

determined using marketplace base salary levels. We continually look for the

highest qualified candidates and frequently are in competition for these

individuals. As a result, we offer a highly competitive compensation package.
Included in the compensation package is an annual incentive bonus. The

aggregate incentive bonus pool is ultimately dependent on the profitability of

the firm. Thus, it is directly related to the firm's investment performance,

client retention and growth. An individual associate's incentive bonus depends

on the contributions of that individual to those factors affecting the firm's

profitability, one of which is investment performance.
For key senior staff, an additional valued part of the compensation package is

a long-term incentive plan where each participant shares in the profitability

of the firm. This plan is designed to incent key staff to remain with Mellon

Equity as awards are deferred and paid out three years in arrears. Both the

incentive bonus and long-term incentive plans are based upon a profit sharing

agreement between Mellon Equity and Mellon. These plans have worked well to

retain our senior investment professionals.
C-100
===============================================================================
Mellon Equity also participates in several Mellon plans designed to offer

employees a greater stake in Mellon's future and its potential rewards,

including:
* Mellon's defined benefit (pension) plan. The defined benefit plan has a

five-year vesting period
* Mellon's 401(k) plan through which Mellon provides a contribution match in

Mellon stock valued at sixty-five cents for each contribution dollar up to

6% of an employee's salary
* Mellon's Share Success Employee Stock Option Plan
* Mellon's Employee Stock Purchase Plan
Ownership of Securities
Portfolio None $1- $10,001- $50,001- $100,001- $500,001- over

Manager $50,000 $100,000 $500,000 $1,000,000

$10,000 $1,000,000
Thomas J. X

Durante
C-101
===============================================================================
APPENDIX D
PROXY VOTING POLICIES AND PROCEDURES
ALLIANCEBERNSTEIN L.P.
October 2006
Statement of Policies and Procedures for Proxy Voting
1. Introduction
As a registered investment adviser, AllianceBernstein L.P.

("AllianceBernstein", "we" or "us") has a fiduciary duty to act solely in the

best interests of our clients. We recognize that this duty requires us to vote

client securities in a timely manner and make voting decisions that are in the

best interests of our clients. Consistent with these obligations, we will

disclose our clients' voting records only to them and as required by mutual

fund vote disclosure regulations. In addition, the proxy committees may, after

careful consideration, choose to respond to surveys regarding past votes.
This statement is intended to comply with Rule 206(4)-6 of the Investment

Advisers Act of 1940. It sets forth our policies and procedures for voting

proxies for our discretionary investment advisory clients, including investment

companies registered under the Investment Company Act of 1940. This statement

applies to AllianceBernstein's growth, value and blend investment groups