Page 58: of Maritime Reporter Magazine (February 2000)
People & Company News
Schoellhorn-Albrecht delivered two of the largest high holding power anchors for installation onboard USNS Charlton — the fifth of seven Sealift New Con- struction ships. Built by NASSCO. the vessels are part of the Strategic Sealift
Program. The AC- uiirt-tht 14 Type anchors ^^ were proof tested to 272,000-lbs. on
Schoellhorn-Albrecht's custom built hydraulic proof test machine, and were designed, manufactured an tested to comply with ABS rules for High Hold- ing Power anchors. Featuring forges
Unsure where to get IISCG
Approved mm shanks, cast flukes and custom swivel shackles to suit the vessel's unique anchor handling system, the anchors also boast a custom epoxy paint system.
Schoellhorn-Albrecht has also deliv- ered to NASSCO the ninth and 10th of a series of 14 accommodation ladders to be installed aboard Charlton. Measuring 76 ft., they are among the longest single
Training Services is now offering a new 70-hour approved GMDSS course • Meets STCW requirements • FCC license • Experienced, examinations qualified also available instructors span accommodation ladders to be man- ufactured. Comprised of TIG welded 6061-T6 aluminum, the ladders also have folding self adjustable handrails.
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Band, Lavis & Assoc. Appoints
Band, Lavis & Associates has elected
Alan Becnel and John Purnell as senior engineers. Prior to their appoint- ments, Becnel and Purnell were with the
Propulsion Department of the Naval
Surface Warfare Center, Carderock
Division. They also hold the designation as the design team responsible for design and development of the cavitat- ing inducer waterjets for the continuing
Marine Corps Advanced Amphibious
Assault Vehicle Program.
Sedco Forex Merger
Transocean Offshore has completed its merger with Sedco Forex on Decem- ber 30, which was spun off from
Golden Ocean Reaches
Golden Ocean Group Limited has come to an agreement in principle with holders of more than 40 percent in principal amount of its 10 percent senior notes due 2001. In accordance with this agreement in principle, the company, as well as two intermediate holding company sub- sidiaries filed a petition on January 14 for reorganization with the U.S. Court. It is expected that a pre-negotiated plan based on the agreement in principle will lead to a restructured balance sheet and reduction of debt.
The general economic terms of the agreement in principle involve: the exchange of the company's presently out- standing senior notes in the total principal amount of approximately $291 million, for new notes in the total principal amount of $100 million; the cancellation of pre- sent equity and issuance of 88 percent of the new common shares to holder of the senior notes with the balance going to the company's management: and the guaran- tee of the new notes by Golden Ocean's vessel owning subsidiaries, which would also continue to perform their obligations under loan agreements, shipbuilding con- tracts and charters.
Golden Ocean also announced that
Fred W.Y. Cheng has resigned as chair- man and CEO of the company. Cheng, the architect of the company's major VLCC newbuilding program is departing the company to pursue new business interests.
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