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McDermott, Shipbuilding Ventures Inc. Sign Agreement To Build Product Carriers In U.S.

Shipbuilding Ventures, Inc. (SVT), formerly U.S. Shipbuilding Consortium, Inc., and McDermott Shipbuilding, Inc. announced the signing of an agreement forming a new joint venture company to build product carriers and other ships based on the Skarhar design for simplified, longitudinally framed ships.

Along with thejointventure news, it was announced that SVI and the Skaarup Group were ordering a ship from the new venture.

Under the joint venture agreement, Shipbuilding Ventures, Inc., a member of the Skaarup Group, will contribute exclusive rights to the proprietary Skarhar design to the new company, which will be known as U.S. Shipbuilding Corporation (USSC).

The Skaarup Group and SVI will provide design, process, technical and marketing support, while McDermott will provide capital contribution, engineering and technical support. McDermott Marine Construction's Morgan City, La. facility will serve as the principal construction site.

"I am very pleased that our relationship with McDermott has been firmly established, and I am confident this is an important step in our efforts to assist in a revival of commercial shipbuilding in the United States," said Ole Skaarup. Said Brinson Miles, general manager, shipbuilding projects at McDermott Shipbuilding, "Our goal is to make shipbuilding an important element of McDermott's business.

By entering this joint venture, we take a significant step towards our goal." THE ORDER The Skaarup Group and SVI signed a letter of intent with USSC for the construction of a 40,000-dwt product carrier, with an option for a second. SVI and the Skaarup Group plan to pursue innovative financing for the vessel, financing which may include Maritime Administration Title XI export financing assistance. The ship ordered will be built for international service, chartered and operated with the technical assistance of the Skaarup Group. The ship represents the first in a series of generic ships USSC expects to build at competitive world prices, based on the Skarhar design and using innovative modular construction techniques. Delivery of the first ship is scheduled for the second half of 1996.

McDermott Shipbuilding, Inc. is a unit of McDermott International, Inc., a leading worldwide energy services company. The company and its subsidiaries manufacture steam-generating equipment, environmental equipment, and government and aerospace products. The company also provides engineering and construction services for industrial and utility facilities onshore, and to the oil and gas industry offshore. For additional information on the new joint venture, Circle 34 on Reader Service Card

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