Cammell Laird Eyes Government Deal With Caution

Tuesday, February 20, 2001
Cammell Laird gave a cautious response to an improved government aid package to help it win a $500 million pound contract to build two cruise ships. The U.K. Department of Trade & Industry (DTI) said late on Monday it would share an extra $100 million risk with the company to underwrite the risk of the contract falling through. The government had previously offered $300 million in guaranteed loans to cover the contract. A spokesman for Cammell Laird said the next step was for cruise company Luxus to decide on whether or not to accept the government's package, which a DTI spokeswoman described as the highest level of risk-sharing the British government had ever undertaken under its shipbuilding credit guarantee scheme. If Luxus agrees to the terms, then Cammell Laird has to decide on whether to accept the aid package. The Cammell Laird spokesman said both companies were currently considering the proposals. "We're certainly two steps away from actually getting the work to build the ships," the spokesman said. Shares in Cammell Laird have plummeted 65 percent since last August - when the firm terminated a contract with Italian shipping firm Costa Classica following a legal dispute - and on Tuesday was trading unchanged at 14-1/4 pence, valuing the group at around 41 million pounds ($59.31 million). - (Reuters)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

USCG Sets 2nd Round of Hearings for El Faro

The U.S. Coast Guard will conduct a second round of public hearings May 16-27 for the Marine Board of Investigation into the loss of the U.S.-flagged cargo ship El Caro, and its 33 crewmembers.

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

DNS Appoints Esson, Chief Executive

Decom North Sea (DNS), the representative body for the offshore decommissioning industry, which promotes and facilitates collaboration and cost reduction, today appointed a new chief executive.

Shipbuilding

US Tests World's Largest Unmanned Sub Hunter

The US military is beginning testing on the world's largest unmanned ship - a self-driving 40-metre vessel designed to travel thousands of kilometres out at sea without a single crew member on board.

Partners Tap Standardization to Trim Newbuild Costs

Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction

Damen Opens US Office

Damen Shipyards Group has announced the opening of a new branch office in Houston, Texas. This expansion, under the name of Damen North America, meets the increasing

 
 
Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0680 sec (15 req/sec)