World's Largest Mutual Marine Insurer Formed

Thursday, May 27, 1999
The world's largest mutual marine insurer -- or Protection & Indemnity (P&I) Club -- is set to be created this summer after a management company acquisition. The manager of the Standard P&I Club reportedly will acquire the manager of the Britannia Club -- the third largest club -- with the intention of merging the two clubs.

Contracts

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

 
 
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