Crude Oil Lightering News

Houston based SPT Inc., specialists in ship to ship (STS) transfer (lightering) of crude oil and liquefied natural gas has announced expansion of its STS service for oil majors and traders in the Caribbean. SPT Inc's President Simon Duncan has signed an initial deal with Cayman Island’s Premier Bush to revive crude oil lightering offshore Cayman Brac. This follows new ship to ship transfer capability announced last year in the Bahamas for SPT, building on its permanent ship to ship transfer location in its southern Caribbean base at Aruba. The details of the Cayman arrangements have not yet been finalised, but promise to aid Cayman Brac’s economy with the port benefiting from the additional commerce that visiting ships generate such as replenishment of stores and services.

Maritrans Inc. announced that its Board of Directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 P.M., New York City Time, on Friday, January 18, 2002. Under the tender offer, stockholders will have the opportunity to tender some or all of their shares at a price within the $11.00 to $12.50 price range. Based on the number of shares tendered and the prices specified by the tendering stockholders…

Shuttle tankers meeting rigorous federal safety and environmental standards will be ready to begin transporting crude oil to U.S. ports whenever the first Floating Production, Storage and Offloading (FPSO) vessel is deployed in the Gulf of Mexico, Houston-based American Shuttle Tankers L.L.C. (AST) said today. "In the weeks since the Minerals Management Service (MMS) approved the use of FPSOs in the Gulf of Mexico, companies evaluating development options for deepwater oil discoveries in the U.S. solutions", said Oyvind Jordanger, president of AST. American Shuttle Tankers, which was formed last year by the top crude oil lightering company in the Gulf of Mexico and the leading shuttle tanker service provider in the North Sea…

Crowley Maritime Corporation and Marine Transport Corporation jointly announced that Crowley has agreed to acquire all of the outstanding shares of Marine Transport Corporation for $7.00 per share. Under the agreement entered into by the parties, a wholly-owned subsidiary of Crowley will commence a tender offer within the next 10 business days. The transaction is conditioned upon a minimum number of Marine Transport's shares being tendered, regulatory approvals, and other standard closing conditions. The tender offer is not conditioned upon financing. Thomas B. Crowley, Jr., Chairman of the Board and Chief Executive Officer of Crowley, said "Our investment in Marine Transport is a unique opportunity for Crowley to add a complementary business line to our present maritime activities.

Crowley Maritime Corporation completed its tender offer and has accepted 6,099,774 shares of Marine Transport Corporation common stock. The shares tendered represent approximately 98% of Marine Transport Corporation's total outstanding common stock, including approximately 43,724 shares, which are guaranteed to be delivered. Crowley will purchase these shares as soon as possible at the price of $7.00 per share, net to the seller in cash. Crowley intends to proceed promptly to complete the previously announced proposed merger with Marine Transport Corporation and to acquire the remaining untendered Marine Transport Corporation shares, subject to appraisal rights.

Inc. a subsidiary of Morgan Stanley Capital Group Inc. The operation, a fleet of four International Flag Aframax tankers and two U.S. Flag workboats, provides crude oil lightering services to refiners, oil companies and trading companies primarily in the U.S. Gulf. contracts. tankers. entering into definitive documentation. significant Aframax cargo and logistical system in the Atlantic basin. In addition, it provides opportunities to serve U.S. customers with lightering service using OSG's Panamax tankers. since beginning operations in November 2002. Houston. and Head of OSG's Crude Tanker unit.

U.S. exercises. USMMA officials presented the degree to Mr. serves. In addition to being a staunch advocate for the U.S. scholarships, internships, and jobs after graduation. Through the Thomas B. Crowley, Sr., Memorial Scholarship, which Mr. deserving cadets. said Crowley. academy as we work together to strengthen the U.S. world. services. During the past nine years, Mr. business areas. from assuming too much risk, while maximizing opportunities to grow. dedicated to customer responsiveness and service excellence. transportation. most powerful cycloidal-propulsion tugs in the world. In 2001, Crowley acquired Marine Transport Lines (MTL), a storied U.S. transportation, crude oil lightering, and ship management. positioned Crowley to be the first U.S.

Crowley Maritime Corporation veteran Steve Collar has joined Marine Transport Corporation as Vice President, Special Projects effective July 1. He is domiciled in Marine Transport's Weehawken, NJ, headquarters and reports to Jeff Miller, Vice President, Chartering. Crowley acquired Marine Transport, a U.S.-based supplier of chemical parcel transportation, refined petroleum transportation, crude oil lightering, and ship management, in February. Collar, most recently Director of Special Projects for Crowley's Vessel Management Services subsidiary, will be responsible for helping Marine Transport and its subsidiary companies develop and market Marine Transport's fleet renewal and expansion projects, and will commercially manage selected vessels.