Amoco Uk News

Korean shipbuilders have achieved a market-leading role in the construction of LNG tankers. Following commitment to serve this market with products, Kongsberg Maritime Ship Systems (KMSS) has received a breakthrough success by receiving firm orders for its Bridgeline, Integrated Navigation System, to be fitted to seven of the new LNG tankers, with options for further deliveries in the future. KMSS will provide Radar/ARPA, ECDIS- electronic chart display system, MBB- voyage data recorder, UAIS- universal automatic identification system with full integration of the navigation instruments. The Bridgeline assembly will be carried out in Korea.

Rowan Companies, Inc. reported that the English Court has given a comprehensive judgement in its favor in proceedings between its subsidiary, British American Offshore Limited (BAO) and Amoco (UK) Exploration Company (Amoco). rig Rowan Gorilla V. The court declared that the rig was fit for purpose in all respects when the contract was terminated. Amoco had refused to commence drilling at the Arbroath platform in January 1999, arguing that much of Gorilla V's equipment was unfit and unsafe. were economic, following a downturn in oil prices and the BP/Amoco merger on January 1, 1999. The court rejected the evidence of Amoco and BP witnesses that the decision was made for safety reasons, or because Amoco had "lost confidence" in BAO. no ground for complaint was justified.

Rowan Companies, Inc. has learned that on Friday, December 14, Amoco (UK) Exploration Company filed an Application for Permission to Appeal the Judgement handed down by the English Court on November 16, 2001. The English Court of Appeals will now consider, as a preliminary matter, whether or not to grant Amoco permission to appeal. Any substantive appeal will only be allowed to proceed if permission is granted. Amoco has now paid to Rowan's subsidiary, British American Offshore Limited (BAO), the sums it was ordered to pay following the judgement of November 16, amounting to $88.6 million. A copy of Amoco's Application should be posted on Rowan’s website on or about December 21, 2001.

Rowan Companies, Inc. reported that an agreement has been reached to resolve a dispute over the Rowan Gorilla V contract between its subsidiary, British American Offshore Limited (BAO), and Amoco (UK) Exploration Company (Amoco UK), now owned by BP p.l.c. The settlement agreement was made between BP Amoco Corporation, BP Amoco p.l.c., BP Exploration Operating Company, BP America, Inc., Amoco (UK) Exploration Company ("Amoco UK"), Amoco Production Company, Amerada Hess Limited, Amerada Hess Corporation and Enterprise Oil p.l.c. (collectively, the "BP Amoco Affiliated Parties") on the one hand, and Rowan Companies, Inc., LeTourneau, Inc. and British American Offshore Limited ("BAO") (collectively, the "Rowan Affiliated Parties") on the other.