Scana Wins Kleven Propulsion Systems Contract
Scana Propulsion to supply propulsion systems for type SALT 100 PSV for shipowners Ugland
 Offshore. The vessel is designed by Salt Ship Design and the propeller system is
developed in partnership between Salt Ship Design and Scana Propulsion. The 
system is a counter-rotating propeller system (CRP) with two propellers driven
by permanent-magnet motors that rotate independently of each other in the same
 shaft line. Reliability and fuel efficiency has been the philosophy of this 
concept. Direct-driven counter-rotating propellers with constant protection against 
external damage makes the system more efficient and reliable compared to a
 conventional system.
Ocean Rig Releases Preliminary Results
In connection with the release of an Offering Circular today for the pending Equity Offering, Ocean Rig announces preliminary financial accounts for third quarter 2003. Ocean rig reports operating results of NOK 24.5 mill, which is the best operating results in the history of the company. Results were improved by significantly better operating performance for the company's two deep water drilling rigs, Leiv Eiriksson and Eirik Raude. The company sees improving market fundamentals based on a build up of planned deepwater development projects. Ocean Rig reports preliminary operating profits of NOK 24.5 mill (NOK -30.7 mill) for the third quarter of 2003. EBITDA for the quarter was NOK 97.7 mill (1.9 mill), and net result was NOK 65.5 mill (NOK -145.7 mill).
