The Dow Chemical Company News

Marine terminal operator DP World, UAE Region, has reached an agreement with an affiliate of The Dow Chemical Company based in Jebel Ali to support the distribution of Dow‘s products. The contract was signed recently by Mohammed Al Muallem, Senior Vice President and Managing Director of DP World, UAE Region, and Moosa Al-Moosa, President of Dow UAE in Jebel Ali in the presence of senior officials from both organizations. Under the agreement, DP World will provide Dow with value-added services such as Jebel Ali Port’s storage facilities and shipping to its customers globally.

Neptune  Advanced Subsea Flow Assurance Insulation System Named “Best Production Technology” of 2012. The winner of the 2012 World Oil Award for Best Production Technology is a breakthrough in subsea insulation developed by Dow Oil & Gas, a business unit of The Dow Chemical Company (NYSE: DOW), in cooperation with multiple organizations, including Trelleborg Offshore, a leading provider of polymer and syntactic foam-based coating solutions for the offshore oil and gas industry.

High pressure waterjetting/waterblasting and industrial vacuum equipment play an integral role in industrial cleaning/recovery and surface preparation. The 2011 WJTA-IMCA Conference and Expo, to be held September 19-21, 2011, at the George R. Brown Convention Center in Houston, Texas, will focus on sharing information about the technology, equipment, and safety practices with industrial cleaning contractors and company representatives who contract for these services. “We invite all industrial cleaning contractors and end users who use the equipment or who are considering purchasing or renting the equipment to attend,” says association manager Ken Carroll.

Coast Guard Commandant Adm. Thad Allen will honor the recipients of the 2008 Biennial, Rear Adm. William M. Benkert, Marine Environmental Award for Excellence by presenting the awards during an American Petroleum Institute luncheon in . Silver Award -- U.S. Honorable Mention -- Todd Pacific Shipyards Corporation, Seattle, and SeaRiver Maritime Inc., . The award recognizes maritime industry businesses and corporations involved in marine facility or vessel operations that have demonstrated sustained excellence and outstanding achievement in protecting the marine environment. The award program also encourages innovations in operations, maintenance, cargo handling, refueling, training and the sharing of best practices throughout the industry.

The Dow Chemical Company has awarded Aker Solutions a contract to provide engineering services for Dow supplied technologies. Aker Solutions' engineering services are expected to be completed by the third quarter of 2008. The scope of the project includes basic engineering and design services, led by Aker Solutions in . The project will also exhibit Aker Solutions global capacity with deliverables from an integrated project team in Zoetermeer and . The contract was awarded to Aker Solutions US, Inc., a subsidiary of Aker Solutions.

Kirby Corp. reported second quarter earnings per share of $.44 versus $.39 a year ago, beating a Wall Street consensus estimate of $.40, reported Lazard Frères & Co., LLC. The marine transportation segment benefited from 94 inland barges leased from Dow Chemical Company in February, the Lazard report said. Lazard noted that the weakness in the company's core chemical and petrochemical business is expected to continue at least through the third quarter, while refined product, fertilizer and black oil volumes should continue to be strong. The company is expected to benefit from lower interest rates and a declining debt balance. As a result, Lazard has raised its 2001 EPS estimate to $1.60 from $1.53 and its 2002 EPS estimate to $1.72 from $1.69.

Dow Chemical Company and its subsidiary Union Carbide Corporation have filed lawsuits in the US against Odfjell and three other major parcel chemical tanker carriers, Stolt-Nielsen, Tokyo Marine and JO Tankers in relation to violations of antitrust laws in the US, and claimed damages as a consequence thereof. The lawsuits have not yet been served on Odfjell. On September 29, Odfjell ASA's wholly owned subsidiary Odfjell Seachem AS entered into a voluntary plea agreement with the US Department of Justice. Odfjell Seachem AS agreed to plead guilty to a single-count violation of the US Sherman Antitrust Act for allocating customers and thereby fixing prices on certain contracts of affreightment from 1998 to 2002.

Three Vericor Power Systems' TF50 marine aeroderivative gas turbines have been selected to power the 118 Wallypower high-speed yacht being built by Intermarine Shipyard, Sarzana, Italy for Wally Yacht. This is Wally Yacht's first foray into high-speed power yachts, and the company's initial application of gas turbines. Wally Yacht, based in Monte Carlo, Monaco, is a world-renowned designer of high-speed sailing and power yachts. The 118-ft. yacht will feature three TF50 gas turbines in a Combined Diesel Or Gas (CODOG) turbine configuration. Two TF50s will be used as side or "wing" engines, with one small auxiliary diesel engine connected to each wing engine. The diesels will provide for very slow maneuvering only.

The U.S. Department of Homeland Security today announced the appointment of the following individuals to serve on the National Maritime Security Advisory Committee. "On behalf of Secretary Ridge, I am delighted to welcome these advisors to our team," said Admiral Thomas H. Collins, commandant of the Coast Guard. The advisory committee has been established to provide advice to the Department of Homeland Security via the U.S. Coast Guard on matters such as national maritime security strategy and policy, actions required to meet current and future security threats, international cooperation on security issues, and security concerns of the maritime transportation industry as mandated by the Maritime Transportation Security Act of 2002. Joseph H. Thomas E. John C.

Kirby Corporation announced the purchase of the stock of Coastal Towing, Inc., the owner of 37 inland black oil tank barges, for approximately $19.3m. Kirby has been operating the Coastal tank barges since October 2002 under a barge management agreement. Leasing, LLC for $15m in cash. Kirby has been leasing the barges since 1994 when the leases were assigned to Kirby as part of Kirby's purchase of the tank barge fleet of The Dow Chemical Company. Both the Coastal and the Cypress purchases were financed through Kirby's $250 million revolving credit facility. Kirby also confirmed its 2006 fourth quarter earnings per share guidance of $.40 to $.45 and 2006 year guidance of $1.74 to $1.79.

The Union Carbide Chemicals & Plastics Technology Corporation (UCCPTC), a subsidiary of The Dow Chemical Company, has awarded Aker Kvaerner an engineering contract to assist in the development of process design packages and extended process design packages for two Ethylene Oxide/Ethylene Glycol (EO/EG) plants that will use the METEOR(TM) LEC EO/EG technology. The plants will be built in the People's Republic of China by subsidiaries of Sinopec under a license from UCCPTC. One project is at the Sinopec Tianjin one million tonne per annum (TPA) ethylene complex in the Dagang District of Tianjin, and the second is at Sinopec Zhenhai Refining and Chemical Company's production facility in the port city of Ningbo, Zhejiang Province.

Contango Oil & Gas Company announced that Freeport LNG Development, L.P. (FLNG), in which Contango holds a 10 percent partnership interest, has closed a $383 million private placement note issuance. The funds from the notes will be used to fund the construction of Phase I of FLNG's liquefied natural gas regasification terminal located near Freeport, Texas. Phase I will have a send-out capacity of 1.75 billion cubic feet per day. Natural gas will be transported through a 9-mile pipeline to Stratton Ridge, Texas, a major point of interconnection with the Texas intrastate gas pipeline system. The terminal's Phase I capacity has been sold to ConocoPhillips and The Dow Chemical Company. Construction is expected to be completed by January 2008.

Nick Candela, a Project Management Professional (PMP), has joined Paragon Engineering Services, Inc., of Houston as manager of Project Controls, responsible for staffing project controls personnel on Paragon projects both in Houston and worldwide. Candela’s immediate role involves enhancing Paragon’s project controls systems through the development of standards and procedures for planning, scheduling, cost control, progress measurement and change management. Candela also is developing corresponding training programs for project managers, lead engineers and project controls personnel in these essential functions. Candela brings more than 20 years’ experience leading capital project teams in global environments.

Despite a downgrading in rating from various credit agencies, Kirby Corporation's recent acquisition of Hollywood Marine is designed to reduce costs, as the inland tank barge operations of both companies are highly complementary. Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions…

Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions," Kirby CEO and President J.H. Pyne said. As part of the deal, Kirby said it would name C. Berdon Lawrence…