LR's OVID to Strengthens Vessel, Rig Inspection Service
Inspectors of Lloyd’s Register are optimising inspection regimes thanks to their accredited status using the OVID web based inspection tool to reference inspection reports. “OVID has been designed to provide a number of positive benefits to Oil Companies International Marine Forum (OCIMF/IOGP) members and vessel managers. By using a database where inspection reports are available to OVID participating members, experience has demonstrated that inspection numbers will drop over time,” says Kevin Comeau, Manager of Dynamic Positioning/Power Management & Marine Safety Systems for Lloyd’s Register. Assurance checks as a part of the chartering process may be speeded up as the assurance personnel have access instantly to credible information on the vessel and its safety performance.
Chevron Reports 1998 Net Income of $1.98 Billion
Chevron Corporation reported 1998 preliminary net income of $1.98 billion, down 39 percent from 1997 net income of $3.3 billion. Net income for 1998 and 1997 included net benefits of $31 million and $76 million, respectively, from special items. For the fourth quarter 1998, net income of $431 million included net charges of $72 million from special items. Charges associated with asset write-downs; reserves for environmental remediation and a litigation issue; and last-in, first-out (LIFO) inventory adjustments were partially offset by favorable prior-year tax adjustments and a gain from an asset sale. Fourth quarter 1997 net income included net benefits from special items totaling $68 million.
