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Stirling Shipping News

09 Nov 2000

Rolls-Royce Wins $3.1 Million Contract

Rolls-Royce has landed a $3.1 million order from Ferguson Shipbuilders in Port Glasgow for an equipment package comprised of Rauma Brattvaag deck machinery, bulk handling systems and Tenfjord steering gear and rudders. The package has been ordered for a new 246 ft. (75 m) Stirling Shipping anchor handling tug-supply vessel (AHTS), which will be an enhanced version of M/V Stirling Iona, which was delivered by Ferguson earlier this year. The new AHTS will house an anchor handling and towing winch with a capacity of 380-tons pull; the winch will be the largest ever fitted to a U.K.-built ship by Brattvaag. With a gt of approximately 2,350 and a dynamic positioning system, the vessel is scheduled for a February 2002 delivery.

07 Mar 2001

Seacor Smit Gets Bigger

Seacor Smit Inc. and Stirling Shipping Company Ltd., a private UK company based in Glasgow, Scotland, signed a letter of intent for Seacor to acquire all of the issued share capital of Stirling Shipping and certain subsidiaries. Purchase consideration will be based on the adjusted assets less liabilities of Stirling Shipping at closing and is estimated to total approximately 58 million pounds. The purchase price will be payable approximately 50% in cash, 20% in shares of Seacor common stock, 20% in loan notes and 10% in convertible notes. Stirling’s long term debt is projected to be approximately (pound)38.3 million at closing. The final price is subject to certain closing adjustments.