Amoco Corporation News

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. 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.

National Steel and Shipbuilding Company, a wholly owned subsidiary of General Dynamics, has delivered the Alaskan Explorer, the second of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company, USA, a subsidiary of BP p.l.c. "We had very successful sea trials with the Alaskan Explorer," said Richard Vortmann, NASSCO president. The Alaskan Explorer will join her sister ship, the Alaskan Frontier, which was delivered in August 2004 and is delivering oil from Alaska to West Coast ports, including BP refineries in Los Angeles, Calif., and Cherry Point, Wash. The third ship will be delivered in late 2005 and the fourth ship in 2006. These state-of-the-art ships are the most environmentally friendly oil tankers ever built.

National Steel and Shipbuilding Company delivered the Alaskan Navigator, the third of four Alaska-class double-hull crude oil tankers being built for BP Oil Shipping Company, USA, a subsidiary of BP p.l.c. (ADR: BP). “We are now focused on completion of the fourth ship in the class, which is progressing well in the shipyard as we have ramped up production on both the BP tankers and Navy new construction work,” said Richard Vortmann, NASSCO president. The Alaskan Navigator will join her sister ships, the Alaskan Frontier and the Alaskan Explorer, which were delivered in August 2004 and March 2005, delivering crude oil from Alaska to BP’s refineries in Los Angeles and Cherry Point, Wash. The fourth ship will be delivered in late 2006.

Discoverer Enterprise is known as the world's largest, most technologically advanced drillship designed for the reduction of ultra-deepwater well-construction costs with developments that elevate the process to a new level of operational efficiency. With more than 20 years of favorable deepwater experience behind them, Transocean's revolutionary drilling vessel has been engineered from the top of the derrick - to the thrusters - to optimize ultra-deepwater well-construction and field development performance. Transocean Offshore owns the vessel, which was constructed at El Ferrol, Spain. Supplementary to this is Ingalls Shipbuilding's test and trials contract with BP-Amoco Corporation. The Pascagoula-based shipyard completed the rigs outfitting and erected all of its major modules.