IHC Caland Wins New Orders for the Offshore Division

IHC Caland N.V. reports that Single Buoy Moorings Inc, a fully owned subsidiary, received in the course of last month the following orders:

  • From Stolt Offshore the order for the design and supply of a deep water oil export system for the BP operated Greater Plutonio field offshore Angola. The contract will be executed in consortium with the Angolan company Sonamet. The system, to be installed in a waterdepth of 1280 meters, will be used for the transfer of produced oil from the spread moored FPSO to export tankers.

  • A Letter of Intent for the design, supply and installation of a spread mooring system for the FPSO for ChevronTexaco’s Agbami field, offshore Nigeria. The scope of work is similar to the one successfully executed last year by SBM for Shell’s Bonga FPSO, also offshore Nigeria.

  • From BP Trinidad and Tobago LLC a Purchase Order for the supply of an SBM-Imodco built “stock buoy” to replace one of BP’s terminals at the Galeota Point refinery, supplied by the SBM group in the seventies.

  • A contract from Soilmare S.r.L., for the design and supply of a complete CALM terminal for the Mellitah Upgrading Project of Agip Oil Co. Ltd Libya.

  • The cumulative value of these four orders amounts to around 100 million US Dollars.


    IHC Caland N.V. is pleased to announce that the sale of its entire shipbuilding activities has been completed today Tuesday March 1, 2005. In addition to the sale of 82% of its interest in the IHC Holland and Merwede shipyards, provisionally announced on 21 January, the option granted to the buyer IHC B.V. in respect of the remaining 18% interest has been exercised, meaning that IHC Caland retains no residual shareholding. Approval for the sale was received from the European Commission, IHC Caland’s shareholders, and the Works Councils of the shipyards.

    The buyer, IHC B.V., is owned as to 49% by Rabo Private Equity, the private equity arm of Rabobank, 33% by the management and employees of the shipyards, and 18% by Parkland, a part of the Indofin group.

    The total sales proceeds amount to EUR 7,800,000 including interest from the effective date of transfer of around EUR 300,000. The financial consequences of the transaction have been summarized in the company’s press release of January 31, and explained in detail in the information supplied on January 25 in connection with the Extraordinary General Meeting of Shareholders, held on February 11, to approve the transaction.

    IHC Caland wishes the newly independent group lots of success.


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