Offshore update ///

Offshore U.S. terrorism risk insurance. The U.S. Congress has been deliberating the Terrorism Risk Insurance Act of 2002, (S.2600), which would provide the insurance industry additional security in the wake of the September 11 attacks. The U.S. Mineral Management Service (MMS), Gulf of Mexico Region, has released oil and gas daily-production-rate projections that encompass the year 2006. Singapore’s Keppel Corp. Ltd., through its offshore rig-building division Keppel FELS Ltd., has signed a preliminary agreement with Verolme Botlek b.v. to acquire an 85% interest in Dutch offshore repair and conversion shipyard Verolme Botlek for EURO 18.3 million. And the MMS has identified proposals, alternatives and mitigating measures to be analyzed in environmental analyses covering two proposed offshore oil/gas lease sales in the Eastern Gulf of Mexico.

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