“If all goes well, the activity at the shipyards will continue to be on target and will hold the yards on the right road to profitability.”

The Jim Cunningham is owned by the US company Transocean and has been operating offshore Egypt since its last visit to Malta Shipyards in 2002.

It sustained substantial fire damage while on location. The scope of the work, the extent of which is being assessed, is likely to include electrical work, pipe-work, blasting and painting and some steel repairs.

Another contract won by Malta Shipyards is for the Caronia, which is expected at the yards for repairs on 7 November. The substantial contract for the refit of the cruise ship was awarded by Saga Shipping Ltd, a subsidiary of the Saga Group UK following an extensive bidding process between several European shipyards.

The vessel has already been in Malta many times when she was called the Vistafjord. Now re-named Caronia, in keeping with the long tradition of the Cunard line – which is currently operating the vessel – she will depart Malta following completion of the refit as the Saga Ruby.

The extensive and detailed refitting work includes steel and aluminium fabrication for deck modifications, the construction of a gymnasium, pipe-work including the installation of a Hi Fog sprinkler system, engineering work and the refurbishment of most of the passenger accommodation on board the vessel.

A Department of Information statement said the contract is of great importance to Malta Shipyards as it marks the return of cruise ship refit and conversion work to the shipyards.

The vessel is expected to arrive at Malta Shipyards after completing her final cruise under Cunard management in Southampton a few days earlier.

Negotiations are at an advanced stage between Malta Shipyards and a Libyan company for the repair of two tug-boats.

The contract negotiations have been under way for a number of months, and rapid progress was registered during a meeting held in Libya following the recent Energy Fair.

Malta Shipyards has also been awarded a substantial value contract from a major blue chip client for the building of a large power generation barge to be deployed in the Caspian Sea oil field.

Negotiations have been taking place over a number of months and were recently concluded. The project, which involves over 2,000 tonnes of steel, will commence in early 2005 and will be completed in mid-2006 with the installation of four gas turbines on the barge

topsides.

A joint project team comprising Malta Shipyards personnel and key personnel from the client is being assembled to manage and undertake the project.

The securing of these contracts demonstrates that Malta Shipyards is able to compete effectively in an increasingly competitive international market, the Department of Information said. European shipyards have been having a hard time this year with the toughest market conditions seen in a number of years.

Good performance on these contracts is essential to ensure continued success in these sectors and to maintain a reputation for quality and delivery within a set time frame.

The last quarter for 2004 is going to be a very busy time at the shipyards, but the outlook for 2005 is promising.