The delay is making is difficult for Ukrainian Development Corporation (UDC) to obtain financing licences required for financing arranged through foreign banks.

Bona president Mr. John Smaadal said the company would not be placing the contracts elsewhere and delay losses would be minimal.

Mr. Robert Konig, an executive involved with the deal, blamed financing problems on Ukraine National Bank, said a Lloyd's List article on Friday.

"The national bank wants to control the dispersal of payments and has virtually roadblocked transfers arranged outside the Ukraine from flowing to the UDC,'' he said.

"We are experiencing a six month gap before receiving any of the money arranged through a $12 million non-guaranteed loan secured with ING Bank,'' he said.

The deal, signed in 1993 with the UDC, called for construction of two aframax tankers and an option for a third vessel to be built at the Zaliv Shipyard in Kerch.

Mr. Konig rejected the suggestion that contract or delivery problems stem from yard troubles.

Advance payments of $1.9 million on the contracts are secured on blocked accounts and will be released to the company soon, Bona said.

UDC, the first entity to secure western financing of a Ukraine deal, must pay eight percent interest on the advance payments and to reimburse accrued direct expenses.

Bona's exit from the deal raises delivery schedule questions for others, especially Eletson Shipbuilding, said Lloyd's.

SHARES DISTRIBUTED BUC Shares distributed Bermuda-registered Arethusa (Off-Shore) Ltd. on Friday announced a special distribution of $3 per share.

The distribution is payable July 28 to shareholders of record July 14. "We previously announced that the distribution would be made after the closing of the sale of our semisubmersible drilling rig, Treasure Stawinner, said Arethusa president and CEO Mr. Jan Rask.

That sale concluded on Friday.

The sale of the Treasure Stawinner, combined with the earlier amortisation of the Petrobras XXV lease, generated sufficient cash to make this distribution as well as to complete the May 1995 purchase of the Arethusa Yatzy without increasing debt, the company said.

Arethusa owns and/ or operates a fleet of 13 mobile offshore drilling rigs.

The company is the second largest semisubmersible operator in the Gulf of Mexico where it operates six rigs.

The balance of the fleet is deployed offshore Brazil, Egypt, Holland, India and Indonesia.

NEW AON CEO APP New Aon CEO Aon Risk Services (Bermuda) Ltd. yesterday announced the appointment of Mr. Thomas Comer as the company's president and chief executive officer.

Prior to yesterday's announcement, he was president and chief operating officer.

Mr. Comer takes over as CEO from Mr. Robin Spencer-Arscott.

Mr. Spencer-Arscott continues as chairman of Aon Risk and as president and CEO of Aon Re (Bermuda) Ltd.

With a treasury/broking background, Mr. Comer, born in New York, came to Bermuda in March of 1993.

The group also announced promotions in Aon Risk's wholesale broking subsidiary, Aon Intermediaries (Bermuda) Ltd., where Mr. Terry Pimentel has been elected senior vice president and Mr. Sal Cantarella and Mr. Mark Simmons have been elected vice presidents.

Chicago-based Aon Corp. is an insurance holding company.