Foster Wheeler train up and running

Bermuda-based Foster Wheeler Ltd. has announced that the first onshore LNG processing train (Train 5) in the world to be designed and constructed in modular form is now fully operational and producing LNG for export.

The processing train was delivered by the Foster Wheeler-led joint venture at Karratha, Western Australia for the operator Woodside Energy Ltd. on behalf of the North West Shelf Venture (NWSV).

The Foster Wheeler-WorleyParsons joint venture was responsible for the engineering, procurement and construction phase of the A$2.6 billion NWSV Phase V LNG expansion, which involved the construction of a fifth LNG processing train with a production capacity of 4.4 million metric tonnes a year, plus a jetty extension and second LNG loading berth, two additional power generation units, a third fractionation unit, a new fuel gas compressor, an acid gas removal unit and a third boil-off gas compressor.

The company also announced that Gary Nedelka, 54, has been appointed to the post of CEO of the company's Global Power Group (GPG).

Aquarius Platinum boosted CEO's pay by 25%

Bermuda-based Aquarius Platinum Ltd., a miner of the precious metal in South Africa and Zimbabwe, boosted chief executive officer Stuart Murray's pay by 25 percent in fiscal 2008 after higher metal prices boosted profit.

Murray received $1.65 million in salary and bonus payments in the year ended June 30 from $1.32 million a year earlier, the company said in an e-mailed statement. His base salary rose 20 percent.

Aquarius's full-year net income climbed 26 percent to $236.5 million. Power shortages in South Africa, which accounts for more than three-quarters of world platinum production, helped drive the average price of the metal in the half up 38 percent from a year earlier.

BW Gas announces cost cuts, new CFO

BW Gas Ltd., the world's largest operator of liquefied gas tankers, appointed a new chief financial officer and said it would cut costs by about 85 million kroner ($15 million) a year.

The savings, to be realised mostly in 2009, will counter back taxes paid to the Norwegian government and "difficult" freight markets, the Hamilton-Bermuda company said today in a statement distributed by Hugin. BW Gas expects a one-off provision of 50 million kroner in the third quarter.

The company named Nicholas Gleeson chief financial officer, replacing Garup Meidell, from October.

Aetna moves to recover $163m Lehman asset

Aetna Inc., the third largest US health insurer, took possession of assets used as collateral by Lehman Brothers Holdings Inc. in an attempt to recover some of the soured $163 million investment.

Lehman Brothers, one of the biggest US investment banks, filed for bankruptcy this month and is now in liquidation proceedings in Bermuda, Aetna said in a filing with the US Securities and Exchange Commission.

Aetna, based in Hartford, Connecticut, bought the $163 million reinsurance contract from Lehman in 1999 to help cover life insurance policies Aetna sold from 1941 to 1999.

After the value of the asset is determined, a write-down will appear in Aetna's third-quarter report, the company said.

XL Congress to start in Maryland

XL Capital Ltd. is set to host the XL Congress in Maryland tomorrow, focusing on financial, security, climate, and social risks, with recent market turbulence at the fore.

This year's event, which has the theme 'Intelligent Change for a World at Risk' and will be held at the Gaylord National Resort in Waterfront Street, National Harbour from tomorrow until Friday, will feature a number of renowned speakers, including General Colin Powell, Senator George Mitchell, Carly Fiorina, Hernando de Soto (President of Institute for Liberty and Democracy), Jeffrey Sachs (Special Adviser to the United Nations), and others.

It will look at the recent crisis in the global capital markets and the need for extraordinary leadership and guidance to understand how the risks involved interrelate.

"This is a very special forum for the discussion of risk and it will be staged at a critical point in the United States' political calendar," said CEO Michael McGavick.

Quanta approved Catalinas merger

Quanta Capital Holdings Ltd.'s shareholders voted to approve the amalgamation between Catalina Holdings (Bermuda) Ltd. and Catalina Alpha Ltd at a special general meeting held in Bermuda this week.

Upon completion of the amalgamation, Quanta shareholders will receive $2.80 per share in cash. The parties intend to complete the amalgamation on or before Wednesday October 15.

VistaPrint adds custom-built colour calendars

Bermuda-based VistaPrint Ltd. has added to full-colour, customisable poster calendars to its expanding signage product line.

These new products improve on VistaPrint's existing signage line, which includes car door magnets, window decals and lawn signs, and allow creative small businesses to make an impact at an affordable price.

They can be customised with a company logo, tag line and contact information for maximum impact. Poster calendars also incorporate the months of the year on one page, can be enhanced with numerous images and can be printed on premium poster paper, card stock or with a magnetic back.

Lehman Re downgraded

Bermuda-based Lehman Re Ltd. has been downgraded the financial strength rating to F (in liquidation) from B (fair) and issuer credit rating to "rs" from "bb" by AM Best Co.

The ratings now reflect that Lehman Re petitioned for the appointment of liquidators in Bermuda Commercial Court on September 23.

Lehman Re is a wholly-owned subsidiary of Lehman Brothers Holdings Inc. Lehman Brothers filed for protection from creditors under Chapter 11 of the US Bankruptcy code on September 15.

Various operating subsidiaries of Lehman Brothers have been sold to third parties, but Lehman Re continues to be part of the Lehman Brothers bankruptcy estate. PricewaterhouseCoopers Advisory Ltd., Bermuda has been designated as provisional liquidator.

Meelia elected Covidien board chairman[AT]bodyfrank:Covidien Ltd.'s board of directors has elected CEO and president Richard Meelia to the additional position of chairman of the board, effective of today. Mr. Meelia succeeds Dennis Reilley, who has served as non-executive chairman since Covidien became an independent, publicly-traded company in June 2007. Mr. Reilley, the immediate past chairman of Praxair, will continue to serve as a Covidien director. For the first nine months of Covidien's 2008 fiscal year, net sales increased 11 percent, to $7.3 billion. Operating income for the nine months was $1,405 million, versus $199 million for the same period of the prior year. Mr. Meelia, 59, has served as CEO and president of Covidien since the business, formerly known as Tyco Healthcare, spun off from Tyco International on June 29, 2007.The board of directors also announced it has appointed Timothy Donahue, a Covidien director and immediate past chairman of Sprint Nextel Corporation, to be lead director, effective today. [AT]14briefhead:XL to offer environmental protection[AT]bodyfrank:XL Insurance has agreed a deal to offer environmental protection to condominium, homeowners and community associations.XL Capital Ltd.'s global insurance operations has reached an agreement with programme administrator JGS Insurance to offer stand-alone environmental insurance coverage to members of JGS's Preferred Property Programme, a risk purchasing group of condominium, homeowners and community associations. Rich Corbett, head of XL Insurance's Global Environmental Insurance unit, said he was pleased to partner with a firm like JGS, whose expertise and client commitment complement that of XL.XL Insurance's environmental policy, underwritten by Greenwich Insurance Co., provides coverage for remediation expense, bodily injury and property damage, and legal defence for pollution conditions resulting at or from the insured location.