A former Bermuda-based insurance company for oil tankers has donated its remaining assets to two maritime charities after going into liquidation.

KPMG, liquidators for Cristal Ltd., announced that the company's board of directors has agreed to donate $415,000 to the Bermuda Institute of Ocean Sciences (BIOS) and the same amount to The Mission to Seafarers.

Cristal Ltd. was incorporated in Bermuda in January, 1971 and was previously known as the Oil Companies Institute for Marine Pollution Compensation Ltd. The purpose of the company was to create a pool of insurance which would become available in the event of pollution damage associated with oil transported by tanker. Because another group now provides that Cristal's directors decided to liquidate the company in January.

Following the conclusion of the formal process of winding up the company it was agreed that a significant donation would be made by the liquidator to two charities. After all creditors were paid off, there was $830,000 to donate.

The Bermuda Institute of Ocean Sciences, formerly known as the Bermuda Biological Station, has created the longest continuous oceanic database in the world and in addition, is now a centre for time-series studies on temporal variability in the ocean and the impact of the ocean on global climate change, under the auspices of the Joint Global Ocean Flux Study.

The Mission to Seafarers, formerly called The Missions to Seamen, is a missionary society of the Anglican Church based in London, England. The charity cares for the spiritual and practical welfare of all seafarers regardless of nationality or faith.

Through their network of chaplains, staff and volunteers in 230 ports worldwide, they reach out to seafarers by visiting them on their ships, offering a welcome and whatever help may be needed.