OGN: Since establishing Stanford Marine in 1997, has the company met your corporate aims so far?

NASSIF: The growth of our fleet from four to 10 vessels shows that we are heading in the right direction.

OGN: How buoyant is the offshore services market at present? What are the keys factors influencing the success of your business? What is your outlook for the marine offshore market next year?

NASSIF: The offshore service market is presently on the upside and stable. We see this continuing through 2002. There is a lot of drilling activity in the Gulf, which means more demand for vessels. We shall continue to invest in providing quality and reliable service which will bring us good returns in the future.

OGN: What are the main challenges facing the marine service industry and how is Stanford Marine gearing up to meet these challenges?

NASSIF: One main challenge will be to gradually replace older vessels. Experience shows that vessels have an average life span of 20 years and our aim is to eventually replace older vessels as we strive to provide customers with the perfect vessel for the right job.

OGN: What is the nature of your business with Adnoc? For how long have you been working with Adnoc?

NASSIF: Since the inception of Stanford Marine, we have chartered vessels to several oil and offshore construction companies in Abu Dhabi which have direct/indirect relationships with Adnoc. We continue to offer the same good service today.

OGN: How important was it for Stanford Marine to be awarded ISM certification? How much do you think this was a reflection of the company's environmental protection policies?

NASSIF: The ISM certification is very important as we are continually defining and documenting responsibility and authority associated with safety and environmental protection policies. We will continue to ensure safe practices in vessel operation and provide a healthy working environment and establish safeguards against identified risks.

OGN: You have had a new vessel join the fleet. Could you please provide details.

NASSIF: The latest vessel is the M.V. Stanford Supplier, a 180 ft. multi-purpose offshore supply vessel. The vessel is already on a long-term charter to Maersk in Doha, Qatar. Our vision is to grow, multiply and continue to acquire quality vessels for the offshore market.

OGN: In terms of your market expansions, which areas of the world present the most potential to you and why?

At present, most of our activities are in the Gulf (Qatar, Abu Dhabi, Iran) and therefore, we will focus on this part of the world for as long as the demand for our services continues.