IT was agreed in the High Court yesterday that a Dublin accountant would examine proposals by a Norwegian investor interested in the Waterford registered shipping company, Eurocontainer Shipping plc (ECS).

Petitions on behalf of shareholders to either wind up or appoint an examiner to ECS were adjourned to April 19th.

Four ships belonging to ECS have been arrested - three by the crews and one by a creditor. It is estimated the company has a deficit of between £1 million and £3 million. Two ships are in Rotterdam, one is in Waterford - arrested by SIPTU on the crew's behalf - and the fourth in Bristol.

Mr Justice Murphy adjourned the petitions on condition that the ECS board of directors appoint Mr David Hughes of Ernst and Young to explore and analyse an investment proposal by a group of Norwegian investors, Bryggen Finans. Mr Hughes is also to examine any other offer that might be made.

Mr Hughes is to report to the court, to both petitioners, and Marubeni, an English registered subsidiary of a Japanese company which provided investment to ECS to acquire ships and is owed £12.5 million. Marubeni is presently paying for provisions for crews on the ships.

Mr Hughes is also to report to Bell Lines plc. Mr Hughes is to report on or before April 16th next on the feasibility or desirability of pursuing the Bryggen Finans offer.

ECS owns and operates four short sea container vessels. Two larger vessels, the Bell Pioneer and Eurn Power and a smaller one Bell Racer, are chartered to Bell Lines Ltd. Bell Ruler is chartered to Lys Lines.

Mr Hugh O'Neill, SC, who petitioned for the appointment of an examiner on behalf of three ECS shareholders, Mr Joseph Kenny, Mr John O'Shea and Mr Vincent Kenny, said there were 67 employees, five of these administrative staff and the remainder crew members.

Mr O'Neill said the four ships were the company's assets which were valued by the directors at £13.3 million and the liabilities were identified as £14.3 million, leaving a deficit, according to the directors, of £1 million. The banks which were owed monies claimed the assets were overvalued and put the value at £11 million which would put the deficit at more than £3 million.

This petition was unusual in that there were strong letters of commitment by two potential investors Bryggen Finans and English company, English Trust Co Ltd.

In the other petition to wind up the company, shareholders had looked into the possibility of taking in an outside investor to prop up the company. All the parties recognised that if there was a suitable investor, the company would have a viable future. Mr O'Neill said the ships crews had agree to co operate in anyway, possible if an examiner was appointed.

Following an adjournment, Mr O'Neill said the parties had agreed that Mr Hughes be appointed. Mr Justice Murphy said if what they all wanted was advice then one way of doing that was to adjourn the petitions conditionally upon the company appointing Mr Hughes to analyse and explore the offer which had been made and to report to the court and other parties on that offer.