Just six days before the initial deadline in the obtaining of certificates of financial responsibility (CoFRs) for vessels trading to the US, just two independent companies, both based in Bermuda, are in a position to provide the required cover.

As the wake begins to settle in the race to develop appropriate schemes to meet new US oil pollution liability rules, only First Line and Shoreline are still steaming ahead.

Competitor Opaclub, tipped in the UK to be one of the leaders, is now expected to withdraw.

This was the view of Mr. Robert Mulderig, chairman and CEO of Mutual Risk Management, which just last week reached agreement to acquire Shoreline Mutual Management (Bermuda) Ltd.

He said, "As I understand it, the Opaclub scheme will not be going forward and Shoreline has made some significant changes in its programmes to try to accommodate those members and prospective members that had been leaning toward Opaclub.

"We would expect to enrol in Shoreline most of the prospective members who had been looking toward Opaclub. We certainly have made significant changes in Shoreline to accommodate them.'' Mr. Mulderig also corrected an impression left by Lloyd's List that Shoreline and Opaclub would merge.

The article, in last Wednesday's edition, was headlined "Shoreline set to join with Opaclub for spill cover'' and was sub-titled "Talks on pooling most attractive parts of financial guarantee schemes''.

The article indicated that the two sides were into negotiations. It said, "The new financial guarantee scheme likely to emerge from the talks is expected to abandon the $300 million of excess oil pollution cover that was a feature of Shoreline Mutual. It may also remove any risk of a supplementary call.

"The requirement for letters of credit that was a controversial feature of the Opaclub scheme is also likely to be axed.'' But Mr. Mulderig said,"The original sponsors of Opaclub had requested some changes that Shoreline has been able to make, and that has resulted in their recommendation to their prospective members of Opa that they consider Shoreline.'' Mutual Risk had originally been brought into Shoreline as a sub-contractor, to provide some of the management, administrative and accounting services in the beginning of the year.

"Initially, it was a very minor role.'' said Mr. Mulderig. "Particularly in the last two months, as the programme came together with Centre Re, I think we were instrumental in working with Centre Re to create the structure as it now exists.

"I think there was a desire in the market for the management company to be backed by a larger insurance organisation, such as Mutual Risk. We were convinced that it was a viable project and very much wanted to get involved in directly managing the company.

"And that is what led to this agreement to acquire the management company, which is really our company stepping forward and saying that we are going to run the management directly.'' Tankers bound for US waters must have new CoFRs under the 1990 Oil Pollution Act as of December 28. Other types of vessels will be required to meet different deadlines over the next three years.

MR.ROBERT MULDERIG -- CEO of Mutual Risk Management.