R&B Falcon Corporation reported a loss from continuing operations of $22.4 million for the three months ended September 30, 1999, compared with a loss from continuing operations of $28.2 million for the three months ended September 30, 1998. The loss for the quarter is directly attributable to reduced demand for drilling services, particularly in the shallow and inland water segments. Average fleet utilization for the third quarter of 1999 was 39 percent compared to 64 percent for the same quarter in the preceding year. For the nine months ended September 30, 1999 average fleet utilization was 40 percent compared to 77 percent for the same period in 1998. Revenues were $29.3 million lower in the third quarter of 1999 compared to the same quarter in the preceding year despite contributions of $62 million from Cliffs Drilling Company which was acquired in December, 1998. Revenue decreases were primarily related to the shallow water and inland water segments and resulted from lower dayrates and rig utilization. Operating expenses were $56.4 million lower in the current quarter than in the same quarter of the prior year. Excluding $57.4 million of third quarter operating expenses attributable to Cliffs Drilling Company, operating expenses were $113.8 million lower in the third quarter of 1999 compared to the same quarter of the prior year and reflects cost reductions, lower rig utilization and the cold stacking of some units
Bollinger Fourchon, LLC, a subsidiary of Bollinger Shipyards, demonstrated its ability to modify or repair offshore jack-up drilling rigs quickly and cost effectively, with three recently completed projects. One project, for R&B Falcon Drilling, Inc., involved the replacement of jet piping (which blows away sand and mud around the rig legs for easier movement) and the fabrication and erection of an interior bulkhead on the Cliffs 150 rig in just eight days.
To those not familiar with the New York metropolitan area — the eastern end of Long Island is demographically multi-faceted. Traveling east on the Long Island Expressway, (the Island' main thoroughfare), the 118-mile long island, splits into two "forks," the North and the South. With the hamlets of Greenport and Orient Point situated on the easternmost points of the island on the north, the South Fork boasts the tony Hampton villages and the historical village of Montauk Point — literally the
J. Ray McDermott, Inc., a subsidiary of McDermott International, Inc., and Bay Ltd. have formed a strategic alliance to pursue fabrication projects in the offshore oil and gas industry, using McDermott's Harbor Island facility near Corpus Christi, Texas. Under the alliance, J. Ray McDermott will provide overall project management, engineering and procurement services, as well as the assembly areas, lifting equipment dredged slip and bulkhead at Harbor Island.
With the arrival of calmer springtime weather, Titan Salvage has resumed wreck removal operations in Gibraltar on the New Flame following a busy first quarter in which the company responded to eight salvage opportunities. Among them were the re-floating of the bulk carrier Fedra's forward section in Gibraltar, the re-floating of a general cargo vessel grounded on environmentally-sensitive coral reefs of southern Belize; and the safe delivery of a tank ship involved in a collision and fire off
Multiple news sources have reported that Greek court has convicted nine officers and shipping company officials of negligence in the sinking of a cruise ship off the resort island of Santorini more than six years ago. Sea Diamond, a Louis Hellenic cruise vessel, was carrying roughly 1,600 people when it hit rocks off Santorini’s cliffs and sank in April 2007. Two French passengers were never found and are presumed drowned.
M/Y Ronin, the 192 ft. Lurssen owned by Oracle Corporation founder/CEO Larry Ellison, has arrived at Knight & Carver Yacht Center and is now undergoing a refit project scheduled for completion by August 2005. According to Captain Steven Bates, the project's emphasis will be on extensive audio/visual and IT upgrades, cabinet carpentry throughout all state rooms, re-caulking of the teak decks and hull paintwork. A full-time crew of Knight & Carver's tradesmen has been assigned to Ronin
An effort to open Virginia's coast to offshore drilling gained new momentum in Congress when Virginia's senators introduced legislation giving states the option to drill for natural gas. The bill would give governors of coastal states the power to opt out of a federal moratorium that prohibits offshore drilling in most U.S. coastal waters. The new legislation comes one week after the Bush administration signaled its support for such proposals by calling for a study of potential gas and oil
NRF Calls on President Obama to Immediately Intervene to Prevent Port Strike. The National Retail Federation has issued the following statement from NRF Vice President for Supply Chain and Customs Policy Jonathan Gold on the breakdown of contract negotiations between the International Longshoremen’s Association and the United States Maritime Alliance, Ltd.: “It is extremely disheartening to learn that the two sides failed to reach an agreement during today’s
Buccaneer Energy contextualizes termination of its contract with Archer Drilling as project manager of work on one of its jack-up rigs. The contract was for Archer Drilling to act as project manager of modifications and repairs to the Endeavour-Spirit of Independence jack-up rig owned by Kenai Offshore Ventures, LLC, which is a joint venture between Buccaneer, Singapore based Ezion Holdings Limited and the Alaska Industrial Development and Export Authority (“AIDEA”)
The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP. The US Arctic potentially contains enough oil and gas to allow it to be a significant contributor
China's air force conducted its first drill above the western Pacific Ocean on Monday, the Defence Ministry said, in a move that could exacerbate tensions with its South China Sea neighbours including Taiwan and the Philippines. People's Liberation Army aircraft conducted exercises over the
Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered a KFELS B Class jackup rig to Mexican national oil company, Petróleos Mexicanos (PEMEX), safely, on time and on budget.
BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices. Offshore drilling company Ensco said it had received notice to terminate BP-operated rig DS-4 in the Gulf of Mexico
Russian President Vladimir Putin put the nation’s northern fleet on full alert in the Arctic Ocean this week, as the U.S. and several Eastern European NATO countries conduct a series of military exercises near Russia's border.
BG Group announced the Petrojarl Knarr floating production, storage and offloading (FPSO) vessel had started production from the Knarr oil field in the North Sea, offshore Norway. The FPSO has been leased from Teekay Corporation and is moored approximately 120 kilometers off the
Petrobras has broken a new domestic record for exploratory drilling by reaching a water depth of 2,990 meters. This was achieved in February while drilling a well in the Moita Bonita area of Sergipe-Alagoas Basin, 92 km from the city of Aracaju.
Drydocks World, the international service provider to the shipping, offshore, oil, gas and energy sectors, have simultaneously berthed 11 rigs in the Dubai yard, breaking its record of nine rigs at the yard set in February this year.
Russian naval units are conducting a defense drill in the Barents Sea, which Russia shares with Norway, involving more than 20 vessels from the country’s Baltic Fleet, as part of the Russian Northern Fleet exercises. The press service of Russia’s Western Military
The US government is expected this week to give the go-ahead to a controversial plan by Shell Oil Company, one of the largest oil companies in the world to restart drilling for oil in the Arctic. The UPI reports that the decision rests on the U.S
The Arctic is heating up, both climatically and militarily. Vladimir Putin sends troops and jets to oil- and gas-rich region also coveted by Canada, United States, Norway and Denmark. A report by the Inquisitr says that although not a single politician or world leader has
Anders Opedal is appointed executive vice president and takes on a new position as chief operating officer (COO) in the corporate executive committee (CEC) of Statoil as of 1 April. Opedal will be responsible the corporate improvement programmes and for driving operational efficiency
Shell Oil Co is poised to restart oil drilling in the Arctic in the near future once it receives the go-ahead from the U.S. government, which could happen soon. The decision to allow the oil company access has been controversial among environmentalists groups as well as local
Russian oil firm Rosneft has cancelled a contract for a two-and-a-half year rig contract with Northern Offshore and Seadrill's North Atlantic Drilling Ltd, the Norwegian offshore driller said. Western sanctions against Russia, and Rosneft in particular
Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June