Teekay Offshore Partners reported its fourth quarter and annual results for 2007. Highlights include: - Declared a cash distribution of $8.0 million, or $0.40 per unit, for the fourth quarter, an increase of 3.9% from the prior quarter - Increased quarterly cash distributions by 14.3% since initial public offering in December 2006 - As previously announced, acquired one floating storage and offtake unit from Teekay Corporation in October 2007 Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) today reported net income of $7.0 million for the quarter ended December 31, 2007, compared to net income of $2.1 million for the quarter ended September 30, 2007. Net income before non-controlling interest included non-cash gains totaling $14.0 million relating primarily to foreign currency translation gains and deferred income tax recoveries in the fourth quarter of 2007, and non-cash losses totaling $10.6 million relating primarily to foreign currency translation losses and deferred income tax expenses in the previous quarter. During the three months ended December 31, 2007, the Partnership generated $6.5 million of distributable cash flow(1), a decrease from $7.3 million for the third quarter of 2007. This decrease is primarily due to $3.5 million of revenues earned in the third quarter relating to the completion of the mobilization and hook-up of the FSO Navion Saga at the Volve field and an increase in vessel operating expenses in the fourth
The Wilh. Wilhelmsen ASA (WW) global maritime industry group achieved a net operating income of $85m for the third quarter of 2007. The corresponding figure for the same period of last year was $70m. Operating income totalled $672m in the third quarter, up from $542m for the same period of last year. Profit before taxes was $79m, compared with $12m in the same quarter of last year. Net profit amounted to $76m as against a loss of $3m in 2006.
In the first half of 2004, 177 million tonnes of cargo was transhipped in the port of Rotterdam, 8 percent more than the first half of 2003. Outgoing trade increased more noticeably than incoming trade (6.7% and 11.6% respectively) and general cargo grew almost twice as fast (12%) as bulk cargo. Only the amount of coal handled was down (2%) on the first half of last year. The other categories of goods grew: agribulk (+10.6%), ores and scrap (+7.6%), other dry bulk (+6.6%), crude oil (+5
US-bsed shipbuilder Conrad Industries records profit, new orders for barges, cargo/passenger ferry, in 2011 results Conrad Industries, Inc. has announced its fourth quarter and twelve months 2011 results and the addition of new business during the first quarter totaling $61.8 million. New business added during the first quarter of 2012 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $68.7 million, compared to $47
Maersk delivered a profit of USD 4.0bn (USD 3.4bn), which was slightly higher than the latest announced outlook of around USD 3.7bn expressed on November 9, 2012. The return on invested capital (ROIC) was 8.8% (8.3%). Profit was positively affected by the settlement of an Algerian tax dispute in Q1 of USD 899m combined with improved volumes, rates and unit costs for Maersk Line. Profit was negatively affected by a decline in Maersk Oil’s share of production and impairment losses
SPEX Group, an Aberdeen-headquartered provider of innovative technology solutions and services to the global oil and gas industry, is investing in one of the U.K.’s smartest supercomputers capable of carrying out more than 100 trillion operations per second. The supercomputer, dubbed the Claymore, is being developed in partnership with Dell and ANSYS and can solve problems at least 20 times faster than the industry norm
The Bourbon Annual and Special Shareholders' Meeting was held under the chairmanship of Jacques de Chateauvieux at the Palais Brongniart in Paris. The following resolutions were passed at the Meeting: - Distribution of a dividend of 1 euro per share This dividend, which represents a 78% increase compared to 2004, will be paid as from Monday, May 29, 2006. It gives a right to a tax-free allowance of 40%, i.e. 0.40 euros per share, for individuals who are tax
Deepwater drilling company Diamond Offshore announced fourth quarter and full-year earnings. Results were solid, with revenues and earnings showing big increases on both a quarterly and an annual basis. Compared to the fourth quarter of 2005, revenues rose 57 percent and earnings per share rose 106 percent. Full year figures demonstrated similarly gaudy growth, as revenues rose 68 percent and earnings per share were up an astronomical 168 percent.
‘Guidance for developing and conducting annual DP trial programs for DP vessels’ (IMCA M 190) has been published by the International Marine Contractors Association (IMCA) to describe the development, conduct and management of annual dynamically positioned (DP) trial programs for all types of vessels equipped with DP systems meeting the requirements of International Maritime Organization (IMO) equipment classes 1, 2 or 3.
Royal Boskalis Westminster N.V. (Boskalis) associate company Smit Lamnalco wins Single Point Moorings (SPM) support contract from Petrofac. The contract is to support Single Point Mooring operations 20 km off the Al Fao Peninsula for the Iraq Crude Oil Export Expansion Project (ICOEEP). The annual contract value is approximately US$-70 million (Boskalis share 50%) and services will commence November 2012. The Single Point Mooring (SPM) contract covers operations and maintenance of four
China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter.
Newport Exhibition Group, owners and producers of the Newport International Boat Show, announced today the results of this year’s Newport For New ProductsTM (NFNP) Awards. Judged on Thursday during the opening day of the Newport International Boat Show and announced at an awards
3225 Mainway Burlington, State ON Canada L9C5J8 Tel: (905) 335-1440 Email: firstname.lastname@example.org Website: www.thordonbearings.com President & CEO: Terry McGowan The Company: Thordon Bearings Inc. designs and manufactures a complete range of polymer bearing
The latest 'Barometer Report' from Trelleborg's marine operations business sector, discusses the issues impacting ports and terminals around the globe, and reveals the most optimistic outlook on investment since the annual industry survey began in 2010
Mitsui Engineering & Shipbuilding Co., Ltd., and 100% owned subsidiary MES Technoservice Co., Ltd., have received an order from a Taiwan shipowner for fuel-efficiency modifications to the main engine (Mitsui-MAN B&W 12K98MC/M6) of three large type container vessels.
Drewry Maritime Research advises that it has just published it's latest Reefer Shipping report, which has new and improved content on the containerised segment of the market, providing a balanced analysis of the whole market, both specialised and containerised.
Independently-owned oceangoing petroleum barge company Bouchard Transportation Co., Inc. will be honored by nonprofit maritime trade association American Maritime Safety, Inc. (AMS) with the 2014 AMS Tug & Barge Safety Award. The Tug & Barge Award
Lloyd’s Register (LR) has a longstanding ‘heightened attention’ initiative where surveyors attending on board LR classed ships give increased attention to areas where the most common PSC deficiencies are identified. LR announced it has decided to continue this heightened
Kelvin Hughes is launching and demonstrating a host of new products and services at SMM 2014, including a port security radar system, specialist mission radome radar and displays, Voyage Data Recorders and the latest version of ChartCo PassageManager software.
The U.S. Coast Guard Academy continues to be recognized as one of the best institutions for undergraduate education in the nation. According to the U.S. News & World Report Best Colleges 2015 publication rankings, the Academy is listed as No
The World Ferry Safety Association (WFSA) has announced the results of its Second Annual international student design competition for a Safe Affordable Ferry. The top prize of $5,000 is to be awarded to the student team from the Memorial University of Newfoundland, Canada, details as follows:
Members of the International Union of Marine Insurance, in its 140th year, will gather in Hong Kong from 21-24 September at the Intercontinental Hotel, Kowloon for its annual conference themed Building Expertise for a Changing World.
Chairman Duncan Hunter (R-Calif.) and the Subcommittee on Coast Guard and Maritime Transportation are scheduled to hold a hearing today on “The Status of the Merchant Marine”. Below are Hunter’s opening remarks. The Subcommittee is meeting today to review issues impacting the U
870 Riversea Roads Pittsburgh PA 15233 Tel: (800) 322-2018 Email: Russ.Mayhew@pattersonmfg.com Website: www.pattersonmfg.com President & CEO: David B. Grapes The Company: The Patterson Manufacturing Company began operations in 1858 on the banks of the Monongahela River in
The State University of New York Maritime College's Department of Professional Education and Training will host its 15th annual Towing Industry Forum Wednesday, October 15, 2014. The event’s itinerary is as follows: 0830–0900 Sign-in and continental breakfast