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
Dredge Yard announced it will for the first time participate in the Latin American Congress of Ports that will be held in less than a week in Puerto Iguazú in Argentina. Dredge Yard’s objectives are to showcase its latest innovations in realm of dredging and mining equipment
Green Marine and the Association of Canadian Port Authorities (ACPA) have entered into a Memorandum of Understanding with the goal of jointly expanding efforts to reduce the marine industry’s environmental footprint and encourage the industry to continuously improve its environmental
Lloyd’s Register has launched its new Rules for Offshore Units in one single document following an in-depth consultation with industry. It signals a move by the world’s oldest classification and certification society, to modernise the way in which Rules and their guidance notes
Singapore Technologies Engineering Ltd (ST Engineering) announced that it is the only company in Singapore to make it to Forbes’ list of The World’s Most Innovative Companies. It is ranked 87 out of 100 companies globally, with an Innovation Premium of 33.6%.
Egypt has unveiled its plan to build a new Suez Canal alongside the existing 145-year-old waterway, and digging is already underway, GAC reported in its daily Hot Port News report. The project will see the creation of a new canal parallel to the old one, with the same depth and width
The 180 million GT, ‘A’ rated North P&I club has confirmed another ‘positive' financial result in its annual Management Report published today (7 August 2014). It has also set out a new proactive management strategy designed to ensure the club's continuing success.
MOL President Koichi Muto informs in a letter addressed to company shareholders of a year-on-year decline in profits during the first quarter of fiscal year (FY) 2014, excerpted as follows: "I would like to report our business results for the first quarter of fiscal year (FY) 2014 (April 1
The U.S. Coast Guard's final rule on vessel documentation renewal fees was published in the Federal Register Tuesday. The Coast Guard is amending its regulations to separately list an annual fee for renewals of endorsements upon the Certificate of Documentation
Reefer capacity on the containership fleet is expected to increase by 22% over the next five years, at the expense of a declining specialized reefer fleet, according to Drewry's latest Reefer Shipping Market Annual Review & Forecast.
The ongoing risk of a strike or work slowdown at West Coast ports may already be diverting cargo to other distribution methods and setting the stage for broader economic impacts, Fitch Ratings says. The International Longshore and Warehouse Union (ILWU) workers are currently working
W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation, and engineered solutions, announced that Senior Account Executive Tammy Emerson has been elected as vice president of programs of the Jacksonville Propeller Club
Woods Hole Group will be working with the National Oceanic and Atmospheric Administration, Center for Operational Oceanographic Products and Services for the operation and maintenance of Physical Oceanographic Real Time System along the East Coast of the USA
Despite what it describes as 'challenging market conditions' Royal Boskalis Westminster N.V. posted record profits in the first half year ended 30, June 2014. Highlights first half 2014 - Revenue exceeds EUR 1.5 billion - EBITDA: EUR 466 million
Swedish tankship owners Concordia Maritime inform of positive results in the first half of 2014 after the sale of shares in jointly-controlled entities, Stena Poseidon and Palva. Highlights New contract with global oil and gas company in line with new employment strategy Seasonal market
The number of container ships transporting goods around the world has fallen in the first half of 2014 but the total capacity of the global fleet continues to increase, consulting firm Drewry Maritime Research said in a note on Monday. Drewry Maritime Research foresees a fall in the number of