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Aker Solutions Report Solid, Not Spectacular Financial Progress

Aker Solutions ASA release fourth quarter and preliminary annual results 2012. Aker Solutions reported revenues of NOK 12.0 billion and earnings before interest, tax, depreciation and amortisation of NOK 1.2 billion in the fourth quarter of 2012. Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share. "The performance in the fourth quarter can be described as solid, rather than spectacular. The first full year of operation since the restructuring of Aker Solutions has generated strong results, mainly due to favourable development in the larger business areas like Subsea, Drilling Technologies, MMO and Engineering. Year-on-year group revenues increased 25 per cent and, when non-recurring items are excluded, the EBITDA margin improved by 2.4 percentage points compared with 2011. To put it succinctly, Aker Solutions develops and grows according to our five-year strategic plan", says Øyvind Eriksen, executive chairman of Aker Solutions. Fourth quarter consolidated revenues amounted to NOK 12 034 million, an increase of 4 per cent compared with the corresponding quarter in 2011. EBITDA in the fourth quarter of 2012 rose 16.5 per cent to NOK 1 220 million. The figures include non-recurring items of NOK 160 million from the sale of real estate.


Australian Tugboat Crewing Dispute Escalates

Australian towage operators threatened by foreign competition were at standstill with the Maritime Union of Australia (MUA) last Tuesday as a dispute over tug boat manning levels escalated. "Increasingly we are seeing overseas towage companies tendering for towage contracts in our ports," said Adsteam Marine Ltd. CEO Clay Frederick, noting that comparable offshore ports operated with mostly three man crews. "I don't think our customers are going to cop the fact that we are there with four men


Nakilat Seeks $2.5b for Tankers

Qatar Gas Transportation (Nakilat) is considering tapping the Islamic finance market as part of plans to raise $2.5b early next year to pay for tankers, Reuters said. The company has ordered 54 tankers to cope with growing global demand for its gas. Nakilat considered borrowing in accordance Islamic law when it raised $4.3 billion in December but decided instead to use a mix of conventional bonds, loans and export credits.


Royal Caribbean Raises Dividend

Royal Caribbean Cruises Ltd. directors raised the quarterly dividend to $0.13 per share from the $.011 paid previously. The company said the dividend will be paid Sept. 29 to shareholders of record Sept. 18 and noted this is the 28th consecutive quarter directors have voted to declare a dividend to common stock shareholders.


Aker Solutions Reports 4Q 2011 Results

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Aker Solutions ASA: Fourth quarter and preliminary annual results 2011. Aker Solutions reported an 18 percent increase in revenues and a solid operating result in the fourth quarter of 2011, reflecting strong market conditions and high activity in the oil and gas industry.   Revenues in the fourth quarter of 2011 amounted to NOK 11 600 million, compared with NOK 9 794 million in the same period one year ago


Greek Shipowners Hit by Tax Changes

Greek shipowners must now pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under Law 89 of the Greek constitution. Michael Kotsapas, a partner with the Moore Stephens shipping team, said, “This new requirement to pay tonnage tax, effective from January 1, 2013, mirrors that which is already in existence for the Greek-flag merchant fleet


Washington State Collects Civil Penalty for Spill

The Washington State Department of Ecology has negotiated an agreement by which Unix Line Private Ltd. of Singapore will pay $34,000 for negligently releasing 50 gallons of oily waste into Commencement Bay from the chemical tanker KAEDA. The company will also pay $5,194 for investigation and cleanup costs for the spill, which occurred on October 22, 2002.


Eagle Bulk Shipping, Inc. Declares Dividend

Eagle Bulk Shipping Inc. announced that its Board of Directors has voted to declare a cash dividend on its common stock for the fourth quarter of 2005 of $0.57 per share payable on or about February 24, 2006, to all shareholders of record as at February 15, 2006. The company expects investors to receive their Form 1099-DIV this week. The form 1099-DIV covers the Company's dividend for the third quarter of 2005, which was paid on October 31, 2005, and reports ordinary


Royal Caribbean Cruises Implements Fuel Supplement

In an effort to deal with the sharp increase in fuel prices, Royal Caribbean Cruises Ltd. announced the implementation of a fuel supplement of $5 per guest per day for sailings that depart on or after February 1, 2008. The company has taken measures to soften the impact of this decision. For example, the company will not apply the supplement on any bookings where the guest has already paid the full cost of the cruise


Star Bulk Redeploys Star Sigma

Star Bulk Carriers Corp. (Nasdaq: SBLK) said that the vessel Star Sigma which was time chartered to Pacific Bulk Shipping Ltd. of Hong Kong until October 2013 at a gross daily rate of $38,000, was redelivered to the Company. Pacific Bulk has agreed to pay the Company a lump sum of $5.734 million in cash for the early redelivery of this vessel. The Company received a cash installment of $3.5 million on January 5, 2012 and the remaining balance of $2


All Items Approved at Stolt-Nielsen Meeting

Photo courtesy Stolt-Nielsen Limited

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda. The final dividend for 2013 of $0.50 per common share recommended by the Board of Directors on February 7


A New Standard in Marine Communications

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KVH provides and Harvey Gulf employs possibly the most sophisticated on-board SATCOM and related service package on the water. That’s no accident.     If quality service, high tech hardware and quality personnel are the common bonds shared by marine communications


Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges alleging he used non-public information about the disaster to commit insider-trading, U.S. regulators said on Thursday.


Years After BP U.S.Oil Spill: Compensation Battle Rages

Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.   Jules Melancon, the last remaining oyster fisherman on an island dotted with colourful


Debt-Laden Bulk Shipper to be Liquidated

A Chinese court has ordered a unit of debt-laden dry bulk goods shipper Chang Jiang Shipping Group Phoenix Co Ltd to liquidate its assets, displaying further evidence of the troubles faced by the country's beleaguered shippers.   The unit


Wärtsilä enters Paraguayan Inland Market

Signing ceremony between Wärtsilä and Shipyard SA. Sitting from right to left: Guillermo Ehreke, GM and owner of Naviera Yeruti and Shipyard SA; Piotr Kabacinski, GM Sales, Americas, Wärtsilä Ship Power. Standing from right to left: Eduardo Masciottra, Warag SRL, Wärtsilä agent, Buenos Aires; Jorge de la Guardia, GM and owner of Naviera Yeruti and Shipyard SA; Joe Amyot, Area Sales Director, Wärtsilä Ship Power.

A new pushboat used to push barges convoys along the Paraguay River will be powered by a Wärtsilä integrated propulsion solution.   The vessel is being built at the "Astillero la Barca del Pescador" (Shipyard SA) yard in Paraguay on behalf of Naviera Yeruti


Drydocks World to Build Jack-Up Drilling Rigs

Image Courtesy Drydocks World

Drydocks World, an international service provider to the maritime, oil and gas and energy sectors, announced it has signed an Agreement with Malta Oil & Gas Ltd. for building two unique new jack-up drilling rigs based on Gusto MSC CJ54-X135-A design


BG's Singapore Move Seen Cutting Big UK Tax Bill

BG Groups Methane Kari Elin delivers the first consignment of LNG to Singapores SLNG terminal. (Photo courtesy BG Group)

When BG Group Plc announced last week it was shifting the headquarters of its oil and liquefied natural gas (LNG) trading operation to Singapore from Britain, it said the aim was to get closer to its customers. Analysts and consultants agreed that the growing importance of Japanese and Korean


Concordia Captain Tried to Blame Wreck on Electrical Blackout

Costa Concordia (Photo courtesy of Boskalis)

The captain of the Costa Concordia tried to persuade the crisis coordinator of the cruise line to pretend an electrical blackout had caused the shipwreck, a court was told on Monday. The luxury liner hit rocks as it sailed close to the island of Giglio in January 2012


Transocean 2013 Success Story: Dividend Up 34%

Frontispiece courtesy of Transocean

In a letter to shareholders chairman, Ian C. Strachan and Steven L. Newman, president and CEO, set out a summary of offshore drilling specialist Transocean's 2013 operations, excerpted as follows: • Revenue and Backlog Full year 2013 net income attributable to controlling interest was $1


Cruise Industry Disappointed by Findings of Critical LMU Report

Cruise ship file photo CCL

New research by the UK's Leeds Metropolitan University (LMU) claims the cruise industry is ignoring its responsibility to the environments and societies it visits. The research has provoked a strong response from the Cruise Lines International Association (CLIA) according to shipping trade


Miami Shipping Alliance Opposes Beckham's Soccer Arena Plan

David Beckham: Photo CCL3

An alliance of shipping interests and a billionaire car dealer launched a newspaper ad on Monday protesting retired English soccer star David Beckham's plans for a soccer arena at the port of Miami, saying it threatens the city's plans to capitalize on the expansion of the Panama Canal.


OGX lands $73 Mln loan

 Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the company said on Tuesday in a securities filing.


Australia's GHG fall by 0.8 %

Australia's greenhouse gas emissions fell 0.8 percent in 2013, according to government data, driven by lower electricity demand and a bigger share of renewables in the energy mix. The country emitted 538.4 million tonnes of carbon dioxide equivalent (CO2e) last year


Litigation Can Cost Shipbrokers an Arm & a Leg

File photo CCL3

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts, reports trade association Maritime London. Indemnity insurers ITIC gave a panel of London solicitors – all


 
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