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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


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


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.


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


Court: Japan's Mitsui Paid to Release Ship

A MOL Handymax bulker, Zebra Wind. Photo: MOL.com

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money. Japan's Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by China over a dispute that dates back to the 1930s war between the countries, China's Supreme Court said on Thursday. The Chinese government has described the case as a simple business dispute unrelated


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.


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.


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


Lithuania Inks First Statoil LNG Deal

Lithuania seeks to cut dependence on Russia; Statoil to supply 0.54 bcm of gas per year. This will cover about 20 pct of Lithuania's demand. Lithuania signed its first liquefied natural gas purchase deal with Norway's Statoil on Thursday


Star Bulk to Acquire 34 Drybulk Vessels

Photo: Star Bulk

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp


Apache First Discovery in Australia's Offshore Canning Basin

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  Apache Corporation  today announced an oil discovery at the Phoenix South-1 well - the company's first discovery in Australia's offshore Canning Basin. Wireline and formation pressure tools have confirmed at least four discrete oil columns ranging in thickness between 85 and 151


PetroChina Reviews Push for Transport LNG

China's biggest energy firm PetroChina is reviewing its multi-billion-dollar push to produce liquefied natural gas (LNG) to fuel trucks and ships in place of diesel, shutting two major gas liquefaction plants, sources said. Seen just a year ago as a fast-growing profit engine


China Looks to Boost Shangai Port Volumes

Shanghai Huangpu River: File photo

China will expand a scheme to speed up tax refunds for companies that export via a Shanghai port, the government said on Thursday, as it looks to boost the city's role as an international shipping centre. Exporters that send products abroad via Shanghai's Yangshan deep water port


Fastnet Announces Improvement of Deep Kinsale Option

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  Fastnet the UK and Irish listed E&P company focussed on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, is pleased to announce that it has entered into an amended exclusive option agreement with PSE Kinsale Energy Limited ("Kinsale Energy")


US Finalizes Overhaul of Natural Gas Export Reviews

The U.S. Energy Department has finalized a plan to revamp its process for approving liquefied natural gas exports, and as originally proposed the changes eliminate conditional approvals for LNG projects. Beginning Thursday, the department will only issue final rulings on whether exports are in


Weak Drybulk Market Hurts VLCCF Results

Highlights Knightsbridge reports net income of $6.3 million and earnings per share of $0.14 for the second quarter of 2014. Knightsbridge reports EBITDA of $10.5 million and EBITDA per share of $0.24 for the second quarter of 2014.


Calnetix to Display Waste Energy Converter at SMM

Calnetix Hydrocurrent ORC Module 125JW

Hydrocurrent System Produces up to 125 kW of Electric Power from Thermal Energy in Propulsion Engines’ Jacket Water At SMM 2014, Calnetix Technologies will showcase a new system developed with Mitsubishi Heavy Industries Marine Machinery and Engine Company (MHI-MME) that captures heat


Nordic American Tankers' 2Q Report

Cash  dividend of $0.12 and dividend-in-kind of NAO shares declared (worth $0.16/sh). Operational performance remains strong as  fundamentals improve.   The strong winter market at the beginning of the year subsided in 2Q2014


MOL YoY Q1 2014 Profit Slips, but Dividend Planned

Koichi Muto: Photo MOL

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


Long History of Canals in Egypt Linking Europe and Asia

Egypt said on Tuesday it plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia. Here is a brief history:


Pentair plc 2Q 2014 Sales at $1.9 bi, Down 3%

Pentair plc today announced second quarter 2014 sales of $1.9 billion. Sales were down 3 percent compared to sales for the same period last year. Adjusted second quarter 2014 earnings per diluted share were $1.04, up 13 percent from adjusted EPS of $0.92 in the second quarter of last year.


Altair Expands to South Africa with Office in Stellenbosch

Detlef Schneider  and Gronum Smith of Altair and Jimmy Chaba of Mokhurane Technologies

  Altair, a US-based engineering company, recently acquired EM Software & Systems - S.A., makers of FEKO® electromagnetic field analysis software. FEKO is now becoming part of Altair’s computer-aided engineering (CAE) suite HyperWorks®


Gazprom Tightening Links with Bosnia & Herzegovina

South Stream project

  Led by Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee the Company's delegation paid a working visit to Bosnia and Herzegovina today. As part of the visit, meetings were held with the Government officials, namely Bakir Izetbegovic






 
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