Company Pay
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
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.
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.
Texaco Discontinues Appraisal Drillings
Texaco has discontinued appraisal drilling of the Fuji and adjacent McKinley prospects in the Gulf of Mexico. Bruce Appelbaum, president of Texaco Exploration said, "Although several wells have logged significant pay sections in both prospects and have tested at potentially commercial rates, the size of the accumulations does not warrant future Texaco investment." Fuji is located 150 miles southwest of New Orleans. The No
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
BP to Pay Record Price for Drillship
BP reportedly agreed to pay more than $500,000 a day to secure the continued use of a drillship in the Gulf of Mexico, according to a report on www. Business.timesonline.co.uk. From December next year, BP will pay a day rate of $520,000 (£297,000) to charter the Discoverer Enterprise, almost three times more than it pays at present for the use of the ship. The surge in price reflects a desperation among oil explorers to retain control of scarce resources
Finland Prepares For Massive Sea Transport Strikes
The 10 percent of Finland's workers who still have no pay deal for this year are digging in their heels in preparation for strikes which could have serious effects on the Finnish economy. The biggest risks of labor unrest are in sea transport, which carries 75 percent of the volume of Finnish foreign trade and where both seamen and stevedores are seeking better benefits than those who have already accepted pay hikes. Most unions have accepted pay raises costing employers around 3
Duma Looks Deep Down for Energy
US's Duma Energy Corp. says it has received new 3D seismic data in its search for deeper oil reserves in its Galveston Bay producing fields. This new data, which covers three of Duma's fields in Galveston Bay, is part of a broader effort by several other large independent oil companies to
DP World London Gateway Launch Apprenticeship Scheme
The hunt is on for six apprentices to undertake a 4-year programme combining study, training, & hands-on work experience in engineering. DP World London Gateway will pay an annual salary for six students to study at college and carry out work experience on-site over a four year period
AdvanFort President Addresses Ransom and Piracy
"The revelation this week that the owner of an Algerian cargo ship whose crew was held by Somali pirates paid them $2.6 million in ransom is yet another indication that the rewards these denizens reap for their illegal, life-threatening work remain a serious stumbling block to ending maritime
Invoicing Error Lays Massive Bill on Shipbroker
ITIC revealed how an invoicing error led to a shipbroker being asked to foot the bill for a bunker supply amounting to more than three-quarters of a million dollars. In its latest Claims Review, ITIC cites the case of a chartering broker which arranged a fixture for a voyage from the Black Sea
NAT Posts 1Q 2013 Results
During the first quarter of 2013, NAT acquired another Suezmax tanker, built to top specifications and launched this year. We expect the ship to be delivered to us by June 15, bringing our total fleet to 21 ships. In April, NAT completed an equity offering, with net proceeds of $102.2 million
Guam Shipyard Opposes Union Representation
President & CEO Mathews Pothen of Guam Shipyard advises its 280 workers they will not benefit by joining a union. Guam Shipyard employees are shortly to make an important decision for their future – either to remain status quo or to be represented by the International Brotherhood
Singapore's Triyards Introduce New HPHT Jack-up Design
Triyards Holdings now able to design & build its own proprietary drilling jack-up rigs and self-elevating units (SEUs). The new design is for the Premium Class 400 HPHT (High Pressure, High Temperature) drilling jack-up rig, the TDU-400.
Hong Kong Dock Strike Ends
Hong Kong dockworkers accept Hutchison Port Holdings 9.8% pay offer, end 40-day strike at the container terminal. The workers settled their dispute late Monday by agreeing to the pay offer from four middleman contractors that provide staff to a container terminal operator controlled by Hong Kong
NNS Shipbuilder Volunteers Build House
Newport News Shipbuilding (NNS) division recently dedicated its 11th Habitat for Humanity house in Hampton. NNS has partnered with Habitat for Humanity Peninsula and Greater Williamsburg since 2002 to build homes for families in Hampton Roads.
Port Canaveral Generates $2 Billion Community Impact
Business activity at Port Canaveral generated $2 billion and 17,000 jobs for the local community in 2012, up 73% in business revenue since the last economic impact analysis three years ago. Leading industry consulting firm Martin Associates of Lancaster, Pa
Greek J/V to Acquire HSH Debtors' Fleet
Navios Maritime Holdings & Navios Maritime Acquisition Corp. in J/V sign LOI to buy 10 ships from debtors of HSH Nordbank. The new Joint Venture company, named Navios JV, has executed a binding letter of intent to acquire ten vessels
Using Mediation: Eliminate Risk and Conserve Litigation Expenses
When doing business in the maritime industry, someone will inevitably file a legal claim against your company, or you will file a claim against someone else. Although litigation is always good for your legal team, it is often not good for the litigants
ITIC Highlights Value of Diligent Debt Collection
ITIC highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate. In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed $25,000 in commission by an Indian voyage charterer under a charter
HK Container Terminal Strikers Camp on Owner's Doorstep
Striking dockers step up their action outside owner Li Ka-shing's office building to urge Asia's richest man to intervene. According to the South China Morning Post research has shown that the industrial action could have cost the port operator, Hutchison Port Holdings Trust
Understanding the Ups and Downs of Insurance
Business is cyclical, and nowhere is there more evidence of its cyclical nature than in the insurance market, characterized by ups and downs in insurance premiums, coverages and profitability. By most accounts, the current insurance market has been one of the most competitive in recent memory