It appears that the long awaited, much antipated and greatly debated offshore boom part II is prepared to launch again, as offshore drilling stocks surged on Thursday as U.S. crude oil prices hit a fresh nine-year high of $32.15 a barrel, fueling a second day of strong gains on Wall Street for the oilfield services sector. Drilling stocks across the board were flying high, some posting high single and low double digit gains for the day. At mid-day R&B Falcon Corp. was 1-1/2 higher at 18-1/8 and Santa Fe International Corp. was up 3 at 32-15/16 -- gains of roughly 9 and 10 percent respectively. It was the second straight day of substantial gains for oilfield services stocks, though in a reversal of Wednesday's pattern, drilling contractors saw their stock rise more sharply than that of diversified service providers. Analysts say the sector is poised to reap the benefits this year and next of the strengthening of international oil prices which has been under way since March 1999, and a report from Salomon Smith Barney predicts that this is just the beginning of a multi-year growth phase. The analyst increased his share price targets for 11 offshore drilling contractors and said he saw average upside potential for their stocks of 70 percent in the next 12-18 months. Top recommendations in the sector include Global Marine Inc., Noble Drilling Corp. and Transocean Sedco Forex Inc.
Integrated Systems Solutions Inc.* Pomfret, Md., is being awarded a $64,073,299 ceiling-priced cost-plus-fixed-fee, indefinite delivery, indefinite quantity contract for research and development services to increase the government’s understanding of Lighter Than Air platforms and their usage for sensor technologies. Services to be provided include experimenting with outfitting commercial blimps with sensors and a tactical data link
SeaJets, the Palm Beach-based Jetfoil will leave the Port of Palm Beach on November 6, inaugurated regular service of the jets into Grand Bahama Island. SeaJet Kara will depart from the Port Thursday through Monday at 9 a.m. and 4:30 p.m. with scheduled arrivals on Grand Bahama Island at 11 a.m. and 6:30 p.m., respectively. Departures from the Island will be at 11:30 a.m. and 6:50 p.m., arriving in Palm Beach at 1:30 p.m. and 8:30 p.m., respectively.
The nuclear-powered aircraft carrier USS Enterprise (CVN 65) transit the Philippine Sea during a Vertical Replenishment (VERTREP) with the Military Sealift Command (MSC) combat stores ship USNS San Jose (T-AFS 7). Enterprise and embarked Carrier Air Wing One (CVW-1) are currently underway on a scheduled six-month deployment in support of the global war on terrorism. U.S. Navy photo by Mass Communication Specialist Seaman Rob Gaston
Greek ferry operator Minoan Lines dismissed press reports on Wednesday that cruise operator P&O Princess had expressed interest for its subsidiary Minoan Flying Dolphins (MFD). "I dismiss the content of the press reports. There is no official proposal by a foreign company for MFD. There is no proposal by P&O," a Minoan official said. It was reported on Wednesday that P&O Princess Cruises had expressed interest for a share swap
Portugal’s second shipping register, the International Shipping Register of Madeira (MAR), is currently the strongest-growing flag in Europe. In the last six months, MAR’s fleet has increased by more than 60 new vessels representing net growth of 130% in terms of tonnage. Among the new entrants to the register are vessels owned by more than 20 of Germany’s leading companies. The growth has been achieved since Sociedade de Desenvolvimento da Madeira (SDM)
Schroders Securities said in a research report that it rates shares of Greek shipping company Minoan Lines perform in line with the market, although anticipated industry activity may drive the shares to new highs. Analysts said shares were fairly valued on current fundamentals. On the issue of market consolidation, Schroders expects Minoan to continue its prudent acquisitions and not rush into consolidation The merger of Attica Enterprises and Strintzis Shipping Lines could have a direct
Motia Compagnia di Navigazione has continued its expansion of modern product carrier tonnage with the delivery of the 29,000 dwt Elisa from STX Shipbuilding, Korea. The third of a series of four sister ships from the same yard building for Motia, the Elisa is an IMO II Product/Chemical Carrier and it will enter employment in the Handytankers Pool. Antonio Zacchello, managing director of Motia Compagnia di Navigazione,
The National Transportation Safety Board (NTSB) will meet in Washington, DC on May 30 to consider the Marine Accident Brief on the grounding of the container ship New Delhi Express in New York Harbor on April 15, 2006 and the Aircraft Accident Report on the crash of the flying boat in the Port of Miami on December 19, 2005. Source: HK Law
Shares in Greek ferry operator Minoan Lines slipped again on the Athens Stock Exchange on Thursday following the sinking of the Express Samina ferry belonging to its subsidiary Minoan Flying Dolphins. Minoan was down 3.4 percent at 2,845 drachmas ($7.38) a share. It closed down 11.56 percent on Wednesday.
Royal Dutch Shell has suspended development of a liquefaction unit at Canada's Jumping Pound facility, which was to be used to develop the emerging gas for transport market. Gas liquefaction is increasingly being produced for use in transportation of large road vehicles, in trains
Italian oil and gas group Eni said it signed a deal to explore for hydrocarbons in the Republic of Congo's coastal basin, expanding its foothold in sub-Saharan Africa's No. 4 oil producer. At a signing ceremony in capital Brazzaville
Today in U.S. Naval History - July 23 1947 - First Navy all jet squadron (VF-17A) receives its first aircraft (FH). 1948 - USS Putnum (DD-757) evacuates U.N. team from Haifa, Israel and becomes first U.S. Navy ship to fly the U.N. flag.
Wagenborg Nedlift has expanded her crane fleet with a brand new 700 tonnes mobile crane. With this crane the fleet is significantly strengthened. Equipped with the most innovative features in the technical area as well as safety, this crane is highly suitable for lifting operations in the
At its 47th meeting last month, the Paris MoU Committee approved the 2013 inspection results and adopted new performance lists for flags and Recognized Organizations. These lists will take effect from July 1, 2014. The “White, Grey and Black (WGB) List” presents the full spectrum
Finmeccanica - Alenia Aermacchi has been awarded a contract with the United States Coast Guard (USCG) to provide training services for initial cadre members who will fly the USCG’s newly acquired C-27J. The training will consist of in-class sessions, flight simulation instruction
Statoil (U.K.) Limited has awarded the helicopter transportation contract for the Mariner field to CHC Helicopter in the UK. The contract calls for CHC to operate two Sikorsky S-92 aircraft on behalf of Statoil. The helicopters will fly from Aberdeen or Sumburgh on the Shetland Isles to the
Russian Maritime Register of Shipping (RS) and the Estonian Maritime Administration signed an agreement on the delegation of authority to carry out statutory surveys on board ships flying the flag of Estonia. The agreement extends the scope of services provided by RS to Estonian vessels
Today in U.S. Naval History - July 2 1923 - Commissioning of Naval Research Laboratory, Washington, D.C. 1926 - Distinguished Flying Cross authorized by Congress. 1937 - Amelia Earhart disappears in Pacific. Navy conducts extensive unsuccessful search
GAC Pindar has been appointed official logistics provider for the inaugural Foiling Week event, to take place on Lake Garda, Italy from July 4 – 10. Foiling Week is a new event dedicated to foiling (‘flying’) boats, their designers, builders and athletes
The Paris MoU published its report on 2013’s worldwide flag performance, “White, Grey and Black Lists.” The report indicates further improvements towards quality shipping. Last year Thailand and the United States of America were moved up to the White List
RIB & HSC Sponsor SOLAR Boats Racing at Solar1 in Monte Carlo Shock Mitigation and the RIB & HSC Directory are official sponsors and media partners with the Solar1 event in Monte Carlo. Solar powered boats from all over the world are set to battle it out over two days in the first truly
Performance, Speed, Fuel Economy & Environmental compliance all come together to form the ultimate balancing act for engine OEM’s and their customers alike. The ‘need for speed’ has been at the heart of professional fast craft operations since powerboats first overtook
Trans-Tasman kayaker Scott Donaldson has been successfully rescued from his kayak 83 kilometres off the Taranaki Coast, south-west of New Plymouth, says Maritime NZ. The Rescue Coordination Centre New Zealand organised for the Taranaki Rescue Helicopter to fly to Scott’s location and
WISTA-UK welcomed the announcement of Devizes MP, Claire Perry as the new Parliamentary Under Secretary of State at the Department for Transport. The organization which represents women working in the shipping industry recognises the importance of new female members of the Cabinet.