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Flying High

Offshore Stocks Flying High As Boom Nears

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 Awarded Navy Contract

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


Big E Underway to Conduct Carrier Qualifications

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


Portuguese Flag Reports Strongest Growth Rate in Europe

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)


SeaJets Take Off For Grand Bahama Island

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.


Minoan Shares Performance Rated

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


Minoan Denies Reports Of Share Swap With P&O Princess

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


Motia Continues Product Tanker Expansion

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,


This Day in Naval History - May 16

From the Navy News Service:   1820 - Congress becomes first U.S. warship to visit China. 1919 - Three Navy flying boats begin 1st trans-Atlantic flight from Newfoundland. 1965 - First U.S. gunfire support in Vietnam by USS Tucker.   For more information about naval history, visit the Naval historical Center Web site at http://www.history.navy.mil.


Today in U.S. Naval History: March 25

USS Essex, Artist: Joseph Howard (Courtesy U.S. Naval Academy Museum Collection)

Today in U.S. Naval History - March 25 1813 - USS Essex takes Neryeda, first capture by U.S. Navy in Pacific 1898 - Assist. SECNAV Theodore Roosevelt proposes Navy investigate military application of Samuel Langley's flying machine, beginning naval aviation For more information about naval history, visit the Naval History and Heritage Command website at history.navy.mil.


Damen Delivers ASD Tug in Italy

Photo: Damen

RimorchiatoriRiunitiS.p.A. of Genoa (Italy) has taken delivery of a Damen ASD Tug 2411. The 70-metric-ton bollard pull azimuth stern drive tug will be temporarily deployed by Tug Malta Ltd., a full subsidiary of the Genovese towage company.


China, Sri Lanka to Launch FTA Talks

Chinese President Xi Jinping began a visit to Sri Lanka on Tuesday agreeing to open bilateral negotiations for a free trade pact as Beijing tightened its embrace of the island nation along a vital shipping route. Sri Lanka, located just off the southern tip of India


Technip Awarded Subsea Contract in the Gulf of Mexico

Technip H.O.

  Technip was awarded by Deep Gulf Energy II LLC a lump sum contract for the development of the Kodiak field, located in Mississippi Canyon Blocks 727 and 771, in the Gulf of Mexico, at water depths ranging from 1,472 meters to 1,710 meters.


Today in U.S. Naval History: September 10

Today in U.S. Naval History - September 10 1813 - In Battle of Lake Erie, Commodore Oliver Hazard Perry, flying his "Don't give up the ship" flag, defeats British squadron and says: "We have met the enemy and they are ours..."


Technip Wins EPIC Contract for Juniper field offshore Trinidad

  Technip has been awarded a substantial (1) EPIC (2) lump sum contract by BP Trinidad and Tobago LLC for the development of the Juniper project, to be located off the South East coast of Trinidad. The scope of work consists of design, detailed engineering, procurement, construction


Serdijn Ship Repair Renamed ROG Ship Repair BV

ROG Ship Repair

  Serdijn Ship Repair has changed its name to ROG Ship Repair BV. As one of the leading ship repair companies, the yard in located in central, easy accessible and strategic location in the main port of Rotterdam. The terminal is a recognized port facility as required by the ISPS code


GDP v TEU: DMR Analyses the Interplay

Container cranes: Photo courtesy of ABB

The strength of first-half 2014 container flows from Asia to Europe flies in the face of the macro-economic data coming out of Europe, says Drewry  Maritime Research (DMR) in their latest ‘Container Insight Weekly’, excerpted here.


Exercise KAKADU War Games at Sea Kick Off

Photo: Nicolas Gonzalez

More than 1,200 mariners from the Asia Pacific and Indian Ocean regions have completed the first sea phase of the Royal Australian Navy’s largest maritime warfare exercise, KAKADU 2014. Occurring off the coast of Darwin from August 25 to September 12, 2014


ABS Adds First Japanese-flagged Carrier to its Classed Fleet

Transfer of flag follows ABS' designation as Recognized Organization ABS has added the first Japanese-flagged vessel to its classed fleet after having been awarded the status of a 'Recognized Organization' (RO) by the Japanese government.


OSV Master Fined Following Wind Turbine Allision

Island Panther: Photo courtesy of the owners

The master of a wind farm support boat has been made to pay £3,000 in fines and costs after breaching maritime collision regulations, informs the UK Maritime and Coastguard Agency (MCA). Geoffrey Whinfrey was in charge of the Island Panther when it collided with a wind turbine in the


Coast Guard to Open Cutter Eagle for Tours

yorktown pier.jpg

U.S. Coast Guard (USCG) Cutter Eagle, America's tall ship and seagoing classroom for future officers in training, is scheduled to be open for tours Saturday at Coast Guard Training Center Yorktown. Tours will be held from 10 a.m. - 7 p.m.


USCG Cutter Eagle to Open for Tours in Yorktown

Coast Guard Cutter Eagle

  Coast Guard Cutter Eagle, America's tall ship and seagoing classroom for future officers in training, is scheduled to be open for tours Saturday at Coast Guard Training Center Yorktown. Tours will be held from 10 a.m. - 7 p.m. Visitors are advised there will be a third-mile walk from the


Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations. Geoffrey Whinfrey was in charge of the Island Panther when it collided with a wind turbine in the Sheringham Shoal wind farm


Navy Unmanned Aircraft Sets the Bar

Night-flying X-47B: Photo USN

The Navy's X-47B unmanned aircraft has completed its final test aboard 'USS Theodore Roosevelt' (CVN 71) and has returned to its home base at Naval Air Station Patuxent River after eight days at sea
, informs U.S. Naval Air Systems Command.


Darwin, Australia Scene of KAKADU Exercise Planning

Participants in KAKADU 2014

Over 1,200 military personnel from the Asia Pacific and Indian Ocean regions have completed collaborative, tactical warfare planning during the first week of the Royal Australian Navy’s largest maritime exercise, KAKADU 2014, informs Australia's Defence Force (ADF).






 
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