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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


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,


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


This Day in Naval History - Jan. 10

From the Navy News Service 1847 - U.S. Naval forces occupy Los Angeles during the Mexican-American War for the first time. 1917 - The Navy places the first production order for aerial photographic equipment. 1934 - Patrol Squadron 10F flies the first non-stop formation flight from San Francisco to Pearl Harbor, Hawaii, arriving Jan. 11. 1946 - The first Navy nuclear power school is established at Submarine Base New London, Conn.


This Day in Naval History - Sept. 10

From the Navy News Service 1813 - In the 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..." 1925 - Submarine R-4 (SS 81) rescues crew of PN-9 plane 10 miles from their destination of Hawaii. 1945 - Carrier Midway (CVB 42) commissioned. 1961 - World's first nuclear-powered guided-missile cruiser, (CGN 9) is commissioned


China Building Island Big Enough for Airstrip

Satellite images show China is building an island on a reef in the disputed Spratly Islands large enough to accommodate what could be its first offshore airstrip in the South China Sea, a leading defense publication said on Friday.   The construction has stoked concern that China may be


French Nuclear Plants in New Mystery Drone Overflights

Nuclear Power Plant

  Unidentified drones illegally overflew five French nuclear power plants overnight, a source with knowledge of the matter said on Saturday, in the latest of a series of unexplained incidents that have raised safety concerns. The small unmanned aircraft were detected late on Friday above


Minimize the Risks, Think Cold Bonding

Plate bonding repair on equipment

Cold bonding: a safer alternative to hot work Hot work required for welding, grinding and cutting operations presents certain potential hazards when conducted in potentially explosive and flammable environments. According to the Health and Safety Executive guidance 2013


Total CEO Killed in Moscow Runway Accident

Christophe de Margerie

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors. The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as


Much Activity During Danish Maritime Days

Singapore’s Minister for Transport Tuck Yew Lui made a presentation to, inter alia, IMO Secretary General Koji Sekimizu and Minister for Business and Growth Henrik Sass Larsen in one of the many workshop groups at the Danish Maritime Forum

  Danish Maritime Days was well visited, and there were many participants and great enthusiasm at the more than 50 events. Attendance at the many events tells that the maritime days were successful. Maritime VIPs at workshop in Nordhavnen


The Hydroptere Flies with Finesse

Photo courtesy of Finesse Solutions

The hydrofoil trimaran Hydroptere will try for another nautical record with support from biotechnology leader Finesse Solutions After a year resting in Long Beach, the Hydroptere returns to sailing. French and American sponsors are joined by a new partner: Finesse Solutions of Santa Clara


Fire Aboard Alaska Natural Gas Platform

The U.S. Coast Guard launched several assets in response to a report of a fire on board a natural gas drill platform in Cook Inlet Thursday. The Coast Guard diverted a Coast Guard Hercules HC-130 crew and an MH-60 Jayhawk helicopter crew to conduct an overflight of the Baker Platform in Cook


Port Firm Fined £650,000 for Health, Safety Breach

A port operator has today (Monday 29 September) pleaded guilty to health and safety breaches, following the deaths of three crew members of a tug which capsized on the River Clyde in 2007. Clydeport Operations Ltd, who were sentenced at the High Court in Edinburgh


New Semi-self-righting Lifeboat for KNRM

lifeboat.JPG

On September 20, on KNRM station Texel a new lifeboat named Cornelis Dito type Fast Rescue Craft 903 - Twin was taken into service by the Royal Netherlands Lifeboat Organization (KNRM). The lifeboats a Fast Rescue Craft 903 - Twin, designed by Pieter Meuzelaar (Dutch Special Marine Group) and


Today in U.S. Naval History: September 24

USS Enterprise (CVAN-65) is launched September 24, 1960 at Newport News Shipbuilding. (Photo courtesy of Huntington Ingalls Industries)

Today in U.S. Naval History - September 24 1918 - Ensign David S. Ingalls, USNR, in a Sopwith Camel, shoots down his fifth enemy aircraft, becoming the first U.S. Navy ace while flying with the British Royal Air Force. 1944 - 5th Fleet carrier aircraft attack Japanese in Visayas


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






 
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