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
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
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.
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,
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.
The IMO issued a Circular forwarding a communication received from the Administration of Latvia stating that Latvia has decided to refrain from using the provisions of paragraphs 5,6, and 7 of new Regulation 13H (Regulation 21 new numbering) of Annex I of the MARPOL Convention for oil tankers entitled to fly its flag. MEPC.1/Circ.492 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.
Arleigh Burke-class guided-missile destroyer USS Kidd (DDG 100) has joined USS Pinckney (DDG 91) in the search for the missing Malaysia Airlines flight MH370, which remains anaccounted for, three days after it lost contact with air traffic control.
Following a combined operation yesterday involving a range of government and private agencies, a Royal Australian Navy sailor is now resting in hospital in Broome, Western Australia, following a casualty evacuation operation in Australia’s far North West Shelf region.
Cut Andrea Cogliolo (Eric Haun) Caption Andrea Cogliolo International classification society RINA has been authorized by the Danish Maritime Authority to act on its behalf to carry out plan approval and surveillance during construction on
The ship's doctor on board a Norwegian research vessel in the Gulf of Mexico has been airlifted to hospital by a US Coastguard helicopter, and at the other end of the world, a sailor from an Australian warship remotely located off the country's far northwest coast also needed emergency medical
The Coast Guard Foundation, a non-profit organization committed to the education and welfare of all Coast Guard members and their families, announced today that its 21st Annual Tribute to the United States Coast Guard Eighth District will take place on Friday, March 14, 2014 in New Orleans
Platinum Yacht Repair, the yacht repair and maintenance arm of Dubai's Drydocks World & Maritime World, say they have converted the landing craft Al Hail 1, belonging to Dubai-based M/S Royal Yachts from naval to civilan use as floating yacht repair and maintenance facility.
As international cooperation brings increasing pressure on more the traditional pirate trade in east Africa, there is mounting evidence that Western Africa, from Guinea-Bissau south to the Congo has become a new hotspot for the pirate trade.
Moose Boats, an aluminum boat designer and manufacturer in the San Francisco Bay Area announced the delivery of two patrol boats in late 2013. M1-44’ Patrol Boat delivered to Bridgeport Police Department in Connecticut Moose Boats delivered a new M1-44 Catamaran Patrol Boat to Bridgeport
The Coast Guard Cutter Eagle, America's Tall Ship and seagoing classroom for future officers in training, is scheduled to arrive March 26 in Morehead City, N.C. From its homeport in New London, Conn., the cutter will sail along the eastern seaboard and transit through Morehead as part of its
Anchor Handling Tug Supply vessel will be built to ABS class for Offshore Japan Corporation by Japan Marine United Corporation. ABS has been selected by Offshore Japan Corporation (OJC) to class its newly-ordered Anchor Handling Tug Supply (AHTS) vessel
The Marine Spill Response Corporation (MSRC) and Alaska Maritime Prevention and Response Network (Network) have formed a "Strategic Alliance" to support Non-Tank Vessels (NTVs) in meeting new Federal regulations and enhance oil spill response in Western Alaska and Prince William Sound
Royal Caribbean International (RCI) cruise line has ended the 'Explorer of the Sea's' 10-day trip in the Caribbean early after hundreds of passengers and crew members were sickened with a gastrointestinal illness, thought to be an outbreak of highly contagious norovirius. RCI's statement reads:
Coast Guard Barque Eagle returned to New London, Conn. yesterday after spending the last three and a half months undergoing dockside maintenance and a foremast overhaul at the Coast Guard Yard facility in Baltimore. The Eagle will be inport in New London during February and early March
The Russian trawler Oleg Naydenov was recently arrested and escorted in to the Port of Dakar by Senegal navy vessels. If found guilty it faces a doubling of the usual fine, and the arrest has also sparked an appeal by African coastal nations for an opinion from the International Tribunal for the
Minister for Transport, Tourism & Sport Leo Varadkar officially launched the Coast Guard’s new state-of-the-art S92 search and rescue helicopter for the Dublin region in Weston Airport. This is the fourth Sikorsky S92 helicopter base to come into operation for the Coast Guard and means