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.
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
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
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 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.
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.
With more than a dozen patrol boats and a fireboat built by Gladding-Hearn Shipbuilding, Duclos Corporation and operating in New York Harbor, the NYPD’s Harbor Unit turned again to the Mass.-based shipyard for five new patrol/rescue boats, three 61-footers and two 70-footers
Today in U.S. Naval History - December 3 1775 - Lt. John Paul Jones raises the Grand Union flag on Alfred. First American flag raised over American naval vessel. 1940 - President Franklin D. Roosevelt embarks on USS Tuscaloosa (CA-37) to inspect bases acquired from Great Britain under
The European Community Shipowners' Associations (ECSA) and the International Chamber of Shipping (ICS) note in a recent report that the use of private armed guards has increased in recent years and become a necessity to ensure safe passage through the risky waters of the Gulf of Aden.
The Royal Navy’s amphibious aircraft carrier HMS Illustrious arrived in the Philippines on 25 November, 2013, after a short stop in Singapore to load up 500 tonnes of humanitarian aid under the direction of the UK Department for International Development (DFID).
Kalmar, part of Cargotec, has gained an order to supply five Kalmar Classic straddle carriers to the Port of Tacoma, Washington, U.S. The order was signed in August 2013 and the units are scheduled for delivery in the first quarter 2014.The Port of Tacoma has become one of the largest container
An annual oil spill response joint exercise, this year code-named Oilex 2013, was held on October 17 off Ha Mei Wan, Lamma Island, to test responses in combating oil pollution in Hong Kong waters. Under the Maritime Oil Spill Response Plan
Deep-sea manned submersible operations provider, OceanGate, has completed a series of dives in the Gulf of Mexico to observe the ecological impact of decommissioned oil platforms on ocean life using the 5-person manned submersible Antipodes.
The Cleveland-Europe Express Ocean Freight Service will be the only scheduled international container service on the Great Lakes when it kicks off in April 2014. “Currently, local manufacturers use East Coast ports to ship goods to Europe
From personal submarines and motorized surfboards to megayachts and boats for every budget, the 54th Annual Fort Lauderdale International Boat Show® (FLIBS) has them all. Covering six locations and featuring everything from astonishing super-yachts and extravagant toys to boats for every
The funeral of the United States' fourth astronaut to fly in space, and the second to orbit the Earth, U.S. Navy Cmdr. Malcolm Scott Carpenter (retired), was held at St. John's Episcopal Church in Boulder, Colo., with full military honors.
Today in U.S. Naval History - November 5 1775 - Commodore Esek Hopkins appointed to Commander in Chief of the Continental Navy. 1915 - In AB-2 flying boat, L.Cdr. Henry C. Mustin makes first underway catapult launch from a ship, USS North Carolina, at Pensacola Bay, Fla.
When Sandy struck New York and New Jersey in October 2012, Foss applied lessons learned from the 2010 Haiti earthquake. A year after Hurricane Sandy struck America's East Coast, the federal government has honored Foss Maritime Company for its part in critical relief work.
The RTS Lab in Tehran, Iran, has successfully tested its Pars Rescue Robot which has the ability to quickly locate drowning victims in the ocean and launch life-preserver floats to them, reports Robots.Net. The robot’s tests were carried out in August 2013 over the Caspian Sea
American rescuers and a Chinese seafarer have been presented with the International Maritime Organization (IMO) Award for Exceptional Bravery at Sea 2013, during a special ceremony held on November 25, 2013 at IMO Headquarters in London.
Northrop Grumman Corporation has delivered the second MQ-8C Fire Scout unmanned helicopter to the U.S. Navy after completing final assembly at the company's unmanned systems center in Moss Point, Miss. The aircraft is joining the first one delivered to Naval Base Ventura County, Point Mugu, Calif