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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


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.


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


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


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)


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,


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.


New Offshore Vessel Management Mobile App

LiveFleet App: Image Telerik

Telerik says that its customer Bhagwan Marine, a leader in servicing the oil and gas industry, together with partner, Glenfield Digital Group, has released the first mobile app for offshore energy vessel management. 'LiveFleet'. Telerik explains that Bhagwan Marine wanted to be the first to


Maritime Security West Conference Underway in Tacoma

Tacoma Fire Department’s MetalCraft fireboat was on display at the 2014 Maritime Security West conference, now underway in Tacoma. (Photo by E. H. Lundquist)

On water and in the air, maritime security involves local, state and federal stakeholders The 2014 Maritime Security West conference is underway in Tacoma, Washington. The preconference day included tours of the Port of Tacoma, the City of Tacoma’s Marine Security Operations Center and


Self-Pilot Personal Submarine to Launch in Monaco

DeepFlight Dragon

DeepFlight announced it will introduce a new type of personal submarine at the 2014 Monaco Yacht Show. The company said its new product, the DeepFlight Dragon, is the most compact, lightweight personal submarine on the market, and is so intuitive to use that clients self-pilot the craft with


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).


Wagenbourg New Crane for Oil, Gas, Energy Sector

New Large Mobile Crane for Wagenbourg fleet

  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


ABS to Class the World's First CNG Ship

ABS Chairman and CEO Christopher J. Wiernicki

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's state-owned power company Perusahaan Listrik Negara (PT PLN). The award for the precedent-setting ship


Total E&P is First to Use FROG-XT4

Image courtesy of Reflex Marine

Total E&P is the first to use Reflex Marine’s newly developed FROG-XT4 on the Odudu field in Nigeria. The French operator purchased the crew transfer device primarily for carrying out inter-field transfers. They have already found the device to be an invaluable backup method for when


Hellfire Missile Firing a First for New Navy Helicopters

Helicopters successfully fired its Hellfire Missile

  The Royal Australian Navy’s newest maritime combat helicopter, the MH-60R Seahawk ‘Romeo’, has successfully fired its first ‘Hellfire’ missile in the United States. The AGM-114 Hellfire air-to-surface missile was fired by Navy’s 725 Squadron from


Tall Ship Cutter Eagle to Visit Rockland

U.S. Coast Guard Cutter Eagle (USCG photo by Erik Swanson)

The U.S. Coast Guard Cutter Eagle is scheduled to arrive in Rockland, Maine, Friday, at 3 p.m. as part of its 2014 cadet summer training deployment. The Eagle's visit to Rockland is to celebrate the Maine Lobster Festival. The Eagle will be open for free public tours Saturday, Aug. 2, from 1 p


Salvage Crews Avert Disaster in the Galápagos

View on the vessel from the coast of the Galápagos (Photo courtesy of Mammoet Salvage)

Mammoet Salvage helps avert environmental disaster in the Galápagos Islands Mammoet Salvage and its partner, CPT Remolcadores SA of Chile, recently responded to a State of Emergency issued by the government of Ecuador after cargo ship Galapaface 1 – loaded with 19


Flyboarding Will Land at Michigan City Boat Show

Flyboard

  Whether it’s gliding through the water like a dolphin or flying 35 feet above it like a suoer hero, when Cory Johnson take off flyboarding at the Progressive Michigan City Boat Show, August 7-10, the crowds will be seeing the hottest new watersports.


Main Engine Change for Veteran Alaska Tugboat

Tug Norman O at work: Photo courtesy of Olson Marine

The tug's owner, 'Norman O', Rick Olson, worked with local Cummins dealer Mike Painer at South East Diesel & Electric in Ketchikan, Alaska, to  set up a deal to change the tug's existing Cat D348s rated at 703 HP each for a pair of modern EPA Tier 3 compliant Cummins QSK19 MCRS engines


New Power for Alaskan Tug

Norman O (Photo courtesy of Olson Marine)

It has been said that, “There is no reason to design or build an ugly boat.” This is clearly a dictum that those who designed and built the Noman O adhered to. Built in 1970 as the Duncan Foss by the Albina Shipyard under hull number 419, at Portland, Oregon


Carrier Exercises Tandem Unmanned & Manned Flights

Combined flight exercise: Photo USN

An un-manned X-47B has completed a series of tests, operating safely and seamlessly with manned aircraft from 'USS Theodore Roosevelt' informs the US Navy. Building on lessons learned from its first test period aboard TR in November 2013


Swiber to Fly Mexican Flag on 4 More OSVs

Mexico ensign: File photo CCL

Singapore-based Swiber informs it will hoist the Mexican flag on another four vessels in its fleet, comprising one derrick pipelay barge and three anchor handling tug / supply vessels (AHTs). Five vessels were deployed in Mexico three years ago when Swiber landed its first contract win in Latin






 
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