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GlobalSantaFe Announces First Quarter Results

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation reported net income for the first quarter ended March 31, 2004, of $8.7 million, or $0.04 per diluted share, on revenues of $380.0 million, as compared to net income of $45.9 million, or $0.20 per diluted share, on revenues of $424.4 million for the same quarter in 2003. Net income for the first quarter 2003 included $22.1 million, or $0.10 per diluted share, from the settlement of a claim filed in 1993 with the United Nations Compensation Commission. Revenues for the first quarter of 2004, and 2003, exclude $26.9 million and $28.6 million, respectively, related to revenues from land rig drilling operations, which are reflected as discontinued operations. As previously reported, GlobalSantaFe has entered into an agreement to sell its worldwide land drilling assets, with the transaction expected to be completed during the second quarter of 2004.


Parker Drilling Report on Barge Rig Fleet

Parker Drilling Company (NYSE: PKD) has posted a report on the company's Gulf of Mexico barge rig fleet updating rig status and contract information as of February, 2009. The company expects to update this report monthly. The report is intended to provide analysts and investors with information about activity in Parker's U.S. Barge Drilling segment. The report "Gulf of Mexico Barge Rig Fleet" is available through the company's Web site at www.parkerdrilling.com


Current Onshore Rig Boom Could Be Halted By Next Year

The boom in U.S. onshore oil and natural gas drilling has yet to peak, bolstering forecasts of continued strong demand for rigs, analysts and executives said this week. But growth in the onshore rig market is likely to slow down next year, and activity in the offshore market is already tailing off, with some companies sending rigs away from the Gulf of Mexico to other countries where profits may be better. "We expect to see 30 to 33 percent growth in the total U.S


GlobalSantaFe Announces 3Q Earnings

Worldwide oil and gas drilling contractor GlobalSantaFe Corp. reported net income for the third quarter ended September 30, 2003, of $15.1 million, or $0.06 per diluted share, on revenues of $458.1 million, as compared to net income of $75.0 million, or $0.32 per diluted share, on revenues of $514.4 million for the same quarter in 2002. For the nine months ended September 30, 2003, GlobalSantaFe reported net income of $104.9 million, or $0.45 per diluted share, on revenues of $1,408


Rowan 3Q Operating Results

For the three months ended September 30, 2008, Rowan Companies, Inc. (NYSE: RDC) generated net income of $114.1m or $1.00 per share, compared to $130.8m or $1.16 per share in the third quarter of 2007 and $120.6m or $1.06 per share in the second quarter of 2008. Revenues were $527.1m in the third quarter of 2008, compared to $502.2m in the third quarter of 2007 and $587.1m in the second quarter of 2008. The third quarter 2008 results included $21.4m, or $0


US Oil Drillers Cut Rigs to Nov 2009 Lows

U.S. energy firms cut oil rigs for a third week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said Friday, as energy firms keep slashing spending despite crude futures prices jumping roughly 50 percent  since hitting a near 13-year low in February.   Drillers cut 8 oil rigs in the week to April 8, bringing the total rig count down to 354, Baker Hughes said in its closely followed report.  


No Relief Yet

Oilfield service companies were not nearly as lucky as their oil producing counterparts. While net income in the oil producing industry was up over the 1998 third-quarter, oilfield service companies were still feeling the pain of the low oil prices from earlier in the year. While the stock market - the global business measuring stick - has generally been positive on the offshore oilfield sector throughout much of the year, there has been a relapse of sorts in October


Sembcorp Marine Acquires A 50 Percent Stake In PPL Shipyard

SembCorp Marine has signed a Sale and Purchase Agreement with PPL Holdings Pte Ltd to acquire a 50 percent equity stake comprising 10,000,000 shares of $1.00 each in PPL Shipyard Pte Ltd. (PPLS) for $16 million. PPLS' business is primarily in oil rig and vessel construction as well as steel fabrication. It has recently secured a contract for the construction of two jack-up drilling rigs, each having a value of $125 million, from Sante Fe International Corp


Hercules Closes Sale of Fleet

Houston-based Hercules Offshore Inc. reported it has closed the previously announced sale of its fleet of nine land drilling rigs and related assets to Petrex Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e Construcoes Petroliferas Lda. for $107 million. Hercules operates a fleet of 33 jack-up rigs, 27 barge rigs, 65 liftboats, three semisubmersible rigs, one platform rig and fleet of marine support vessels.


Hercules Offshore 4Q and 2008 Results

On Feb. 10, Hercules Offshore, Inc. (NASDAQ:HERO) reported income from continuing operations of $37.4m, or $0.42 per diluted share, on revenues of $313.5m for the fourth quarter 2008, excluding the effects of non-recurring items, compared with income from continuing operations of $32.8m, or $0.37 per diluted share, on revenues of $244.2m for the fourth quarter 2007. Income from continuing operations for the twelve months ended December 31, 2008, was $95.7m, or $1


Ocean Rig buys Cerrado drillship

Photo: Ocean Rig

 Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April.  


ST Engineering Injects $66m into VT Systems

Courtesy ST Engineering

Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc. (VT Systems), for the repayment of bank loans


Pressure Steady on LNG Shipping Rates -Drewry

LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry.


Turkish LPD Comes into Effect

DHA Photo

 Turkey has launched the building phase of its amphibious landing platform dock (LPD) warship for the Turkish Naval Forces with a ceremony on April 30, says Hurriyet.   Last year, the Turkish government announced it signed a nearly $ 1 billion deal with a local shipyard to produce the


Another 2 Keppel FELS Rigs for Mexico

Image Courtesy Keppel FELS

Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered two jackup rigs to Mexican company, Grupo R. Built to Keppel's proprietary KFELS B Class design, the rigs, CANTARELL I and CANTARELL II, will be chartered to PEMEX


Norwegian Shipowners See Tighter Capital Access

Access to capital for cash-hungry Norwegian offshore shipowners is expected to tighten further as lower activity and falling profits continue in 2016, the Norwegian Shipowners' Association said in its yearly outlook report on Tuesday.  


Norwegian Shipowners Face Cash Crunch

We expect that about half of the Norwegian rig fleet and every sixth Norwegian-controlled offshore vessel will not be employed as we approach summer this year. This is a serious situation, the CEO of the Norwegian Shipowners Association, Sturla Henriksen, told Reuters. (Photo courtesy: www.rederi.no)

 Access to capital for cash-hungry Norwegian offshore shipowners is expected to tighten further as lower activity and falling profits continue in 2016, the Norwegian Shipowners' Association said in its yearly outlook report on Tuesday.


Vietnam to China: Shift Rig, Abandon Drilling Plans

Vietnam demanded China move a controversial oil rig on Thursday and abandon plans to start drilling in waters where jurisdiction is unclear, the latest sign of festering unease among the two communist neighbours. The $1 billion rig, which was at the centre of a fierce diplomatic stand-off


Port of Long Beach Studies Land Use Options

Photo: Port of Long Beach

The Port of Long Beach said it is conducting a comprehensive Land Use Study to eventually create well-informed land use strategies.   Work on the Land Use Study began in 2015 and is expected to continue through 2016. The purpose of the study is to produce an evaluation process and tools


China Rebuffs Vietnam Criticism of Rig Move

China's Foreign Ministry on Friday rebuffed Vietnam's second demand this year to move a controversial oil rig and drop plans to drill in South China Sea waters where jurisdiction is unclear, saying it was engaging in normal exploration activity.


Six Years after BP Spill, US Sets New Offshore Oil Safety Rules

Gas from the damaged Deepwater Horizon wellhead is burned by the drillship Discoverer Enterprise in May 2010, in a process known as flaring. (U.S. Coast Guard photo by Patrick Kelley)

The Obama administration on Thursday unveiled new oil well control rules to prevent the kind of blowout that happened six years ago on a BP Plc rig in the Gulf of Mexico.   The Interior Department's Bureau of Safety and Environmental Enforcement announced the finalized regulations


US Oil Rig Count Falls to November 2009 Lows

U.S. energy firms cut oil rigs for a fourth week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said on Friday, as energy firms keep slashing spending despite a more than 50 percent jump in crude futures since hitting a near 13-year low in February.


Keppel's Profit Nosedives

Photo: Keppel Corp

 Keppel Corp., the world’s largest builder of oil rigs, posted a 41 per cent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.  


Transocean Provides Fleet Status Report

Photo: Transocean Ltd

 Transocean, the world's leading offshore drilling contractor with 61 rigs in its fleet, has issued a Fleet Status Report that provides the current status of and contract information for the company's entire fleet of offshore drilling rigs.   


Maersk Cuts Landing Certificate Issuance Time

Maersk Line Logo

* Maersk Line will introduce a simplified process for obtaining the Landing Certificates from May 1st , 2016   * Maersk line waives off the  Landing Certificate fee of INR 1000 Mumbai, 25th April, 2016: Maersk Line India has taken a major leap towards simplifying the Landing






 
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