Deepwater drilling company Diamond Offshore announced fourth quarter and full-year earnings. Results were solid, with revenues and earnings showing big increases on both a quarterly and an annual basis. Compared to the fourth quarter of 2005, revenues rose 57 percent and earnings per share rose 106 percent. Full year figures demonstrated similarly gaudy growth, as revenues rose 68 percent and earnings per share were up an astronomical 168 percent. Source: The Motley Crew
Horizon Offshore said today that one of its vessels, the lay barge Lone Star Horizon, suffered moderate damage due to a fire while at anchor off Ciudad Del Carmen, Mexico. The vessel crew was evacuated and no injuries requiring medical treatment were reported. The Lone Star Horizon had recently completed the KIX pipeline project for PEMEX, and was preparing for demobilization to the U.S. Gulf of Mexico. The fire, which was limited to the generator control room, occurred at about 3:00 p.m
Oil and gas explorer W&T Offshore Inc. said its second-quarter profit rose 18 percent on higher revenues from its August 2006 acquisition of Kerr-McGee properties. Net income rose to $45.5 million, or 60 cents per share, from $38.5 million, or 58 cents per share, a year earlier. Revenue rose 64 percent to $272.6 million from $165.8 million. Analysts polled by Thomson Financial expected, on average, earnings of 46 cents per share on revenue of $263.8 million.
Horizon Offshore, Inc. reported net income for the quarter ended September 30, 2001, of $2.8 million. This compares with net income of $3.7 million, for the third quarter of 2000. For the third quarter of 2001, the company reported gross profit of $7.7 million, or 12.6 percent, on contract revenues of $61.0 million, compared with gross profit of $10.3 million, or 18.2 percent, on contract revenues of $56.3 million in 2000.
Coflexip Stena Offshore reported that its new deepwater pipelay and subsea construction vessel, the CSO Deep Blue, has commenced operations for the Williams Banjo/Seahawk project in the Gulf of Mexico after successful completion of her first mobilization at CSO's new spoolbase in Mobile, Alabama. The vessel is to install the Boomvang and Nansen fields deepwater export pipelines. The CSO Deep Blue is to undertake the installation contract of the export pipelines from the Boomvang and Nansen
Coflexip Stena Offshore reported that its new deepwater pipelay and subsea construction vessel, the CSO Deep Blue, has commenced operations for the Williams Banjo/Seahawk project in the Gulf of Mexico after successful completion of her first mobilization at CSO's new spoolbase in Mobile, Ala. The vessel is to install the Boomvang and Nansen fields deepwater export pipelines. The CSO Deep Blue is to undertake the installation contract of the export pipelines from the Boomvang and Nansen fields
Todd Hornbeck, who has quickly yet judiciously built a sizeable marine company at Hornbeck Offshore Services, Inc. in just five years, shares with MarineNews the secrets of his success. by Greg Trauthwein Upon meeting with Todd Hornbeck, President and CEO of Hornbeck Offshore Services, Inc. at the literal epicenter of big oil dollars - the recent Offshore Technology Conference (OTC) in Houston - one is continuously struck with the contrasts of the man and mission
Stolt Offshore reported it has successfully completed the Eugene Island 275A platform salvage project for Total E&P USA, INC., in what is described as the first platform salvage using only mechanical cutting devices. The platform was located on OCS-G-0988, some 70 miles off the Louisiana coast in 180 ft. of water. "Because of environmental and safety objectives, Total E&P USA asked Stolt to conduct the salvage operation without an arc being struck under water
Offshore wind will see $16 billion of capital expenditure in the coming five year period as 4.5 GW of new capacity is installed, according to The World Offshore Wind Report 2008-2012, published by Douglas-Westwood. With just over 1.1 GW of capacity currently installed, this represents significant market growth and leads to an annual capital expenditure of over $5.2 billion by 2012. In comparison to the previous five year period
A research report estimates the value of the global mobile offshore drilling market to be US$ 48.1-billion in 2012 An excerpt from the report follows: Oil and gas production from offshore resources is of considerable importance for energy companies as existing base resources are being depleted at a rapid rate. New significant oil discoveries are becoming less common, with the majority of major finds being offshore
Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 56 percent decline in profit for the first half of this year. Net income dropped to 14.73 billion yuan ($2.3 billion), or 0.33 yuan a share, from 33.59 billion yuan, or 0
To mark the 10th anniversary of Hurricane Katrina, specialist insurer Allianz Global Corporate & Specialty (AGCS) has released a report analyzing windstorm risks and losses and how to mitigate future losses, given increasing weather volatility.
On August25, shipbuilder Ulstein Verft launched from its dock hall a special offshore construction vessel, Yno 302, for Island Offshore and Edison Chouest Offshore. The newbuild measures close to 160 meters in length with at beam of 30 meters
In 2012, U.S. ocean and Great Lakes economy grew much faster than overall GDP The U.S. ocean economy outpaced the domestic economy between 2011 and 2012, with an increase of $22 billion in gross domestic product, from $321 billion to $343 billion
Angolan state oil company Sonangol said it would buy oil and gas producer Cobalt International Energy Inc's 40 percent stake in two oil blocks offshore Angola for $1.75 billion. Cobalt operates three blocks covering 3.4 million acres off the Angolan coast.
The search for a man who reportedly jumped overboard from a freighter near Big Sable Point in Lake Michigan early Sunday morning has been suspended, the U.S. Coast Guard reported. Watchstanders at Coast Guard Sector Lake Michigan received a report just before 2 a.m
Denmark's DONG Energy has become the lead developer of Britain's Hornsea Zone offshore wind scheme after it bought the project rights to the second and third phases of the development Mainstream Renewable Power and Siemens Financial Services.
Hoover Container Solutions, a provider of chemical tanks, cargo carrying units and related products and services, has introduced acid tanks intended for transport and storage of a range of corrosive liquids and chemicals as the newest addition to its offshore product line.
A U.S. government sale of oil and gas drilling leases in the western Gulf of Mexico attracted the lowest number of bids on record on Wednesday as slumping oil prices kept producers from plowing money into expensive offshore prospects.
Italian energy group ENI plans to start oil production from Norway's first Arctic oil development in a few weeks after years of delays and cost overruns. Production from the Goliat field, estimated to hold about 174 million barrels of oil, was originally expected to start in 2013
Inchcape Shipping Services (ISS) has been appointed by Paragon Offshore, Houston, as marine and logistic services provider for a new drilling campaign off the Songo Songo Islands, Tanzania – the first new commercial drilling project in Tanzania in a number of years.
A fraction of buried, ocean sediment uncovered by typhoons, carried offshore by currents An international research team reports results of a three-year study of sediment samples collected offshore from the Fukushima Daiichi Nuclear Power Plant in a new paper published August 18, 2015
Shipping company Clarksons has published profits of GBP6.2mln, down 36.7 per cent on the first six months of the previous year, citing “severe challenges faced by the dry bulk market” (of unpackaged raw commodities) as the primary cause of the decline.
A new report released today by Oil Change International and Greenpeace USA details a clear case against drilling for oil in the Arctic ocean based on climate science imperatives. The report, “Untouchable: The Climate Case Against Arctic Drilling,” shows U.S
Atlantic Wind Transfers, Blount Boats and Deepwater Wind welcome key U.S. offshore wind supply chain players to official ribbon cutting ceremony Atlantic Wind Transfers, the commercial wind support services arm of Rhode Island Fast Ferry