Offshore Reports

Diamond Offshore Reports 4Q Results

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 Reports Barge Incident

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

CSO Deep Blue Starts Work in the GOM

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

W&T Offshore Reports 2Q Results

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 Reports Third Quarter Earnings

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.

CSO Deep Blue Starts Work in the GOM

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

FEATURE: Staking a Claim in GOM and Beyond

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

HHI Set To Put Big Dent in Offshore Market

Hyundai Heavy Industries (HHI) is reportedly set to win up to $1.3 billion worth of orders for offshore projects by end-June, according to published reports. The roster of anticipated contracts includes a pending deal for an FPSO in West Africa, an order for a semi-submersible to be deployed in the Sakhalin project, and an order to set up a jack-up production platform in the Caspian Sea, Reuters reported. In 2001, Hyundai Heavy received in excess of $2 billion in offshore project orders

Stolt Offshore Completes Platform Salvage

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: A $16B Business

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