Shares of Superior Offshore International Inc., plunged after the company delayed filing its third-quarter financial statement. A Merrill Lynch analyst downgraded the Houston-based company's stock to "Neutral" from "Buy." Superior Offshore shares dropped 77 cents, or 9 percent, to close at $7.83, after plunging 24 percent to $6.56 earlier in the session. The stock has dropped more than 40 percent since its initial public offering priced at $15 in April. In a Securities and Exchange Commission filing, Superior Offshore said the third-quarter filing was delayed as the company determines whether it is required to reclassify long-term debt as current debt. Superior Offshore said the reclassification may be necessary under the terms of a waiver from a lender related to defaults on the company's senior secured term loan facility. The company is currently negotiating a term loan facility with another lender to refinance the facility. Source: CNN
Offshore shares on the Oslo Stock Exchange continued to rise in November, buoyed by the continuing high oil price and expectations of increased level of activities from oil companies in the year 2000. After a few dismal months, offshore shares regained the positive position they have occupied for most of the year. Other maritime shares fell during November so it was offshore and cruise that carried the Shipping Index to a 1.9 percent rise for the month and the rise of 36
Higher oil prices have helped the Oslo Stock Exchange's shipping index, which features maritime and offshore shares, to rise by 33.7 percent so far this year - outperforming the exchange's other indexes. Share prices of offshore shares have decreased for two months now, resisting the influence of continued buoyant oil prices. The value of shares on the Main List dropped 5.6 percent in September and 13.6 percent in October. The 19
Saibos CML, an equally-owned subsidiary of Bouygues Offshore and Saipem SpA, has been awarded a contract for the Kizomba A Development Project in Angola for an approximately total amount of $230 million (Bouygues Offshore's share: approximately $115 million). Esso Exploration Angola (Block 15) Limited (Esso), a subsidiary of Exxon Mobil Corporation, is the operator (40%). Other participants include BP Exploration (Angola) Limited (26.67%), Agip Exploration Angola B.V. (20 %) and Statoil (13
Seadrill Limited, the owners of the Crystal Sea, have completed a sale of the FPSO vessel to BW Offshore. The total consideration for the FPSO vessel is $80 million of which $60 million in cash and U20 million in BW Offshore shares. BW Offshore Limited is a Oslo Stock Exchange listed company.
Technigaz, a wholly-owned subsidiary of Bouygues Offshore, will build a Liquefied Natural Gas (LNG) tank in Palos de Frontera, Spain under a contract awarded by ENAGAS. This contract, for a total amount of EUR 40 million (Bouygues Offshore's share: EUR 28 million) will be performed by a Joint-Venture of Technigaz (70%) and Initec (30%). The customer, ENAGAS, is the only LNG importer in Spain so far. This turnkey contract covers Engineering, Procurement
Gasoline prices on the benchmark New York Mercantile Exchange (NYMEX) Monday dipped below 90 cents a gallon for the first time in nearly three months, signaling the end of this summer's red-hot run. After trading above a record $1.05 a gallon for most of June, front month gasoline futures have made a 16 percent dive to Monday's midday low of 88.50, the lowest intraday level seen since May 4. Gasoline last closed below 90 cents a gallon on May 3
Stolt Offshore S.A. received contract awards and Letters of Intent totaling approximately $120 million from various customers operating in the North Sea. In the UK sector of the North Sea, BP has awarded Stolt Offshore two contracts totalling $12.4 million for construction and installation of the gas import/export system for Clair Phase 1 and the tie-in of the Clair oil export and gas import/export pipeline systems. BP has also awarded Stolt Offshore a contract, valued at approximately $19
Aker Kvaerner has entered into an agreement which gives full ownership of Finnish RR Offshore and ends the co-operation between Aker Kvaerner and its former Russian partner ST Holdings. As part of the agreement, Aker Kvaerner sells its shares in the Astrakhan Korabel yard to ST Holding. The parties have agreed to not disclose any transaction values. RR Offshore OY is a Finnish engineering and project management company with
Rig contractor Diamond Offshore Drilling Inc said it expected a significant number of ultra-deepwater rigs to be idled across the industry by year-end as oil producers' capital budget is likely to be lowered by a fifth this year. The company also said it would not pay a special dividend as it had been doing since 2006 to save cash to take advantage of opportunities in a distressed market. "...This action saves the company about $415 million over the next year
Business momentum is fast picking up at Swiber Holdings Limited despite the downturn in the oil and gas industry as the Group clinches a total of US$405.6 million for a series of contracts, including its latest US$333 million contract for Engineering, Procurement
China's state-backed shipbuilding giants said they have not received any merger-related information from authorities, after an executive swap between the firms sparked a market rally in their shares. The pair are the latest state firms to see merger rumours trigger jumps in their share prices
Building Capacity, as Deadline for Trained Crews Nears “You see that ship. That’s our ship,” says Karsten Saevik, as he directs our attention to the virtual image of one of his platform supply vessels on a computer screen in a darkened room
The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28. That compared with a loss of $20 million, or 3 cents per share, in the 2014 quarter
Inaugural meeting brings class and industry together to improve technical standards for offshore equipment safety ABS recently convened the inaugural meeting of the ABS Offshore Equipment Advisory Committee, bring together a group of technical advisors on March 4, 2015
Norchem AS in Denmark, in which Laurence Odfjell, Chairman of the Board in Odfjell SE, has a controlling interest, has today acquired 1,121,287 Odfjell B-shares in Odfjell at NOK 18.85 per share, the company reported. Following this transaction, Norchem AS owns 25,966,492 A-shares and 3
As offshore field developments in the North and Norwegian Seas face maturity, operators on the Norwegian Continental Shelf (NCS) are looking to the more remote areas of the Barents Sea for further development. Here harsher environmental conditions
Horizon Lines, Inc. today reported financial results for the fiscal fourth quarter ended December 21, 2014. "Horizon Lines' fourth-quarter adjusted EBITDA increased 26.6% over the same period a year ago. The improvement in adjusted EBITDA was driven largely by higher fuel recovery
Knightsbridge Shipping Limited announce that the second and final stage of its vessel acquisition transaction with Frontline 2012 Ltd. has closed. The company has issued 31 million shares to Frontline 2012 Ltd. in exchange for 12 Cape size bulk carrier newbuildings.
Nordic American Offshore Ltd. (NAO) executive chairman, Herbjørn Hansson, has increased his ownership in the company, purchasing an additional 50,000 NAO shares with his son, Alexander, yesterday at about $7.83 per share. In a letter to NAO shareholders
The Comptroller General's Office (CGU), the Attorney General's Office (AGU) and SBM Offshore today signed a Memorandum of Understanding (MoU). The MoU sets a framework between the Company, the CGU and the AGU for discussions on a potential mutually acceptable settlement and for the
Drydocks World, the international service provider to the shipping, offshore, oil, gas and energy sectors, have simultaneously berthed 11 rigs in the Dubai yard, breaking its record of nine rigs at the yard set in February this year.
For the 2014 financial year, VIKING Life-Saving Equipment A/S has again managed to lift both its top and bottom line to record levels. Turnover grew 7 percent to DKK 1.728 billion, and pre-tax profits reached DKK 183.7 million – an increase of 30 percent.
Private equity firm Quantum Energy Partners will invest up to $1 billion in a new entity for acquisition and development of oil and gas assets that will be managed by Linn Energy LLC. Linn will be able to take a 15-50 percent direct working interest in the acquired assets
Innovation, superior technology and competitiveness are the characteristics that have brought the Finnish maritime industry world repute. Its well-knit maritime cluster responsible for achieving a high level of production has propelled it into prominence in the global market