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Offshore Shares

Superior Offshore Shares Plunge

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 Are Leading The Way

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


Shipping Outperforming Offshore In October

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


$230M Offshore Contract Announced

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 Sells FPSO Crystal Sea

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.


Bouygues Offshore Logs New Contract

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


Gas Prices, Offshore Shares Fall In Tandem

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 Wins $120M in Contracts

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 Acquires RR Offshore

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


Diamond Offshore Scraps Special Dividend on Weak Market

Ocean Endeavor (Photo:  Diamond Offshore)

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


Three Keppel Dredgers for Jan De Nul

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to build three Trailing Suction Hopper Dredgers (TSHDs). The TSHDs are worth about S$100 million in total.


Philippines' Offshore Oil Still in Doubt

Production of oil still in troubled waters after South China Sea ruling By Enrico Dela Cruz   The Philippines, eager to resume development of vital oil and gas reserves off its coast, will likely need to reach an accord with a Chinese government infuriated by last week's ruling that


Port of Rotterdam Throughput Dips in 2016

Photo: Port of Rotterdam Authority

Compared to the first half of 2015, which saw throughput increased by 6.8 percent, the Port of Rotterdam handled 3 percent less cargo in the first six months of 2016, according to the Port of Rotterdam Authority.   The most pronounced decrease could be observed in the dry bulk segment


Staying Afloat Down Under?

Graph: Clarksons Research

 In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the prospects for Australian gas projects that have yet to be sanctioned are looking increasingly uncertain due to weaker LNG


Energy Doldrums Force Boskalis to Cut Fleet, Staff

Photo courtesy of Boskalis

Dutch offshore engineer Boskalis said it was cutting 650 jobs worldwide and culling 24 vessels in response to what it called drastic changes in the company's outlook caused by low energy and commodity prices.   The job cuts, including 150 Dutch employees


Global Maritime's Warranty Services for Block Island Wind Farm

Global Maritime Provides Marine Warranty Services to US’s First Offshore Wind Farm Photo Global Maritime

Global Maritime Consultancy & Engineering has signed a contract with leading offshore wind developer Deepwater Wind to provide marine warranty services for the Block Island Wind Farm, America’s first offshore wind farm.   Services that will be provided include a technical review


BOURBON to Pay Dividend for 2015

Bourbon - A world leader in marine services for offshore oil and gas Photo Bourbon

The Annual General Meeting of BOURBON shareholders held on May 26, 2016 approved the payment of the dividend for 2015 of €1.00 per share and that each shareholder can choose to receive the dividend either in cash or in new shares. The period for exercising the option ran from June 15


TTA Disposes Ship Agency

Image: Thoresen Thai Agencies Plc

 Thailand-based Thoresen Thai Agencies (TTA) has disposed of all its holdings in affiliated ship agency Thoresen Shipping and Logistics Ltd (TSL).   TTA said in an exchange filing that it had disposed of around 240,000  TSL shares to Thailand-based Naxco Shipping and Logistics.


Cargo Shipping Market to Reach 12.52 Bln Ton by 2021

Photo: Maersk Line

 The Cargo Shipping Market is estimated to gain momentum after fiscal year 2018 after years of sluggish growth. Cargo Shipping Market is projected to reach 12.52 Billion Tons at CAGR of 3.5% from 2016 to 2021.   According to report Cargo Shipping Market - Global Trends and Forecast to


Petrobras, SBM Offshore, Brazilian Authorities Reach Settlement

Logo Courtesy SBM offshore

The Ministry of Transparency, Oversight and Control (Ministério da Transparência, Fiscalização e Controle - "MTFC"), the Public Prosecutor's Office (Ministério Público Federal - "MPF")


NOIA Applauds Passage of House Interior Appropriations Bill

NOIA - Randall Luthi President of the National Ocean Industries Association

NOIA President Randall Luthi released the following statement after the House of Representatives passed the 2017 Interior and Environment Appropriations bill: “NOIA applauds members of the House of Representatives for passing the first Interior and Environment Appropriations bill since


Philly Shipyard to pay Dividend

Philly shipyard aerial view Photo Philly Shipyard

Philly Shipyard, a U.S. commercial shipyard constructing vessels for operation in the Jones Act market has announced acash dividend to be paid by PHLY.   The schedule is as follows: Dividend amount: USD 0.25 per share Declared currency: USD


PALFINGER Makes Takeover Bid for TTS

The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA, listed on the Oslo Stock Exchange, was approved and published this morning by the Oslo Stock Exchange following a detailed review. PALFINGER aims to acquire 100 percent of the TTS shares


DNV GL Seeks to Standardize Floating Turbines

Image: DNV GL

 DNV GL launched a new joint industry project (JIP) together with thirteen global partners to mutually develop a Recommended Practice for the coupled analysis of floating offshore wind turbines.  Despite the fact that the wind industry has a strong focus on the development of floating


CMA CGM Completes NOL Acquisition

Photo: CMA CGM, NOL

 CMA CGM has reported its all-cash voluntary unconditional general offer for Neptune Orient Lines Ltd (NOL) closed on July 18, 2016, with CMA CGM now owning approximately 97.83 per cent of NOL's share capital.   Monday July 18 marked the last day of trading in shares of NOL on the






 
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