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
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.
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
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
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
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
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
Braemar Engineering, the specialist maritime engineering consultancy, today announced the appointment of Chis Kruszewski to the role of Senior Electrical Engineer in its Offshore, DP and FMEA Group. Mr Kruszewski joins Braemar Engineering with immediate effect
Aker ASA has on 30 September 2015 transferred its equity holdings in Converto Capital Fund AS to Aker Capital AS, a wholly-owned subsidiary of Aker. As per 30 September 2015, Converto Capital Fund AS directly held 7,237,631 of the issued shares and votes in Aker Philadelphia Shipyard ASA
Japanese shipbuilder Mitsui Engineering and Shipbuilding (MES) has bought 99.36% of the outstanding ordinary shares in German designer and manufacturer of gas tanks and gas handling systems TGE Marine AG to expand its foothold within the market for medium sized multi-gas carriers.
Netherlands-based floating production solutions provider SBM Offshore announced that its main Brazilian subsidiary has received written notification from Petrobras of its ability to participate in the recently issued Libra and Sépia FPSO tenders in Brazil.
Scorpio Bulkers Inc. announces purchase of 1,436,352 common shares by Scorpio Services Holding Limited Dry bulk commodities shipper Scorpio Bulkers Inc. announced today that Scorpio Services Holding Limited has purchased an aggregate of 1,436
UK P&I Club provides practical guidance to Members in relation to piracy in West Africa. Stuart Edmonston, Head of Loss Prevention, says: “We have seen a sizable shift in pirate activity, from Somali to West Africa, and are witnessing an increase in incidents particularly offshore
Interior to auction 344,000 acres offshore New Jersey for wind energy development; 13 energy companies qualified to bid in lease sale As part of President Obama’s Climate Action Plan to develop domestic clean energy resources, cut carbon pollution and create American jobs, U.S
Press release - Cadmatic and Numeriek Centrum Groningen BV (NCG) have combined their business operations and continue as one company. Cadmatic Oy has acquired all the shares and business operations of Numeriek Centrum Groningen BV (NCG). This is valid from the 16th of September 2015.
The dredging and maritime management company Jan de Nul Group signed the acquisition of the offshore facility vessel Vidar, which previously worked for the German company Hochtief. The facility vessel Vidar, which is less than two years old
D’Appolonia, the independent engineering consulting company of RINA Group, headquartered in Italy, announced it has acquired a majority stake in Fano-based SeaTech Srl. According to D’Appolonia, the acquisition aims to strengthen its position in the marine offshore oil and gas sector
China Merchants Holdings (International) Co. Ltd. along with Cosco Pacific Ltd., a unit of China Investment Corp. and Euro-Asia Oceangate will pay US$919.9 million to buy a 64.5% stake in Fina Liman from Fina Holding. Fina Liman is an investment-holding company that owns and
Qatar Navigation (Milaha), a leader in marine transportation offshore support services, port management and logistics services, has appointed Abdulrahman Essa Al-Mannai as its president and chief executive officer. He will succeed Khalifa Ali Al-Hetmi
Go Offshore, wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.2 million with a large oil and gas company. The two contracts are in respect of two 16
Safety equipment manufacturer VIKING Life-Saving Equipment said its Offshore Safety Agreements are providing relief for offshore operators seeking to ensure compliance for their safety equipment with minimal in-house administrative overheads in a new, cost-focused paradigm.
SSI's CAD/CAM ShipConstructor software utilizes a Marine Information Model (MIM) to store a wealth of data that can be leveraged for maintenance, repair and lifecycle support. Slated to exhibit at the American Society of Naval Engineers' Fleet Maintenance & Modernization Symposium