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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


Partners Tap Standardization to Trim Newbuild Costs

Photo: DNV GL

Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction of offshore oil and gas installations. Cost savings are delivered by addressing variations in owner, operator


ABB Transformers for the Most Powerful Wind Turbines

ABB  transformers Photo ABB

ABB will deploy 40 special transformers to equip wind turbines for an offshore wind farm in the Irish Sea. The MHI Vestas Offshore Wind turbines are 195 m (640 ft) tall - around two-thirds the height of the Eiffel Tower - and weigh 1000 metric tons


Yilport Acquires Sweden's Gavle Terminal

Robert Yuksel Yildirim, Chairman of Yilport Holding. Photo: Yilport Holding Inc

 Turkish terminal operator Yilport Holding has gained full control of Gävle’s terminals.   Yilport Holding acquired 100% shares of Gävle Container Terminal (GCT) and Baltic Sea Gateway (BSG). The Port of Gävle is Sweden’s third-biggest container port


BSEE, USCG on Sharing Information, Jt Ops

BSEE Director Salerno and USCG Rear Admiral Thomas Discuss information Sharing and Joint Operations at OTC

Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno and U.S. Coast Guard Rear Admiral Paul Thomas participated in a luncheon panel discussion today ​at the Offshore Technology Conference (OTC)  in Houston. The discussion focused on topics relevant to joint inspections


Seacat Services Supports Dong Construction Race

24 month, four-workboat, charter service agreement to provide DONG Energy with construction support across the Race Bank offshore wind project   DONG Energy, a developer of offshore wind projects, and offshore energy support vessel operator Seacat Services, today confirmed a two-year


SSA Showcases OSV Sector with OSV@Vivo 'Open House'

Dedicated Volunteer from Vroon Offshore Services Pte. Ltd.

OSV@Vivo has been taken to the heart of the Singapore public with an anticipated 4,000 visitors, expected to throng the two state-of-the-art Offshore Support Vessels (OSV) “Pacific Legacy” and “VOS Prince” moored at local shopping mall Vivocity Waterfront Promenade from 21


Aqualis Offshore and CSDC Join Forces

Aqualis Offshore and China Ship Design & Research Center Co., Ltd (CSDC) have signed an agreement to cooperate on engineering projects both in China and internationally.    CSDC, a subsidiary company of China Shipbuilding Industry Corp (CSIC)


North P&I Suggests Owners Join the CSO Alliance

North P&I Club has partnered with CSO Alliance, an online community of maritime company security officers (CSOs), to encourage its members to join and take part in security-related information sharing. In a first for the P&I sector, all CSOs in North’s 131 million GT owned fleet will


Statoil Buys Half Arkona Offshore Wind Farm Stakes

Illustration from the Amrumbank West Wind Farm. (Photo E.ON)

Statoil today enters the German offshore wind market, through a 50% acquisition of the Arkona offshore wind farm. Statoil and E.ON also announced the final investment decision on the 385 megawatt project. The estimated total investment for the project will be in excess of EUR 1.2 billion.


ABS Reflects on Strong 2015 Performance

Christopher Wiernicki (Photo: ABS)

153rd meeting of the classification society highlights class-centric strategy and vision for the future of class   ABS held its Annual Meeting on April 26, 2016 in New York, where Chairman, President & CEO Christopher J. Wiernicki reported that “2015 was a year of moving forward


UltraShip Benefits from Eye-share, Logimatic Partnership

Ulla Lange, Senior Accountant at Ultraship (UltraShip)

Ship management company UltraShip is the first user of the paperless invoice processing system, SmartSCAN, in Sertica.   Eye-share has partnered with Denmark based Logimatic. The partnership forms part of Eye-share’s strategy to reach new, important customer segments


Ulstein Verft's First Wind Service Vessel Launched

(Photo: Ulstein Group/Marius Beck Dahle)

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.   The service operation vessel (SOV) for the offshore wind industry is one of two being constructed for Bernhard Schulte Offshore


Royal Caribbean's Revenue up 5.6%

Ovation of the Seas (Photo: Royal Caribbean)

Royal Caribbean Cruises Ltd reported a 5.6 percent rise in quarterly revenue, helped by higher passenger ticket revenue and onboard spending, sending the company's shares up 4 percent in premarket trading. Royal Caribbean also raised its full-year earnings forecast to $6.15-$6


Shipping Industry Flying On The Dragon’s Back

Graph: Clarksons Research

 As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually found their 2008 heights just as unsustainable, even as some talked of a “new paradigm”.  


DNS Appoints Esson, Chief Executive

Roger Esso Photo DNS

Decom North Sea (DNS), the representative body for the offshore decommissioning industry, which promotes and facilitates collaboration and cost reduction, today appointed a new chief executive.   Roger Esson brings over 20 years’ highly relevant experience as DNS continues to play a






 
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