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
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
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
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
Norse Cutting & Abandonment AS (NCA) has acquired an additional 21% of mooring specialist IOS Offshore, bringing its total engagement up to 91%. IOS Offshore (IOS) offers rental, sales and service of specialized mooring and lifting equipment. The company has several bases along the Norwegian coast and delivers chains, buoys, mooring lines, anchors and lifting equipment to oil companies and rig operators. Their main office is located in Dusavik outside Stavanger.
DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, announced its unaudited financial and operating results for the first quarter ended March 31, 2013.
TTS Sets its sites on China to Achieve its Financial Goals TTS has set its sights on becoming a billion euro business and is focusing on China as a key growth driver. Through long-term joint ventures with state-owned Chinese concerns, TTS has established itself as the leading (and largest)
Since the integration of Ned-Deck Marine into the Palfinger Group in 2010, the Business Area Palfinger Marine said it has strengthened its position as a deck equipment supplier in the maritime, offshore and wind industries worldwide. Based on these developments
Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced its unaudited financial results for the quarter ended March 31, 2013. The Company’s Board of Directors also declared a quarterly dividend of $0.05 per share for the first quarter of 2013.
Petrobras CEO, Maria das Graças Silva Foster – named one of the world’s 100 most influential people by Time magazine in 2012 – will be a keynote speaker for the New Frontiers roundtable at Nor-Shipping’s Agenda Offshore conference on June 5.
DNV said its continued focus on safety and service quality and the ability to provide leading-edge technology advice and solutions contributed to its market and financial performance in 2012. The company reported that revenues increased by 27% compared to 2011
US shipbuilder & repairer Conrad Industries, announces its first quarter 2013 results and backlog. For the quarter ended March 31, 2013, Conrad achieved net income of $5.9 million and earnings per diluted share of $0.99 compared to net income of $3
The European Commission has adopted an Action Plan to revitalise the marine & maritime economy in the Atlantic Ocean Area. The Action Plan aims to show how the EU's Atlantic Member States, their regions and the Commission can help create sustainable growth in coastal regions and drive forward
Two new Rule-sets approved at the first Offshore Technical Committee (OTC) held at LR's Global Technology Centre in Singapore. Lloyd's Register say that these two new rule-sets will be made public later this month (May 2013). The Floating Offshore Installations at a Fixed Location 2013 Rules and
Experts from the offshore energy industry around the world came together May 6-9 for the 2013 Offshore Technology Conference at Reliant Park in Houston. Attendance at the conference reached a 30-year high of 104,800, the second highest in show history and up 17% from last year.
GE continues to expand its technology portfolio to address the challenges of offshore drilling & production and the rigors of deepwater drilling. Several GE business units showcased their latest products and services for the offshore sector in at the 2013 Offshore Technology Conference (OTC)
U.S. Coast Guard ond Bureau of Safety and Environmental Enforcement sign agreement to improve offshore oversight. U.S. Coast Guard Rear Admiral Joseph Servidio, Assistant Commandant for Prevention Policy and Bureau of Safety and Environmental Enforcement (BSEE) Director James Watson and
PEM Offshore Limited signed a multi-million dollar contract with Kongsberg Maritime for the supply of a full suite of Offshore Anchor Handling, Dynamic Positioning, Power Management and Crane Simulation systems. The new simulators will form the main infrastructure for a world-class offshore
Lloyd’s Register’s Global Technology Center in Singapore held its inaugural Offshore Technical Committee last week with representatives from national and international oil companies, EPC contractors, owners, operators, fabricators, shipbuilders
IHC Hydrohammer, part of IHC Merwede has developed and tested a new technology which uses seawater instead of hydraulic oil. This sustainable product development minimises potential oil spill hazards in the marine environment and presents new opportunities for deep-water offshore pile driving