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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


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.


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


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


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


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


NCA Acquires More IOS Offshore Shares

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.  


MacGregor Signs Contract with Shell

MacGregor has supplied Pusnes offshore mooring systems since 1968 and is a leading provider to customers worldwide. Many types and designs of winches, fairleads and chain stoppers have been developed over the years with del

  MacGregor, part of Cargotec, has signed a contract with Shell for a Pusnes permanent mooring system. Contract value is around EUR 20 million.   "We are very happy to finalise this large contract," says Jan Martin Grindheim, Vice President


Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana will acquire Petronas’ interests of 50% of Block 0197 & 0297 (Cuu Long Basin), 40% of Block 10&11.1 (Nam Con Son Basin) and 36.85% of Block 46-Cai Nuoc (Malay-Tho Chu Basin

  SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore south Vietnam (Blocks 01/97 & 02/97, Blocks 10&11.1, Block 46-CN) for a total purchase price of US$400 million


DNV GL, N-KOM to Partner on LNG Initiatives

N-KOM’s CEO Chandru Rajwani and Dr Henrik O. Madsen, DNV GL’s Group President and Chief Executive Officer, signed the memorandum. (Photo: Laurence Tissot)

A memorandum of understanding (MOU) was signed today between DNV GL and Qatar’s premier shipyard Nakilat-Keppel Offshore & Marine (N-KOM) to promote liquefied natural gas (LNG) as fuel within the maritime and offshore industry. The signing ceremony took place during DNV GL’s


Samsung Heavy Scraps Samsung Eng Takeover

Gepje Shipyard (Photo: Samsung Heavy Industries)

Samsung Heavy Industries said on Wednesday it has decided to scrap a $2.5 billion stock deal to take over Samsung Engineering, potentially complicating restructuring plans by parent Samsung Group ahead of a looming succession. Shareholders doubting the synergies of the merger had asked the two


Stolt-Nielsen Buys One Million of Its Common Shares

Stolt-Nielsen Limited announced today that on November 18, 2014, it agreed to purchase one million of its common shares through a private tender of shares at a price of NOK 110 per share. The shares are purchased in accordance with the buyback program announced on November 18, 2014.


Ocean Rig's $120m Loan Agreement with DryShips

Ocean Rig UDW

Ocean Rig UDW Inc. a global provider of off-shore contract drilling oil services, today announced the following: On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of


Stolt-Nielsen Initiates Shares Buyback Program

Stolt-Nielsen Limited’s board of directors has resolved to initiate a buyback program to purchase up to $50 million worth of its common shares, the company announced today. The buyback program will comprise up to 3,100,000 common shares, representing up to 4


Paragon Acquires Majority Stake in Prospector

PROSPECTOR 1 on location in the U.K. Sector of the North Sea (Photo courtesy of Prospector Offshore Drilling)

Paragon Offshore plc reported that it has acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess. Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or $2


Hedge Funds' Big Bets on Energy Companies Pummeled

Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller


Boskalis Raises Full-year Profit Forecast

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  Q3 TRADING UPDATE - HIGHLIGHTS Good third quarter with sizable financial settlements on old projects Order book increased slightly to EUR 3.3 billion 2014 OUTLOOK Market conditions remain challenging Good second half-year expected


Polarcus COO Buys Half a Million Company Shares

Polarcus Adira (Photo courtesy of Polarcus)

Polarcus Limited announced today that a primary insider of Polarcus has acquired shares in the company. Duncan Eley, Chief Operating Officer, has on November 14, 2014 acquired 500,000 shares at an average price of NOK 0.9542 per share, the company said in a press release


Foster Wheeler To Delist From NASDAQ

  Foster Wheeler AG announced today that it intends to voluntarily delist the registered shares of the Company, par value CHF 3 per share, from the NASDAQ Global Select Market (“NASDAQ”) and, provided that the requirements for deregistration are met, in due course


ClassNK Expands Veracruz Office

The 462 gt offshore support vessel Lluavi is one of the ships that transferred to ClassNK this year

  Leading classification society ClassNK has announced the expansion of its Veracruz Office in order to better support the growing offshore oil industry in the Gulf of Mexico. The expansion will increase the survey capabilities and management of the Veracruz office in response to growing


Conrad 3Q 2014 Net Slips

Conrad Industries

  Conrad Industries, Inc.announced today its third quarter and nine months 2014 results and backlog. For the quarter ended September 30, 2014, Conrad had net income of $4.5 million and earnings per diluted share of $0.74 compared to net income of $6


BP's 3Q Interim Dividend for 2014

BP Logo

  The Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014






 
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