Royal Olympic Cruise Lines Inc. has announced a loss for the fiscal year 2001, ended November 30, 2001. The events of September 11 had a substantial impact on the company's results and in the period September to November 2001, booking cancellations exceeded 3,000. EBIDA fell 25 percent from $ 21.7 mil in 2000 to $9.8 million in 2001. The inclusion of the first new vessel, Olympia Voyager, for a full year, resulted in additional interest and depreciation charges of $9.5 million, giving rise to operating losses of $18.4 million vs. profit of $3.2 million last year. The results were further deteriorated by non-operating losses on the valuation of financial instruments, in connection with the acquisition of the second new vessel, Olympia Explorer, of $7 million and a charge of $1.1 mil, resulting from the adoption of a new accounting policy on the treatment of financial instruments, bringing overall losses to $25.4 million vs. profits of $1.5 million last year. Revenues for the year however increased from 2000, reaching $128.8 million reflecting what had been an improvement through the summer in 2001, and a full year of operations for the company's first new building, the Olympia Voyager. Passengers increased by 19.8% to 146,739 and passenger days increased by 159,289, or by 20.6%. Operating expenses increased by $12.5 million to $93.6 million in 2001
Responding to a published report that their vessel Olympia Explorer was ordered by the court in Honolulu to remain in Hawaiian waters, Royal Olympic Cruise Lines Inc. announced that a temporary restraining order that had been issued by the U.S. Bankruptcy Court at 1 p.m. Wednesday, December 17, was rescinded two hours later. The vessel sailed from Honolulu the same day and is presently continuing the performance of its scheduled cruise among the Hawaiian islands and its voyage to San Diego and
Royal Olympic Cruise Lines Inc. has requested that a number of improvements be made to the Company's newbuilding, Olympic Explorer, prior to taking final delivery of the cruise ship, which was originally scheduled for today. The Company is making adjustments to the Olympic Explorer's early voyages and is in contact with its clients and agents informing them of possible variations to schedules and alternative options.
Navigation Ltd. (TEN) announced that it has taken delivery, pursuant of the exercise of its option in October 2006, of the 1999-built double-hull Aframax tanker Olympia from the German KG house to which it had sold the vessel in 1999. The purchase option was exercised at $31.1 million while its fair market value is estimated to be approximately $60 million. The vessel is currently operating in the spot market and will remain so for the foreseeable future.
Explorer of The Seas, which is currently under construction at Kvaerner Masa-Yards for Royal Caribbean International, has successfully completed its sea trials. The second member of the Voyager-class series, the vessel's trials were conducted on the Baltic Sea, and according to Captain Olav Nyseter, the incoming master of the vessel, all tests performed met or superceded the specified parameters. The trials also included the vessel's demonstration of its excellent maneuvering
Ocean Rig UDW Inc. (NASDAQ:ORIG) received a Letter of Award for its ultra deepwater drillship “Ocean Rig Olympia”, from a major oil company. The Letter of Award is for a three- year contract for drilling offshore West Africa, with an estimated backlog of approximately $652 million. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the Ocean Rig
Due to the delay in delivery of Olympic Explorer from Blohm + Voss shipyard in Hamburg, Royal Olympic Cruise Lines has been forced to cancel the cruises of its new vessel until September 15, 2001. The delay is reportedly due to certain technical problems that need to be addressed and solved before the vessel's delivery. The matter has since been referred to the yard's technical team, who is assessing the situation.
Explorer, RiverQuest’s newly constructed boat leaving Freeport, Fla. for its homeport in Pittsburgh, is a state-of-the-art environmental classroom, a world benchmark “green” commercial vessel and a tourist attraction that is the first of its kind. The launch of Explorer, the world’s first green-engineered floating classroom, marks a new era in marine design for environmental sustainability. Departing from its construction site in Freeport, Fla
The commandant of the Coast Guard, Adm. Thomas Collins, is in Maine Wednesday, joining U.S. Sen. Olympia Snowe for a tour of the Coast Guard base in South Portland, according to WMTW.com, touring the recently established Coast Guard Sector Northern New England. Snowe chairs the Senate Commerce Subcommittee on Fisheries and the Coast Guard.
With the AHTS Bourbon Liberty 320, BOURBON is now running a fleet of 100 Bourbon Liberty series-built, diesel-electric propelled and DP 2 vessels, a first in the oil services industry. This milestone coincides with the delivery of the first two of 20 deep offshore PSVs of the new BOURBON series: the Bourbon Explorer 500. "The Bourbon Liberty's operational success and the launch of the Bourbon Explorer 500 series strengthen our ability to provide a complete range of services worldwide
Reutrs - Australian marine logistics firm Mermaid Marine Australia Ltd. said on Tuesday it had agreed to buy the offshore businesses of Singapore's Jaya Holdings Ltd. for $495.96 million in cash to expand its international portfolio. Mermaid Marine
Norwegian oil explorer Det norske made a small oil discovery in the Arctic Barents Sea with a gross oil column of about 30 metres and much poorer reservoir quality than expected, the Norwegian Petroleum Directorate said on Monday. Det norske earlier said it found some oil in the prospect but
In what it calls a natural step in the process of expanded subsea services in the oil and gas industry, MMT has signed a two-year charter contract for M/V Stril Explorer, operated by Simon Mökster Shipping AS. MMT said it has conducted various survey assignments from this vessel during
Reuters - Edison, the Italian utility owned by EDF, is in talks to buy two Israeli gas fields from U.S. explorer Noble Energy and Israel's Delek Drilling, which are estimated to hold up to 70 billion cubic meters in total, two sources with knowledge of the talks said.
Seventy four people spent Christmas aboard the Russian cruise ship 'MV Akademik Shokalskiy' beset by ice in a remote region off the coast of Antarctica. The Australian Maritime Safety Authority (AMSA) is co-ordinating the search and rescue operation
According to a Reuters report, the Chinese icebreaker that helped rescue 52 passengers from a Russian ship stranded in Antarctic ice found itself stuck in ice on Friday, January 3, 2014. According to the Reuters report, Snow Dragon had ferried the passengers from the stranded Russian ship
Both the 'Akademik Shokalskiy' and the 'Xue Long' have managed to break free from heavy ice in Commonwealth Bay, Antarctica, informs the Australian Maritime Safety Authority’s (AMSA) Rescue Coordination Centre (RCC Australia). According to the the U.S
Navis Engineering is to supply its JP4000 Joystick Control System to Drettmann Yachts for a 24m Explorer Series vessel under construction at Acico Yachts BV in Enkhuizen in the Netherlands. The yacht features unique electrical podded thrusters in both the stern azimuth and bow tunnels which
STX Marine (STXM), which split off from the STX Corporation in 2011, say they partnered with CSS Designs Ltd. for 5 years to develop the ground breaking Compact Semi-Submersible (CSS) design of the 'Olympia' which they believe will change the long term landscape of the offshore vessel market
Royal Caribbean International (RCI) cruise line has ended the 'Explorer of the Sea's' 10-day trip in the Caribbean early after hundreds of passengers and crew members were sickened with a gastrointestinal illness, thought to be an outbreak of highly contagious norovirius. RCI's statement reads:
STX Marine (STXM) announced that Gran Energia took delivery of the Compact Semi-Submersible (CSS) Olympia from MAC Offshore. STXM and partners in CSS Designs Ltd. developed the CSS design over the past five years, and said this delivery, will change the long term landscape of the Offshore
The Tungsten Explorer is an ultra deepwater, dynamically positioned mobile offshore drilling unit (Drillship). The primary areas of activities of the Drillship shall be in the Gulf of Mexico, West Africa and Brazil. The drillship has drilling equipment on the topside with a continuous main deck
After a multi-day viral outbreak that infected close to 700 people with a painful stomach illness, aboard the cruise ship 'Explorer of the Seas', Congressman John Garamendi (D-Fairfield, CA), who serves as the Ranking Member of the House Transportation and Infrastructue Committee’s
U.S. Centers for Disease Control and Prevention (CDC) have released investigation updates on the cruise ships 'Explorer of the Seas' and 'Caribbean Princess'. 'Explorer of the Seas' During the voyage of the Royal Caribbean Cruise Line ship from January 21-31 2014
UK firm Analox Sensor Technology Ltd. (AST) is backing an expedition which aims to produce previously unseen footage of submarine Polar Regions: 'Under the Pole Part II – Discover Greenland' has been inspired by explorer and diver Jacques Cousteau.