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a temporary restraining order that had been issued by the U.S. Bankruptcy Court at 1 p.m. Wednesday, December 17, was rescinded two hours later.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
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.
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.
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
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.
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
An investigation by the Liberian Registry and the resulting Decision of the Commissioner of Maritime Affairs for the Republic of Liberia into the sinking of the passengership Explorer off the South Shetland Islands in November 2007, while on an Antarctic cruise, has concluded that the primary reason for the casualty was a mistaken interpretation by the vessel's master of the nature of the ice he was entering. The Liberian-registered Explorer was on an eighteen-day round-trip from Argentina
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
Integrated subsea services provider DOF Subsea will stage the European launch of a new addition to its suite of services next week. During the Ocean Business event at the National Oceanography Centre in Southampton, U.K. from April 14-16, the company will showcase its newest service
Public can watch seafloor discoveries live online April 9-30. Beginning April 9, scientists aboard NOAA Ship Okeanos Explorer will begin a series of 20 dives to investigate previously unseen depths of the Caribbean Sea and Atlantic Ocean – and the public can follow along online.
The 32,000-ton Nord Explorer Cargo ship ran aground in the Delaware River around 4 a.m. Tuesday morning near the Riverton Yacht Club. No injuries or river pollution were reported by a spokeswoman from the U.S. Coast Guard. This is the second such accident in Delaware waters in the
Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem. Operator Premier Oil has suspended operations on the 4/20-1 (Isobel Deep) well
Odyssey Marine Exploration completes current phase of SS Central America recovery; 15,500+ gold and silver coins, 45 gold bars recovered to date; 161,000-square meter, high-resolution visual site survey complete Deep-ocean exploration company Odyssey Marine Exploration, Inc
Ophir Energy plc announced that the Silenus East-1 well in Block R, Equatorial Guinea has resulted in a new gas discovery. The Silenus East-1 well was drilled by the Vantage Titanium Explorer drillship within the thrust belt area of Block R
After more than 169 years, Canadian researchers discovered one of the two ships from the doomed Arctic expedition of Sir John Franklin, cracking one of the largest mysteries in sea exploration. The wreck was found some 11 meters below the surface using a ROV recently acquired by Parks Canada
Oil and gas explorer and producer Samson Energy Company LLC is selling its offshore Gulf of Mexico assets that could fetch more than $1 billion, according to people familiar with the situation. The Tulsa, Oklahoma-based company has tapped Jefferies LLC, the New York-based investment bank
Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships
Starting November 15, 2014, Royal Caribbean’s Explorer of the Seas begins homeporting at Port Canaveral through March 2015, offering a new nine-night itinerary that reaches further into the southern Caribbean with stops in Aruba, Bonaire, Curacao, and Haiti
BigRoll Shipping announced that COSCO Dalian Shipyard Co. Ltd has been contracted to build two more MC Class Module Carriers, bringing the total number of vessels under construction to four. The first two vessels BigRoll Barentsz and BigRoll Bering were ordered in 2013 and are scheduled for
European shares fell on Tuesday, the last full trading day of the year, led lower by energy companies as Brent oil fell to a 5-1/2-year low on persistent concerns about a global supply glut. The STOXX Europe 600 oil & gas index was down 1
Norwegian seismic explorer Polarcus' said its vessel utilisation dropped in the fourth quarter and it expected a challenging market through 2015. The firm had a combined contract and multi-client fleet utilisation of 70 percent in the fourth quarter
Regent Seven Seas has unveiled plans for the largest cruise ship suite in the world, which is under construction at the Fincantieri shipyard in Genoa, Italy Regent says the luxury ship, Seven Seas Explorer, will have the highest space ratios and one of the highest staff-to-guest ratios in the
Tridens joins select group of vessels installed with ‘drop keel’ echosounder technology Last week, the Dutch governmental shipping company Rijksrederij (part of the Dutch Ministry of Infrastructure and Environment