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Olympia Explorer

Royal Olympic Cruise Lines Reports Loss for 2001

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


Olympia Explorer Continues Voyage

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a temporary restraining order that had been issued by the U.S. Bankruptcy Court at 1 p.m. Wednesday, December 17, was rescinded two hours later.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


Ocean Rig: 3-Year Drilling Contract for Ocean Rig Olympia

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


TEN Buys-Back Aframax Tanker Olympia

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 Passes Sea Trials

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


Olympic Explorer Delivery Delayed

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.


Collins Joins Snowe For Tour

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.


BOURBON Makes Several Fleet Additions

Photo: BOURBON

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


Green-Designed Passenger Boat Departs Florida for Educational Mission

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


Liberia Issues Report on Explorer Casualty

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


EPA Awards Great Lakes Shipyard Drydocking Contract

Lake Explorer II

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) R/V Lake Explorer II. The research vessel was hauled out using the 770-ton capacity Marine Travelift at Great Lakes Shipyard. The repair contract that started on August 14


MTN Extends Prestige Cruise SatCom Partnership

Cruise ships: Photo Regent Seven Seas

MTN Communications (MTN) says it has extended the companies' 12-year relationship and will be introducing new communications services to its three-ship Regent Seven Seas Cruises fleet and five-ship Oceania Cruises operation. In addition


Private Equity Firms Double down on Venari's Offshore Drilling

Gulf of Mexico deepwater oil explorer Venari Resources LLC said on Wednesday it had raised $1.3 billion from original backers Warburg Pincus LLC, Kelso & Co, the Jordan Company and Temasek Holdings, as well as new investors. GIC, Singapore's sovereign wealth fund


Great Lakes Shipyard Wins EPA Drydock Contract

Lake Explorer II

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking, routine repairs, maintenance and upgrades, as well as design, fabrication and installation of a new bulbous bow


Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Image

  Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA, France for the conversion of Two FPSOs for the Kaombo Project in Offshore Angola.  


Greece Promises Tax Cut to Attract O&G Majors

Ionnis Maniatis

Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday. Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently


Historic Great Lakes Shipwreck Possibly Discovered

Main: diver uses Diver Mag on reef. Top: diver searches with PT-1. Bottom: Le Griffon.

Steven Libert, president of the Great Lakes Exploration Group, announced he has located what is believed to be the remains of Le Griffon, the first European ship to have sailed the upper Great Lakes. The 45-ton barque carrying seven cannons was built by the legendary French explorer


Origin Buys Karoon's Offshore Gas Interest For $800 Mln

Origin Logo

Australian energy company Origin Energy Ltd said on Monday it will buy oil and gas explorer Karoon Gas Ltd's 40 percent stake in Poseidon, Browse Basin gas assets for up to $800 million. In a statement, Origin said the purchase gives it a strategic stake in one


Marathon Traders Gain E.Coast foothold with Hess Deal

Marathon Petroleum Corp is poised to expand its growing Midwest and Gulf Coast fuel trading operation to the East Coast with Thursday's deal to buy Hess Corp's retail network and transport contracts. The purchase will give Marathon control of Hess's gasoline stations and access to pipelines


Cruise Ship Data to Assist Ocean Scientists

Celebrity Equinox (photo courtesy Celebrity Cruises)

Celebrity Equinox becomes third Royal Caribbean Cruises Ltd. vessel to feature technology that helps scientists understand effects of climate change Last week, as Celebrity Cruises’ Celebrity Equinox completed its scheduled drydock in Cadiz, Spain


Columbus' Santa Maria May Have Been Found off Haiti

A replica of the Santa Maria (Library of Congress photo)

Underwater explorer Barry Clifford said he found sunken off Haiti what he thinks is the wreck of Santa Maria, Christopher Columbus’ long lost flagship from his first journey to the Americas. Clifford, working for an operation funded by the History Channel


Deep Sea UV Implodes in Kermadec Trench

In the UV control room: Image courtesy of WHOI

Woods Hole Oceanographic Institute (WHOI) says its deep sea unmanned submersible 'Nereus' has gone missing 10km down while exploring one of the world's deepest spots – the  Kermadec Trench, located north east of New Zealand. Surface debris was found


Wessex Exploration Plans Hague And London Oil Acquisition

  London-listed explorer Wessex Exploration has signed a heads of agreement to acquire Hague & London Oil (Halo) which holds a prospective asset in the Philippines. Consideration for the acquisition will be satisfied by the issue to the vendors of 241m ordinary shares in the company


KrisEnergy Acquires 42 Pct Stake In Tanjung Aru Block

Makassar Strait

  Singapore's oil and gas explorer KrisEnergy acquired a 42 percent stake in the Tanjung Aru block in the Makassar Strait from its partner Neon Energy on May 5, company spokesman Tanya Pang said. The transaction occurred after Neon Energy failed to pay a cash call worth $1 million


$1.3m in Gold Recovered from 1857 Shipwreck

A deep-ocean exploration company in Florida says it has recovered nearly 1,000 ounces of gold, worth $1.3 million at current gold prices, on a reconnaissance dive to an historic Atlantic Ocean shipwreck. The dive confirmed that the ship had not been disturbed since 1991 when another company






 
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