One Year

Arlington Tankers Exercises Four Options

Stena's exercise of the one-year options for the Panamax tanker, Stena Companion, and for the Product tanker, Stena Concord, extends the terms of the charters for these vessels to November 10, 2009. Stena continues to have the option to extend these charters on a vessel-by-vessel basis for two additional one-year terms. With respect to the Stena Companion, effective November 11, 2008, the basic charter rate will increase to $18,639 per day for a guaranteed 360 days per year and the fixed vessel management fee will increase to $6,989 per day through November 10, 2009. With respect to the Stena Concord, effective November 11, 2008, the basic charter rate will increase to $16,642 for a guaranteed 360 days per year and the fixed vessel management fee will increase to $6,442 per day through November 10, 2009. During the one-year charter extension, both vessels will also continue to be eligible to earn additional hire revenues through the Company's profit sharing arrangement with Stena.

Northrop Gets Navy Deal Worth up to $43M

Northrop Grumman Corp. (NYSE: NOC) was recently awarded a contract from the U.S. Navy with a high-end value of $43m. Under the deal, Northrop will provide management and technical support for foreign military sales, a government-to-government program for selling defense equipment, services and training that furthers national security and foreign policy objectives. The contract's one-year base period is worth $10m and includes three one-year option periods.

LHWCA Statute of Limitations

In an unpublished decision, the U.S. Court of Appeals for the Fourth Circuit ruled that the one-year statute of limitations under the Longshore and Harbor Workers' Compensation Act (LHWCA) does not commence to run until the claimant knew or had reason to know that the injury was likely to impair his earning capacity. In the instant case, plaintiff hook man injured his back while working in a shipyard in 1993. He was temporarily out of work, but then worked regularly for four years

Oceaneering Announces Hurricane Damage Services Contracts

Oceaneering International, Inc. won two contracts from BP Americas Production Company (BP) to provide vessel and remotely operated vehicle (ROV) services in the Gulf of Mexico (GOM) to support hurricane damage-related platform decommissioning operations. Under terms of each contract, Oceaneering will provide a dynamically positioned ROV support vessel equipped with three ROVs -- two work class and one observation class

MOL Enhances Seafarer Education in Philippines

Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced an agreement to introduce the Third Year Program with seven merchant marine schools in the Magsaysay Institute of Shipping (MIS*1) in Philippines. The move is aimed at cultivating seafarers who support high level of safety standards in vessel operations. MIS selected new Filipino seafarers from among third-year students at merchant marine schools

Tidewater Amends Bylaws and Reappoints Two Directors to Board

Tidewater Inc. has taken action to implement the board declassification proposal which has been sponsored by the Board of Directors and approved by the stockholders at the 2006 annual meeting. The Board of Directors has amended the Company's Bylaws to phase out the Company's classified board structure beginning with the 2007 annual meeting, with all director nominees at the 2007 annual meeting and thereafter to be elected for one-year terms

George G. Sharp Wins Contract

George G. Sharp Inc., Virginia Beach, Va., is being awarded a $12,170,065 cost-plus-fixed-fee contract for operation and maintenance of the NAVSEA Inactive Ships On-Site Maintenance Office (NISMO) in Philadelphia Pa. This contract includes a one-year base period and four one-year options, which if exercised, bring the total estimated contract value to $52,277,547. Work will be performed in Philadelphia, Pa. (85 percent); Norfolk, Va. (7.5 percent); and

Gulf Island Earnings Steady

Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.

Stealthgas Receives New LPG Ship

STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the delivery of Gas Cerberus, new charter arrangements for three vessels, the sale of four vessels and first quarter 2011 financial results release date, conference call and webcast.   Update on Newbuilding Program: On April 20, 2011, the Company took delivery of the 5,000cbm LPG carrier, Gas Cerberus

More Than $127 Million Approved for Port of Los Angeles Construction

Projects Advance Modernization of the TraPac Container Terminal.   The Los Angeles Board of Harbor Commissioners has approved construction contracts totaling more than $127 million for two major projects that advance modernization of the marine container terminal operated by longtime tenant, TraPac, Inc.     With work due to begin in January, the projects are key elements of the Port of Los Angeles’ overall capital improvement program