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Stolt Offshore News

13 May 2019

Geoquip Marine Names Laloe as Director

Switzerland-headquartered  geotechnical engineering and offshore drilling company Geoquip Marine has announced the appointment of industry veteran Jean-Luc Laloe to its Board of Directors.Jean-Luc, who has almost 40 years of experience in the offshore oil and gas industry, has joined as an independent non-Executive Director.Jean-Luc originally entered the Offshore Engineering and Construction industry in 1980 and in the course of his career he has worked with Technip, Stolt Offshore, and Acergy /Subsea 7. He has held a wide variety of positions with a broad portfolio of responsibilities, including CFO and CEO.Jean-Luc becomes the second major board appointment to Geoquip in a matter of weeks and he will work with Arvid Trolle…

03 Apr 2018

Stolt-Nielsen Names Grüner-Hegge CFO

Jens F. GrĂĽner-Hegge is the new CFO at Stolt-Nielsen (Photo: Stolt-Nielsen)

Stolt-Nielsen Limited announced Jens F. Grüner-Hegge has been appointed as its new Chief Financial Officer, effective from April 2, 2018. Grüner-Hegge, who has served as Vice President, Corporate Finance since 2007, succeeds longtime CFO Jan Chr. Engelhardtsen, who will retire from his executive role and has been appointed to fill a vacancy on the company’s board of directors. With the addition of Engelhardtsen as a director, the SNL Board now has seven members, four of which are independent.

16 Feb 2015

Founder Stolt-Nielsen Passes Away

Jacob Stolt-Nielsen, 83, passed away today in the company of his family at his home in Oslo. An entrepreneur and visionary of boundless enthusiasm and energy, Jacob Stolt-Nielsen founded Parcel Tankers, Inc. in 1959 and pioneered the global trade for liquid chemicals, ultimately building what is today the world's largest chemical tanker company, Stolt Tankers. worldwide. In 1972, he founded Stolt Sea Farm, a pioneer in salmon farming, which is recognised today as a leader in high-tech aquaculture, focusing on sole, turbot and sturgeon for caviar. A year later, in 1973, he established Stolt-Nielsen Seaway A/S to provide diving and subsea services to the offshore oil and gas industry in the North Sea…

09 Dec 2014

Founder Retires From Stolt-Nielsen BoD

Jacob Stolt-Nielsen

Stolt-Nielsen Limited has announced that Jacob Stolt-Nielsen, the visionary entrepreneur who founded the company in 1959, will retire from the SNL Board of Directors effective December 15, 2014, thus formally concluding his career at the company, 55 years to the date of its founding. He will continue as Honorary Chairman. Mr. Stolt-Nielsen, who is 83, conceived the innovative designs that led to the creation of the first parcel tanker. After founding Parcel Tankers, Inc. in 1959…

13 Aug 2013

Flexlife Makes Double Management Appointment

Jon Hawes (left) and Simon Hounsome

Flexlife, the subsea flexible pipes specialist, has strengthened its management organization with two senior appointments. Simon Hounsome joins Flexlife’s Aberdeen headquarters as integrity and projects director, responsible for the policy, strategy and technical services delivered globally from the firm’s Aberdeen, Newcastle and Houston offices. Mr. Hounsome brings more than 20 years’ oil and gas experience in construction projects and operations management. Most recently he worked at JP Kenny, where he held the position of business manager – operations support.

22 May 2013

Unconventional Wisdom from Dolphin Geophysical CEO

Atle Jacobsen CEO Dolphin Geophysical

Atle Jacobsen, the CEO of Dolphin Geophysical, is, in many ways, a bit of a paradox. An experienced, no-nonsense, veteran of the marine seismic surveying industry, he is also disarmingly easy to “talk shop” with, engaging and has an obvious thirst for new ideas and technology. But the core contradiction lies in his approach to business. This is a man that shows no qualms about ripping up the rulebooks and making brave decisions, but at the same time there is a steadfast caution that underpins the very essence of the Dolphin business model.

15 Oct 2001

Stolt Offshore Awarded Repair Contracts in Norway

Stolt Offshore S.A. announced the award of contracts from Statoil and Norsk Hydro to the Stolt Halliburton Joint Venture for pipeline repairs in Norway. This joint venture was originally formed in 1995 for servicing the Statoil Hyperbaric Welding and Diving Services Contingency Contract and renewed in July 2000 for five years. The first contract is for pipeline repairs on the Aasgard field for Statoil and is valued at $100 million. expected to be completed in April 2002. The second contract is for pipeline repairs on the Tune field pipeline for Norsk Hydro and is valued at $6 million. This contract will use the pipeline repair system owned by the Statpipe License and the Oseberg Transporation System and administered by Statoil.

26 Sep 2001

Stolt-Nielsen S.A. Reports Improved Third Quarter Results

Stolt-Nielsen S.A. (Nasdaq: SNSA; Oslo Stock Exchange: SNI) reported results for the third quarter and the nine-month period ended August 31, 2001. Net income for the latest quarter was $29.7 million, or $0.54 per share, on net operating revenue of $735.4 million, compared with a net loss of $0.3 million, or $0.01 per share, on net operating revenue of $607.8 million for the third quarter in 2000. The weighted basic average number of shares outstanding for the third quarter of 2001 was 54.9 million compared to 54.7 million for the same period of 2000. Net income for the nine-month period ended August 31, 2001 was $26.3 million, or $0.48 per share…

05 Nov 2001

Farstad Receives Letter of Intent from Norsk Hydro

Farstad Shipping ASA, in co-operation with Stolt Offshore AS, has received a Letter of Intent from Norsk Hydro for a 5 year charter, plus 3 yearly options, for the newbuilding Far Saga, which was deliverd from Simek AS on 31st of October. The vessel, a large platform supply vessel (PSV) of design UT 745 L, will be a part of Stolf Offshore AS' contract with Norsk Hydro for underwater services. Far Saga will operate in a PSV role for Norsk Hydro until necessary outfitting and mobilization for underwater services is carried out. company's largest customers. Further this means that 6 of the 7 newbuildings ordered in year 2000 have now achieved long-term contracts. of year 2002. This work will take place outside the North Sea. The total value of the firm period of these contracts is approx.

05 Dec 2001

Stolt Offshore Reports Milestone Reached On Girassol Field

Stolt Offshore reported that, following the TotalFinaElf announcement of first oil production from the Girassol field, that a major milestone had been reached on this unique field development on which Stolt Offshore has been working for four years. The operator of the field is TotalFinaElf with a 40 percent interest. Other partners are Esso Exploration Angola (Block 17) Limited (20 percent), BP (16.67 percent), Statoil (13.3 percent) and Norsk Hydro (10 percent). Girassol is being developed under a production sharing agreement with Sonangol, the national oil company of Angola. Stolt Offshore has been involved in two parts of the development.

15 Oct 2003

Stolt Offshore Reports 3Q Loss

Stolt Offshore reported a third-quarter loss on Wednesday and said again that its full-year loss could be deeper than previous guidance. Offshore, which specialises in deep-water engineering. million from $4.9 million a year earlier. fourth quarter. period from $1.8 billion a year earlier. of $334 million for the remainder of this year. because of exposure to the struggling unit. bourse, where the benchmark index was up one percent.

10 Nov 2003

Stolt Offshore Appoints Ehret To Board

Stolt Offshore S.A. announced that Tom Ehret, Chief Executive Officer of Stolt Offshore S.A., has been appointed to the Company's Board of Directors. "Tom's appointment to the Board reflects our recognition of the good work he has done since he joined the company as CEO in March this year. The Blueprint for financial recovery prepared and implemented by Tom and his team places Stolt Offshore firmly on track for a return to profitability. "The period since March has been one of extraordinarily intense activity and change at Stolt Offshore. Throughout the company everyone's efforts have been focused on turning the business around and creating a real commercial future. Ehret takes up his position with immediate effect.

03 Dec 2003

Stolt Offshore Sells Drill-Support ROV Business

Stolt Offshore S.A. has signed Heads of Agreement with Oceaneering International Inc. for the sale of its ROV drill support business, consisting of a fleet of Remotely Operated Vehicles (ROV's) and their ancillaries, together with related contracts and employees. The transaction, which has a value of approximately $50 million before minority interests, is subject to due diligence. Tom Ehret, Chief Executive Officer of Stolt Offshore S.A., said, "This sale is part of our programme of disposals of non-core assets and businesses. It includes drill support ROV's and contracts in place in the North Sea, The Americas, and West Africa. Stolt Offshore will continue to be a major operator of ROV's in relation to our offshore construction business.

16 Dec 2003

Stolt-Nielsen Reports Talks with Lenders Continuing

Stolt-Nielsen S.A. ( said that while the waivers of covenant defaults granted by its primary lenders expired today, the Company and its lenders remain in constructive discussions aimed at establishing longer-term waivers. "We continue to work closely with our primary lenders toward longer-term waivers that will give us the necessary time to allow us to develop a sensible financial restructuring plan," said Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers.

29 Dec 2003

Stolt Offshore Announces Covenant Waiver Extension

Stolt Offshore S.A. has obtained an extension from December 15, 2003 until April 30, 2004 of the waiver of banking covenants. Stolt Offshore continues discussions with its lenders towards a long-term agreement. Stolt Offshore is a leading offshore contractor to the oil and gas industry, specialising in technologically sophisticated deepwater engineering, flowline and pipeline lay, construction, inspection and maintenance services. The Company operates in Europe, the Middle East, West Africa, Asia Pacific, and the Americas.

21 Jan 2004

Stolt-Nielsen To Raise $104M

Stolt-Nielsen S.A. agreed to sell 7.7 million Common Shares, with an aggregate gross value of $104 million via a private placement to non-affiliated institutional investors. The Common Shares, which are currently held in treasury, were priced at 92.75 Norwegian Kroner per share (approximately $13.50 per share at current exchange rates), which was the bid price of the Company's Common Shares on the Oslo Stock Exchange at the market close on January 20, 2004. The Company also announced that it may consider various other actions to address its remaining capital requirements, as part of the overall restructuring plan that it expects to complete in the first half of this year.

09 Feb 2004

Stolt Offshore to Release Q4 and FY03 Results

Stolt Offshore S.A. will release its fourth quarter and full year 2003 results on Wednesday February 18, 2004. A conference call will be held to discuss the earnings and review business operations on Wednesday, February 18, 2004 at 2.00pm GMT.

20 Feb 2004

Stolt Offshore Closes ROV Sale for $48M

Stolt Offshore S.A. said that, further to the announcement on December 3, 2003, it had closed the sale of its ROV drill support business to Oceaneering International, Inc. for $48 million. This sale will realise approximately $43 million in cash to Stolt Offshore after minority interests and transaction costs. Tom Ehret, Chief Executive Officer of Stolt Offshore S.A., said, "The significance of the disposal of the ROV business goes beyond the cash resources it brings into the Group. Having re-designed and restructured Stolt Offshore in 2003, we have commenced re-orienting our asset base to fit our target markets and required operating cost profile."

20 Feb 2004

Stolt-Nielsen S.A. Sells 2 Million Shares in Stolt Offshore

Stolt-Nielsen S.A. sold two million shares of Stolt Offshore S.A. (SOSA). The shares were sold at the market price of 24 Norwegian Kroner per share (approximately $3.46 per share at current exchange rates). In line with normal settlement practices, the sale is expected to close on February 25, 2004. SNSA, through its wholly owned subsidiary, Stolt-Nielsen Transportation Group (SNTG), retains approximately a 41 percent economic and voting interest in Stolt Offshore. SNSA expects that, assuming no other changes to SOSA's share capital, its ownership interest in SOSA will increase, but remain below 50 percent following both the completion…

05 Mar 2004

Feature: Maritime Mission Impossible Accomplished

By Capt. In 2002 the globally operated Korean engineering and construction firm Daewoo E & C Co., Ltd., secured a project order from Shell Petroleum Development Company (SPDC) of Nigeria to construct a gas gathering plant on two concrete barges, to be positioned in the Awoba Creek near the Sambriero River. This gas gathering plant would be connected with a pipeline to the Cawthorne Channel Integrated Project (CCIP). The CCIP is a gas-gathering project, which is a big step forward in contributing to the "flare out" target date in 2008 of the numerous gas flares, as mandated by the Nigerian Government. On December 19 and 22, 2003, respectively, the Process Barge and the Control Barge were safely put on the underwater foundation in Awoba, and first gas is expected by Spring 2004.

11 Mar 2004

Stolt Offshore New Shares Begin Trading in Oslo

Stolt Offshore S.A. announced that 62.5 million Common Shares that previously have been issued will begin trading on March 12, 2004 on the Oslo Bors. These represent the 45.5 million Common Shares issued in the recent private placement and the 17.0 million Common Shares issued in connection with the conversion of Class B Shares held by Stolt-Nielsen Transportation Group Ltd, a subsidiary of Stolt Nielsen S.A. The 45.5 million Common Shares issued in the private placement are subject to certain transfer restrictions and are therefore registered on a separate ISIN. These shares will trade on a separate ticker code, STON, until March 24, 2004 from which time all Common Shares will trade on the STO ticker code.

15 Mar 2004

Stolt Offshore Settles Hubline Claim Out of Court

Stolt Offshore S.A. announced that following suspension of the arbitration proceedings that it had previously initiated, an out of court settlement of all outstanding claims relating to the Duke Energy/AGT Hubline project in the USA had been reached. The cash related to this claim has now been received. Tom Ehret, Chief Executive Officer of Stolt Offshore, said, "The settlement of the Hubline claim, which is in line with provisions recorded at year end and the previously announced settlement of claims on the OGGS and Burullus projects, underscores our continued effort to resolve all disputes associated with the legacy contracts. Cash receipts in relation to outstanding claims in the last three months are now in excess of $100 million."

18 Mar 2004

Stolt Offshore Announces Settlement of Patent Dispute

Stolt Offshore S.A. announced that its long running UK litigation with a competitor regarding a European patent covering technology related to the laying of flexible pipes, has been settled out of court. The settlement involves a cash payment by Stolt Offshore in respect of past patent infringements and the granting of a licence under the disputed patent covering the North Sea area. The settlement will not have a material impact on the Company's results for 2004. Tom Ehret, Chief Executive Officer of Stolt Offshore, said, "The satisfactory resolution of the this patent infringement action marks significant progress in our settlement of long outstanding disputes."

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