Stolt Offshore To Report 2003 Losses

Monday, June 02, 2003
Stolt Offshore S.A. announced that following a review of information which became available in recent project reporting and a subsequent major project review led by CEO Tom Ehret, it has identified substantially poorer than anticipated performance and cost overruns on three major EPIC contracts and several smaller projects.

In addition, it is expected that activity levels will be slightly lower than previously anticipated. As a result of these factors, Stolt Offshore at this time expects its full year loss to be in the range of $100 million to $125 million, subject to further review at the time of completion of the previously announced Blueprint for financial recovery in July. A substantial portion of this loss will be taken in the second quarter.

In light of this revised forecast, Stolt Offshore is working closely with its main banks in seeking to amend its two primary bank credit facilities to reflect the Company's current financial position, including a waiver of certain financial covenant tests until November 30, 2003. As an interim step, Stolt Offshore's banks have agreed to a 30-day "standstill" whereby they will take no actions on any potential non-compliance with its financial covenants while internal bank approvals are sought and documentation is finalized. Without a waiver of certain financial covenants, Stolt Offshore would be out of compliance with its bank credit agreements. In order to help Stolt Offshore get such waivers from the banks, Stolt-Nielsen S.A., Stolt Offshore's parent company, has offered to provide a $50 million capital infusion in the form of a subordinated loan to Stolt Offshore and extend the existing $50 million liquidity line it currently provides to November 30, 2004.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Simmons Assumes Command of USS James E. Williams

Capt. Anthony L. Simmons relieved Cmdr. Curtis B. Calloway as commanding officer of the guided-missile destroyer USS James E. Williams (DDG 95) at sea on Sept.

LHA 6 'America' Maiden Voyage Completes at San Diego

The Navy informs that the soon to-be-commissioned amphibious assault ship 'USS America' (LHA 6) arrived at its homeport of San Diego after completing its two-month

Today in U.S. Naval History: September 16

Today in U.S. Naval History - September 16 1854 - Cdr. David G. Farragut takes possession of Mare Island, the first U.S. Navy Yard on the Pacific. 1917 -

Finance

Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of

Viking Supply Ships Sell PSV 'SBS Cirrus'

Rederi AB TransAtlantic subsidiary Viking Supply Ships says it has sold the 1985 built platform supply vessel SBS Cirrus. The vessel has been delivered to its new owners,

UK Chamber Stance Neutral on Scottish Independence

The UK Chamber of Shipping is taking a neutral position in the Scottish independence debate and has given both the Yes and Better Together sides space on its website

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1112 sec (9 req/sec)