R&B Falcon Reports 4Q Results

Tuesday, August 31, 1999
R&B Falcon Corporation reported net income for the fourth quarter of 1998 of $15.1 million, on revenues of $228.7 million as compared to a net loss of $124.1 million, on revenues of $266.7 million for the same period in 1997. Fleet utilization and average dayrates both declined when comparing the fourth quarter of 1998 to the third quarter of 1998. The drop and continued downward pressure on the price of oil has contributed to the results of operations. This has resulted in a decline in the contribution for domestic business units. Steven Webster, president and CEO, said, "Our fourth quarter results reflect a weakness in our domestic business units as a result of cutbacks in industry drilling activity. In addition, during the quarter we recognized one time expenses related to the cancellation of our Peregrine VI and Peregrine VIII projects and other non-recurring items which together negatively impacted operating income by $29.1 million."
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

ATB Barge Project for Murray & Associates

Murray & Associates, LLC has been commissioned to deliver a comprehensive design package for an 185,000 BBL Chemical Tank Barge new construction project. The

Gladding-Hearn Builds New Boat for Delaware Pilots

The Delaware pilots association has ordered its third pilot boat of the popular Chesapeake class from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery

Burger Boat to Build New Passenger Vessel

Burger Boat Company announced that it has received a contract for the construction of an 89-foot (27-meter) steel passenger vessel for Wendella Sightseeing Company, Chicago, Ill.

Offshore

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

Total E&P is First to Use FROG-XT4

Total E&P is the first to use Reflex Marine’s newly developed FROG-XT4 on the Odudu field in Nigeria. The French operator purchased the crew transfer device

New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.1074 sec (9 req/sec)