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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Fundraiser Held for USS Gerald R. Ford Crew

Blackmer, a company in positive displacement and centrifugal pump and reciprocating compressor technologies, has a relationship with the U.S. Military that dates

Meercat Workboats Scores a Hat-trick

The U.K.’s Meercat Workboats says it scored a hat-trick; the Hampshire-based boat builder announced it is moving premises, that Seawork was a huge success and that

First MAN D2676 Workboat Engine Ready for Launch

Last December, MAN Engines introduced its latest generation in-line six-cylinder engines for workboats. Now the first MAN D2676 LE443 engine off the production

Offshore

Gas Plant Fire Halts US Gulf Coast Platforms

At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a

Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0758 sec (13 req/sec)