Transocean Sedco Forex Inc. Reports First Quarter 2000 Results

Tuesday, April 25, 2000
Transocean Sedco Forex Inc announced that net income for the three months ended March 31, 2000 was $32.5 million on revenues of $300.8 million. The results include a cash settlement of $25.1 million, relating to the previously reported agreement with BP Amoco to cancel the remaining 14 months of firm contract time on the semisubmersible Transocean Amirante.

Net income for the corresponding three months in 1999 was $11.3 million on revenues of $189.2 million. Operating and maintenance expense for the first quarter of 1999 included charges for severance costs and provisions for potential legal claims totaling $42 million.

The December 1999 merger of Transocean Offshore Inc. and Sedco Forex Holdings Limited (Sedco Forex) was accounted for as a purchase, with Sedco Forex as the acquirer for accounting purposes. Therefore, the results for the three months ended March 31, 1999 reflect Sedco Forex historic results only and exclude the historic results of Transocean Offshore Inc.

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Meyer Turku Wins TUI Cruises Order for 2 Ships

TUI Cruises GmbH and Meyer Turku Oy signed an agreement for two cruise ships. This order further strengthens the order book of the shipyard, which contains now a high work load until the year 2020.

Oranjewerf Ship Repair becomes Damen Shiprepair Oranjewerf

On 1 July 2015, Oranjewerf Ship Repair, which joined Damen Shipyards Group in 1989, will officially change its name to Damen Shiprepair Oranjewerf. This name

Shell Steps Closer to Arctic Drilling

The U.S. Fish and Wildlife Service authorized the nonlethal, incidental, and unintentional take of small numbers of polar bears and Pacific walrus that result

Offshore

Cargoship Disabled and Grounded in Dardanelles

General cargo vessel Ibrahim Konan  (7,618 dwt, built 2008) today (July 1) suffered rudder failure and ran aground in Dardanelles in front of Eceabat in Turkey,

Motion Compensation Solution for Solan Field

Ampelmann provides access solution for commissioning of the Solan project in West of Shetland   Motion compensated access solutions developer Ampelmann informs

US Issues Potential Setback to Shell's Arctic Drilling

The Obama administration issued a potential setback to Royal Dutch Shell's  Arctic oil exploration plans on Tuesday, telling the company that established wildlife

 
 
Maritime Careers / Shipboard Positions Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0417 sec (24 req/sec)