Oceaneering and Subsea 7 Terminate Agreement

Wednesday, March 17, 2004
Oceaneering and Subsea 7 have mutually agreed that the proposed acquisition of the remotely operated vehicle (ROV) drill rig support and related business operations from the Subsea 7 group of companies will not proceed. The conditions of closing have not been met and the agreement, which was signed in late November 2003 when the conditional transaction was publicly announced, has been terminated. Oceaneering and Subsea 7 have agreed it is in the best interest of both parties to terminate the agreement without further obligation. Oceaneering will expense, during the first quarter 2004, accumulated transaction costs as incremental general and administrative expense; on a preliminary basis, these costs are estimated to be in the range of $1.5 to $1.8 million pre-tax. John Huff, Chairman and Chief Executive Officer, stated, "We are disappointed we were not able to complete this transaction. We remain committed to using our financial strength to grow profits at Oceaneering beyond our current capacity. Our EPS outlook for 2004, after the non- recurring transaction costs, is now $1.55 to $1.65. This compares to the previously announced EPS range of $1.60 to $1.70."

Maritime Today


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

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

Offshore

Shipping Industry Flying On The Dragon’s Back

As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

Tanker Trends

Lerwick Harbor sees Seasonal Boost

The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects.

Floating Products Storage in Focus

For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report.

Russia Diesel Exports from Primorsk to Rise in May

Russia is set to export 1.256 million tonnes of ultra-low sulphur diesel from the Baltic Sea port of Primorsk in May, slightly up from 1.209 million tonnes in April, trading sources said on Friday.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics 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: 0.0663 sec (15 req/sec)