Offshore Spending Set To Soar

Thursday, December 16, 1999
A recent report from Lehman Brothers found that global offshore drilling budgets are set to grow more than 10 percent in the coming year. The survey, which utilized the opinion of 320 oil companies, indicated that primary drivers for growth will be the North American offshore drilling market, with the U.S. and Canada expected to spend 15.7% and 28% more respectively. Spending outside of North America is not expected to expand so rapidly. The findings have sparked a mini rally among the offshore oilfield services stocks, a volatile group which has enjoyed a healthy 1999 nonetheless. Crude oil, gasoline and heating oil all posted big gains on the New York Mercantile Exchange on Wednesday after industry data showed a huge decline in oil and refined products stored in the U. S., the world's biggest oil consuming nation. Buoyed by this news, January crude oil futures in New York closed 63 cents higher at $26.36 a barrel, while January gasoline futures closed 15.4 cents firmer at 71.30 cents a gallon. The bullish tone in the oil markets gave energy stocks a boost, but as is often the case, the move was more pronounced for oilfield service and drilling stocks than for oil producers. Among service companies Halliburton Co. rose 2-2/16, or 6.1 percent, to 37-3/16, while Baker Hughes Inc. gained 1-7/16, or 7.9 percent, at 19-5/8. Offshore driller Noble Drilling Corp. closed up 1-9/16, or 6.1 percent, at 27-1/4.
Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Port Firm Fined £650,000 for Health, Safety Breach

A port operator has today (Monday 29 September) pleaded guilty to health and safety breaches, following the deaths of three crew members of a tug which capsized on the River Clyde in 2007.

IMO Takes Step Towards Electronic Certificates

In the future, the IMO member States should accept the use of electronic certificates. This is the request of the Facilitation Committee (FAL) and, hence, the road is paved for less paperwork,

K-Line to Plead Guilty to Price Fixing

Kawasaki Kisen Kaisha Ltd. (K-Line), a Japanese corporation, has agreed to plead guilty and to pay a $67.7 million criminal fine for its involvement in a conspiracy to fix prices,

Offshore

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

Signet Transports Second LLOG Rig to GofM

On September 14, five Signet Maritime ASD/Z-Drive tugboats, the SIGNET ENTERPRISE, SIGNET RELIANCE, SIGNET MAGIC, SIGNET WEATHERLY, and SIGNET VOLUNTEER successfully

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.1234 sec (8 req/sec)