Stolt Offshore Reports 3Q Loss

Wednesday, October 15, 2003
Stolt Offshore reported a third-quarter loss on Wednesday and said again that its full-year loss could be deeper than previous guidance. Pre-tax losses for the three months to the end of August grew to $13.6 million from $12.4 million a year ago, said Stolt Offshore, which specialises in deep-water engineering. It said that uncertainty prevented it from giving fresh guidance but repeated in a statement that "losses for the year may be substantially higher than previously indicated." Stolt Offshore, which has been hit this year by troubled projects in Africa and Egypt, reported accumulated losses before taxes for the nine months to end-August billowed to $112.5 million from $4.9 million a year earlier. It said the uncertainties included receivables from largely completed contracts, the potential sell-off of asssets and businesses and possible decisions on asset write-downs in the fourth quarter. The firm said it had a low order intake during the quarter, with orders in hand shrinking to $1.2 billion by the end of the period from $1.8 billion a year earlier. It said it had orders of $334 million for the remainder of this year. Stolt-Nielsen, which owns 63.5 percent of Stolt Offshore, has said it might have been out of compliance with some financial covenants at the end of its third fiscal quarter because of exposure to the struggling unit. After the results, shares in Stolt Offshore fell 3.6 percent to 10.70 Norwegian crowns ($1.51) by 1215 GMT on the Oslo bourse, where the benchmark index was up one percent.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Vigor’s Tacoma Yard Delivers Breasting Barges to Foss

Vigor Industrial expands its newbuild capacity in Washington; Tacoma yard delivers three breasting barges   Fabrication teams at Vigor Industrial’s Tacoma, Wash.

New Milling Disc from IN.MOTION

IN.MOTION Technology Distribution, LLC, announced the launch of a new milling disc designed for fast, efficient beveling, weld preparation and weld repair. According to the manufacturer,

Newport News Shipbuilding Hosts Sen. Inhofe

Huntington Ingalls Industries (HII) today hosted Sen. James M. Inhofe, R-Okla., for a tour of the company's Newport News Shipbuilding division.   The senator,

Finance

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days,

Georgia Port Increases Container Traffic

The Georgia Ports Authority increased containerized cargo in March by 27.8 percent compared to the same month a year ago, for an additional 72,499 20-foot equivalent container units (TEUs).

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1245 sec (8 req/sec)