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

Shipbuilding

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

UAE Shipping Delegation to Meet with Greek Counterparts

A delegation of Middle East maritime heavyweights including H.E. Khamis Juma Buamim, chairman & group CEO Drydocks World and Maritime World and Rashid Mohammed Al Habsi,

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Finance

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

Genting Acquires Crystal Cruises

Crystal Cruises has been sold for $550 million to the owner of Asia's largest cruise line and a major shareholder of Norwegian Cruise Line.    Crystal's parent company,

Africa Should Tap its Maritime Resources: IMO

The huge potential of the oceans and the maritime industry to assist in the development of the African continent has already been noted, International Maritime

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.1186 sec (8 req/sec)