Stolt Offshore Restates Second Quarter Earnings

Thursday, August 29, 2002
Stolt Offshore S.A. has restated its second quarter and six-month results as a result of two accounting adjustments. The adjustments have a positive impact on the Company's net income of $1.4 million. The net income for the quarter ended May 31, 2002 is now $4.8 million, or $0.06 per share, on net operating revenue of $333.4 million. For the six-month period ended May 31, 2002, the Company now reports a net profit of $5.1 million, or $0.06 per share, on net operating revenue of $627.5 million. The first of the two adjustments was caused by the failure to record certain operating costs in the financial accounts of a 66.66%-owned subsidiary, Alto Mar Girassol, which led to a $1.7 million overstatement of net income in the second quarter. The second adjustment relates to the elimination of a 1998 provision for a tax liability of $3.2 million. This tax liability was proved to be unnecessary following the receipt of an assessment letter from the relevant tax authority.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Lifting Specialists Modulift, IMES form Joint Venture

Lifting industry specialists Modulift and IMES have formed a joint venture to offer an integrated management service to clients internationally.   The two companies

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Finance

Charleston Harbor Deepening Gets US Funding

Charleston Harbor deepening project earns key federal funding for preconstruction engineering and design; U.S. Army Corps of Engineers allocates $1.303 million

Chinese PM Inks 2 Agreements During CMA CGM Visit

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.3814 sec (3 req/sec)