Sea Mexico News

Worldwide demand for mobile offshore drilling units remains essentially flat, according to Houston-based offshore industry analyst ODS-Petrodata, although offshore drilling activity is expected to increase modestly in certain areas as the year progresses. U.S. Gulf of Mexico rig demand has fallen by eight rigs since December, but some indicators point to an increase in Gulf rig demand over the summer months. North Sea rig owners are facing a tough year, and more rigs are expected to leave the area. Other rig markets present a mixed outlook, with only West Africa likely to show a clear, sustained trend to increased rig demand over the next three to six months. U.S. The most encouraging sign for U.S.

Herve Le Bouc will now serve as Chairman of Bouygues Offshore and ETDE (Bouygues Construction's electrical contracting and networks subsidiary) while Jacques Leost will become CEO of Bouygues Offshore. Herve Le Boucwas Chairman and CEO of Bouygues Offshore since 1999. COO from 1994 to 1996 and Vice President Europe -Middle East - Pacific Area - Mexico from 1989 to 1994. Prior to joining the Company, Herve Le Bouc served as special director to the President of Screg from 1985 to 1989. Jacques Leost was Managing Director and COO of the Bouygues Offshore since 2000. Previously Jacques Leost was COO from 1996 to 2000, vice president Africa - North Sea - Mexico from 1993 to 1996 and manager of Nigerian Operations from 1989 to 1993.

Bollinger Shipyards Lockport, La., has delivered the Seacor Madison, the first of three 207-ft., 4750 BHP supply boats to Seacor Marine, Inc., Houston, Tex. It will be followed by two others of Seacor’s new President Class offshore support vessels (OSV), the SEACOR WASHINGTON and SEACOR JEFFERSON. The boats are part of Bollinger’s new 220 Class OSVs that are designed to provide more cargo capacities, more versatility, more options and lower operating costs than larger vessels. “For example,” said Mike Ellis, chief operating officer of Bollinger, “the SEACOR MADISON can carry 6,223 barrels of liquid mud and has 6,000 cubic feet of storage for dry bulk mud.

The much anticipated turnaround in the Gulf of Mexico Oil Patch is happening, and the companies that supply boats and services in the area are feeling the impact. Consolidation has touched every facet of the marine business — every facet of business — for nearly a decade. Following the economic slowdown and resultant "weeding out of the weaklings" in the early 1990s, a new business plan stressing size and economic resource emerged. The plan, obviously, has not worked universally, as some companies overextended just as the market came crashing down in 1997. Today, for better or worse, a handful of enormous companies reign over the business of owning and operating vessels and rigs in the Gulf of Mexico region.

Seacor Smit Inc. announced net earnings for the fourth quarter ended December 31, 1998 of $29,246,000 on revenues of $92,791,000. For the 12 months ended December 31, 1998, net earnings were $125,927,000. Seacor Smit and its subsidiaries engage in two primary activities: operation of a diversified fleet of marine vessels primarily dedicated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico, offshore West Africa, the North Sea, Mexico, the Far East and Latin America, and provision of environmental services domestically and internationally, including marine oil spill response, training, and consulting.

Seacor Smit Inc. announced net earnings for the fourth quarter ended December 31, 1998 of $29,246,000 on revenues of $92,791,000. For the 12 months ended December 31, 1998, net earnings were $125,927,000. Seacor Smit and its subsidiaries engage in two primary activities: operation of a diversified fleet of marine vessels primarily dedicated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico, offshore West Africa, the North Sea, Mexico, the Far East and Latin America, and provision of environmental services domestically and internationally, including marine oil spill response, training, and consulting.

Seacor Smit Inc. announced net earnings for the third quarter ending Sept. 30 of $5 million on revenues of $71.9 million. Results for the quarter included a charge of $2.6 million for additional income tax expense related to the company's decision to liquidate a foreign joint venture, and an extraordinary gain of $890,000 relating to the early retirement of debt. In the same period a year ago, Seacor earned $26.4 million, on revenues of $100 million. Results for the quarter ending Sept. 30 included a loss of $789,000 related to Seacor's investment in Globe Wireless LLC that is accounted for under the equity method. Results for the quarter also included a loss of $347,000 related to its investment in a majority-owned subsidiary, Chiles Offshore LLC.

Three-dimensional seismological operations at Iranian blocks in Caspian Sea in preparation for spudding two wells are underway and drilling operations are to begin on February 1, according to PIN. Deputy minister of oil for Caspian Sea oil and gas affairs told Petroenergy Information Network that a bid is underway for choosing a foreign contractor with experience in working at deep waters and the results will be announced in two weeks. After drilling test well, exploration wells would be drilled at a depth of 800 m from the sea level and will continue up to 6,000 m below the seabed?. Iran Alborz semi-floating platform will bee used for drilling operations whose construction is almost complete, the article noted.