Odfjell Drilling in Tighter 2Q North Sea Market

By George Backwell
Friday, August 29, 2014
DAB on sea trials: Image Odfjell Drilling

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million.

Profit & loss Q2 2014
Operating revenue for Q2 2014 was USD 272 million (USD 289 million), a decrease of USD 17 million, or 6 %. Operating revenue decreased due to reduced engineering- and well services activity in Norway and in UK, as well as loss of revenue contribution from the divested Mooring business line in the Well Services segment.

The reduction in operating revenue is also explained by reduced income for Deepsea Atlantic due to the completion of the 5-year special periodic survey (SPS) in Q2 14, which was partly offset by increased financial utilization on the remaining MODU fleet this quarter compared to Q2 2013.

“The financial results for the second quarter of 2014 are reflecting reduced demand for engineering and well services primarily in the North Sea market. At the same time we see a positive trend in operational regularity of our mobile offshore drilling units internationally, resulting in increased financial utilisation of these units”, says CEO Simen Lieungh.

Odfjell Drilling reports the following material events in the second quarter of 2014:

  • 6 well contract extension for "Deepsea Stavanger" with BP Angola with additional 2 x 2 wells options.
  • New USD 450 million senior secured credit facility
  • Divestment of ownership in PSW Group

More detail at: www.odfjelldrilling.com

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Finance

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

Offshore Energy

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

Another Fugro Vessels Joins Largest SEEP-Hunting Survey

Fugro has deployed multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting

JIP Validates DNV GL's Helica Software

A joint industry project run by DNV GL has replicated stresses measured in an umbilical subjected to tension and bending in full-scale tests, further validating

Underwater Engineering

Another Fugro Vessels Joins Largest SEEP-Hunting Survey

Fugro has deployed multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting

JIP Validates DNV GL's Helica Software

A joint industry project run by DNV GL has replicated stresses measured in an umbilical subjected to tension and bending in full-scale tests, further validating

UK First to Accept Marine Geoengineering Amendments

The United Kingdom has become the first State to formally accept the 2013 marine geoengineering amendments to the 1996 “London Protocol”, the treaty covering dumping of wastes at sea.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1768 sec (6 req/sec)