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

People & Company News

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

Offshore

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

Nigeria's LNG Export Falls

Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG),

Finance

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

SCHOTTEL Debuts EcoPeller with High-torque Gears

Propulsion and steering systems manufacturer SCHOTTEL has unveiled its new EcoPeller (SRE), which it said offers improved efficiency and robustness. Playing a

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Offshore Energy

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Ulstein Verft's First Wind Service Vessel Launched

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.

Incat Crowther Supplies Crewboat Design, Build Kits

Incat Crowther has been awarded a contract with shipbuilder Astinave EP of Guayaquil, Ecuador for the supply of vessel design services and aluminum component kits for a pair of 22.

Underwater Engineering

WILCO Logistics Bags Townsville Port Safety Works

WILCO Logistics Pty Ltd has been announced as the successful bid contractor on Breakwater safety works at the Port of Townsville.   Minister for Ports Mark Bailey said the overall $1.

AccessESP Installs First Access375 Systems

AccessESP, a leading provider of rigless electric submersible pump (ESP) conveyance solutions for the worldwide oil industry, has successfully installed two of

ST Engineering Injects $66m into VT Systems

Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.3514 sec (3 req/sec)