Enron News

Danos announces the hiring of Marc Distefano, John Danos and Jack Roszelle to leadership positions with the company. “We welcome Marc, John and Jack to the Danos team,” said CEO and President Hank Danos. John Danos (no relation) serves as construction division general manager, working to develop a best practices foundation for the way Danos executes projects in conjunction with the company’s project management group. Prior to joining Danos, he held leadership positions at J. Ray McDermott, International Offshore Services, International Construction Group and Harvey Gulf International Marine. As fabrication operations manager of the Amelia facility, Marc Distefano is responsible for overall leadership of the facility and maintaining a culture of continuous improvement.

The New York State Canal System, once forgotten as a commercial shipping option, is on the rise again, after years of decline. The shorter, greener and smarter route(s) make increasingly good sense for high value cargoes. Commercial utilization of America’s original superhighway – the Erie Canal – is on the rise again in recent years after years of decline. The third generation of the famed Erie Canal – the “Barge Canal” was constructed between 1905 and 1918. Designed to accommodate up to 10 million tons of cargo per year, the modern Erie Canal peaked at just over 5 million tons in 1951. Then, and with growing competition from railroads and highways, and the opening of the St.

When Joseph H. Pyne joined Dixie Carriers in 1978, little did he know the maritime juggernaut he would help to create. When he took over as president in 1984, the company owned about 20 boats and 50 barges, with a value of about $35m. Today, after nearly 30 years, 50 acquisitions, it has a market cap well in excess of $4B, and its fleet hovers around 350 boats and 950 barges, commanding approximately 35% of the U.S. market. Joseph H. Pyne, 65, recently spent some time with Maritime…

The global trade association for shipowners, the International Chamber of Shipping (ICS), has submitted detailed comments to the International Accounting Standards Board (IASB) on its controversial proposals to overhaul international accounting rules for leases, which could have an impact on contracts used in international shipping, including those governing operational arrangements. Following intensive discussion amongst its member national shipowners’ associations during the last few weeks, the ICS comments represent the consensus view of the world’s shipowners.

Cobalt International Energy, L.P. named Rodney Gray as Chief Financial Officer and Executive Vice President, effective June 1, 2009.  Prior to joining Cobalt, Gray held the position of Vice President and Chief Financial Officer of Colonial Pipeline in Atlanta, where he has been since 2003. Prior to Colonial, Gray had a career with Transco Energy Company and its successor company Enron Corporation. Gray held numerous senior executive positions at Enron, including Senior Vice President of Finance and Treasurer, Chairman and CEO of Enron International, and Chairman and CEO of Enron Global Power and Pipelines. He was also Vice Chairman of Azurix. (www.cobaltintl.com)

London, UK, November 24 2003: Drewry Shipping Consultants, the world’s leading maritime consultants, today announced that its latest report, “LNG Shipping Market Review 2003/04” is now available to purchase. The latest in Drewry’s series of annual reports provides an independent and detailed assessment of the LNG shipping market that has been experiencing discrete, yet substantial, growth since the turn of the century. The report identifies which market trends have been contributing towards this considerable growth and what will enable the market to sustain it. Various factors apply but, since the turn of the century, there has been…

South Carolina based Eco-Tankship, Inc. is contemplating a bid to oppose the auction of Enron Corp's "enrononline" trading division. The auction, approved last week by Southern District of New York bankruptcy court judge Arthur Gonzales, has been scheduled for January 10, 2002. Alexander Schizas President and CEO of Eco-Tankship has notified counsel for the creditors committee, the debtors in possession and the US trustees of Eco's interest in moving to oppose the sale. The particulars of the opposition surround Schizas' request for full disclosure by Enron regarding the auction. Schizas' group contends that Enron must disclose that they do not have proprietary rights to the Internet based trading of Liquefied Natural Gas in its physical form and as futures and options on futures.

A contract for the supply and construction of what is being called the world's first barge mounted circulating fluidized bed combustion (CFBC) boiler electrical generating facility has been awarded to Waller Marine Inc., Houston, TX. The nominal 100 MW coal fired power plant will be installed at Pickwick, Tennessee under a contract with Pickwick Power LLC, who will be supplying power into the Tennessee Valley Authority system. The Waller designed barge mounted power plant will be constructed under supervision to ABS classification in a shipyard located in China using Chinese CFBC technology. Comprised of two barges, the steam barge and the turbine barge…

Global Industries, Ltd. has appointed J. Michael Pearson to the position of senior vice president – strategic planning. In this position, he will have corporate oversight responsibility for project performance on a worldwide basis. Pearson has 30 years of engineering and construction management experience, including 25 years with McDermott International, Inc. where he progressed from field engineer to vice president/general manager of major domestic and international construction projects. Most recently, Pearson acted as president of the CAByL joint venture project constructing offshore platforms for Pemex’s Cantarell Field at Enron Engineering and Construction Company. Pearson holds a BS degree in Civil Engineering from Louisiana Tech University.

The gas market is exciting, but only for those with a steady nerve and long-term commitment. Over 20 new LNG import projects have been mooted for the U.S. alone. We are witnessing an unprecedented expansion of shipping capacity to meet this and worldwide expansion of demand. Nearly 30 percent of the world fleet of LNG ships by gross tonnage (excluding options) have been ordered within the past two years. A number of these are already earmarked for U.S. import projects. If these projects succeed many more ships will be needed. The price of gas has still not recovered above the magical $3.50 to make projects profitable - what will happen to these projects? Will we see a glut of LNG ships as these orders hit the seas in the next three years as we now see in the box ship sector?

Peter S. Atkinson, President of Global Industries, Ltd., will assume responsibilities for all administrative functions worldwide including accounting, human resources, information and communications, investor relations, legal, purchasing, risk, safety, and all other functions reporting to these groups. Atkinson joined the Company in September 1998 as Vice President and Chief Financial Officer. In June 2000, he was named President. Prior to joining Global, he served at the corporate level and in the North Sea, Middle East, West Africa, and Central and South America at J. Ray McDermott, S.A. and McDermott International, Inc. for over twenty-three years.

Venezuelan state oil company Petroleos de Venezuela (PDVSA) is reportedly preparing to sign an agreement with Enron to build the country's first liquefied natural gas (LNG) export plant. Located in the eastern oil port of Jose, the facility will have an annual capacity of 2.1 million tons of LNG and should start operation in 2004, PDVSA said in a statement. It will be the first LNG plant to be built in gas-rich Venezuela which -- despite having the largest gas reserves in the western hemisphere -- has fallen behind Trinidad and Tobago, Algeria and Nigeria in tapping a sharp rise in gas demand for power generation in the region.

Malaysian International Shipping Corp. is fortifying its position in the fast growing market for the carriage of Liquefied Natural Gas (LNG), today reportedly converting an option for two liquefied natural gas ships into firm orders, bringing total oustanding orders to six. MISC is already one of the world's largest LNG tanker operators, and it also also plans to buy four 6,800-TEU, post-Panamax containerships for delivery in 2002-2003. "We have ordered four new LNG ships...and two more ships are on option...(which) should be exercised by the end of this year," a company official reported. MISC has a fleet of 13 carriers with total lifting capacity of 1.35 million cu. m. They are part of MISC's total fleet of 124 ships.

Maharashtra said the LNG pipeline for supplying gas to the beleaguered Ratnagiri power plant would be completed by April this year. Petronet LNG (PLL) has been given the responsibility of procuring 1.5 million tonnes per annum of LNG on spot basis for 'short-term' supplies. Up to September 2009, LNG will be re-gasified by PLL at its Dahej plant in Gujarat and gas would be transported through the pipeline connecting Ratnagiri to Dahej. Gail India is building the 575 km pipeline connecting LNG import terminals owned by Shell and Petronet on India's west coast to the plant at dabhol. The pipeline has been delayed for more than two years because of a legal dispute between GAIL and a contractor and farmers' objections to the use of arable land.

Norwegian shipping group Leif Hoegh forecast higher operating profit in 2001, helped by a larger RoRo vehicle transport fleet, after a smaller-than-expected 59 percent jump in the first quarter. "After a slow start to the year for the Ro/Ro and reefer segments, the markets picked up in March, a trend which has continued into the second quarter," the company said. "The operating profit, excluding sales gain or loss, is expected to increase from last year through (the) larger RoRo fleet, the Hoegh Galleon charterparty and the transfer of the liner service," it said. It added that bunker prices, foreign exchange movements and interest rates would all affect the company's results.

Leading shipping accountant and business consultant Moore Stephens says shipping companies should be open and clear about transactions between connected entities, or face the assumption that they have something to hide. Writing in The Bottom Line, Moore Stephens' shipping newsletter, Chris Chasty, head of the shipping group, says, "Shipowners should be asking some hard questions about who they turn to for auditing services. Investors want the assurance that auditors are asking the right questions." Chasty outlines the changes to accounting following the Enron scandal. Also in The Bottom Line, David Anstis, shipping partner, says shipping should be more aware of how money laundering legislation will impact on what is traditionally a confidential business.

Hornbeck-Leevac Marine Services, Inc. announced that it has completed the purchase of all of its outstanding warrants for an aggregate purchase price of $14.5 million. The repurchase of the warrants was financed through the successful offering of $14.6 million of the Company's common stock. In addition, the Company announced that Jesse E. "Jempy" Neyman, Vice-President of Enron Principal Investments and board designee of the warrantholders, resigned from the Company's board of directors effective with the repurchase of the warrants.

The new report “The Drewry Annual LNG Shipping Market Review and Forecast” finds one sector of shipping with a bright future. new/expanded, terminals. encouraging speculative ventures and new entrants. New technologies are helping to bring costs down and make previously uneconomic projects viable. efficient units that will not only reduce fuel costs bit will also increase cargo carrying capacity. for LNG export. to new LNG receiving terminals (especially in North America). the ranks of LNG shipbuilders. (2007)). of India. But it not just new markets that excite! importer in 2006, after a long absence, with a huge contract with Qatar. importing club. Across the Atlantic the USA has been the focus of much of the recent boom in LNG.

Venezuela has given the state-owned Petroleum Company of Trinidad and Tobago, also known as Petrotrin, approval to enter a joint venture to explore an offshore oil field near the maritime border of the South American nation with Trinidad. Petrotrin reportedly would take a 50 percent interest in the Gulf of Paria East block, a stake that was previously held by Enron Corp., the Number one U.S. natural gas and electricity marketer. No financial details of the deal were immediately available. A test well at the block produced 3,000 barrels a day of oil in February. Its Venezuelan operator Inelectra had said it would seek a partner with the financial muscle to help develop the field.

One ship was partially sunk and another hoisted onto its deck in Puget Sound. Constructed by Todd Pacific Shipyards for use in hurricane-ravaged Central America, 206-ft., 70-mw power barge Margarita was carried on the deck of 592-ft. Dockwise Swan to the waters off Nicarauga. Dockwise Swan is a semi-submersible heavy transport ship that actually sank 25 to 30 ft. while Margarita was floated into position above it. Dockwise Swan then resurfaced and hoisted Margarita onto its deck. Dockwise Swan has a large unobstructed deck that provides a safe platform for efficient and economical transportation of large cargoes. Todd built Margarita for MAN B&W Diesel of Augsberg…

Todd Pacific Shipyards launched Margarita, a 70 mw power barge, that will provide Nicaraguan communities with much needed electricity. In the wake of devastation from Hurricane Mitch, many communities in Nicaragua do not have basic services and still suffer enormous public health challenges. Todd built Margarita for MAN B&W Diesel of Augsberg, Germany. MAN is building the vessel for Empresa Energetica de Corinto, Ltd., a consortium of Enron International of Houston and Centrans International of Guatemala. Margarita is the result of a 15-year power purchase agreement entered into by the consortium in July 1998. The power plant's capacity will represent 15 percent of Nicaragua's electricity generation.

The Department of Transportation Office of Inspector General (OIG) issued its Report on the Audit of the Title XI Loan Guarantee Program The audit examined whether proper procedures were followed and the impact of recent bankruptcies. As of December 2002, the Title XI portfolio totaled approximately $4.3 billion in executed loan guarantees and loan guarantee commitments. The report discussed the impact of the American Classic Voyages Co. (AMCV) bankruptcy ($1.3 billion in loan guarantees) and potential problems with loan guarantees to companies that are subsidiaries of Enron Corporation ($122 million in loan guarantees). The OIG recommends…

"Very poor weather, major repairs to a lock on the Gulf Intracoastal Waterway and rapidly escalating fuel prices, not lower business levels, are the factors causing Kirby to revise its first quarter forecast," were a few reasons that Joe Pyne, Kirby Corporation's President CEO, cited for the company's lowering of its earnings guidance for the 2003 first quarter to $.26 to $.30 per share from previous guidance of $.36 to $.40 per share. Navigational delays due to fog along the Gulf Coast, both high and low water issues on the Mississippi River, and major repairs to a critical lock on the Gulf Intracoastal Waterway, have resulted in increased transit times. Navigational delays increase transit times, which reduce revenues and increase operating expenses.