Subsea 7 CFO has 'Measured Optimism' of Oil Service Market Recovery
Oslo-listed oil services firm Subsea 7's Chief Financial Officer Ricardo Rosa told an energy conference in Oslo he sees gradual market recovery as oil prices stabilize, and the outlook for subsea project awards increasing within the next 12 months. "Previously all the discussions (with oil companies) were about cutting costs, now we are starting to talk about launching new projects... We have a measured optimism," Rosa said. Rosa said he sees activity is picking up in the Gulf of Mexico, but remains low in western Africa, and doesn't expect anything in Brazil in 2017.
DOF Prepares for Weak Oil Service Market
Oil services firm DOF on Friday forecast 2016 earnings before interest taxes and depreciation (EBITDA) in the range of 2.9-3.3 billion crowns compared to 3.36 billion in 2015. "I hope we can be somewhere in the middle, depending on currency and how we are able to find new work for our boats," Chief Executive Officer Mons Aase said when presenting the firm's fourth quarter earnings. DOF is expecting some difficult years ahead though, as oil firms slash investments and cut costs in the waker of sharply lower crude prices.
Kirby 1Q Results are Up
Kirby Corporation reported net earnings for the first quarter ended March 31, 2002 of $8,808,000, or $.36 per share, compared with $6,755,000, or $.28 per share, for the 2001 first quarter. The 2001 first quarter included $1,565,000, or $.07 per share, of goodwill amortization expense. In 2002, Kirby ceased the amortization of goodwill under SFAS No. 142. Revenues for the 2002 first quarter decreased to $131,437,000 from $133,128,000 in the first quarter of 2001. EBITDA per share for the 2002 first quarter was $1.19, the same as the 2001 first quarter. Joe Pyne, Kirby's President and CEO, said, "Kirby achieved record first quarter results despite a sluggish economy and weak petrochemical volumes. Approximately 60% of what Kirby transports are petrochemicals.
