Helicopter Operators Set for Take-off as Oil Drilling Picks Up
A pickup in offshore drilling is swelling the orderbooks of the handful of helicopter operators that shuttle oil workers to and from remote rigs. Their stock prices, depressed after Big Oil's recent spending cuts, could also be readying for take-off. Bristow Group Inc plans to invest $1 billion this year to procure just some of the 300 new helicopters that Barclays estimates will be needed by the oil and gas industry over the next five years. "We will invest more in this one year than in the last two-and-a-half years combined," said Jonathan Baliff, the chief financial officer of Bristow who will take over as CEO on July 31. With a market value of $2.7 billion…
SEACOR Holdings Earnings Dip
SEACOR Holdings Inc. has announced its results for its year and fourth quarter ended December 31, 2013. • For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2.32 per diluted share, compared with $25.3 million, or $1.22 per diluted share, from continuing operations in the preceding year. • For the quarter ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $8.4 million, or $0.41 per diluted share, compared with $30.3 million, or $1.36 per diluted share, from continuing operations in the preceding quarter ended September 30, 2013.