Stolt Offshore Announces Results
Stolt Offshore S.A. announced unaudited results for the second quarter and six months ended on May 31, 2004. "Stolt Offshore's turnaround is now well advanced. The Group now has the financial resources to compete effectively in its chosen markets thanks to a much improved balance between equity and debt. Furthermore, 45 project wins, with a total value of $1.2 billion in the first half of 2004 underlines that Stolt Offshore not only has made strong progress in winning profitable contracts but is transforming its earnings base and moving on from the period dominated by legacy projects. Looking ahead, the management team is focused on delivering sustainable profits.
Stolt Offsore Completes Deepwater Subsea to Subsea Installation
Stolt Offshore in Houston has successfully completed a deepwater subsea to subsea installation, including one flowline and one umbilical, for Shell’s single well Einset project in the Gulf of Mexico, reports Bjorn Koi, Stolt’s project manager. “Subsea to subsea installations are ‘rare’ in the industry but may become more prevalent as we move into deeper waters. To date, most subsea tie-backs have been supported by host platforms in shallower water. “In the case of Einset, we tied back a new deepwater well to existing subsea infrastructure, also located in deepwater. This achievement demonstrates how the industry is applying proven technology while effectively utilizing deepwater construction vessels, such as Stolt’s ‘Seaway Falcon’,” said Koi.
