Babcock Wilcox News

The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects, as well as approved the acceptance of a Homeland Security grant. Issuing up to $5 million in lease revenue bonds in support of the Euclid facilities of Babcock & Wilcox Nuclear Operations Group, which is refinancing the outstanding balance of Port bonds issued in 2004. Issuing up to $16 million in tax-exempt senior housing bonds for Vista Prairie at Emerald Village…

Once queen of the express liners, and the fastest, safest and biggest passenger liner in history, the SS United States today quietly awaits rescue from a pending cruise to the scrapyard. The Big Ship the Big U, the one that didn’t sink. The S.S. She is waiting for a rescue that may never come from an appointment with the scrap yard looming large on her summer schedule. And that would be a shame according to her many supporters, not the least of which was the late newsman and sailor, Walter Cronkite.

"B&W is closely monitoring the government shutdown and the effect it could have on our business results and operations. We do not expect any delays or impacts to the Babcock & Wilcox Nuclear Operations Group for the foreseeable future. Babcock & Wilcox Technical Services Group (B&W TSG) continues to follow direction from the U.S. Department of Energy at project sites where B&W TSG has a presence. Many of the sites at which we have management and operating contracts or environmental management contracts have seen activities curtailed and are preparing for furloughs, which will be occurring over the next two weeks if the government shutdown is not ended. If the shutdown continues into November, it could begin to have a modest adverse impact on B&W TSG segment operating income.

Jeff Sharbaugh was appointed Senior Vice President, Parts and Service Division of Alfa Laval Inc. in February 2012. In this role, Sharbaugh is responsible for driving consistent profitable growth, and developing new sales opportunities for the parts and service business of Alfa Laval in the USA. His responsibilities include leading parts sales, reconditioning services, field services and technical support activities in all of Alfa Laval’s market segments. Sharbaugh joined Alfa Laval in 1987 as Product Engineer at the company’s welded heat exchanger manufacturing facility in Lykens…

Jeff Sharbaugh was appointed Senior Vice President, Parts and Service Division of Alfa Laval Inc. in February 2012. In this role, Sharbaugh is responsible for driving consistent profitable growth, and developing new sales opportunities for the parts and service business of Alfa Laval in the USA. His responsibilities include leading parts sales, reconditioning services, field services and technical support activities in all of Alfa Laval’s market segments. Sharbaugh joined Alfa Laval in 1987 as Product Engineer at the company’s welded heat exchanger manufacturing facility in Lykens…

Russian ice breakers. Contrary to the afore mentioned opinion, I believe that not only are selected-route nuclear powered commercial vessels good for the marine industry but they also offer the world the most environmentally friendly and potentially the most economical and efficient way of shipping trans-ocean cargo. Although the Fukushima Daiichi disaster was a disaster of major proportions, we must not forget that it was initiated by a much more deadly and destructive disaster; a tsunami caused by a magnitude 9.0 Richter scale underwater earthquake. The nuclear disaster that occurred at the Fukushima Daiichi complex was not caused by inherent problems with the reactor…

The Babcock & Wilcox Company (B&W) said that its subsidiary Nuclear Fuel Services, Inc. (NFS) has been awarded a $114.7 million contract for the manufacture and delivery of fuel and support activities for the U.S. Naval Nuclear Propulsion Program. "Support of our nation's naval fuel program is an important part of B&W's diverse business portfolio," said Joseph G. Henry, President of NFS. "Manufacture of naval nuclear fuel is a process developed by and unique to NFS. We are pleased with the continuation of our agreement with the U.S. NFS manufactures nuclear fuel for the U.S. Navy's fleet of nuclear-powered aircraft carriers and submarines. NFS also processes highly enriched uranium in a Category 1 secured facility, which is licensed by the U.S. Nuclear Regulatory Commission.

J. Ray McDermott, S.A. (J. Ray) announced the appointment of Stephen M. Johnson as President and Chief Executive Officer of J. Ray, effective January 1, 2010. Johnson is the current President and Chief Operating Officer of McDermott International, Inc. (McDermott), J. Ray’s parent company. He succeeds Robert A. Deason, who, as previously announced, will retire at the end of the year. Separately, McDermott announced that it plans to separate its operating subsidiaries, The Babcock & Wilcox Company (B&W) and J. Ray, into two independent, publicly traded companies.

McDermott International, Inc. reported net income of $19.3 million on revenues of $591.2 million for the quarter ended September 30, 2001. Earnings were up 245 percent as compared to the same quarter last year, when net income was $5.6 million. Revenues increased by more than 50 percent over the third quarter last year, when revenues were $391.0 million. Operating income was $33.6 million in the third quarter of 2001, compared to $12.7 million a year ago, a 165 percent increase quarter over quarter. For the first nine months of 2001, McDermott reported revenues of $1.52 billion and net income of $22.9 million, or $0.37 a diluted share. These results compare with revenues of $1.47 billion and net income of $3.4 million, or $0.06 a diluted share, in the same period a year ago.

McDermott International, Inc. reported net income of $19.3 million on revenues of $591.2 million for the quarter ended September 30, 2001. Earnings were up 245% as compared to the same quarter last year, when net income was $5.6 million, or $0.09 a diluted share. Revenues increased by more than 50% over the third quarter last year, when revenues were $391 million. Operating income was $33.6 million in the third quarter of 2001, compared to $12.7 million a year ago, a 165% increase quarter over quarter. For the first nine months of 2001, McDermott reported revenues of $1.52 billion and net income of $22.9 million. These results compare with revenues of $1.47 billion and net income of $3.4 million in the same period a year ago.

In a ruling issued January 4, 2002, Judge Sarah S. Vance of the U.S. District Court for the Eastern District of Louisiana granted Babcock & Wilcox's and McDermott International, Inc.'s (NYSE: MDR) motions for summary judgement against a group of London underwriters and dismissed the declaratory judgment action filed by the insurers. The underwriters had sought to annul an agreement which acknowledges coverage for B&W's asbestos exposure and sets forth the agreements of the insurers to pay claims within that coverage. In her ruling, Judge Vance concluded that the underwriters' claims lacked a factual or legal basis. The agreement with the underwriters went into effect in April 1990…

McDermott International, Inc. reported net income of $141m or $1.23 per diluted share, for the 2006 fourth quarter, compared to net income of $36.1 million, or $0.32 per diluted share, for the corresponding period in 2005. Weighted average common shares outstanding on a fully diluted basis were approximately 114.4 million and 112.3 million for the quarters ended December 31, 2006 and December 31, 2005, respectively. For 2005, the Company’s common shares outstanding and earnings per share are adjusted to reflect the 3-for-2 stock split effected in May 2006. McDermott’s revenues in the fourth quarter of 2006 were $1,308.0 million, compared to $395.9 million in the corresponding period in 2005.

J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott International Inc. ("McDermott"), announced that its Morgan City, Louisiana fabrication facility has been awarded a contract for the construction of flues, ducts and reactor panels by The Babcock & Wilcox Company ("B&W"), also a McDermott subsidiary. The contract is in support of B&W's Kansas City Power & Light LaCygne #1 SCR project and is valued at approximately $4 million. Scheduled to begin in the first quarter of 2006, the contract requires J. Ray to procure structural steel materials and to fabricate, paint, load-out and ship to Kansas City: SCR system flues, ducts and reactor panels weighing approximately 2,500tons.

Marine construction and engineering company McDermott International Inc. reported a first-quarter loss in line with earnings guidance issued by the company in February. McDermott posted a net loss of $4.4 million, or 7 cents a diluted share, compared with net income of $7.9 million, or 13 cents a diluted share, in last year's first quarter. Wall Street analysts had expected a loss of 6 to 10 cents per share, according to Thomson Financial/First Call. The mean estimate was a loss of 8 cents. The company said earnings for the full year should be in the range of 50 to 55 cents a share, and should be between 5 and 10 cents a share for the second quarter. Projections for both those periods are in line with expectations on Wall Street.