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North Sea Aframax Rates Rise
North Sea Aframax rates sky rocketed on Friday as continuing pressure to charter modern tonnage strengthened all tanker markets, shipping brokers said. Rates as…
Global Drilling Expected To Bounce Back In 2000
World drilling activity for oil and gas fell 24 percent in 1999 from 1998, but levels should bounce back in 2000, IHS Energy Group said. "In 2000, I expect levels to reach at least those of 1998…
Talk Of Tanker Age Limits Gives Markets A Lift
Tanker markets continued strong at the end of last week with talk of new French oil company age restrictions on acceptances said likely to put further pressure on rates.
Global Marine Announces December SCORE
Global Marine's Summary of Current Offshore Rig Economics (SCORE) for December 1999 increased 3.5 percent from a month earlier, with significant improvement of the…
Quarter and Year-End Earnings
Once again, quarter and year-end earnings reported in the offshore market reflected a familiar trend: oil majors saw gains - sometimes significant; while oilfield…
Keppel FELS and PEM SETAL form joint venture to sublease Brazilian yard
Keppel FELS Limited (KFELS), the marine and offshore construction, conversion and repair company of the Keppel Group of Singapore has formed a joint venture with…
Global Marine Q1 Earnings Hit By Rig Downtime
Global Marine Inc.'s first quarter earnings before taxes have been cut about $5.2 million by rig downtime, company officials reported. They added that it will take…
Offshore Recovery Stalled For Now
As crude oil prices reach Gulf War highs and recent memories of historic low crude prices fade, capital spending on finding and developing new oil reserves continue to play catch up.
Dry Bulk Trends
The dry cargo freight market saw a 15 point decline in the Baltic Panamax Index to 1,595, which was largely caused by a change of sentiment in the Atlantic, brokers said. March tonnage in the U.S.
Talk Of Tanker Ageism Gives Markets A Lift
Tanker markets continued strong at the end of the week with talk of new French oil company age restrictions on acceptances said likely to put further pressure on rates.
Aker Announces Newly Formed Division
Aker Maritime, Inc. has formed a new Product Technology and Deepwater R&D group. This group will be headed by Dr. John Halkyard, formerly technical director of Deep Oil Technology, Inc.
Global Marine Q1 Earnings Hit by Rig Downtime
Global Marine Inc.'s first quarter earnings before taxes were cut about $5.2 million by rig downtime, company officials said. Officials also said it will take a…
Update on ENSCO 7500 Construction Project
ENSCO International Incorporated announced construction of the ENSCO 7500 semisubmersible rig is progressing satisfactorily at the Friede Goldman Offshore, Orange, Texas shipyard.
Kvaerner Sells Fabrication Yard, Changes North Sea Strategy
Kvaerner is selling its U.K. Teesside fabrication yard and reducing its reliance on North Sea offshore business, a company official said. The decision to sell the…
Offshore Market 2000: In like a lamb, out like a lion?
Though fraught with traditional starts and stops, peaks and valleys, it appears now the much-anticipated Gulf of Mexico offshore business rebound is imminent. Maybe.
Seabulk Reports 4Q Results
Seabulk International, Inc. has reported a net loss of $6.3 million for the quarter ended December 31, 2001. Included in the loss for the quarter is a writedown…
New Offshore Terminal Designs May Expedite LNG Deliveries
In the wake of announcements by the Federal Reserve about the need for more natural gas, Saipem Group, Single Buoy Moorings, Bluewater Offshore, Spectrum Energy Services…
Offshore Sector SCORE Remains Flat
GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for January 2002 was down from the previous month's SCORE by 0.2 percent. previous month.
Salazar Stresses Importance of Panama Canal
The Panama Canal services more than 140 different transportation routes from every corner of the globe and serves as a critical global link between commodities and consumers.
OT Africa Line Makes Changes
OT Africa Line (OTAL) announced some changes to its North Europe – West Africa services. These take into account various factors including a slight downturn in overall trade volumes…