Marine Link
Monday, October 23, 2017

Fourth Quarter

EMGS' Vessels Utilization Drops

BOA Thalassa

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines "vessel utilisation" as the percentage of the vessel charter period spent on contracted or multi-client data acquisition. Vessel utilisation for the fourth quarter 2015 came in at 21% compared with 63% for the fourth quarter in 2014. For the full year 2015, the vessel utilisation was 59%, whereas the utilisation for the full year 2014 ended at 69%. In the fourth quarter of 2015, the Company's vessels were allocated 21% to contract and no time were spent on multi-client programmes. In the fourth quarter of 2014, the allocation was 39% on contract work and 24% on multi-client programmes. EMGS recorded 9.0 vessel months this quarter, compared with 9.9 vessel months in the last quarter of 2014. Vessel activity The BOA Thalassa has worked on two contracts in Malaysia in the fourth quarter. The first contract was completed on 8 October, while the second contract commenced on 23 October and was completed on 6 December. Between the two contracts, the vessel had a yard stay for five days. The vessel started the announced contract work in India on 4 January 2016. The vessel's utilisation for the fourth quarter was 55%. The BOA Galatea completed the announced contract work for Pemex in Mexico on 6 October

Ensco plc Report Loss

RGB-1 Ensco 52 Courtesy Ensco plc

* Non-Cash Asset and Goodwill Impairments Totaling $2.9 Billion   * Cash From Operating Activities of $423 Million in Fourth Quarter and $1.7 Billion for Full Year   * Record Safety and Operational Performance   * ENSCO DS-8 Commences Initial Five-Year Contract Offshore Angola   * #1 in Total Customer Satisfaction for Sixth Consecutive Year   * Quarterly Dividend Reduced to $0.01 Per Share to Improve Capital Management Flexibility

Houston Exploration Reports 2006 Results

The Houston Exploration Company reported full-year 2006 net income of $67.8 million, or $2.36 per diluted share. This compares with net income of $105.2 million, or $3.62 per diluted share, reported in 2005. Excluding certain items described below and in the attached schedules, the company's adjusted net income for 2006 was $93.0 million, or $3.24 per diluted share, versus $3.76 per diluted share in 2005 on a comparable basis

Carnival's Shares Plummet 40 Percent

Carnival Corporation reported net income of $116.3 million ($0.20 Diluted EPS) on revenues of $959.1 million for its fourth quarter ended November 30, 2001, compared to net income of $193.8 million ($0.33 Diluted EPS) on revenues of $850.3 million for the same quarter in 2000. Net income for the year ended November 30, 2001, was $926.2 million ($1.58 Diluted EPS) on revenues of $4.54 billion, compared to net income of $965.5 million ($1.60 Diluted EPS) on revenues of $3

Transocean Reports 4Q & FY 2011 Results

Transocean Ltd. reported a net loss attributable to controlling interest of $6.119 billion, or $18.62 per diluted share, for the three months ended December 31, 2011. The results compare to a net loss attributable to controlling interest of $799 million, or $2.51 per diluted share, for the three months ended December 31, 2010.   • Revenues improved eight percent in the fourth quarter to $2.422 billion compared to $2.242 billion in the third quarter 2011,  

Horizon Lines Post 4Q 2014 Results

The story of Horizon Lines is really the story of containerized shipping in America

Horizon Lines, Inc. today reported financial results for the fiscal fourth quarter ended December 21, 2014. "Horizon Lines' fourth-quarter adjusted EBITDA increased 26.6% over the same period a year ago. The improvement in adjusted EBITDA was driven largely by higher fuel recovery, lower transit and replacement vessel costs associated with dry-docking of our vessels and increased space charter revenue," said Steve Rubin, President and Chief Executive Officer

Superior Energy Services Q1 2010 Results

Superior Energy Services, Inc. (NYSE:SPN) announced net income of $21.5 million and diluted earnings per share of $0.27 on revenue of $364.5 million for the first quarter of 2010, as compared with net income of $56.8 million, or $0.72 diluted earnings per share on revenue of $437.1 million for the first quarter of 2009. Terence Hall, Chairman and CEO of Superior, commented, "While our earnings are below year-ago levels

Kværner ASA : Q4 & Preliminary 2012 Results

Kværner reported operating revenues of NOK 2 930 million in the fourth quarter 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to NOK 119 million, resulting in an EBITDA margin of 4.1 percent. The order backlog amounted to NOK 21 262 million.   "The record high order backlog provides a good foundation for the activity level over the next years. Furthermore, it provides us with a strong basis to optimise our execution and improve our

Diana Containerships Post Q4 2013 Loss But Pays Dividend

Image courtesy of Diana Containerships

Greece-based container ship owners, Diana Containerships Inc. in financial results for the Fourth Quarter and Year Ended December 31, 2013 report a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012. The Company explains that the loss for the fourth quarter was mainly the result of $9.7 million of impairment charges for the vessel Sardonyx

Huntington Ingalls Industries 2013 Revenues Increased

HII logo

Huntington Ingalls Industries reports Fourth Quarter & Year 2013 financial results with increased revenues in each period. Highlights are as follows:     •    Revenues were $1.94 billion for the fourth quarter and $6.82 billion for 2013     •    Segment operating margin was 8.7 percent for the fourth quarter and 8.3 percent for the full year     •    Total operating margin was 9

Harley Marine Orders Ocean Tugs from Conrad

The Entech Designs tugs will be built by Conrad’s Morgan City Shipyard for Harley Marine Services. (Image: Entech Designs)

Louisiana shipbuilder Conrad Shipyard said it has been awarded a contract to build two 3,000HP ocean service tugboats for Seattle’s Harley Marine Services.   The two new vessels, designed by Entech Designs, LLC, will be 100-feet in length, with a beam of 34’. They will be powered by Caterpillar 3512C Tier 4 ARated Diesel Marine Engines, and equipped with two Caterpillar C4.4 99Kw at 1,800RPM generators.  

Wilhelmsen Majority Shareholder in NorSea Group

Jan Eyvin Wang, senior vice president industrial investments in Wilhelmsen and new chair of NorSea Group | John Stangeland, CEO of NorSea Group | Thomas Wilhelmsen, group CEO of Wilhelmsen. Photo: Wilh. Wilhelmsen Holding ASA

 With effect from 26 September 2017, Wilhelmsen increases its shareholding in NorSea Group from 40% to approximately 72%.  NorSea Group provides supply bases and integrated logistics solutions to the offshore industry.   Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS will hold approximately 12% each, while management in NorSea Group controls the remaining 4%. Following the transaction, Wilhelmsen will buy a small portion of management controlled shares.

Great Lakes CEO Provides Business Update

Tug Douglas B. Mackie started sea trials on October 5th.  (Photo: Great Lakes Dredge & Dock Corp)

Great Lakes Dredge & Dock Corporation, a provider of dredging services in the United States and a major provider of environmental and infrastructure services, has announced multiple updates. Chief Executive Officer, Lasse Petterson, commented, “During the two months since we reported second quarter earnings, a number of developments have occurred at the Company. “As noted on the quarterly earnings call on August 2

Odfjell Divests Share in Singapore Tank Terminal

Odfjell Terminals B.V. has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50 percent ownership in Oiltanking Odfjell Terminal Singapore Pte Ltd for a price around $300 million. This implies an enterprise value of around $330 million for Odfjell Terminals B.V.'s share in the Singapore terminal.   “This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further

Wärtsilä to Power LNG Offshore Construction Vessel

The worlds first LNG fueled offshore construction vessel being built for DEME will be powered by Wärtsilä. (Photo: Wärtsilä)

Wärtsilä is to supply the engines and other propulsion machinery for a new offshore construction vessel being built at the Cosco shipyard in China. The ship owner is Belgian operator Dredging International (DEME). This will be the first vessel of its kind to be fueled by liquefied natural gas (LNG) and in addition to the dual-fuel engines, Wärtsilä will also provide its LNGPac fuel storage and supply system and propulsion systems

Daewoo Shipbuilding books first Quarterly Profit in 4 years

File Image (CREDIT: AdobeStock / (c) Burnel11)

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd posted its first quarterly profit in more than four years on Thursday, as on-time delivery of higher-margin vessels as well as cost-cutting measures helped the bottom line.   The world's largest shipbuilder in terms of orderbook reported an operating profit of 292 billion won ($257.57 million) for the January-March quarter, compared with an operating loss of 38 billion won a year earlier.  

Kvaerner Lifts 2017 Forecast

File Image (CREDIT: AdobeStock / (c) Nightman)

Kvaerner, the Norwegian builder of oil platforms, lifted its 2017 outlook on Monday as a slump in the oil sector eased with a year-on-year lift in crude prices.   Kvaerner's clients, oil companies, have reported forecast-beating earnings so far in this quarter, helped by a 55-percent jump in oil prices from a year ago, including Norwegian major Statoil last week.   "Since the oil price started a decline in 2014

Acquisitions to Yield Better Results for Hoegh LNG

Höegh Gallant. Photo: Höegh LNG Partners LP

 Hoegh LNG Partners closed the acquisition of 51% interest in Höegh LNG Colombia Holding, the owner of the entities that own and operate the Höegh Grace on January 3, 2017.   The results of the Höegh Grace contributed to the Partnership's earnings for the full first quarter of 2017, says the company.   Richard Tyrrell, Chief Executive Officer and Chief Financial Officer stated: "In the first quarter of 2017

El Nino Signal is Weakening in the Pacific

The probability of El Nino, a warming of ocean surface temperatures in the eastern and central Pacific, developing this year has been downgraded by U.S. government forecasters as sea surface temperatures and wind speeds in the area remain close to their long-term averages. The Pacific saw a relatively rapid swing in late October from La Nina conditions - characterised as unusually cold temperatures in the equatorial Pacific Ocean - to neutral or even slightly El Nino-leaning conditions by

COSCO Records H1 Profit on Improving Market

File Image (CREDIT: AdobeStock / (c) Marina Ignatova)

COSCO Shipping Holdings expects to post a profit of around 1.85 billion yuan ($272 million) in the first half, helped by an improving shipping market.   The world's fourth-largest container shipping line made the forecast in a stock market statement on Thursday. It recorded a loss of 7.2 billion yuan in the same period last year.   "Freight rates for container shipping operations have increased year-on-year, container volumes have grown 34

Svitzer Bags FSRU Support Contract in Bangladesh

 Svitzer Bags FSRU Support Contract in Bangladesh   Svitzer will provide marine support services for the Excelerate Energy FSRU at Bangladesh’s first liquefied natural gas (LNG) import terminal.   Excelerate Energy Bangladesh Limited awarded Svitzer the 15-year contract following a competitive tender process. The contract also includes a five-year option.   Bangladesh’s first LNG import terminal, located offshore Moheshkhali Island in the Bay of Bengal

Helix Energy Cuts Q2 Loss

Photo: Helix Energy Solutions

 Oil service company Helix Energy Solutions has narrowed its loss in the second quarter of 2017 backed by increased activity of its well intervention business. Mainly North Sea operations helped narrow the firm’s losses.   The group, which controls Aberdeen based Helix Well Ops and Canyon Offshore, reported a net loss of $22.9million for the first six months of the year, compared to $38.5million in the same period last year.  

Wärtsilä Scrubbers for New Japanese Bulk Carriers

The NYK BP Handymax Bulk Carriers which will be equipped with Wärtsilä scrubbers to be built at Oshima Shipyard (Image courtesy of NYK BP)

Wärtsilä informs it has been contracted to supply exhaust gas cleaning systems for two new 56,000 DWT Handymax bulk carriers being built at Oshima Shipbuilding Co., Ltd. in Japan for Tokyo based NYK Bulk & Projects Carriers Ltd. (NYK BP).   The newbuilds will be the first vessels owned or chartered by NYK Group having exhaust gas cleaning systems installed. By fitting the scrubber systems, the ships will be compliant with the International Maritime Organization’s

Seaspan Takes Delivery of 11,000 TEU Containership

Seaspan Corporation said it has accepted delivery of the MSC Shuba B, an 11,000 TEU containership that will commence a 17-year fixed-rate bareboat charter with Mediterranean Shipping Company S.A. (MSC). Upon completion of the bareboat charter period, MSC is obligated to purchase the vessel for a pre-determined amount. The MSC Shuba B, which was constructed at HHIC-PHIL INC., is Seaspan’s first 11,000 TEU SAVER design containership in a series of five ships

CFE Awards 9-Cargo LNG Tender for Q4 Delivery

File Image: A typical LNG Carrier at Sea (CREDIT: MISC)

Mexico's state-run power utility CFE has picked Royal Dutch Shell and most likely Cheniere Energy to deliver nine liquefied natural gas (LNG) cargoes in the fourth-quarter, trade sources said.   Traders said Shell won most of the tender, which was awarded on Tuesday, with shipments to be spread across October, November and December into the Altamira terminal on Mexico's Atlantic coast, traders said.   Some traders said Cheniere took a share of CFE's requirement.  

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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