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Offshore Shares

Superior Offshore Shares Plunge

Shares of Superior Offshore International Inc., plunged after the company delayed filing its third-quarter financial statement. A Merrill Lynch analyst downgraded the Houston-based company's stock to "Neutral" from "Buy." Superior Offshore shares dropped 77 cents, or 9 percent, to close at $7.83, after plunging 24 percent to $6.56 earlier in the session. The stock has dropped more than 40 percent since its initial public offering priced at $15 in April. In a Securities and Exchange Commission filing, Superior Offshore said the third-quarter filing was delayed as the company determines whether it is required to reclassify long-term debt as current debt. Superior Offshore said the reclassification may be necessary under the terms of a waiver from a lender related to defaults on the company's senior secured term loan facility. The company is currently negotiating a term loan facility with another lender to refinance the facility. Source: CNN


Offshore Shares Are Leading The Way

Offshore shares on the Oslo Stock Exchange continued to rise in November, buoyed by the continuing high oil price and expectations of increased level of activities from oil companies in the year 2000. After a few dismal months, offshore shares regained the positive position they have occupied for most of the year. Other maritime shares fell during November so it was offshore and cruise that carried the Shipping Index to a 1.9 percent rise for the month and the rise of 36


Shipping Outperforming Offshore In October

Higher oil prices have helped the Oslo Stock Exchange's shipping index, which features maritime and offshore shares, to rise by 33.7 percent so far this year - outperforming the exchange's other indexes. Share prices of offshore shares have decreased for two months now, resisting the influence of continued buoyant oil prices. The value of shares on the Main List dropped 5.6 percent in September and 13.6 percent in October. The 19


$230M Offshore Contract Announced

Saibos CML, an equally-owned subsidiary of Bouygues Offshore and Saipem SpA, has been awarded a contract for the Kizomba A Development Project in Angola for an approximately total amount of $230 million (Bouygues Offshore's share: approximately $115 million). Esso Exploration Angola (Block 15) Limited (Esso), a subsidiary of Exxon Mobil Corporation, is the operator (40%). Other participants include BP Exploration (Angola) Limited (26.67%), Agip Exploration Angola B.V. (20 %) and Statoil (13


Seadrill Sells FPSO Crystal Sea

Seadrill Limited, the owners of the Crystal Sea, have completed a sale of the FPSO vessel to BW Offshore. The total consideration for the FPSO vessel is $80 million of which $60 million in cash and U20 million in BW Offshore shares. BW Offshore Limited is a Oslo Stock Exchange listed company.


Bouygues Offshore Logs New Contract

Technigaz, a wholly-owned subsidiary of Bouygues Offshore, will build a Liquefied Natural Gas (LNG) tank in Palos de Frontera, Spain under a contract awarded by ENAGAS. This contract, for a total amount of EUR 40 million (Bouygues Offshore's share: EUR 28 million) will be performed by a Joint-Venture of Technigaz (70%) and Initec (30%). The customer, ENAGAS, is the only LNG importer in Spain so far. This turnkey contract covers Engineering, Procurement


Gas Prices, Offshore Shares Fall In Tandem

Gasoline prices on the benchmark New York Mercantile Exchange (NYMEX) Monday dipped below 90 cents a gallon for the first time in nearly three months, signaling the end of this summer's red-hot run. After trading above a record $1.05 a gallon for most of June, front month gasoline futures have made a 16 percent dive to Monday's midday low of 88.50, the lowest intraday level seen since May 4. Gasoline last closed below 90 cents a gallon on May 3


Stolt Offshore Wins $120M in Contracts

Stolt Offshore S.A. received contract awards and Letters of Intent totaling approximately $120 million from various customers operating in the North Sea. In the UK sector of the North Sea, BP has awarded Stolt Offshore two contracts totalling $12.4 million for construction and installation of the gas import/export system for Clair Phase 1 and the tie-in of the Clair oil export and gas import/export pipeline systems. BP has also awarded Stolt Offshore a contract, valued at approximately $19


Aker Kvaerner Acquires RR Offshore

Aker Kvaerner has entered into an agreement which gives full ownership of Finnish RR Offshore and ends the co-operation between Aker Kvaerner and its former Russian partner ST Holdings. As part of the agreement, Aker Kvaerner sells its shares in the Astrakhan Korabel yard to ST Holding. The parties have agreed to not disclose any transaction values. RR Offshore OY is a Finnish engineering and project management company with


Diamond Offshore Scraps Special Dividend on Weak Market

Ocean Endeavor (Photo:  Diamond Offshore)

Rig contractor Diamond Offshore Drilling Inc said it expected a significant number of ultra-deepwater rigs to be idled across the industry by year-end as oil producers' capital budget is likely to be lowered by a fifth this year.   The company also said it would not pay a special dividend as it had been doing since 2006 to save cash to take advantage of opportunities in a distressed market.   "...This action saves the company about $415 million over the next year


Duke Receives Funding for New Research Vessel

 Duke University said it has received $11 million for the construction and operation of a new state-of-the-art vessel that will expand teaching and research capabilities at its marine lab.   The gift to the Nicholas School of the Environment from the Grainger Family Descendants Fund


Golden Ocean Adds Golden Keen

Photo: Golden Ocean Group

 Golden Ocean Group (GOGL) has announce that it has taken delivery of the last vessel, Q Keen (to be renamed Golden Keen), hence all 16 vessels are now delivered.    Golden Ocean has issued 1,050,000 consideration shares to Quintana Shipping Ltd


Standard Club Establishes New Offshore Advisory Committee

Logo: The Standard Club

 The Standard Club is driving developments in offshore P&I with the launch of the Standard Club Offshore Advisory Committee (SCOAC). SCOAC aims to analyse offshore trends, assist the club in further understanding and disseminating industry best-practice and develop new strategies to


Mermaid Maritime Wins Subsea Charters

Image: Mermaid Subsea

 Thailand-based Mermaid Maritime, a subsea and offshore drilling services company, has  been awarded two subsea contracts with a combined estimated value of $4.6 million.    The company press release said that the first contract award will involve a short ROV campaign for


Earth, Wind & … Fire Protection

Fire Protection: Staff aboard a floating producer pass several coatings types. (Photo: Øyvind Hagen, Statoil)

Three years ago coatings giant Jotun was buying up real estate for U.S. market access and location savings. The effort to get closer to its shipping and offshore customer base is still underway with research aimed at protecting client assets in frontier areas like the arctic


Keppel Bags $85 Mln Conversion and Repair Projects

Keppel Offshore & Marine Ltd (Keppel O&M) has through its wholly owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), won four contracts worth a total of $85 million for the conversion, repair and modification of vessels.  


TUI Sheds Its Stake in Hapag-Lloyd to Focus on Tourism

Photo: Hapag-Lloyd

Europe's largest tourism group TUI Group said on Monday it had sold its stake in container shipper Hapag-Lloyd, bringing to a close plans for the sale of non-core businesses in order to focus on its tourism operations.   TUI Group has been investing in more of its own hotels and cruise


BOURBON to Support World's First Autonomous OSV Project

Following further developments in its design, Hrönn will now be a monohulled vessel of 37 m length, better suited for the intended operations. (Image: Bourbon/Automated Ships Ltd.)

BOURBON entered into a Memorandum of Understanding (MOU) with Automated Ships Ltd to support the building of the world’s first autonomous, fully-automated prototype vessel for offshore operations, in collaboration with the project’s primary technology partner, KONGSBERG. 


Marsol Signs Two-Year OOCEP Contract

Photo: Marsol International

Marsol International, a UAE-based global marine solutions provider focused on the offshore oil terminal market and related infrastructure, has signed a two years contract with Oman Oil Company Exploration & Production LLC (OOCEP) for the provision and management of the marine and offshore


Rays of Hope Seen for German Marine Equipment Suppliers

© MicroStudio / Adobe Stock

Germany’s marine and offshore equipment suppliers will have to continue efforts this year to respond to the continuing weak demand from other countries and growing competition in global shipping markets, says German Engineering Federation (VDMA) who reported a decline in orders in the


GE, Maersk Drilling Accelerate Digital Partnership

 The image shows Maersk Drilling’s rig Integrator. Photo Credit: Maersk Drilling

The 'digital revolution' continues in earnest in the maritime and offshore energy sectors, driven by new pilot programs with positive results such as GE (NYSE: GE) and Maersk Drilling, which announced this morning an extension of the scope of their digital partnership following the positive


GOGL Adds Dry Bulk Vessel

Golden Shui. File Photo: Golden Ocean Group Ltd

 Golden Ocean Group (GOGL) says that it has taken delivery of one dry bulk vessel, Q Deb.   "GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17


Hyundai Heavy Industries Debuts ‘Smart Ship’ Solution

Glovis Challenge, 6,500 PCTC with Integrated Smart Ship Solution (ISSS). (Photo: HHI)

South Korean shipbuilder Hyundai Heavy Industries (HHI) said it has developed proprietary ICT technology capable of realizing economical and reliable navigation and management of ships: Integrated Smart Ship Solution (ISSS).   HHI said the solution provides a wide range of ship information


Keppel Posts Lower Q2 Profit, Warns on Rig Outlook

Q2 profit S$161 million versus S$205 million year ago; O&M division net order book at S$3.4 billion.   Singaporean conglomerate Keppel Corp posted a 21 percent drop in its quarterly profit and warned it did not expect a speedy recovery in the offshore and marine market.  


Seacroft Hires Pearce as Engineering & DP Manager

Richard Pearce (Photo: Seacroft Marine Consultants)

Aberdeen-based Seacroft Marine Consultants said it has appointed Richard Pearce as Marine Engineering and Dynamic Positioning (DP) Manager, as the firm looks to develop more specialized offshore marine projects.   Pearce brings to the role 16 years’ experience in engineering and






 
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