Bj Services News

Chelsea Technologies Group announced this week a significant increase in both sale and rental contracts for the 2011 Model Sub-Sea Pipeline Leak Detection System. The PLD system now includes the provision of digital output on all fluorimeters  operating these systems, and alignment of power requirements allowing easy integration to common ROV platforms. Systems are now on offer for both shallow (ROV mounted and diver held) and full ocean depth operations. The new software package, UNIplot , has been developed to allow real-time graphical display and robust recording of data on supplied laptop PCs. “Over the last 6 months, we’ve received contracts…

BJ Services Company announced that its Board of Directors has approved a quarterly cash dividend in the amount of $.05 per share, payable July 15, 2008 to shareholders of record at the close of business on June 16, 2008.

Hornbeck-Leevac Marine Services, Inc., announced that it has taken delivery of its first 265-ft. class deepwater offshore supply vessel, the BJ Blue Ray, which immediate commenced service under a 5-year time charter with BJ services to support well stimulation services, primarily in the Gulf of Mexico. Three additional 265-ft. class offshore vessels are under construction for delivery in 2002. Hornbeck-Leevac also announces the purchase of the M/V W.K. McWilliams, Jr. from Freeport-McMoRan Sulphur LLC for an undisclosed amount. The vessel, to be renamed the “Energy Service 9001,” is a 402-ft. self-propelled unit built in 1992 and historically used by Freeport-McMoRan in the transportation of molten sulphur.

It is little secret that as offshore oil production moves further from shore, the boats that service these offshore units must be bigger, stronger and more capable than their ancestors. Here's a peak at emerging technologies and the boats that house them. The technology to cost efficiently discover and recover oil and gas in increasingly deeper part of the Gulf of Mexico has quickly led to the development of bigger, stronger and more ruggedly equipped Offshore Service Vessels, not only on drawings boards but operating on the waterways. The discovery of oil and gas fields such as Auger, Marlim and Mars, have among others, highlighted the vast potential for drilling success and the inadequacy of the current fleet of OSVs to perform the job as cost effectively as possible.

Driven by decade-high oil prices, industry leader Baker Hughes Incorporated reported operating profit after tax from continuing operations for the third quarter of 2000, excluding non-operational items, was $70.6 million, up 456% compared with $12.7 million for the third quarter of 1999, and up 72% compared with $41 million for the second quarter of 2000. Net income for the third quarter of 2000 was $66.7 million compared to $13.2 million for the third quarter of 1999. Results for the third quarter of 2000 include the impact of losses, net of tax, totaling $3.9 million related to the company's holdings of Varco International, Inc. stock and the sale of the Norward product line of Baker Atlas. Michael E.

Duramax Marine, a world leader in water-lubricated rubber bearings, recently broke ground on a new facility that will streamline the company's current manufacturing operations. The facility, with approximately 65,000 sq. ft. of factory and office space will consolidate production and administration into one centralized location in Troy Township, Ohio, approximately 40 miles south east of Cleveland. The expected grand opening will be the first quarter of 2001. Watson Coatings Inc. said that Gordon Watson, founder and CEO, retired on Nov. 2, 2000. Gordon founded Watson Coatings in 1987 with his wife Carol, and sons, Tom and Gary. Carol Watson will continue as Office Manager…

In today's fast moving offshore service industry with vessels venturing deeper and deeper into the Gulf of Mexico and to far off oilrigs around the world, communications is more important than ever. Today's offshore service vessels need far more ship-to-ship, ship to shore and even internal ship communications than ever before. "System redundancy is the key to today's state-of-the-art marine communications system", said Karl Beier, president of Beier Radio, Harvey, La. one of the leading suppliers of maritime communications equipment. "Communications backups not only make good sense but SOLAS rules mandate separate communications systems be in place to meet the Global Maritime Distress and Safety System (GMDSS)", Beier added.

Mud, Mud, Mud. Liquid mud is the name of the game in the design of today's offshore service vessels. The drilling rigs not only want huge volumes of mud, but they want the vessels that serve them to be able to carry several different types of liquid mud. That means two or three separate piping and pumping systems to keep the mud from cross contamination. That also increases demands for automated control and alarm systems, many of which utilize touch screen controls. The rigs also need dry bulk cement, barite and other such products, so dry bulk tanks with 6,000 or so cu. ft. of capacity would be desired. Many rig owners would also like the vessels to carry methanol and…

Drilling and oilfield service stocks fell sharply on Thursday after offshore driller Rowan Cos. Inc. said the business outlook for the third quarter of this year was uncertain. A fall in the price of crude oil also contributed to price weakness in the sector. In early afternoon trading Rowan's stock was off $1.83, or 8.9 percent, at $18.74. Other big losers among drilling and oilfield service stocks included Global Marine Inc. - off $1.11 at $16.10 - Transocean Sedco Forex Inc. - down $2.14 at $37.21 - BJ Services Inc. -- $1.75 lower at $23.35 - Smith International Inc. - down $3.13 at $54.45. The losses for these companies' stock prices ranged anywhere from 5 to 7 percent.

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC’s current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC's current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.