Tidewater Closes on Sale of 10 Offshore Tugs
Tidewater Inc. announced today the closing on the sale of ten offshore tugs for a total cash price of $31.5 million. The culmination of this transaction results in an approximate $24 million pre-tax financial gain, or $.27 per common share after tax. The company previously announced that it had entered into a definitive agreement with Crosby Marine Transportation, LLC to sell a total of 14 offshore tugs. The balance of the four tugs covered by the definitive agreement, with a total sales price of $13.3 million, should close over the next four months as current charter contracts to which the four tugs are subject to expire.
Tidewater Reports 2Q Results
Tidewater Inc. announced second quarter net earnings for the period ended September 30, 2006, of $104.2 million, or $1.86 per common share, on revenues of $274.0 million. For the same quarter last year, net earnings were $82.2 million, or $1.42 per common share, on revenues of $204.4 million. The immediately preceding quarter ended June 30, 2006, had net earnings of $71.4 million, or $1.23 per common share, on revenues of $269.8 million. Included in the current quarter's net earnings is a gain of $28.2 million ($17.2 million after tax, or $0.31 per common share) related to the August 2006 sale of 11 of the company's offshore tug vessels to Crosby Marine Transportation, LLC for a total cash price of $34.8 million.
Tidewater to Sell 14 Offshore Tugs
Tidewater Inc. entered into a definitive agreement with Crosby Marine Transportation, LLC to sell 14 of its offshore tugs, 12 of which currently constitute Tidewater's total domestic fleet of offshore tugs. In addition, two tugs scheduled to return from international assignments in the Middle East are included in the transaction. The sale of ten of the tugs is expected to close by the end of August, with the sale on the other four vessels scheduled to close over the next four months as current charter contracts to which the four tugs are subject expire. The combined cash sales proceeds of $44.8 million will result in an estimated pre-tax financial gain of approximately $34 million…
US Fines 'Duck Boat' Manufacturer in Fatal Crash
The U.S. Transportation Department said on Tuesday the company that built a Seattle amphibious "duck boat" involved in a deadly 2015 collision between the vehicle and a charter bus that killed five international students has agreed to pay a fine of up to $1 million. Ride the Ducks International LLC also admitted it failed to comply with U.S. vehicle manufacturing rules because it had not registered with the government and agreed it will now follow rules governing safety related defects. The National Transportation Safety Board in November blamed the crash on a front axle failure that resulted that from a manufacturing error. (Reporting by David Shepardson; Editing by Alan Crosby)
FUGRO Wins BHP Pyrenees Contract
Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project. The Pyrenees development is located offshore Western Australia, in approximately 200 metres water depth, 45 kilometres northwest of Exmouth, and comprises six separate fields: Stickle, Crosby, Tanglehead, Moondyne, Wild Bull and Ravensworth. The project includes the tie back of the Stickle 9 well to the existing Tanglehead manifold. Fugro’s scope of work includes suspension of existing infrastructure, and installation and pre-commissioning of the new flexibles and flying leads.
Congressional, Maritime Leaders Support Jones Act on the Hill
The House Transportation and Infrastructure Subcommittee on Coast Guard and Maritime Transportation held a hearing Wednesday on “The State of the U.S. Flag Maritime Industry” during which congressional and maritime leaders stressed the importance of the Jones Act. RADM Mark H. Mr. Mr. The Committee and those testifying expressed bipartisan support for the Jones Act and enforcement of the law. “In order for us to maintain the way of life as we know it as a nation that is secure and is able to project power, be it Navy power or commercial power, the Jones Act is intrinsic to that.
Washington State Christens New Ferry Suquamish
The Washington State Department of Transportation (WSDOT) christened Suquamish, its fourth Olympic Class auto/passenger ferry, to serve passengers on the Mukilteo/Clinton route beginning in 2019. The christening ceremony was held at Vigor's Harbor Island Shipyard in Seattle, where the new 144-car ferry has entered the final stages of construction and preparation ahead of sea trials starting in mid-2018. In addition to summer operations on the Mukilteo/Clinton route, the new ferry will also serve as a maintenance relief vessel in the winter, filling in when other vessels are out of service.
Canada Unveils New Arctic Shipping Safety Regulations
Canada's Arctic is a vast and diverse region that is an integral part of this country. Marine transportation in the Arctic connects Canada to other countries and provides an essential lifeline for northern communities. To uphold the Government of Canada's high standards for marine shipping in the north, Transport Canada has introduced new Arctic Shipping Safety and Pollution Prevention Regulations. The regulations incorporate the International Code for Ships Operating in Polar Waters (the Polar Code) into Canada's domestic legislation.
$55M Berth Upgrade in Townsville Port
Townsville contractor CivilPlus Constructions has been awarded the design and construct tender for the primary wharf works component of Port of Townsville’s $55 million Berth 4 Upgrade project. Treasurer Curtis Pitt said the announcement was great news for the Townsville economy. “The upgrade of Berth 4 is one of the $187 million in projects brought forward as part of the Palaszczuk Government’s Accelerated Works Program for North Queensland,” Mr Pitt said. “This work, which is expected to support 100 jobs and take around 18 months…
German Boxship Collides with Crane at Keelung Port
A German-flagged container ship Hansa Meersburg ran into a crane while berthing at Keelung Port, Taiwan resulting in the damage of containers and port infrastructure, CNA reported. The 2007-built freighter, operated by German-based Leonhardt and Blumberg hit and damaged a berth crane valued at NT$200 million (US$6.78 million) as it was sailing into the harbor. In addition to the damage sustained by the crane, a pier was also damaged, suffering a hole three meters wide and two meters deep.
Coast Guard Medevacs Man 120 Miles off Galveston
A 48-year-old man was medevaced Monday night after he was found to be experiencing heart attack symptoms aboard an off shore tug boat approximately 120 miles off Galveston. Crewmembers aboard the tug contacted Coast Guard Sector Houston-Galveston watchstanders at 8:25 p.m. to report the captain’s condition and ask for assistance aboard the 73-foot tug, Crosby Skipper. The watchstanders launched an aircrew aboard an MH-65 Dolphin rescue helicopter from Air Station Houston to recover the man. The aircrew transported him to Scholes International Airport in Galveston where Emergency Medical Services met him. “Every second counts in any case we execute,” said Petty Officer 1st Class Robert B. Maddox, an operations specialist at Sector Houston-Galveston.
Cenovus to Develop Telephone Lake Oil Sands
Cenovus Energy Inc , Canada's No.2 independent oil producer, said on Friday it has received regulatory approval for its Telephone Lake oil sands project, a facility that could eventually produce more than 300,000 barrels of oil per day. The company said the Alberta Energy Regulator and the provincial government approved the thermal oil sands project, which will pump steam into oil sands deposits to liquefy the tar-like bitumen so it can flow to the surface. Cenovus said Telephone Lake will be developed in stages, with a 90,000 bpd initial phase, followed by expansions.
BP Wins Right to Appeal Gulf Spill Damages Claims
BP Plc deserves the right to have a federal appeals court review some damage claims awarded under the settlement to compensate people and businesses harmed by the 2010 Gulf of Mexico oil spill, a U.S. appeals court ruled on Friday. The 5th U.S. Circuit Court of Appeals in New Orleans said BP did not expressly waive its right to appeal various claims determinations made under the 2012 settlement following review by a district court. BP argued that rules adopted by the federal judge who oversees that settlement compromised that right. BP is trying to hold down the costs of the settlement arising from the April 20, 2010 explosion of the Deepwater Horizon drilling rig, which killed 11 workers and caused the largest U.S. offshore oil spill.
Huntington Ingalls wins USN Carrier Deals
Huntington Ingalls Industries Inc on Friday won two contracts worth a combined $4.3 billion to complete design work and construction of the USS John F. Kennedy aircraft carrier, the Pentagon said in its daily digest of major weapons contracts. The first contract, a fixed-price deal with an incentive fee, was worth $3.4 billion for design and construction work on the new warship, and runs through June 2022. A second contract, a cost-plus contract with an incentive fee, was worth $941 million and is a modification of a previously awarded contract.
“Moratorium” is a Four Letter Word
While ten letters in all, “moratorium” might as well be the foulest four-letter word in the Gulf of Mexico oil patch right now. On May 27, the Obama Administration ordered a halt to drilling in water depths more than 500 feet, effectively cancelling 33 drilling projects and reversing a tide of industry optimism in the region. Bill Foret, president of Golden Meadow, La.-based Abdon Callais Offshore LLC, said the company could have placed 50 OSVs to work on April 19 — a day before BP’s Deepwater Horizon explosion, which killed 11 crew members and set off a gusher of crude 5,000 feet below the Gulf’s surface for more than 80 days. “The OSV market was showing signs of improving,” Foret said. Kurt Crosby, CEO of Crosby Tugs Inc., based in Golden Meadow, La., agreed.
GoM Energy Workers Testify Need of Offshore Lease Sales
Two members of the Gulf Economic Survival Team testified at a U.S. House Natural Resources Subcommittee on Energy & Mineral Resources Oversight hearing. Two members of the Gulf Economic Survival Team – Chett Chiasson, Executive Director of the Greater Lafourche Port Commission and Cory Kief, Director of Business Development for Crosby Tugs – testified on behalf of the offshore industry.The hearing examined the economic importance and energy contribution of the industry, as well as the need to support industry growth through appropriate policies, including robust lease sales. Port Fourchon director Chiasson testified about the importance…
Extended Well Test on Wressle Discovery Kicks Off
Europa Oil & Gas (Holdings) plc, confirmed the commencement of an Extended Well Test at the Wressle-1 oil and gas well (‘Wressle’) in East Lincolnshire (‘PEDL 180’). This follows the successful testing earlier this year of four intervals at Wressle, which recovered a total of 710 barrels of oil equivalent per day from all four payzones. The start of testing operations marks a significant milestone for AIM firms Europa has a 33.3% working interest in PEDL180, alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), Union Jack Oil (8.3%).
Crowley Establishes New "Project Solutions" Enterprise
Crowley Maritime Corporation announced today the establishment of a new Project Solutions group that bundles company-wide capabilities and assets with world-class project management skills to provide complete turnkey marine solutions. This specialized team, which now has a Project Management Office (PMO) in Houston, Texas, allows Crowley to provide greater value to customers with multifaceted marine and offshore construction-related projects. Crowley's Project Solutions group…
San Diego Tugboat Fleet Converts to Shore Power
Pacific Tugboat Service, a member of the Port of San Diego's Green Business Network, has converted its fleet of 20 vessels. Shore power, also known as cold ironing, is the process of switching from a ship's onboard diesel power supply to shore-based electrical power while the ship is at the dock. This process reduces polluting air emissions and noise levels from idling engines. "I think the Green Business Network taught us is that we're not just a small business trying to make a living on the Bay, but we're a neighbor," said Pacific Tugboat Service Vice President Stephen Frailey.
Maritime Research and Technology Development Releases Report
The U.S. Department of Transportation’s Maritime Administration (MARAD) today released a report entitled, "Maritime Research and Technology Development." The report reviews U.S. transportation research and technology development with special emphasis on the marine transportation system. The report reviews the history and future needs of U.S. In summary, the report notes that more maritime research and development is needed to improve the ability to move goods, commodities and people. Future improvements in production and business transactions critical to the nation’s economic success cannot be fully realized without innovations in the efficiency and quality of the marine transportation system. U.S. Secretary of Transportation Norman Y.
Canada Invest in Marine Training Center
The McGuinty government is supporting Ontario’s marine transportation industry by investing in essential upgrades to the Great Lakes International Marine Training Centre in Owen Sound. “Ontario and Canada need well-trained graduates to navigate and operate our ships,” said Training, Colleges and Universities Minister Chris Bentley. The province is investing $3 million dollars to help the centre, located at Georgian College, purchase state-of-the-art visual navigation simulators, upgrade existing engineering equipment and improve distance-learning capabilities. The centre was established in 1969 and is the only accredited marine training institution in Ontario.
MarAd Names Council Members
The initial members of the Marine Transportation System National Advisory Council (MTSNAC) established to advise the U.S. Secretary of Transportation were announced by U.S. Maritime Administrator Clyde J. Hart, Jr. The council will address strategies to ensure a safe, environmentally sound, and secure Marine Transportation System (MTS) that improves the global competitiveness and national security of the U.S.; issues and concerns raised by the marine transportation industry; and other matters at the Secretary's request.
WWII Museum’s PT-305 Sails Again
Commercial workboat philanthropy on display on PT-305: WWII Museum’s PT-305 sails again after a far reaching donor-funded restoration. In March, the National WWII Museum in New Orleans launched its reconstructed PT-305, built locally by Higgins Industries in 1943. The museum acquired the boat known as the USS Sudden Jerk in 2007, restoration began in 2009, and it now sails Lake Pontchartrain as an interactive exhibit. PT-305, with a fifteen-man crew, belonged to a 12-ship squadron operating in the Mediterranean from 1944 until the war ended in 1945.