District Offshore News

Norway's west coast maritime cluster has again demonstrated its technological skills and business verve through the delivery of a complex, diesel-electric offshore support vessel equipped to carry out deepwater subsea inspection and construction tasks. Ordered from Aukra Industrier by local operator District Offshore (DOF), the 275-ft. (84-m) Skandi Carla ranks among the world's most sophisticated ships designed for ROV(remote-operated vehicle) deployment. The powerful, dynamic-positioning vessel entered an immediate five-year charter assignment to Aberdeen-based survey specialist Fugro-UDI, to whose requirements she has been customized.

The All Share Index in Oslo lost a further 4.2 percent in April, and as in March the main reason for the fall was international repricing of technology stocks. However, shipping and offshore companies were not providing any help for the market, as the Shipping Index fell a solid 5.8 percent during the month. Det Søndenfjeldske (SFJ), Ocean Rig (OCR) and Stolt Comex Seaway (SCS and SCSA) all fell between 14 and 19 percent, leading the way down for offshore stocks. The share price of Det Søndenfjeldske has dropped almost 25 percent during the last two months. Also Smedvig A (SME), Petroleum Geo-Services (PGS) and TGS Nopec (TGS) saw their market values fall in April. The three stocks fell 1.1, 5.4 and 5.7 percent respectively.

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20 percent. Polar Holding (POL) fell 26 percent in May as District Offshore (DOF) failed in it's attempt to acquire the company. Brøvig Offshore was down 17 percent, while DOF fell 3 percent. The two cruise operators both experienced a positive share price development in May.

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20 percent. Polar Holding (POL) fell 26 percent in May as District Offshore (DOF) failed in it's attempt to acquire the company. Brøvig Offshore was down 17 percent, while DOF fell 3 percent. The two cruise operators both experienced a positive share price development in May.

The All Share Index in Oslo was up 3.8 percent in May, and shipping and offshore stocks were leading the way as the Shipping Index surged 13.9 percent during the month. All but three of the offshore stocks listed on the OSE experienced positive share price movements in the period. Northern Offshore (NOF), announcing strong results for first quarter, was up all of 50 percent. Nortrans Offshore (NOL), Navis (NIS), Stolt Comex Seaway (SCS) and Smedvig (SME/SMEB) were all up between 33 and 20 percent. Polar Holding (POL) fell 26 percent in May as District Offshore (DOF) failed in it's attempt to acquire the company. Brøvig Offshore was down 17 percent, while DOF fell 3 percent. The two cruise operators both experienced a positive share price development in May.

Offshore shares have been the winners in recent months on the back of a rapidly rising oil price. In September however, this sector dipped 5.9 percent to show the poorest price performance on the Main List. PGS's (PGS) price fall of 7.3 percent was the main contributor. Fred. Olsen Energy (FOE) and Smedvig (SME & SMEB) dropped 12.6 and 10.3 percent respectively. This was despite a continuing rise in the oil price resulting from OPEC discipline and declining oil stocks. Not since January 1997 has North Sea oil commanded such high prices as today. The SMB-listed Ocean Rig (OCR) almost halved its value during September, much due to a new issue that are being executed at a much lower price than expected.

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 19.6 percent price fall recorded by the seismic company Petroleum Geo-Services (PGS), the biggest offshore company on the Exchange, was the main contributor. The SMB-listed offshore company Ocean Rig (OCR) tops the losers list for the second month running, having sliced almost 30 percent off its share price in October. Big players such as Fred.