Danos Appoints 3 to Sr. Positions
Danos announces the hiring of Marc Distefano, John Danos and Jack Roszelle to leadership positions with the company. “We welcome Marc, John and Jack to the Danos team,” said CEO and President Hank Danos. John Danos (no relation) serves as construction division general manager, working to develop a best practices foundation for the way Danos executes projects in conjunction with the company’s project management group. Prior to joining Danos, he held leadership positions at J. Ray McDermott, International Offshore Services, International Construction Group and Harvey Gulf International Marine. As fabrication operations manager of the Amelia facility, Marc Distefano is responsible for overall leadership of the facility and maintaining a culture of continuous improvement.
Gray, CFO Cobalt International Energy, L.P.
Cobalt International Energy, L.P. named Rodney Gray as Chief Financial Officer and Executive Vice President, effective June 1, 2009. Prior to joining Cobalt, Gray held the position of Vice President and Chief Financial Officer of Colonial Pipeline in Atlanta, where he has been since 2003. Prior to Colonial, Gray had a career with Transco Energy Company and its successor company Enron Corporation. Gray held numerous senior executive positions at Enron, including Senior Vice President of Finance and Treasurer, Chairman and CEO of Enron International, and Chairman and CEO of Enron Global Power and Pipelines. He was also Vice Chairman of Azurix. (www.cobaltintl.com)
OIG Issues Audit of Title XI Loan Guarantee Program
The Department of Transportation Office of Inspector General (OIG) issued its Report on the Audit of the Title XI Loan Guarantee Program The audit examined whether proper procedures were followed and the impact of recent bankruptcies. As of December 2002, the Title XI portfolio totaled approximately $4.3 billion in executed loan guarantees and loan guarantee commitments. The report discussed the impact of the American Classic Voyages Co. (AMCV) bankruptcy ($1.3 billion in loan guarantees) and potential problems with loan guarantees to companies that are subsidiaries of Enron Corporation ($122 million in loan guarantees). The OIG recommends…
News: Poor Weather, Repairs Forces Kirby to Lower Expectations
"Very poor weather, major repairs to a lock on the Gulf Intracoastal Waterway and rapidly escalating fuel prices, not lower business levels, are the factors causing Kirby to revise its first quarter forecast," were a few reasons that Joe Pyne, Kirby Corporation's President CEO, cited for the company's lowering of its earnings guidance for the 2003 first quarter to $.26 to $.30 per share from previous guidance of $.36 to $.40 per share. Navigational delays due to fog along the Gulf Coast, both high and low water issues on the Mississippi River, and major repairs to a critical lock on the Gulf Intracoastal Waterway, have resulted in increased transit times. Navigational delays increase transit times, which reduce revenues and increase operating expenses.
