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Thursday, January 18, 2018

Financial Report News

Norway's financial watchdog questions Statoil's 2012 accounts

Oil firm Statoil did not respect International Financial Reporting Standards (IFRS) on three points when it reported its 2012 accounts, according to the Nordic country's financial watchdog, the firm said on Tuesday. Statoil, which says its financial reporting is in line with IFRS, said it would comply on two points, related to the use of reliability intervals in impairment tests and the identification of a cash generating units relating to onshore activities in the United States. The firm would appeal the third point to the Norwegian finance ministry, related to the timing of the provision for a contract for import capacity for liquefied natural gas to the U.S. "Statoil's equity as of 2013 will not be impacted by the outcome of the appeal," the firm said in a statement.

Eagle Bulk Shipping Announces CFO Transition

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) has announced that Adir Katzav, formerly Director of Financial Reporting, has been promoted to Chief Financial Officer. Mr. Katzav succeeds Mr. Alan S. Ginsberg, who has advised the Company of his decision to pursue other professional interests. To facilitate an orderly transition, Mr. Ginsberg has agreed to oversee a transition of his responsibilities through mid-August of this year. During an 18-year career, Mr. Katzav has developed deep experience in U.S. GAAP accounting, corporate finance, and capital markets regulatory structures. In addition to serving as Eagle Bulk's Director of Financial Reporting for the last four years, Mr. Katzav previously worked at PricewaterhouseCoopers in both the U.S.

Transocean Announces Management Change

On January 25, 2012, Robert S. Shaw notified Transocean Ltd. of his resignation as Vice President, Controller and Principal Accounting Officer to pursue other opportunities.   Mr. Shaw will remain with the Company for a period of time sufficient to ensure a smooth transition of responsibilities. According to Transocean, Mr. Shaw's departure is not related to any disagreements with the Company s accounting, financial reporting or internal control over financial reporting.   Effective immediately, Gregory L. Cauthen, Interim Chief Financial Officer, will assume the responsibilities of Controller and Principal Accounting Officer pending identification of Mr. Shaw s replacement.  

Korean Shipbuilders Get Break from Accounting Rules

According to a July 30 report from the JoongAng Daily, with the scheduled adoption of the International Financial Reporting Standards (IFRS) shipbuilders were expected to see higher debt ratios. However, the Financial Services Commission and Financial Supervisory Service said that the International Accounting Standards Board (ISAB), the London-based group that supervises the IFRS, had accepted in principle a request by Korean financial authorities to allow a fair value hedge accounting system in the case of the shipbuilders. A fair value hedge system would allow shipbuilders to declare an intermediate payment in their financial accounts for contracts they received. (Source: JoongAng Daily)

Hapag-Lloyd to Omit UASC in 2017 Financials

Photo: United Arab Shipping Company (UASC)

The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016. A statement from the company said that the present outlook for the business 2017 will be omitted following the merger of Hapag-Lloyd and UASC which is expected to be completed at the end of May 2017. With the publication of the next financial report,Hapag-Lloyd…

Hargreaves Buys Imperial Tankers

Thomson Financial reported that Hargreaves Services has bought Imperial Tankers Ltd, adding the merged business will be among the top 5 players in the U.K. chemical tanker sector. Source: Thomson Financial

Keppel Unit Wins Contracts Worth $155.6m

Keppel Corp. said Keppel Singmarine Pte Ltd. has won two shipbuilding contracts worth $155.6m, Thompson Financial reported. Keppel Singmarine will build a derrick pipelay vessel for Global Offshore International Ltd, a unit of U.S.-listed Global Industries Ltd. In a separate deal, Keppel Singmarine will construct a 100-metre Rolls-Royce designed UT 788 CDL ultra-deepwater multi-functional support vessel For Lewek Shipping Pte Ltd., a unit of Singapore-listed Ezra Holdings Ltd. Source:  Thompson Financial

Transocean Issues Financial Report

Transocean Ltd. issued a financial report today. The company's reported net income attributable to controlling interest is $155 million, or $0.48 per diluted share, for the three months ended June 30, 2011. The results compare to net income attributable to controlling interest of $715 million, or $2.22 per diluted share, for the three months ended June 30, 2010. To read the entire report, visit http://www.deepwater.com/fw/main/News-748.html.  

Intermarine Promotes Corporate Finance Director

Chad Call (Photo: Intermarine LLC)

Project, breakbulk and heavylift cargo transporter Intermarine, LLC reports it has promoted Chad Call to Director of Corporate Finance. Call will continue to report to Michael Dumas, Executive Vice President and Chief Financial Officer. In this new role, Call will be responsible for managing the company’s banking relationships, corporate financial analysis, forecasting and financial reporting. Call joined Intermarine in 2010, where he previously served as Intermarine’s Manager of Financial Planning and Analysis.

Northrop Grumman Names VP & CAO

Kenneth L. Bedingfield elected corporate vice president, controller and chief accounting officer, Northrop Grumman Corporation, effective in 2012.

Northrop Grumman Corporation has announced that its board of directors has elected Kenneth L. Bedingfield corporate vice president, controller and chief accounting officer, effective in 2012. He will initially join the company on Nov. 28, 2011, as a corporate vice president reporting to James F. Palmer, corporate vice president and chief financial officer. He will assume the duties of controller and chief accounting officer after the company files its 2011 annual report. Kenneth N. Heintz, the company's current controller and chief accounting officer, will retire from the company in 2012.

Port Metro Vancouver Release Sustainability, Financial Reports

Frontispiece financial report: Image Port Metro

Port Metro Vancouver informs that it has released its fourth annual Sustainability Report and 2013 Financial Report. Both reports together cover the period of January 1, 2013 to December 31, 2013 and provide a summary of Port Metro Vancouver’s overall performance. The report is a  Global Reporting Initiative B+ level, independently assured report that provides information on the sustainability topics of greatest significance to Port Metro Vancouver and its stakeholders. It is designed to provide greater transparency and accountability in how Port Metro Vancouver conducts business…

Gulf Navigation Sails to Profit

Photo: Gulf Navigation Holding

Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016. The result came at a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector. According to GULFNAV’s financial report, its net profit reached…

Fincantieri, New Bay Shipbuilding Company VP

Marinette Marine Corporation (MMC) a Fincantieri company, welcomes Gene Caldwell as the new Vice President and General Manager of Bay Shipbuilding Company, a member of the Fincantieri Marine Group. Caldwell’s resume includes shipbuilding experience in multiple facets of the Ship Building Industry including vessel and rig repair, new commercial and government vessel construction, project management, contract negotiation, sales & marketing, safety, QA/QC and financial reporting. Prior to joining FMG, he held a senior management position with Signal International, LLC.  

Swiber Holdings Report Profit Surge

Singapore-based offshore energy group Swiber Holdings issues its Q2 & HY 2012 financial report. Swiber Holdings provide offshore construction, offshore marine, subsea & offshore development services. 2Q 2012 highlights: Net Profit surges 66.0% to US$20.9 million Revenue rises 27.1% to US$229.6 million HY 2012 highlights:  Net Profit rose 36.9% to US$33.5 million Revenue increases 28.0% to US$424.0 million Record order book of approximately US$1.6 billion, expected to contribute to Group’s results over the next two years Swiber considers that its strengthened capabilities places them in the big league, well placed for large contract wins.    

Technip Files Financial Report with AMF

Technip - a project management, engineering and construction company serving the energy industry - has filed his First Half 2011 Financial Report with the French “Autorité des Marchés Financiers” (AMF). The document, filed today, is available on Technip’s website: www.technip.com under: Investor relations/Regulatory Filings (AMF).

Fugro Gulf Selects SafeNet

Fugro Gulf Inc., has contracted with ABS Nautical Systems for seven modules from their suite of advanced SafeNet fleet management system software. Fugro Gulf's contracted ship management company, New Offshore Inc., Morgan City, La., will use the modules and manage vessel operational activities on behalf of Fugro Gulf Inc. Fugro Gulf Inc. has contracted for the Maintenance & Repair, Purchasing & Inventory Control, Replication Manager & Financial Reporting, ISM/STCW Compliance and Document Management modules of ABS NS SafeNet. They will also use the Vessel Drawings module.

Genco Shipping Report Net Loss in Q1 2012 Results

The financial report showed a loss attributable to Genco for the second quarter of 2012 of $27.7 million, or $0.65 basic and diluted loss per share. Comparatively, for the three months ended June 30, 2011, net income attributable to Genco was $10.1 million, or $0.29 basic and diluted earnings per share. EBITDA was $26.8 million for the three months ended June 30, 2012 versus $65.8 million for the three months ended June 30, 2011. Robert Gerald Buchanan, President, commented, "During the second quarter, we maintained an opportunistic time charter approach in a challenging drybulk market. Genco's voyage revenues decreased to $62.1 million for the three months ended June 30, 2012 versus $98.5 million for the three months ended June 30, 2011.

Metropolitan Stevedore Announces Two Appointments

Metropolitan Stevedore Co., West Coast general and bulk cargo contract stevedore and terminal operating company, recently announced the appointments of vice president and chief financial officer John R. Hampton and controller Phillip Poggi. Hampton, who holds an MBA from Pepperdine University, began his career with Metropolitan 1993 as its maintenance manager. In his new position, Hampton will be in charge of all the company’s financial reporting, including its subsidiaries Pacific Warehouse Company, Metro Risk Management LLC, Destination Pier 35, Trona Export Terminals, LLC ( a joint venture), and will oversee Metro’s human resources. Hampton will report directly to President and CEO James Callahan.

Three Sheets to the Wind: Three Key Ingredients of the Sober Financial Statement

The author, Richard Paine

Financial reporting is a sobering issue. Creative accounting, “cooking the books,” earnings manipulations and other accounting shenanigans have been around as long as folks have had income, paid bills, taxes or sought investors for their ventures. With intent to defraud for economic gain and financial crimes, came the passage into law of the Sarbanes-Oxley Act of 2002 (Sarbox or SOX) that made the consequences of such behavior more than just a slap on the wrist. The 2000’s were to some companies public and private, financial reporting’s wild, wild, west.

Rigdon Marine Promotes Harkness

James (Jay) A. Harkness was recently appointed Vice President and Chief Financial Officer of Rigdon Marine. Mr. Harkness is responsible for the financial management of the company, including fiscal controls, insurance placement and claims management and financial reporting. “Jay is a very capable individual with an astute background in all financial procedures of a vessel operating company,” said Larry Rigdon. “He is a take charge person, capable of providing critical data and important statistics, which are essential in the analysis of business forecasts and investments in our capital asset inventory. Mr. Harkness has been involved in the marine services industry for over fourteen years…

Stolt-Nielsen Changes Accounting for Two Acquisitions

Stolt-Nielsen Limited announced that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the company's consolidated financial statements for 2012. The company agreed to reverse $12.3 million of the non-cash gains on bargain purchase relating to the Acuidoro and Moerdijk acquisitions completed during 2012. The non-cash gain on bargain purchase of $4.8 million relating to the Dagenham acquisition has not been reversed. Reference is made to Note 1 to the Condensed Consolidated Interim Financial Statements for the three months and year ended November 30, 2013 released on January 30, 2014.

Northrop Grumman Appoints New CFO to AMSEC Subsidiary

Northrop Grumman Corporation has named Billy Jahn business manager and chief financial officer for AMSEC LLC., a subsidiary of Northrop Grumman within its Shipbuilding sector and a full-service provider of engineering, logistics and technical support services. Jahn is responsible for directing the company's financial strategy and processes in support of business growth and profitability goals. He also has responsibility for AMSEC's business management functions, such as contracts…

FSL Trust Keeping Afloat: Q2 2103 Revenue US$21.3-Million

FSL Trust, in its second quarter of 2013 financial report ending 30, June 2013, records a drop in revenue & a higher loss due mainly to default in lease payments for 2 crude oil tankers. During the quarter, the lessees of the Trust’s two crude oil tankers defaulted on their lease payments. Nevertheless, the Trust’s other 23 vessels were fully employed, generating revenue from long-term bareboat charters, time charters and pool employment. FSL Trust recorded an operating loss of US$1.0 million compared with an operating profit of US$4.0 million in the corresponding period last year. After taking into account net finance expenses, the Trust incurred a net loss of US$7.2 million in 2QFY13.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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