Inchcape Shipping Acquires Global Marine Travel
Inchcape Shipping Services is to acquire Global Marine Travel, effective 31 May 2010. Global Marine Travel is a specialist travel agency and related service provider to the marine, offshore and yachting industries providing a global travel solution to its customers from its head office in Fort Lauderdale, Fla. and from offices in Vancouver and the Philippines. The business will be re-branded as ISS GMT and will continue to operate from North America and Manila.
Corvus Bags Five Battery Powered Ferries Contract
Corvus Energy was selected by Norwegian Electric System (NES) to supply lithium ion battery-based energy storage systems (ESS) for two new all-electric ferries being built by Havyard for Norwegian ferry operator Fjord1. The ferries will operate on the Magerholm-Sykkylven route. This follows a previous order in November 2017 to supply the ESSs for three similar newbuilt Fjord1 ferries that will operate on the Hareid-Sulesund route. Each of the five all-electric ferries, which are 111 meters in length and holds 120 cars…
Global Marine Takes Majority Stake in CWind
Global Marine Systems Limited has acquired a majority interest in offshore renewables specialist CWind Limited. According to Global Marine, the purchase demonstrates its commitment to the offshore renewable sector and adds a diverse range of construction and O&M services to its current capabilities. CWind has to date supported the construction and operation of more than 26 wind farms in the North Sea, Irish Sea and the Baltic delivering a broad range of construction and O&M services. Substantial growth has led CWind to open a new office in Bremen, Germany in 2014.
Global Marine Q1 Earnings Hit by Rig Downtime
Global Marine Inc.'s first quarter earnings before taxes were cut about $5.2 million by rig downtime, company officials said. Officials also said it will take a first quarter charge of about $5 million before taxes to cover the costs related to undisclosed staff cuts and office consolidations. These changes are expected to result in annual pretax savings of about $6 million, with about $4 million in savings expected to be realized this year, the company said in a statement. Since the beginning of 2000, Global Marine said, "the U.S. Gulf of Mexico rig market has remained strong and the West Africa market has continued to improve. It said the rig downtime…
Global Marine to Fund Belfast Shipyard
Global Marine Inc. has agreed to provide working capital for Harland and Wolff Shipbuilding and Heavy Industries Ltd so the Belfast, Northern Ireland, shipyard can complete two ultra-deepwater drillships under construction for Global Marine. The Houston-based offshore drilling contractor said the planned advance to Harland and Wolff is not expected to impact its future earnings, adding the pact could result in an increase of no more than 11 percent in the projected $660 million cost for the drillships. Because Global Marine has been concerned about the shipyard's financial viability, the company explained, it has agreed to provide funding to ensure completion of the rigs ordered in February and March 1998.
Global Marine Beats Estimates
Offshore oil and gas driller Global Marine Inc.'s second-quarter earnings were flat versus a year ago but surpassed Wall Street expectations as oil companies gradually regained their appetite for drilling in response to strong oil and gas prices. Net income was $28.1 million, or 16 cents per share, virtually unchanged from $28.2 million, or 16 cents per share, in the second quarter of 1999. Analysts had expected earnings of 14 cents a share, according to First Call/Thomson Financial. Chief Executive Officer Bob Rose said high oil and natural gas prices were causing oil companies to overcome their initial hesitance and increase their drilling budgets for finding and producing new oil and gas reserves.
Global Marine Expands Its Fleet
Subsea cable systems design, installation and maintenance firm Global Marine Systems Limited, has added the 6,200 ton cable deadweight CS Recorder to its fleet. Built in 2000, the vessel formerly known as the Maersk Recorder, has previously been chartered by Global Marine for numerous cable installation projects and has since successfully completed work in the oil and gas and renewables sectors. The newly named CS Recorder is intended to support the telecoms installation business growth over the next 5-10 years, with a number of critical projects scheduled during 2018, 2019 and 2020.
Global Marine Picture Brightens
As the offshore drilling picture continues to improve, companies such as Global Marine should experience a healthy market capitalization boost as shares fly high simultaneously with oil prices and rig utilization rates. Last week, for example, ABN AMRO raised its 2000 earnings estimate on offshore oil and gas drilling contractor Global Marine Inc. to 60 cents a share from 55 cents. A day previous to the upgrade, Global Marine agreed on contract extensions for three of its rigs at significantly higher daily rental rates. The extensions of 7 to 9 months are for jack-up rigs operating in the U.S. Gulf of Mexico and capable of drilling in water depths of 250 to 300 ft.
Global Marine Reports Profit Slump
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year. Drilling contractors have not yet profited fully from last year's strong rise in oil prices, because oil companies have been cautious in raising their drilling budgets. However, drilling stocks have risen sharply in anticipation of a recovery.
Global Marine Earnings Hit By Soft Drilling Market
Global Marine Inc. reported that its earnings fell sharply in the second quarter and that it expected second half earnings to be significantly lower than those of the first six months of 1999.
GOM Softness Drives GLM Score Down
Global Marine reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for August 2001 decreased by 3.2 percent from the previous month's SCORE. Global Marine Chairman, President and CEO Bob Rose said, "We, like the rest of the nation, are outraged by the recent terrorist acts inflicted on our country, and want to acknowledge the tireless efforts of the rescue workers as well as those who are restoring order. Global Marine's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle, when speculative new rig construction was common.
GLM's Rose: Dayrates To Hit 3-Year Highs
Global Marine Inc. Chief Executive Bob Rose expects daily rental rates, or dayrates, for offshore oil and gas drilling rigs to surpass their highs of three years ago in 2001. "We will see rates exceed the 1997-98 high levels. That will very definitely be this year," Rose said. Dayrates are currently running at about 74 percent of their 1997/98 highs, Rose said, with the West African and North Sea markets now showing signs of recovery as a longer-established natural gas drilling boom continues in the U.S. Gulf of Mexico. Rose said that as a result of a recent expansion of its fleet of rigs, Global Marine was capable of annual earnings per share of about $3.25 if market conditions matched those of 1997.
Global Marine Sold to Bridgehouse Marine Ltd.
Global Marine Systems Limited (Global Marine), a subsidiary of Global Crossing Inc, and a provider of subsea engineering solutions, has been sold to Bridgehouse Marine Ltd. Bridgehouse Marine is a specialised business that acquires and manages companies providing marine services to the telecommunications and energy industries. Andy Ruhan, Bridgehouse Capital's Managing Director and an investor in Bridgehouse Marine, will become the Chairman of Global Marine. Peter Ford will take over as acting CEO, and both appointments are made with immediate effect. Phil Metcalf, Global Marine's outgoing CEO, said: "The investment represents a great deal both for Global Marine and Global Crossing.
Global Marine SCORE Up 7.2%
Global Marine reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for April 2001 increased by 7.2 percent over the previous month's SCORE, marking the 20th consecutive month-to-month increase. Global Marine Chairman, President and CEO Bob Rose said, "April's SCORE reflects the continuing improvement in key international offshore drilling markets. Global Marine's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle, when speculative new rig construction was common. In the 1980-1981 period…
Global Marine Announces Two Long-Term Drilling Contracts Offshore West Africa
Global Marine today announced it received a letter of commitment from Elf Petroleum Nigeria Limited, a subsidiary of TotalFinaElf, for two-year contracts for both the Glomar Adriatic I and Glomar Baltic I jackup rigs to work on the Amenam/Kpono field offshore Nigeria. Producing Nigeria Unlimited operates this field development project. The contracts for the two units include key rig upgrades, which are anticipated to cost about $23 million in total. The two contracts are expected to generate combined revenues of approximately $121 million to Global Marine. for extension of up to one year. four operating offshore Nigeria," Marion Woolie, president of Global Marine Drilling Company, said. 410 feet of leg.
GLM Results Strong in Face of Weakening Market
Global Marine Inc. reported net income for the quarter ended September 30, 2001 was $62.1 million, or $0.34 per diluted share, on revenues of $314 million. For the corresponding 2000 quarter, the company reported net income of $32.3 million, or $0.18 per diluted share, on revenues of $272 million. $1.03 per diluted share, on revenues of $965 million. million, or $0.12 per diluted share, on the second quarter 2001 sale of a special-purpose rig. This compares to net income of $73.0 million, or $0.41 per diluted share, on revenues of $707 million for the nine months ended September 30, 2000. Bob Rose, Global Marine Chairman, President and CEO, said, "Global Marine's financial and operating performance was strong.
U.S. Senator Murkowski Will Address Global Marine Energy Conference
U.S. Senator Lisa Murkowski will address the 5th Annual Global Marine Renewable Energy Conference, to be held April 24-26 at the Almas Temple, 1315 K Street NW, in Washington, D.C. Murkowski is the first Alaskan-born senator and only the sixth United States Senator to serve the state.
Communication via Mobile Devices – Advice for Boaters
Global Marine Networks Inc. How to stay in touch with family, friends and information through radio, satellite voice, email and Internet services while at sea with laptops and smartphones is the subject of the GMN offering. Blue water cruisers, and other boaters have more choices than ever when it comes to staying in touch while at sea, but some choices are better than others, according to a new report from Global Marine Networks (GMN), called Staying In Touch Offshore: Global Marine Networks’ Guide To Blue Water Cruising Communications. “The changes we are seeing in communications technologies everywhere are affecting boaters, and particularly those who spend time cruising in blue waters,” said Dr. Luis Soltero, Chief Technology Officer of Global Marine Networks.
Global Marine Energy Gets UK Offshore Wind Farm Maintenance Contract
The cable maintenance agreement is designed to ensure that the transmission link is inspected and maintained properly over its service life. • A framework agreement for cable related incidents, such as repairs, surveys and re-burial activities. • The selection of Global Marine Energy as the preferred subsea cable repair contractor. • The production of a set of agreed procedures to cover submarine cable related incidents at the Ormonde site. A leader in the Offshore Transmission Regime (OFTO), Transmission Capital Partners was selected by Ofgem in 2010 to run the transmission link for the 150 MW Ormonde offshore windfarm off the Cumbrian coast.
Ports & Services Industry to Grow Moderately
Moderate growth over next five years in the global marine ports & services market is forecast in a new market report. The global marine ports and services industry depicted a certain amount of resilience during the 2009 economic slump to stand at an estimated $57.3 billion by 2011 with a 4.9% CAGR during 2006-2011. The global marine ports and services market is forecast to approach $66billion in revenue by 2017 with a 3.3% CAGR during 2012-2017, according to market research by Luncintel. Increasing seaborne trade with the developing economies is anticipated to spur long-term growth in the global port activity,leading to an upswing in the industry.
Sterling Global Marine Acquires Geoff Waddington & Partners
Sterling Global Marine, a leading surveyor of private and commercial vessels, has announced it has acquired the renowned marine surveying company, Geoff Waddington & Partners. This move sees Sterling Global Marine become one of the fastest growing independent marine surveyors in the UK, allowing the company to significantly upscale its business across both the leisure and commercial industry sectors. Sterling Global Marine has experienced rapid growth and success worldwide since its creation in 2015.
Forum to Provide Offshore Trenching System to Global Marine
Forum Energy Technologies contracts with Global Marine Systems to supply a PerryTM XT 600 Trenching System. The XT 600 Trenching System is scheduled for delivery in 2013. It will be installed in the Global Marine vessel the Cable Retriever, based in the Philippines, and will replace the T205 trencher that was previously supplied by Forum/Perry in 2000. The XT 600 Trenching System will be used to support Global Marine's subsea cable maintenance contracts in South East Asia and the Indian Ocean. The trenching system is to come complete with Launch & Recovery System and special tooling. The trencher provides three meter ROV burial capability on the ocean floor.
Kohler Power Systems Announces Promotions
Kohler Power Systems has announced two promotions within its marine segment. Patrick Kline has been promoted to Global Marine, Americas, KPS; and Frank Formas has been appointed to MGR – Field Service, Global Marine, KPS. In his new role, Kline has overall responsibility for all Global Marine sales efforts in the Americas. While at Kohler, he has established a rapport with the North American Global Marine distribution channel and has introduced Global Marine into unexplored markets. In his new position, Kline will continue to develop the Global Marine Americas network toward further segment diversification and area coverage expansion.