PBES Scores DNV GL Type Approval
Designer and manufacturer of high power lithium-ion energy storage PBES (Plan B Energy Storage) said it has received DNV GL Type Approval of the PBES energy storage system for use in commercial marine, offshore oil and gas and renewable energy applications. “PBES celebrates the certification of our systems to this highest standard,” said Brent Perry, PBES Chief Executive Officer. “Global reach and dominant position in classification across multiple markets make DNV GL the most important validation PBES can receive.” PBES said it expects the type approval to open global marine markets by providing customers with security in knowledge that their vessel will meet class standards.
GMG Acquires Fugro’s Trenching, Cable Laying Business
Global Marine Group (GMG) will acquire Fugro’s trenching and cable laying business in exchange for an equity stake of around 24 percent in the combined business valued at $65 million, and a one year secured vendor loan of $ 7.5 million. Fugro said it will realize a gain on this transaction, valued at approximately $73 million. GMG is a supplier of subsea cable installation and maintenance services in the telecoms, offshore renewables, power and oil and gas market segments. The…
No Clear Route to 2020 Sulphur Cap Compliance -Survey
The route to compliance with the International Maritime Organization (IMO) 2020 0.5 percent global sulphur cap is unclear for many vessel operators, according to a marine industry survey conducted by ExxonMobil. Some 70 percent of respondents saying that they do not believe the industry is ready for the deadline, highlighting an ongoing sense of confusion and lack of preparedness. The makeup of the marine fuel mix in 2020 and beyond is an area of concern, with wide-ranging views from the industry on how the landscape will evolve.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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 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 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 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.
Damen Installs BWT System to Cable Innovator
Global Marine Systems Limited’s vessel Cable Innovator has recently left Damen Shiprepair Dunkerque (part of Damen Shiprepair & Conversion) after extensive work including the installation of a ballast water treatment system and a five-year survey. Global Marine Systems has been active on the cable-laying market since the industry’s earliest days and offers its clients 160 years of experience in the sector. Global Marine has worked with Damen previously when its vessel, Wave Sentinel, went through a scope of work at the company’s Brest yard.
Maritime Professionals See the Future Coming Fast
Maritime professionals from all sectors operating sub IMO / sub 80 feet vessels are invited to participate in three one-day NEXT GENERATION Workshops. The dynamic program is being held at the Grand Harbour conference venue, overlooking the port of Southampton U.K., on October 24, 25 and 26, 2017. The NEXT GEN Workshops each address aspects of operational safety for vessels, along with the safety and welfare of their crew and passengers. The high level group of presenters brings a wide range of experience and expertise from sectors including workboats…
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.
RSC Bio Solutions, Drew Marine Ink Distribution Deal
RSC Bio Solutions and Drew Marine announced a new global marine distribution partnership at a press event held at Nor-Shipping’s annual conference in Oslo, Norway. This strategic alliance creates enhanced global availability for RSC Bio Solutions’ high performance environmental lubricant offerings. With Environmentally Acceptable Lubricants (EALs) growing quickly in the global marine market and demand from shipowners expanding into a wider range of auxiliary lubricant and grease applications…