Coflexip Records Best Results Ever
Offshore oil equipment and services provider Coflexip set an all-time high on Thursday following a price target upgrade by a major broker and on bright prospects for North Sea contracts. Coflexip was quoted up 6.67 percent at 152 euros, the broad market's best performer. Earlier, it had surged to a record 156 euros after Morgan Stanley Dean Witter lifted its price target to 200 euros from 165 euros and maintained a "strong buy" recommendation.
Boskalis Conclude Good Quarter, Raise Earnings Outlook
Dutch dredging & marine specialists, Royal Boskalis Westminster N.V. (Boskalis) report revenue & profit higher than in the first half of 2012. The order book increased in recent months and stood at a new record high of EUR 4 billion at the end of the third quarter. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results. Boskalis is now expecting net profit to amount to around EUR 230-245 million in 2012. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results.
Drydocks World Sees a ‘Fruitful Year’ Ahead
According to a report from the Khaleej Times, Drydocks World, Dubai World’s shipbuilding unit, sees a ‘fruitful year’ ahead after a tough 2010 and will deliver good results amid signs of positive indicators and stable environment globally, its top official said. The Drydocks World Chairman said he is optimistic about the 2011 due to lot of positive indicators on economic front. (Source: Khaleej Times)
ABP Expects Good Results
Associated British Ports Holdings Plc expects full-year pre-tax profit to be at the upper end of market expectations on turnover growth of at least eight percent on strong port activity and property sales. Britain's biggest port operator also said its strategy of selling non-core assets had continued and profits from this month's sale of Red Funnel Group and the sale of investment properties was expected to top $17 million.
Boskalis Post Record H1 2014 Profits
Despite what it describes as 'challenging market conditions' Royal Boskalis Westminster N.V. posted record profits in the first half year ended 30, June 2014. The results in all three segments rose sharply compared to the first half of 2013. Dredging & Inland Infra had a busy first half of the year with a high fleet utilization rate, good project margins and substantial settlement results on old projects. The Offshore Energy segment also had a good first half of the year with a high fleet utilization rate and good project margins.
Ulstein Posts Profit Results
2007 was a hectic year for the Ulstein Group, with all of its companies running at full capacity. The Group had NOK 1.97 billion in turnover and an operating profit of NOK 194 million, the best cumulative profit result since 1999. In recent years the Ulstein Group has spent a great deal of time developing new products and work processes. In 2007 the Group delivered comprehensive design and equipment packages to shipowners in , and . It also built three ships, one of which, the Normand Seven, was named Ship of the Year for 2007. The Electro department has used great resources in the development of new products, but achieving revenue growth here has not been easy.
CMA CGM Recognized for its Carbon Strategy
For the second consecutive year, CMA CGM Group scored one of the best results in the CDP (Carbon Disclosure Project) Transport and Logistics category for its policies, performance and transparency in areas related to climate change. Created in 2000, CDP is an independent nonprofit organization and an internationally recognized reference in the field of strategy and performance evaluation of companies with respect to climate change. Its objective is to evaluate the measures implemented by companies to monitor CO2 emissions based on criteria of governance…
Uniworld Again Chooses Merus Water Treatment
Pronomar received an order from Uniworld/Global River Cruises GmbH to apply the Pronomar MERUS technology on board of one of its luxurious River Cruise vessels; the River Beatrice. Following good results on previously equipped vessels, Pronomar equipped complete cold water system, complete hot water system, boilers circulation line and kitchen feedpipe applications on the River Beatrice. In the past, Pronomar equipped a number of other vessels of Uniworld with the environment-friendly MERUS technology disturbing lime scale, corrosion and bacteria in water lines, namely the S.S. Antoinette S.S.
Port of Rotterdam Sees Good Results
The Port of Rotterdam Authority has achieved good financial results in the first six months of the year. An increase in throughput, rises in port dues and higher income from the lease of port sites have resulted in higher turnover. In addition, there were a number of one-off items of income, bringing the net result to $106.3m. The most important one-off item of income was generated by the release of a provision of $24.3m that was made in 2004 in connection with legal proceedings with Barclays arising from the RDM affair. The proposal is to pay out this amount, including interest and less the legal costs involved, as an extra dividend to the Municipality of Rotterdam.
Sea Containers Announces 2001 and 4Q Results
Sea Containers Ltd. announced its results for the quarter and year ended December 31, 2001. Net losses for the quarter were $9.1 million on revenue of $296 million, compared with net losses in the fourth quarter of 2000 of $15.8 million on revenue of $306 million. This improvement of $6.7 million was accomplished despite leisure earnings net of minority interest being $5.6 million less primarily due to the effects of the September 11th terrorist attack. Strong fourth quarter performance from the company's ferry operations, particularly the Silja and Isle of Man Steam Packet subsidiaries, as well as a $3 million improvement in container leasing earnings after interest expense, contributed to the better results.
A.P. Moeller Expects Good Results
Danish shipping and oil group A.P. Moeller, Denmark's biggest private enterprise, said that it expects full-year 2000 earnings of its two main business areas to exceed 1999 levels. "After special items and after tax a result significantly above that of 1999 is expected," the group said. "Oil and gas production in the North Sea is estimated to be about that of 1999. Due to an expected increase in the average oil price the result is expected to be somewhat above that of 1999," A.P. Moeller said. In 1999, consolidated operating profit rose 71.2 percent to 5.77 billion crowns ($740 million), exceeding the mean forecast of 5.35 billion crowns in a poll of analysts.
500th LNG Cargo Leaves Snøhvit
Snøhvit cargo number 500 was loaded at Melkøya on Mondaym October 27, Statoil said. Since startup in 2007, more than NOK 80 billion worth of LNG has been dispatched from Melkøya. The special vessel Arctic Voyager is the 500th to visit Melkøya and Hammerfest to carry product from the Snøhvit plant. The vessel will freight a cargo of LNG from Melkøya, Norway to Aliaga, Turkey. “This is a special day for the Snøhvit organization and for Statoil. A lot of hard work has gone into all these 500 cargoes…
SAIT-Stento To Issue 1.2M New Shares
Communications services group SAIT-Stento will issue 1.2 million new shares at a maximum price of 32 euros each to make its stock more liquid and raise money for future acquisitions. SAIT-Stento, recently formed through the merger of Belgian communications services group Sait-RadioHolland and Norwegian telecommunications equipment maker Stento SAS, also said it expects to break even or even post better results in 2000. Revenues for the combined company should rise above year-ago levels on a pro-forma basis, it added. The merger partners posted combined revenues of 396 million euros in 1999. SAIT-Stento will offer to sell 70 percent of the 1.2 million shares to existing shareholders and the remaining 30 to the public. SAIT-Stento reportedly plans to change its name in the next few months.
Malta Drydocks To Get Safety Audit
Officials of the British Safety Council are due to carry out a safety audit of Malta Drydocks in March, Reuters reported. The council had carried out an audit of the yard last year and awarded it a three star rating out of five. A Malta Drydocks management official told the press it was hoped a better result would now be achieved. The loss-making Maltese yard is currently enjoying an upswing of work. The tanker Northia, owned by Brovig RDS of Aberdeen, is currently being converted into a floating production storage and offloading facility in the first project of its kind. Drydocks officials told the press that the $8 million contract was being carried out on time and the yard had been praised for its workmanship. The ship is being renamed Ikdam. The U.S.
STX Aims for $15.2B in Sales
The group announced it is on track to achieve its 2010 objectives of earning $5 billion each in its three main business areas - energy, shipbuilding/machinery and shipping/logistics. In 2004, STX earned $400 million from energy, $2 billion from shipbuilding and $2.5 million from shipping, realizing a total of $4.9 billion in sales. In 2005, the company posted better results by earning $700 million from energy, $2.9 billion from shipbuilding and $2.8 billion from shipping, thus achieving $6.4 billion in total sales. STX projects its consolidated sales to reach as much as $8.2 billion this year - specifically $900 million from energy, $3.7 billion from shipbuilding and $3.5 billion from overseas shipping.
CMA CGM Names Owens Cadet of the Year
Simon Owens has been named as CMA CGM UK's first Cadet of the Year just over one year since joining the company's cadet training program which is an integral part of its participation in the UK Tonnage Tax Regime. Simon is one of the seven cadets initially recruited by CMA CGM UK in 2004. At present, the company has 16 cadets under training at various colleges in the UK and a further 11 will be recruited this year. Cadet recruits join a three-year training program with courses onshore and at sea to learn skills in navigation or engineering. Simon, who is 25, is studying for a HND to become a marine engineering officer and has obtained good results both in his examinations, as well as excellent appraisals during his periods at sea.
Smit Intl. Earnings Up 40%
Smit International NV announced that net earnings for 2005 have risen by nearly 40% to EUR 38.3 million. Despite facing a heavier tax burden of 30% (up from 24% in 2004), the divisions Harbor Towage, Terminals and Transport & Heavy Lift achieved better results in comparison to 2004. The Salvage division performed well above the so called historical average. SMIT has served the maritime sector for more than 160 years. • Harbor Towage: harbor towage services and related maritime services. terminals. • Salvage: salvage, wreck removal, environmental protection and consultancy. marine support to a variety of civil and offshore projects.
STX in Deal for Naval Test Ship
STX Offshore & Shipbuilding received an order for a next generation naval test ship from Agency for Defense Development (ADD). The ship will support marine weapon system tests and conducts environmental surveys on the test sea area. The vessel, worth around $359m, weighs 1,200 tons and is able to accommodate about 30 people. The ship, with 4,000 nautical miles, is scheduled to be delivered to ADD in May 2012. Do Jong-chil, director of STX O&S Specialized Ship Division, said, “Despite severe market conditions, good results were achieved thanks to diversified analysis on customer demands and strategic sales activities.” “We plan to enhance our capability in building specialized vessels through technical cooperation with STX Europe…
NOL Cuts Losses Despite Difficult Trading Conditions
NOL Group today posted a 2Q 2014 net loss of US$54 million. Nevertheless, the Group has continued to make gains at the operating level, bringing its 2Q 2014 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss down to US$15 million, a year-on-year improvement of 52%. The Group also improved its Core EBITDA this quarter, doubling it to US$78 million compared to US$39 million in the same period last year. NOL attributed the better results to its continuing focus on cost management and operational efficiency, which returned US$115 million worth of cost savings in the second quarter of 2014. Along with US$80 million recorded in the first quarter…
New KNRM Vessel Performs Well at Sea Trials
Damen said a number of trials were conducted last week for the new search and rescue vessel for the KNRM (Royal Netherlands Sea Rescue Institution). Leading up to the official delivery ceremony scheduled for April 2014, the builder reported good results for both the capsizing test as the comparison with the current Arie Visser Class (another all-weather SAR from the KRNM). After completion, the KNRM will deploy the SAR NH1816 with a permanent captain and an on-call crew. Sailors along the entire coast will carry out trials and familiarize themselves with the vessel.
DSME's Bailout Plan Cleared by Pension Fund
South Korea’s National Pension Service (NPS) agreed to a restructuring of bonds issued by Daewoo Shipbuilding & Marine Engineering (DSME). Reuters reported that this move is expected to help the world’s largest shipbuilder tide over a financial crisis. NPS stated that accepting the debt restructuring will be more advantageous to improve the fund's returns. The finance crunch hit DSME will likely get more time to make payments on bonds that are due this month. NPS is the biggest holder of the debt.
StatoilHydro Developments Paying Off
Better drilling methods are making the single biggest contribution to improving recovery from Norway’s offshore fields. A number of solutions adopted by StatoilHydro this year are already yielding good results. “Downhole intervention and sidetracks from existing wells are the most effective ways of recovering more oil and gas from subsea fields,” said head of subsea technology, Øystein A. Håland. A growing number of discoveries on the Norwegian continental shelf are being developed with subsea installations. At the same time, production is declining from mature fields.
Container Lines Achieve Record Score
Container lines achieved a record high on-time service reliability performance, according to Drewry Container Shipper Insight’s latest quarterly schedule monitoring survey, just published. Out of nearly 1,700 ships tracked in the three months between 1 April to 30 June, 69% arrived either on the scheduled day of arrival or a day prior, the best result since Drewry began its schedule reliability survey at the end of 2005. The average on-time results as measured by Drewry have been steadily increasing since the October-December 2008 monitoring period and the latest score compares to the previous best of 60% achieved in the January-March 2009 window. The average time deviation, or delay, from the scheduled day of arrival is also heading in the right direction.