Ihc Caland News

Indofin Group, the investment company, owned by the De Bruin family, has acquired a majority shareholding of 62% in IHC Merwede. Rabo Capital (10%) and IHC Merwede management and staff (28%) are the other principal shareholders. Indofin has obtained this significant stake in IHC Merwede by partially taking out each of its coshareholders. Indofin’s Chairman, Cees de Bruin, said, “We have already been a shareholder of this great company for eight years and we are in full support of the current direction that continues to pay off. Rabo Capital has also taken this opportunity to announce that it has reached its strategic goal with IHC Merwede.

Seadrill & SapuraKencana Petroleum Berhad joint entity Sapura Navegação Marítima S.A., Brazil (SNM) awarded US$2.7-billion Petrobas contract to charter & operated 3 newbuild Pipe Laying Support Vessels (PLSV's). The contract is for a period of eight years with an extension option for an additional eight years and is expected to commence by the second quarter of 2016. Total revenue potential for the contract is expected to be US$2.7 billion. The three vessels will be constructed in Holland with IHC Caland and will have the same specifications as SNM's existing orders with the yard.

By James R. International Maritime Associates, Inc. Floating production has evolved to a mature technology that opens for development oil and gas reservoirs that would be otherwise impossible or uneconomic to tap. The technology enables production far beyond the depth constraints of fixed platforms, generally considered to be 1,400 ft. (426.7 m), and provides a flexible solution for developing short-lived fields with marginal reserves and fields in remote locations where installation of a fixed facility would be difficult. Floating production systems vary greatly in appearance - from ship-shape FPSO vessels to multi hull production semis to cylindrical shaped production spars.

IHC Caland reported that it had won new orders recently worth more than $100 million and would continue to meet its banking covenants. J.P. Morgan had said in October that IHC's high gearing implied the risk of a possible breach of its debt covenants. The group, whose main activity is building and operating floating production and storage platforms (FPSOs) for oil companies, also said on Tuesday that U.S. oil major Exxon Mobil Corp. would keep one of its FPSOs on a long-term lease rather than buying it as initially planned. Meanwhile, a new FPSO has started production for Exxon Mobil offshore Angola. With this new unit, IHC subsidiary SBM now has 13 FPSOs under lease and operating contracts with three new ones under construction, the company said.

IHC Caland NV won orders worth about $141.9 million. The orders include building a RoRo ferry for a French client, an offshore support vessel for a British firm, a tug for a Dutch customer and two river cruise ships for Viking River Cruises. "These new orders will take up a substantial part of the capacity at the group's shipyards well into 2002," IHC Caland said. It added that its offshore division had been ordered by a large international oil company to design a floating production and storage unit that can be used off West Africa and Brazil. It did not identify the client. IHC's offshore division also expects to win another major order from an international oil group. The company said it would give further information on this at a later date.

Dutch broker Amstgeld cut is recommendation for Dutch shipbuilding and engineering group IHC Caland to "Underperformer" from "Neutral". Amstgeld said it expected the company to show a "gap" in 2001 profits, as no major floating production and storage unit orders were recorded in the second half of 2000. Although the company will profit from a renewed surge in the oil and gas sector, shares will be hit by the disappointing 2001 situation, Amstgeld said in a note to investors. – (Reuters)

Dutch IHC Caland NV said on Monday preliminary net profit rose eight percent in 2000, and reflected on a "difficult and often frustrating year." Net profits are expected to be 75 million euros ($69.4 million), compared with 69.5 million in 1999. The figure came in at the low end of analysts expectations, but at exactly the level the company predicted in September. Company watchers had forecast the company's net profits would be 75.3-77.2 million euros, with a consensus at 76.3 million euros. IHC Caland, whose products range from oil platforms to dredgers to luxury passenger liners, also said it expected full-year 2001 net profits to at least match the 2000 level, with volatile oil markets delaying new orders.

Morgan Stanley said on Wednesday it had cut ratings and price targets on five European oil service companies on fears the sector was not immune to a possible U.S. recession and global slowdown. Analysts at the investment bank cut their rating on Expro to "neutral" from "strong buy", on Coflexip and Stolt Offshore to "neutral" from "outperform" and on Bouygues Offshore to "outperform" from "strong buy". They cut their price target on Geophysique by 20 percent to 80 euros from 100, but increased their target for Technip by five percent to 200 euros from 190. Technip shares were the most attractive entry point to Coflexip exposure and had the most defensive and diverse earnings profile of the group, Morgan Stanley analysts said in a research note.

The National Association the Zonnebloem has chosen the Merwede Shipyard to build the new holiday ship for the sick and handicapped. The contract was signed on November 4 at the shipyard in Hardinxveld-Giessendam. The plan is to start work at the yard in spring 2005 on building the new holiday ship of the Zonnebloem. The first holiday makers will be able to board the ship in March 2006. Ton Rietdijk, director of Merwede Shipyard, is enthusiastic about the new commission. "It is an honor to be able to build such a special ship. The specially adapted sailing holidays of the Zonnebloem are extremely important for the serious ill and handicapped.

Dutch shipbuilding and engineering group IHC Caland NV said on Wednesday it received two new contracts worth a total of $250-300 million. IHC said it had received a letter of intent from the U.S. exploration and production arm of TotalFinaElf to build a deepwater platform in the Gulf of Mexico. The project, worth $150-$200 million, is expected to be completed near mid-2003, the company said. IHC's unit Giessen-de Noord received a memorandum of understanding to build a maintenance ship for offshore oil fields from Scotland's Wellships Group. That contract was worth about $100 million, IHC said.

Two Dutch dredging firms played down market talk that they were about to place sizeable shipbuilding contracts with IHC Caland. Dredging and construction firm Ballast Nedam said it was considering ordering a jumbo dredging ship as economic growth in Southeast Asia recovered, "but we haven't approached any shipyards yet," said spokeswoman Nel de Geus. Builder HBG repeated a statement made at its first half results presentation on Sept. 2. "We gave our unit HAM permission to order a jumbo dredger before the end of 1999...from a Dutch ship yard...This could be IHC Caland," HBG spokesman Arno Pronk said. He added HBG would make it public if a contract were signed.

Shipbuilding and engineering group IHC Caland NV might stop building ships if the Dutch state goes ahead with plans to abolish subsidies for shipyards after 2000. If the Dutch shipbuilding subsidies were scrapped, cutthroat competition from South Korean companies in particular would cause the Dutch sector to vanish. Currently, IHC Caland generates about 30 percent of annual turnover by shipbuilding. The bulk of the firm's sales are generated in the offshore energy markets, notably by building and operating floating production and storage systems. In a separate press release, IHC Caland stressed this did not imply a change in previously given forecasts.

Dutch shipbuilding and engineering group IHC Caland Nv reported that 1999 preliminary net profit rose 4.7 percent from the previous year, and officials said they expect 2000 net profit to rise by about eight percent. Preliminary net profit for 1999 came in at $68.1 million, up from $64.8 million in 1998. Final 1999 figures are due on April 3. Consensus estimates from analysts had forecast $68.7 million, which compares with the company's own prediction in August of $66.5 million. Despite no real surprises in the figures, company watchers said IHC Caland remained on the right track.

IHC Caland NV reportedly received $94.3 million in new orders, bringing its current order portfolio to $471.5 million.

IHC Caland NV reportedly received $94.3 million in new orders, bringing its current order portfolio to $471.5 million.