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Insurance Settlement News

02 Jun 2017

BW Offshore CEO Sees Signs of Recovery

Carl Arnet (Photo: BW Offshore)

BW Offshore, which delivers floating production services to the oil and gas industry, sees signs of an improved market. "It's still early days but we definitely see a pick-up in discussions and tendering activity," CEO Carl Arnet said during the firm's first-quarter earnings presentation. Says Brazil will be important but also sees activity elsewhere. BW Offshore reported Q1 earnings below forecast on Monday. Regarding the FPSO Cidade de Sao Mateus, which has been off work since an explosion in February 2015: Insurance settlement gave a positive liquidity effect in Q1.

09 Apr 2009

Mitcham Industries 4Q & Year-End Results

Mitcham Industries, Inc. (NASDAQ:MIND) announced financial results for its fiscal 2009 fourth quarter and year ended January 31, 2009. The company reported total revenues of $16.2m for the fourth quarter of fiscal 2009 compared to $20.8m in the fourth quarter of fiscal 2008. Net income for the fourth quarter of fiscal 2009 was $421,000, or $0.04 per diluted share, compared to net income of $3.3m, or $0.32 per diluted share, for the fourth quarter of fiscal 2008. Fourth quarter earnings were impacted by a $2.4m charge to the company's provision for doubtful accounts and a gain of $580,000 resulting from an insurance settlement on equipment destroyed during Hurricane Ike. Absent these two items, fourth quarter 2009 net income was approximately $1.6m, or $0.16 per diluted share.

21 Jun 2006

BC Ferries Gets $68m for Sinking

BC Ferries reportedly received $67.9 million in insurance compensation for the sinking of the Queen of the North earlier this year, www.canada.com reported. The settlement was noted in the company's year-end financial details, in which net earnings increased $14.7 million, or 2.6 per cent, over last year to $49.9 million. The company said $6.6 million of the proceeds from the insurance settlement offset insurable losses, and the balance will be recognized in the first quarter of its 2007 fiscal year. The Queen of the North was traveling from Prince Rupert, B.C., to Port Hardy, B.C., when it rammed at full speed into Gil Island on March 22 and sank 400 m to the ocean's floor. (Source: www.canada.com)