Hornbeck Offshore New Directors, Promotion of Exec Officer
Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that John T. Rynd and Kevin O. Meyers, Ph.D. have been appointed to its Board of Directors (the "Board"), effective June 23, 2011. Mr. Rynd and Dr. Meyers were appointed to fill the vacancies created by a prior resignation and the Board's decision to increase the number of its directors from seven to eight members. In addition, at the Company's Annual Meeting on June 23, 2011, the shareholders reelected Todd M. Hornbeck and Patricia B. Melcher to the Board. John T. Rynd. Since June 2008, Mr. Rynd, 54, has served as the Chief Executive Officer and President, and as a director, of Hercules Offshore, Inc. (NASDAQ: HERO), a publicly traded global provider of offshore contract drilling, liftboat and inland barge services.
Hercules Presents at Energy Conference
Hercules Offshore, Inc. (NASDAQ:HERO) announced that John T. Rynd, Chief Executive Officer and President, will present at the Bank of America Energy Conference in Key Biscayne, Fl, on Friday, November 14, 2008, at 9:20 a.m. EST (8:20 a.m. CST). Interested parties may listen to the presentation live over the Internet at http://www.herculesoffshore.com/. Go to the "Investor Information" link and select "News & Events." To listen to the live presentation, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. A replay of the presentation will be available within 24 hours after the conclusion of the presentation through the company’s website for one month. Headquartered in Houston, Hercules Offshore, Inc.
Hercules Presenting at Energy Conference
Hercules Offshore, Inc. (Nasdaq: HERO) announced today that John T. Rynd, Chief Executive Officer and President, will present at the Capital One Southcoast Energy Conference in New Orleans, Louisiana, on Tuesday, December 9, 2008, at 10:00 a.m. EST (9:00 a.m. CST). An audio replay of the presentation will not be available; however, the slides can be accessed through Hercules Offshore's Web site until Tuesday, January 6, 2009. Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 35 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels, and has operations in ten different countries. (www.herculesoffshore.com)
Hecules Offshore Buy KS Energy Liftboat 'Titan 2'
Hercules Offshore executes a definitive agreement to acquire the liftboat 'Titan 2' from a subsidiary of KS Energy Ltd. The purchase price is $42 million in cash. The Titan 2 is a 280 foot class vessel, constructed in 2008, registered and flagged in Panama, and currently located in Limbe, Cameroon. The Company expects the acquisition to close in early March 2013, subject to completion of certain customary closing conditions. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "Demand for liftboats in West Africa has been very strong in recent years, particularly in the higher-end market segment that requires larger vessel classes.
U.S.-based Hercules Offshore Sells Most of Inland Fleet
Hercules Offshore agrees sale of 11 inland barge rigs, which includes three active rigs, eight cold stacked rigs and related assets (Inland Asset Package) for cash proceeds of approximately $45 million. Excluded from the 'Inland Asset Package' are the Hercules 27, for which the Company has a separate agreement to sell the rig to a third party for $5 million, the Hercules 52, and the Hercules 9. The Company will also retain existing working capital within the Inland segment. Closing will be staggered based on the expiration dates of existing contracts on the three active rigs and is subject to the completion of certain customary closing conditions.
Sembcorp Wins US$236-Million Jack-up Rig Contract
Singapore's Sembcorp Marine says that its subsidiary Jurong Shipyard has secured a US$236 million (about S$296 million) contract to build a high specification, tailor-made jack-up rig for new customer Hercules North Sea Ltd. Scheduled for delivery in the second quarter of 2016, the jack-up rig will be built based on the Friede & Goldman JU 2000E design which has enhanced features suitable for UK operations. The new rig is designed to operate in waters of 400 feet and drill to depths of 30,000 feet.
Keppel Delivers First Super A-class Rig
Keppel FELS delivers the harsh environment rig to Discovery Offshore, which is managed by Hercules Offshore. Named Discovery Triumph at the delivery ceremony, the first KFELS Super A Class jackup has been delivered 46 days ahead of schedule and with a perfect safety record. The ultra high-specification jackup rig has been designed for the harsh environmental conditions of the North Sea (UK Sector). Its enhanced leg design incorporates Keppel's proven and reliable high capacity…
Hercules Offshore to Begin Restructuring
The Houston-based NASDAQ-listed drilling contractor Hercules Offshore Inc. (HERO) has entered a restructuring agreement with a noteholder group, and expects a prepackaged reorganization plan. HERO says the agreement will convert $1.2B of debt to new common equity, and noteholders will backstop $450M of new debt financing to fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the company's operations. HERO's existing equity holders will see their stake reduced to 3.1%. John T.
Hercules Offshore Q3 2009 Results
Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $7.6 million, or $0.09 per diluted share, on revenues of $183.7 million for the second quarter 2009, excluding the effects of non-recurring items, compared with income from continuing operations of $20.0 million, or $0.22 per diluted share, on revenues of $270.1 million for the second quarter 2008, also excluding non-recurring items. When including the effect of non-recurring items, the Company reported a loss from continuing operations of $11.8 million, or $0.13 per diluted share for the second quarter 2009, compared with income from continuing operations of $16.4 million, or $0.18 per diluted share for the second quarter 2008.
Hercules Offshore: Challenges Ahead in 2015
Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Shares of the company, which reported a smaller-than-expected loss, rose 21 percent to 84 cents in light trading before the bell. Demand for jackup rigs remains weak in every region of the world, Chief Executive John Rynd said, adding that a "significant" number of new rigs were expected to be delivered over the next several years, burdening an already weak market. Hercules operates 33 jackup rigs, used in shallow-water drilling. Utilization rates for the company's U.S. offshore rig division, its biggest business, fell to 60.1 percent from 83 percent, a year earlier.
ABS Adds to Membership
At the recent ABS Council meeting in N.Y., 40 prominent members of the shipping and offshore industries were elected as new members of the international classification society. The ABS Council also elected two new members to the society’s Technical Committee. “ABS governance is vested in a membership comprised of distinguished individuals drawn from the international shipping, shipbuilding and offshore industries, from academia, the insurance sector and other related disciplines,” said ABS Chairman and CEO Robert D. Somerville. Akimitsu Ashida, President, Mitsui O.S.K. Lines, Ltd. Noel L. Captain Ali M. Belhag, Chairman, GNMTC – General National Maritime Transport Co. Joseph L. Takatoshi Funada, President, Funada Kaiun Co., Ltd. Kevin M.
Hercules Offshore Q3 2010 Results
Hercules Offshore, Inc. (Nasdaq: HERO) reported a loss from continuing operations of $15.1m, or $0.13 per diluted share, on revenues of $168.5m for the third quarter 2010, compared with a loss from continuing operations of $37.2m, or $0.38 per diluted share, on revenues of $159.3m for the third quarter 2009, excluding the effects of non-recurring items. During the third quarter of 2009, when including the effect of non-recurring items, the Company reported a loss from continuing operations of $47.0 million, or $0.48 per diluted share. These non-recurring items include a $15.1 million charge related to the write-off of previously deferred unamortized debt issuance costs and the payment of certain third-party fees in connection with the amendment of our Credit Agreement.
Hercules Offshore Q4 & Full Year 2009 Results
Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $26.9 million, or $0.23 per diluted share, on revenues of $176.4 million for the fourth quarter ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.90 per diluted share, on revenues of $313.5 million for the quarter ended December 31, 2008. When adjusting for certain items outlined in the attached Reconciliation of GAAP to Non-GAAP Financial Measures, the company reported a loss from continuing operations of $25.8 million, or $0.23 per diluted share for the fourth quarter 2009, compared with income from continuing operations of $36.2 million, or $0.41 per diluted share for the fourth quarter 2008, also adjusted for certain items.
Hercules Offshore 4Q and 2008 Results
On Feb. 10, Hercules Offshore, Inc. (NASDAQ:HERO) reported income from continuing operations of $37.4m, or $0.42 per diluted share, on revenues of $313.5m for the fourth quarter 2008, excluding the effects of non-recurring items, compared with income from continuing operations of $32.8m, or $0.37 per diluted share, on revenues of $244.2m for the fourth quarter 2007. Income from continuing operations for the twelve months ended December 31, 2008, was $95.7m, or $1.08 per diluted share, on revenues of $1.1b, excluding the effects of non-recurring items, compared to income from continuing operations of $139m, or $2.33 per diluted share, on revenues of $726.3m for the twelve months ended December 31, 2007, excluding the effects of non-recurring items.
Taylor to Chair NOIA Board
The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term. Taylor and McEvoy assumed their positions at the NOIA Annual Meeting today in Washington, DC. Since 2007, Cindy has served as President and Chief Executive Officer of Oil States International, Inc., a publicly traded diversified oilfield services company headquartered in Houston. She also serves on the company’s board of directors, and has been NOIA’s Vice Chair for the 2014 -2015 term.
John Harrison Appointed General Counsel of Technip
Technip appoints John Harrison to its Executive Committee as General Counsel. In this newly created function, John Harrison will as General Counsel be responsible in the Executive Committee for all group legal, corporate and compliance matters and will report to the Chairman and CEO of Technip, Thierry Pilenko. Prior to his appointment and since 2003, John Harrison was General Counsel of the Defence and Security Division of EADS. Harrison brings international experience to Technip having started his career in 1991 at the international law firm Clifford Chance, working consecutively in their London, New York and Paris offices. From 1998 onwards he held senior legal positions in Airbus and in the EADS Group.
Garfitt Joins Elliott Bay Design Group
Seattle-based Elliott Bay Design Group announces the addition of John Garfitt to its marine engineering team. John has over 10 years of marine engineering experience and has worked on projects all over the world. As a senior marine engineer, John is involved in the Repower Study for the M/V COLUMBIA and will be lending his expertise to the Pierce County Waterborne Transportation Study. John is a licensed professional engineer in Canada and is currently working toward his U.S. license. Prior to joining EBDG, John served as vice president for Queenship Yachts and worked with BC Ferries.
Wärtsilä in Talks to Acquire John Crane-Lips
In a move aimed at extending its claim as a single source ship's propulsion supplier, Wärtsilä Corporation and Smiths Group are in exclusive discussions regarding a possible sale by Smiths Group of John Crane-Lips to Wärtsilä. Wärtsilä and John Crane-Lips entered into a strategic alliance in October 2000 to provide total marine propulsion power systems through the Wärtsilä network. The acquisition of John Crane Lips is seen as a valued enhancement to Wärtsilä's position as a leading global ship power supplier. The acquisition would generate additional sales of more than EUR 200 million for the Marine & Licensing division of Wärtsilä. John Crane-Lips is a supplier of integrated marine propulsion systems and marine seals and bearings.
Chemline Announces New Marketing Manager
Chemline Incorporated announces the appointment of John Henningsen as Brand Marketing Manager for the industrial coating and resin manufacturer. He will oversee the day-to-day operation of the company's strategic and tactical marketing programs, web site development, public relations and international product expansion. Over the past 15 years, John has worked for several advertising agencies, as well as coating manufacturers such as Futura Coatings, Specialty Products and Volatile Free. John will be based in the company's St. Louis, Mo., headquarters.
Wärtsilä, John Crane-Lips In Marine Propulsion Deal
In a move which firmly signals that marine propulsion power consolidation of resource is far from complete, Wärtsilä NSD and TI Group, on behalf of John Crane-Lips, signed of a co-operation agreement to develop, market and supply total marine propulsion power systems to the shipbuilding industry. Agreement has also been reached for TI Group to purchase Wärtsilä NSD's propeller production and related servicing business at Rubbestadneset, Norway, with approximately 120 employees transferring from Wärtsilä NSD Norway to John Crane-Lips. The co-operation agreement follows the signing of a Letter of Intent in February and is subject to clearance by the appropriate regulatory authorities. Wärtsilä NSD and John Crane-Lips have significant complementary strengths.
John McMullen Dies at 87
John J. McMullen, maritime industry icon, former owner of the New Jersey Devils and the Houston Astros, died September 16 at the age of 87. McMullen founded John J. McMullen and Associates (JJMA) in 1957, a naval architectural and engineering firm that once occupied the 30th floor of One World Trade Center in Manhattan. At first the firm concentrated on ship containerization and bulk transportation, but it soon became noted for naval engineering and ship design. The company's current emphasis on defense contracts came later. JJMA is the lead naval architect of the winning design for the US Navy's DDX program. Though the firm was purchased in 1998 and formed an Employee Stock Ownership Plan (ESOP) Trust, John J. McMullen’s influence and prosperity remained. MR’s archives indicate that Dr.
Wärtsilä Acquires John Crane-Lips
John Crane-Lips will become part of Wärtsilä following the signing of the sale and purchase agreement between Wärtsilä and John Crane-Lips´ UK-based parent Smiths Group. The transaction enhances Wärtsilä's position as a global ship power supplier and provider of integrated propulsion systems. The acquisition price is approximately $304 million. in the financial year ending July 31, 2001, with their net assets totaling $73 million. The acquisition of John Crane-Lips, which will operate within Wärtsilä under the name Wärtsilä Propulsion, marks an important step towards our strategic goal to lead the ship power market. The acquisition will be earnings neutral and cash flow positive in the first year, stated Wärtsilä's President and CEO Ole Johansson.
USS John C. Stennis Now Operating in Persian Gulf
The Nimitz-class aircraft carrier USS John C. Stennis (CVN 74) conducts operations in the Arabian Sea. The John C. Stennis Carrier Strike Group is on regularly scheduled deployments in support of Maritime Security Operations (MSO). MSO help set the conditions for security and stability, as well as aid counter-terrorism and security efforts to regional nations. U.S. From USS John C. USS JOHN C. STENNIS, At Sea (NNS) -- The aircraft carrier USS John C. Stennis (CVN 74) entered the Persian Gulf on March 27, escorted by the guided-missile cruiser USS Antietam (CG 54). While in the Gulf, the flagship of the USS John C. Stennis Carrier Strike Group (JCSSG) and its air wing, Carrier Air Wing (CVW) 9, will conduct a dual-carrier exercise with the USS Dwight D.