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Ocean Warwick News

12 Nov 2004

AMFELS Wins $48.4M Repair Contracts

AMFELS, the US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) has clinched four contracts valued at S$80 million from repeat customers. Three contracts are for the repair of jackups, ENSCO 86, ENSCO 89 and ENSCO 99, for a subsidiary of ENSCO International Incorporated (ENSCO). The first of the three jackup rigs, ENSCO 99 is expected to arrive at AMFELS in mid-November 2004 and she will also undergo life extension and refurbishment works. The fourth contract is for the refurbishment of Ocean Warwick, a jackup for Diamond Offshore, which had suffered leg damages during the Hurricane Ivan. ENSCO 86, ENSCO 89, ENSCO 99 and Ocean Warwick are jackup rigs operating in the Gulf of Mexico.

02 Sep 2005

Is the $100 Barrel Coming?

As Hurricane Katrina slammed through the Gulf of Mexico, energy companies evacuated offshore workers and shut about 91 percent of the region's oil production, or 1.37 million barrels daily, according to a Bloomberg report. Katrina ripped drilling rigs from moorings, damaged production platforms and curtailed pipeline shipments, idling 11 percent of U.S. refining capacity and leaving oil supplies vulnerable to another crisis. In turn, the crisis is prohibiting the companies to assess damage to the 819 staffed production platforms and 137 drilling rigs off Louisiana and Texas. ``This hurricane caused catastrophic devastation,'' the U.S. Coast Guard said in a statement on its Web site.

27 Oct 2005

Diamond Offshore Drilling Announces 3Q Results

Diamond Offshore Drilling, Inc. reported net income of $82 million, or $0.60 per share on a diluted basis, for the third quarter of 2005, compared to net income of $2.9 million, or $0.02 per share on a diluted basis, in the same period a year earlier. Revenue for the third quarter of 2005 was $310.5 million, compared to revenue of $208.2 million for the third quarter of 2004. For the nine months ended September 30, 2005, the company reported net income of $153.4 million, or $1.14 per share on a diluted basis, compared to a net loss of $18.5 million, or $0.14 per share on a diluted basis for the same period in 2004. Revenue for the nine months ended September 30, 2005 was $852.7 million, compared to $577.3 million for the first nine months of 2004.