Fugro H1 Profit Boosts Shares
Dutch deep-sea prospector Fugro on Wednesday surprised the market with a first-half profit, driven by strong growth in offshore wind projects, sending its shares sharply higher.The company, hit by a downturn in the oil sector in recent years, reported first-half earnings before interest and tax (EBIT), excluding exceptional items, of 4.0 million euros ($4.7 million) compared with a year-earlier loss of 25.3 million euros.Analysts in a poll conducted for the company had on average expected an EBIT loss ex-items of 1.9 million euros.Fugro shares traded in Amsterdam were up nearly 7 percent at 13
Subsea 7 Makes Hostile Bid for McDermott
Offshore oil services firm Subsea 7 has made an unsolicited offer worth about $2 billion for U.S. rival McDermott, potentially breaking up the U.S. company's agreed deal with onshore engineering firm Chicago Bridge & Iron (CB&I).The deal could make Oslo-listed Subsea 7 the market leader in supplying and installing subsea equipment for oil and gas firms with a combined market share of 24 percent, followed by TechnipFMC with 20 percent and Saipem with 15 percent, an Oslo-based consultancy…
Wanax Invests in PSV Market
Wanax AS, a wholly owned subsidiary of S.D Standard Drilling Plc, will invest USD 5.215mln in platform supply vessels (PSV) Opportunity III DIS. The investment will be done through subscription of ownership interests in PSV Opportunity III and gives Wanax AS a 35% ownership stake in PSV Opportunity III. PSV Opportunity III will take delivery of two mid-size PSV of the UT 755 LN design. The vessels were built in Norway in 2007 and 2008. The total purchase price for the two vessels is USD 11.7 million, financed solely through equity.
CGG to cut Vessel Fleet Further
French seismic group CGG said on Thursday it would further cut its fleet of seismic vessels after declining demand from oil and gas clients hit by the falling oil price led it to record an impairment and one-time charges of $643 million in the fourth quarter. Like peers across the oil services industry, CGG has been badly hit by cutbacks in the sector in 2014 as major producers slashed exploration to counter oil prices that have more than halved since June. "Taking into account the reduced client activity due to the very strong fall in oil prices at year-end and in line with our portfolio rebalancing strategy, we have decided to further reduce our fleet to 11 vessels in 2015," Chief Executive Jean-Georges Malcor said in a statement.
Vard 3Q: Higher Revenues, Solid Order Book
18.5% increase in 3Q revenue, and 4.5% increase in 9M revenue from same periods in 2013. Vard Holdings Limited (“VARD”, and together with its subsidiaries, the “Group”), designers and shipbuilders of offshore and specialized vessels, today announced its financial results for the third quarter of financial year 2014 (“3Q2014”), and nine months ended 30 September 2014 (“9M2014”). VARD’s revenue for 3Q2014 increased 18.5% to NOK 2.8 billion from the corresponding period in 2013, and revenue for 9M2014 increased 4.5% to NOK 8.4 billion from the same period in 2013. EBITDA dipped for the first time in five quarters amidst higher operational expenses, and EBITDA margin for 9M2014 was 3.7%. Positive EBITDA margins are again expected in the next quarter, with further improvements in 2015.
BOURBON Makes Several Fleet Additions
With the AHTS Bourbon Liberty 320, BOURBON is now running a fleet of 100 Bourbon Liberty series-built, diesel-electric propelled and DP 2 vessels, a first in the oil services industry. This milestone coincides with the delivery of the first two of 20 deep offshore PSVs of the new BOURBON series: the Bourbon Explorer 500. "The Bourbon Liberty's operational success and the launch of the Bourbon Explorer 500 series strengthen our ability to provide a complete range of services worldwide…
Aker Appoint David Currie UK Regional President
Aker Solutions says that since 2011 it has established regional structures in Brazil, North America, Norway and now the UK to bolster its presence and build stronger relations with key customers. Currie comes from FMC Technologies, where he has since 1985 held various positions, most recently as director of global subsea operations. A native of Scotland, he will be based in Aberdeen, where Aker Solutions has 2,600 employees working in the maintenance, modifications and operations, drilling technologies and subsea business areas.
Aker Solutions Maintains Bullish Outlook
Aker Solutions announced at the company's capital markets day that it is maintaining its ambition of 9-15 percent annual revenue growth for the period 2011-15 due to a favorable market outlook for the oil services industry. The company also maintains its ambitions of 3-4 percentage points EBITDA margin improvement by 2015. The target for organic revenue growth is 6-10 percent per annum. The order intake has been strong over the past year, increasing Aker Solutions' order backlog by 23 percent (end of Q3 2011 vs Q3 2010). This growth reflects high activity levels in the markets where Aker Solutions operates, and the company expects continued strong markets and tender activity going forward.
Aker Solutions Maintains Growth Ambition
Aker Solutions will today announce at the company's capital markets day that it is maintaining its ambition of 9-15 percent annual revenue growth for the period 2011-15 due to a favourable market outlook for the oil services industry. The company also maintains its ambitions of 3-4 percentage points EBITDA margin improvement by 2015. The target for organic revenue growth is 6-10 percent per annum. The order intake has been strong over the past year, increasing Aker Solutions' order backlog by 23 percent (end of Q3 2011 vs Q3 2010).
DnB NOR Global E&P Spending Report: Growth Continues
The 65 oil companies covered in DnB NO’s fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 we expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. We believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas, will lend good support to earnings for the oil services industry in the years to come. The fifth annual E&P spending report covers oil and gas companies’ spending on exploration and production (E&P) based on our survey of 65 oil and gas companies worldwide…
Halliburton Announces Management Changes
As a further effort to strengthen its operational efficiencies, augment its management and succession development opportunities and maximize its financial performance, Halliburton announced several changes to its executive management team. Executive Vice President and Chief Operating Officer Andrew Lane will retire effective Dec. 31, 2007. Halliburton will eliminate the COO position, and the Companyâ€™s Eastern and Western Hemisphere presidents as well as the Completion and Production, and Drilling and Evaluation Divisions now will report directly to Dave Lesar, Halliburtonâ€™s Chairman of the Board, President and Chief Executive Officer. In addition, the following executive management changes are effective Jan. * Executive Vice President and Chief Financial Officer C.
S&P May Cut Coflexip SA BBB-Plus Rating
Standard & Poor's placed on CreditWatch with negative implications its triple-'B'-plus long-term corporate credit rating on Coflexip S.A., the parent company of the Coflexip Stena Offshore group. The 'A-2' short-term corporate credit rating was affirmed, as the long-term rating will not fall below triple-'B' The rating action follows a previous announcement that Coflexip has entered into a conditional agreement to acquire the deepwater division of Norway-based Aker Maritime ASA in a cash and debt-financed transaction set to weaken the group's previously very strong balance sheet. The transaction, which aims to create the leading global provider of offshore solutions in the oil services industry, would cost $513 million, with an additional $112 million of net debt assumed.
Coflexip Stena Closes Aker Acquisition
Coflexip Stena Offshore has finalized, with Aker Maritime ASA, the acquisition of its deepwater operations, the "Deepwater Division" headquartered in Houston, for $513 million plus the assumption of net debt of $112 million. The two parties had announced on October 29, 2000, that they had entered into a conditional agreement whereby Coflexip Stena Offshore will acquire the shares of the companies making up the Deepwater Division of Aker Maritime ASA for a value of $513 million plus the assumption of debt of $112 million at December 31, 2000. The final price of the acquisition will be subject to various adjustment mechanisms on the basis of audited financial statements of the Deepwater Division at December 31, 2000.
Seabulk International Elects Thyssen as VP
Seabulk International, Inc. announced the election of Hubert E. Thyssen as Corporate Vice President, effective immediately. Thyssen, who joined the company in 1997 when it acquired the 36-vessel Care Offshore fleet of Nyon, Switzerland, will continue to serve in his capacities as Senior Vice President of International Marketing for the 133-vessel Seabulk Offshore fleet and as Managing Director of Seabulk Offshore's operations in West Africa, Europe and South America. "Hubert Thyssen is a well-known figure in the international oil services industry and a premier marketer," commented Chairman, President and Chief Executive Officer Gerhard E. Kurz.
Hornbeck to Spend $265M on New Boats
Hornbeck Offshore Services, Inc. announced a new vessel construction programs for each of its two business segments, making it the company's fourth OSV newbuild program and second tug and tank barge (TTB) newbuild program. Hornbeck is seeking bids from domestic shipyards for the two programs. Based on internal estimates, the incremental cost of the two expansion programs is expected to be approximately $265 million in the aggregate. The precise number of vessels to be constructed and their specifications will be finalized as certain milestones are completed, including the negotiation of shipyard contracts. Construction costs related to these two programs will be funded…