Petrodrill News

MIS Co. Ltd. Inc. (OSE: MIS) reported record fourth quarter and fiscal year revenues of $125.1m and $387.5m, respectively and closes 2008 with a net profit of $8m and a record quarterly net profit of US$8m in Q4. This strong revenue increase and highest ever quarterly net profit is primarily driven by closing increasing volumes of contracts for the New Build Rigs value stream while maintaining MIS' market share in its traditional works value streams: Rig Refurbishment, EPC and Site Projects, Pressure Vessel, Process and General Fabrication and Technical and Safety Services. The first New Build Rig to be delivered by MIS (Hull #104) was completed with the issue of an ABS Class Certificate and formal Acceptance for Delivery Protocol agreed with MIS' client Seawolf Oilfield Services.

Friede Goldman Halter, Inc., announces that its offshore subsidiary has reached an agreement with Petrodrill IV Ltd. and Petrodrill V Ltd. to advance construction of two Amethyst-class deepwater semisubmersible drilling rigs. Friede Goldman will work at the customer?s direction, and operate on a cost-reimbursable basis with contractually established rates for equipment, personnel, and labor. The agreement is expected to generate greater security and additional employment opportunities for the local workforce. Preliminary estimates place work for this phase of completion at four months for the Company?s Pascagoula, Miss., offshore projects at the east facility on Greenwood Island. The West Bank facility will undergo a restoration and upgrade during the temporary closure.

We rolled into town on the last train north, arriving Portland, Maine at 2:00 a.m. Half an hour later we were at the dock, hauling our kit - and when Marine News travels light, we're like Hannibal crossing the Alps - over silent tugs resting abreast: Captain Bill, Justine McAllister, Stamford. On the phone a few days before, Capt. Brian Fournier had said something about leaving a light in Stamford's forward port cabin, and there, finally, it shone. But something brighter had caught our eye, and could we believe it? Last time we saw something like it, it was in Aberdeen, Scotland. Now, from Stamford's starboard rail, it loomed and glistened four hundred feet away - rising nearly as high - a pair of deep-sea drilling platforms, afloat waters barely up to their ankles.

Portland’s marine commercial shipbuilding industry is getting a boost thanks in part to construction of the “Pride Portland” and the “Pride Rio de Janeiro,” two huge oil rigs built by crews working for Cianbro and funded with a $342 million loan guarantee from the U.S. Maritime Administration (MARAD). Maritime Administrator Captain William G. Schubert recently visited the “Amethyst Project” at the terminal where the two 12,000 ton oil rigs that symbolize the city’s revitalization efforts were constructed.

Portland’s marine commercial shipbuilding industry is getting a boost thanks in part to construction of the “Pride Portland” and the “Pride Rio de Janeiro,” two huge oil rigs built by crews working for Cianbro and funded with a $342 million loan guarantee from the U.S. Maritime Administration (MARAD). Maritime Administrator Captain William G. Schubert today visited the “Amethyst Project” at the terminal where the two 12,000 ton oil rigs that symbolize the city’s revitalization efforts were constructed. Captain Schubert called the working waterfront an asset that will provide jobs and keep America moving. “This project alone has employed close to 1…

When Cianbro Corporation approached Petrodrill, an international rig-owning company with Brazilian and American shareholders, about completing two partially-built oil rigs in 2002, some thought Cianbro President and CEO Peter Vigue was out of his mind. "What they didn't understand is that Cianbro has a secret:our people," said Vigue. "Our people were ready, willing, and able to take on this challenge. The Maine firm had no experience or track record in oil rig construction when Vigue sought out the Petrodrill project. One of the East Coast's largest construction companies, Cianbro was best known for large civil and heavy industrial projects.

Friede Goldman Offshore Texas has reached a decision with Petrodrill IV and Petrodrill V concerning contract disputes over Friede Goldman's construction of two Amethyst-class deepwater semisubmersible drilling rigs for Petrodrill. The agreements have been approved by the boards of directors for both companies by MarAd, which is providing loan guarantees for the project. The agreements call for the new delivery dates of Amethyst 4 and 5 to occur on September 15, 2001 and December 15, 2001, respectively. Both parties have agreed to increase the float-out milestone payment by $3 million per rig and to a final $6.4 million payment per rig at delivery, resulting in a new contract value of $186.8 million based upon the new delivery schedules.

Shares of Friede Goldman Halter, which manufactures offshore equipment for the energy industry, plummeted on Tuesday after the company said it may have to seek bankruptcy protection and canceled a scheduled conference call with investors. Friede Goldman, whose problems stem from cost overruns on a number of oil rigs it is building, said it plans to reschedule the call. Shares of the Gulfport, Miss.-based company fell $1.52, or almost 63 percent, to $.90 on the New York Stock Exchange the day after it disclosed it was carrying $107.7 million in overdue debt. The company also canceled a conference call originally scheduled for Tuesday…

Friede Goldman Halter filed with the bankruptcy court a motion to reject the two contracts for the construction of the two Amethyst offshore drilling rigs for Petrodrill. The company, in a statement, said that these highly unprofitable contracts caused substantial losses to FGH, and led to the company's recent Chapter 11 filing. FGH has also taken further cost-cutting measures, announcing that all senior management members have taken substantial salary cuts, in come cases as high as 40%.

Friede Goldman Halter, Inc., (FGH) announced that the bankruptcy court has officially rejected the Petrodrill contracts. On June 12, FGH filed a motion with the bankruptcy court to reject the two contracts for the construction of the two "Amethyst" offshore drilling rigs for Petrodrill, a Brazilian company. These highly unprofitable contracts caused substantial losses to the Company, and were one of the two key influences in conjunction with the losses suffered on the Ocean Rig Bingo program which led to the Company's decision to file Chapter 11. By virtue of this order, the company's contractual obligations on this project are terminated.

The U.S. Gulf of Mexico region is again poised to prosper, spurred by the buzz of activity surrounding the oil patch, and specifically the renewed vigor with which companies will explore and develop deepwater fields for the production of natural resources. Though the resumption of business at "full throttle" has taken perhaps a bit longer than many observers would have initially predicted, particularly given the continued high price of oil and gas and the "pro" oil industry political team occupying the White House, it is a safe bet that, at least for the next several years, the offshore oil business will ensure that the marine business in the GOM region is a prosperous one.

Halter Marine Group, Inc. announced the company's net income for the first quarter ended June 30, 1999 was $1.9 million on revenue of $192.1 million. This compares to net income of $6.1 million on revenue of $209.8 million in first quarter of fiscal 1999. The company's fiscal year ends March 31. "The company's first-quarter earnings represent continued improvement in Halter's operating results compared to our two most recent quarters," said John Dane III, chairman, president and CEO. "Gross margins in the company's vessels segment exceeded those of both the prior quarter and the year-ago quarter as the impact of our Project ABC business process improvement program continues to be realized.