Encik Rezza Resigns as ED of Bumi Armada Berhad
Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad has announced the resignation of Encik Shaharul Rezza bin Hassan, Executive Director and Head of Offshore Marine Services (OMS) of Bumi Armada Berhad. Encik Rezza will officially relinquish his roles at the Group on the 28 of February 2018. He has requested an early release from the Group to pursue other interests outside the Group. Rezza joined Bumi Armada in September 2005 and prior to his current role as Head of the OMS business, he was the CFO.
Schlumberger, Cameron Merger Complete
Schlumberger Limited (NYSE:SLB) announced today that it has closed its merger with Cameron International Corporation. As previously announced, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share. Schlumberger has issued approximately 138 million shares pursuant to the merger. As a result, former Cameron stockholders own approximately 10% of Schlumberger’s outstanding shares of common stock.
Schlumberger Announces Q1 Results
Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.57 billion in the first quarter of 2013. Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.59 billion—a decrease of 11% sequentially but an increase of 23% year-on-year. quarter of 2013. Schlumberger recorded charges of $0.09 per share in the fourth quarter of 2013 and of $0.07 per share in the first quarter of 2013.
FMC Technologies Announces Executive Changes
FMC Technologies, Inc. (NYSE:FTI) said that Robert L. Potter has been appointed President of the company. Potter assumes this responsibility from John T. Gremp who remains Chairman and Chief Executive Officer (CEO). "Bob is an experienced and well-respected leader with a deep understanding of our markets and technologies," said Gremp. Potter previously served as Executive Vice President of Energy Systems with responsibility for the Subsea Technologies, Surface Technologies and Energy Infrastructure business segments, in addition to several support functions. He has been with the company since 1973. FMC Technologies also announced that Douglas J.
Rowan Elects Two New Executive Officers
Rowan Companies, Inc. (NYSE: RDC) announced that Thomas P. Burke has been appointed to serve as the Company's Chief Operating Officer, and Melanie M. Trent has been appointed to serve as Senior Vice President, Chief Administrative Officer and Corporate Secretary. Burke, who joined the Company in December 2009, previously served as the President and Chief Executive Officer of the Company's manufacturing subsidiary, LeTourneau Technologies, Inc., which was sold to Joy Global in June 2011. Prior to such time, he was employed by Complete Production Services, an oilfield services company, as a Division President from 2006 to 2009, and as Vice President Corporate Development from 2004 to 2006. Before joining Complete Production, Mr.
Harris Corp. to Acquire Global Connectivity Services
Harris Corporation, (NYSE:HRS) an international communications and information technology company, has entered into a definitive agreement to acquire the Global Connectivity Services (GCS) business from Schlumberger Information Solutions, an operating unit of Schlumberger Limited (NYSE:SLB). The acquisition is planned to extend Harris’ capabilities as a global provider of mission-critical, end-to-end managed satellite communications services for customers operating in remote and harsh environments – including the energy, government and maritime industries. Schlumberger GCS will be combined with recently acquired CapRock Communications to form Harris CapRock Communications.
Bates, Jr. Chairman at Hercules Offshore
Hercules Offshore, Inc. (NASDAQ: HERO) announced that Chairman John T. Reynolds submitted his resignation from the company's board of directors, effective December 31, 2009, to focus on other business interests and his role as co-founder and managing director of Lime Rock Management L.P. Thomas R. Bates, Jr., who has been a director of Hercules Offshore since the company's inception in 2004, will assume the role of Chairman upon Reynolds' departure. Bates served as President of the Discovery Group of Baker Hughes Inc., President and Chief Executive Officer of Weatherford/Enterra, Inc. and as President of Anadrill at Schlumberger Limited, among other positions. Bates received a Bachelor's, Master's and a Ph.D. in mechanical engineering from the University of Michigan.
Vice Chairman of Schlumberger Limited Retires
Schlumberger Limited announced today that vice chairman Victor Grijalva will retire at the end of the year. decades. made an enormous contribution to the success of the company during a period which has seen many changes and huge swings in upstream activity. engineer in Houston in 1964. North American operations in 1985. Having steered Schlumberger through the mid-1980 industry downturn, he was named executive vice president of Schlumberger Wireline and Testing and Anadrill in 1989 and executive vice president of Oilfield Services in 1993. Just under ten years later in 1998, Grijalva became vice chairman of Schlumberger Limited. of the American Institute of Electrical Engineers and the Society of Petroleum Engineers.
Baker Hughes Profits Surge 456%
Driven by decade-high oil prices, industry leader Baker Hughes Incorporated reported operating profit after tax from continuing operations for the third quarter of 2000, excluding non-operational items, was $70.6 million, up 456% compared with $12.7 million for the third quarter of 1999, and up 72% compared with $41 million for the second quarter of 2000. Net income for the third quarter of 2000 was $66.7 million compared to $13.2 million for the third quarter of 1999. Results for the third quarter of 2000 include the impact of losses, net of tax, totaling $3.9 million related to the company's holdings of Varco International, Inc. stock and the sale of the Norward product line of Baker Atlas. Michael E.
Schlumberger Announces 2Q Results
Schlumberger Limited reported second-quarter revenue of $5.64b versus $5.46b in the first quarter of 2007, and $4.69b in the second quarter of 2006. Net income, before charges and credits, reached $1.26 billion - an increase of 7% sequentially and 40% year-on-year. Diluted earnings-per-share, before charges and credits, were $1.02 versus $0.96 in the previous quarter, and $0.73 in the second quarter of 2006. Net income, including charges and credits, was $1.26 billion or $1.02 per-share diluted versus $0.96 in the previous quarter, and $0.69 in the second quarter of 2006. Oilfield Services revenue of $4.97 billion increased 5% sequentially and 21% year-on-year. Pretax business segment operating income of $1.51 billion increased 8% sequentially and 33% year-on-year.
Baker Hughes Announces 3Q Results
Baker Hughes Incorporated announced that income from continuing operations for the third quarter 2006 was $358.6 million or $1.09 per diluted share compared to $220.6 million or $0.64 per diluted share for the third quarter 2005 and $1,395.0 million or $4.14 per diluted share for the second quarter 2006. Net income for the third quarter 2006 was $358.6 million or $1.09 per diluted share compared to $221.9 million or $0.65 per diluted share for the third quarter 2005 and $1,395.0 million or $4.14 per diluted share for the second quarter 2006. Operating profit, which is a non-GAAP measure comprised of income from continuing operations excluding the impact of certain identified non- operational items…
Moody's Ups Transocean Offshore
Moody's Investors Service upgraded the senior unsecured debt ratings of Transocean Offshore, Inc. to A3 from Baa1 to reflect the significant benefits that the company will likely derive from its pending merger with Sedco Forex Holdings Limited (Sedco). The rating action ends a review of Transocean's ratings initiated on July 12 in response to the company's announcement that it had signed a definitive agreement under which Sedco, the offshore contract drilling business of Schlumberger Limited, will be spun off and combined promptly with Transocean through the issuance of approximately $3.2 billion of Transocean stock and the assumption of about $435 million of debt. The combined company will be known as Transocean Sedco Forex.
Schlumberger Announces 2Q Results
Schlumberger Limited reported 1999 second quarter operating revenue of $2.17 billion was 29 percent below second quarter 1998. Net income was $127 million, 67 percent lower than the same period last year. Oilfield Services revenue decreased 32 percent, while the rig count fell 34 percent. Revenue fell in all the geographic regions and across all Oilfield Services activities. Resource Management Services revenue was down six percent. Test & Transactions revenue was 22 percent lower than in the second quarter of 1998 as Smart Cards & Terminals and Automated Test Equipment (ATE) revenue decreased.
Schlumberger And Transocean Offshore Combine Forces
Schlumberger Limited and Transocean Offshore Inc. have signed a definitive merger agreement under which the offshore contract drilling business of Schlumberger (Sedco Forex Offshore) will be spun off and promptly combined with Transocean Offshore in a merger of equals. The resulting company, Transocean Sedco Forex, will be the world's largest offshore drilling company and is projected to become the fourth largest oilfield service company in terms of market capitalization. The transaction, which should close by December 31, 1999, is anticipated to be modestly dilutive to Transocean Offshore's current earnings expectations for 2000 and accretive thereafter.
TDI-Halter Delivers Three Barges
TDI-Halter, a Halter Marine Group, Inc. company, delivered Prisa 103, the last of three 180 x 75 x 15 ft. barges, to Sedco Forex, the drilling division of Schlumberger Limited. Prisa 101, 102 and 103 are part of an overall conceptual design approach, in which Sedco Forex permanently integrated the well intervention structure, equipment and systems to facilitate conventional light drilling and well re-entry with coiled tubing and other well intervention operations. This concept provides operators a cost-effective tool by utilizing specially-adapted multi-function service equipment, which is built-in to ensure flexibility, reduce overall non-productive time and optimize deployment of services by improving the logistics and reducing the running costs.
Schlumberger Announces 4Q and 1998 Results
Schlumberger Limited reported operating revenue for 1998 of $11.82 billion, an increase of two percent over 1997. Before the third quarter charge, net income was $1.39 billion, one percent higher than 1997. Fourth quarter net income of $278 million was 30 percent lower than the fourth quarter of 1997. Operating revenue of $2.78 billion was 12 percent below the same period in 1997. Chairman and CEO Euan Baird said, "The weakening in E&P spending provoked by the flattening of demand in 1998 will continue well into this year. We expect falling non-OPEC supply due to the decreased expenditure, coupled with a recovery in the Asian oil demand, will produce higher oil prices and oilfield services activity in early 2000."
TDI-Halter Delivers Drilling Barge To Sedco Forex
TDI-Halter, a Halter Marine Group, Inc. company, Gulfport, Miss., delivered Prisa 103, the last of the trio of newly-built drilling barges to Sedco Forex, the drilling division of Schlumberger Limited. Measuring 180 x 75 x 15 ft. (54.8 x 22.8 x 4.5 m), Prisa 101, 102 and 103 are part of an overall conceptual design approach - an approach in which Sedco Forex has permanently integrated the Well intervention structure, equipment and systems to facilitate conventional light drilling and well re-entry with coiled tubing and other well intervention operations. Joining the first two member of the trio, Prisa 103, which began the tow to Venezuela this past March, is currently deployed in the country's Lake Maracaibo for a 10-year contract with PDVSA.
No Relief Yet
Oilfield service companies were not nearly as lucky as their oil producing counterparts. While net income in the oil producing industry was up over the 1998 third-quarter, oilfield service companies were still feeling the pain of the low oil prices from earlier in the year. While the stock market - the global business measuring stick - has generally been positive on the offshore oilfield sector throughout much of the year, there has been a relapse of sorts in October, as uncertainty surrounding OPEC output quotas has largely dampened the year's progress. In fact, a major tracker of offshore industry stocks, Warburg Dillon Read, in mid-October cut its ratings of four oilfield equipment and services companies.
Transocean Sedco Forex Merger Establishes World's Largest Offshore Driller
Transocean Offshore Inc. has completed its merger with Sedco Forex, which was spun-off from Schlumberger Limited. The resulting company, Transocean Sedco Forex Inc., is now the world's largest offshore drilling contractor and third-largest oilfield services company in terms of equity market capitalization, based on closing market prices on Dec. 30. In the merger, approximately 109.6 million ordinary shares of Transocean Offshore are being issued to stockholders of Schlumberger. The number of new shares issued is equivalent to 0.1936 shares of Transocean Sedco Forex for each outstanding Schlumberger share. Following the merger, Schlumberger stockholders hold about 52% of the approximately 210.1 million outstanding shares of Transocean Sedco Forex.
Moody's Ups Transocean Offshore
Moody's Investors Service upgraded the senior unsecured debt ratings of Transocean Offshore, Inc. to A3 from Baa1 to reflect the significant benefits that the company will likely derive from its pending merger with Sedco Forex Holdings Limited (Sedco). The rating action ends a review of Transocean's ratings initiated on July 12, 1999 in response to the company's announcement that it had signed a definitive agreement under which Sedco, the offshore contract drilling business of Schlumberger Limited, will be spun off and combined promptly with Transocean through the issuance of approximately $3.2 billion of Transocean stock and the assumption of about $435 million of debt. The combined company will be known as Transocean Sedco Forex.
Quarter and Year-End Earnings
Once again, quarter and year-end earnings reported in the offshore market reflected a familiar trend: oil majors saw gains - sometimes significant; while oilfield service companies continued to struggle, compared to the year-earlier marks. Unocal Corporation reported fourth quarter 1999 preliminary unaudited net earnings of $97 million and adjusted net earnings (excluding special items) of $77 million. The fourth quarter results compare with a reported loss of $29 million for the same period a year ago. Adjusted net earnings for the fourth quarter 1998 were $28 million. The fourth quarter earnings reflect higher oil and gas prices, offset partially by lower net oil and gas sales volumes and a higher international tax rate.