The absence of quality new merger opportunities will force oil companies to keep spending tight even though this year's oil price recovery has given them far more cash to work with, analysts said. Oil companies are now locked into the regime of tighter financial discipline they promised share investors during last year's crash, and will be unable to embark on the usual rush for production growth as the market recovers, they added. "The pendulum cannot swing quickly back and capital spending is not going to rebound," Fergus Macleod of Deutsche Bank said. "Oil companies have got to deliver on the agenda they set themselves. The market is very unforgiving of failure." Fears of losing equity confidence mean oil companies will take around two years to raise spending in pursuit of market share left open by OPEC producers' supply cuts, he added. Companies must now look even more closely at their own operations to enhance rate of return as the big savings generated by huge mergers like Exxon/Mobil, BP Amoco and TotalFina were no longer on offer. The 15-month merger drive has focused on companies bumping up their oil reserve book by absorbing smaller rivals to make up for the slower rate across the industry of finding big new fields. "There are not a lot of those opportunities left," said John McCormack of Stern Stewart in New York. "The easy, low-lying fruit has been substantially picked."
Government of Colombia lawyers concede salvage company Sea Search Armada to be rightful owner of 50% of treasure proceeds. Lawyers representing the Government of Colombia (GOC) admitted recently in a U.S. court that Sea Search Armada (SSA), engaged in a long-running suit with Colombia, was the rightful owner of 50 percent of the proceeds of perhaps the most valuable sunken treasure in history. This is the first time representatives of the government have conceded this point in over 30
American Superconductor Corporation has completed the manufacture and testing of the rotor assembly for the world's first high temperature superconductor (HTS) ship propulsion motor. AMSC, which is manufacturing the prototype motor under a contract from the U.S. Navy's Office of Naval Research (ONR), has now shipped the rotor assembly to ALSTOM's Power Conversion Business in the U.K. ALSTOM is contracted by AMSC to build the stator and to take care
The Seamen’s Church Institute of Philadelphia & South Jersey (SCI) announced this year’s recipient of the 2006 Spirit of the Port award will be Dennis J. Colgan, Jr., chairman and CEO of BARTHCO International, one of the largest Customs Brokers and Freight Forwarders in the United States. The award will be presented to Mr. Colgan at the 18th Annual Spirit of the Port Award luncheon to be held March 29 in Philadelphia
GC Rieber Shipping, the Norway-based harsh environment shipping specialist, has charged ULSTEIN with developing a high-capacity subsea vessel based on its SX121 design. This $141m million ship, ordered in June 2012, alongside an option for a sister vessel, has been commissioned in response to strong market desire for offshore construction support vessels (CSVs) for deep and harsh environments. Alongside state-of-the-art features, equipment and performance figures
A group of investors sued the Colombian government for preventing American salvage group Sea Search Armada from recovering San Jose, a ship that sank in 1708, often referred to as the “Holy Grail of Shipwrecks.” With numerous court rulings throughout the years, the battle has lasted since 1979. In a case filed March 29 with the Inter-American Commission on Human Rights (IACHR), a group of American investors claimed the government of Colombia violated their human rights by
For years, general manufacturing companies have enjoyed the benefit of laser cutting systems for producing complex or simple parts in batch volumes as low as one, and as high as tens of thousands. The laser is an incredibly powerful tool that remains unsurpassed in manufacturing activities across the world. As flexible and reconfigurable production tool that provides welding, cutting and machining capabilities in a single device
The Cayman Islands reefer vessel, Lapponian Reefer, has recently completed a nine day dry docking program where it underwent an extensive 10 year survey and repair work. The 11,095dwt vessel, owned by Holy House Shipping, dry docked on January 7, 2002 for works which included repairs of internal tank fractures, survey and repairs of sea valves, overhaul of the main engine, survey bearings and turbo charger overhaul. The gearbox was also opened and surveyed and the propeller blades were
On March 1, the Rev. Michael Christopher Nation begins work at the Seamen’s Church Institute (SCI) as a chaplain for Ministry on the River, the nation’s only full-time pastoral care ministry on the Ohio and Lower Mississippi River systems. Operating from Vicksburg, MS (where Nation served as rector of a local parish for over 9 years), the new SCI chaplain ministers to mariners working in the Lower Mississippi River region. He succeeds the Rev. Michael Hammett who left SCI last year
Chris Charman took over as Chief Executive of the International Marine Contractors Association (IMCA) in December of last year. IMCA’s Chief Executive leads the IMCA secretariat and is responsible for delivering the association’s extensive global work program. Charman, perhaps not widely known to our North American readership, nevertheless brings impressive qualifications to this important advocacy group for the international offshore, marine and underwater engineering sectors
The Kingdom of Saudi Arabia welcomed the delivery of its two Austal-built 289 ft high speed vehicle-passenger catamarans, “Riyadh” and “Cairo” during a handover ceremony in Jeddah attended by King Abdullah bin Abdulaziz Al Saud and the Egyptian President Mohammed Hosni
Molly Murphy Crowley, 71, of Piedmont, Calif., Crowley Maritime Corporation board member, past Portland, Ore. real estate mogul, philanthropist and competitive amateur golfer died March 21 following an illness surrounded by her family at her Indian Wells, Calif. vacation home.
Dick Bollinger — President Emeritus of Bollinger Shipyards-- died at home surrounded by his loving family. Richard N. Bollinger died at home on January 17, 2012 of natural causes. He was President of Bollinger Shipyards, Inc
Azamara Quest Exits Drydock with Refreshed Spaces and New Azamara Blue Hull. Azamara Quest, the first of Azamara Club Cruises’ twin boutique ships to undergo refurbishment, emerged today from an eight-day drydock – complete with a refresh of all public spaces and staterooms
Corrine "Lindy" Clairborne Boggs, former U.S. representative from Louisiana, is to serve as godmother of Carnival Cruise Lines' newest ship, Carnival Conquest, at the official naming ceremony slated for November 19, 2002, in New Orleans. The Carnival Conquest will be the line's first vessel
Northrop Grumman Corporation's Ship Systems sector announced today that retired Rear Adm. John B. "Jay" Foley III, USN, one of the U.S. Navy's outstanding leaders during a 33-year career, has been named vice president of the company's shipbuilding operations in Gulfport, Miss.
Mine warfare ship USS Pelican (MHC 53) departs from Naval Support Activity (NSA) New Orleans. Pelican conducted a three-day port call to the New Orleans before returning to her homeport at Naval Station Ingleside, Texas. U.S. Navy photo by Mr. Sam Shore
Vice Adm. Barry M. Costello was relieved by Vice Adm. Samuel J. Locklear III as commander of U.S. 3rd Fleet during a change of command ceremony May 3 at fleet headquarters in Point Loma. During his tour as commander, U.S. 3rd Fleet, Costello advanced the Navy’s Sea Shield vision for a