Stolt Comex Seaway S.A. Reports First Quarter Results

Stolt Comex Seaway S.A. (SCS), subsea contractor to the oil and gas industry worldwide, reported results for the first quarter ended Feb. 28, 1994. The result was a benefit of $4.5 million, or $0.45 per common share, from the cumulative effect of the adoption of a new accounting standard relating to income taxes. In a regional review, Guy J.

Fleury, president and CEO of SCS, said of the North Sea area, "SCS has upgraded the DSV Seaway Condor by increasing its capabilities to lay flexible pipes, umbilicals and power or telecommunications cables. Seaway Condor's advanced features for diverless construction work and its enhanced laying capabilities will be utilized on the Troll, Dunbar and Hudson projects this year. Offshore operations begin this month on the $80 million contract for Norsk Hydro on the Troll Oil development in Norway." On Brazil, Mr. Fleury commented, "In Brazilian waters, at a world record depth of 3,000 feet (914.4 m), SCS participated in the installation of a production Christmas tree employing three ROVs working simultaneously from both a drilling rig and a flexible pipe lay vessel, demonstrating ... our stateof- the-art diverless skills in ever deeper subsea developments around the world." In the Asia Pacific region, SCS, according to Mr .Fleury, "completed a platform and pipeline installation project in Indonesia working with the barge of our Chinese joint venture partner. (Recently) SCS began laying a pipeline and installing umbilicals for Arco Indonesia to tiein a new subsea gas well north of Bali." SCS has also mobilized some of its ROV fleet from the North Sea to long term contracts on deep water drilling rigs in West Africa.