Revenues were $2.5 billion,down from $2.6 billion in 1998. The slight decline was "due primarily to a 3% decrease in capacity in 1999" as a result of the sale of Song of America and service outages in the first half of the year.
Occupancy as a percentage of total capacity was 102.9% in the fourth quarter and 104.7% for the year.
On a comparable basis, earnings for the fourth quarter of 1999 increased to $.21 per share compared to $.17 per share in 1998. Reported net income for the fourth quarter of 1999 was $38.3 million or $.19 per share, which includes a $3.3 million non-recurring item. Reported net income for the fourth quarter of 1998 was $23.4 million or $0.12 per share, which includes a $9 million non-recurring item. Revenues for the fourth quarter of 1999 were $584.0 million, up from $575.1 million in 1998.
"We are pleased with our earnings growth in 1999, especially in a year of reduced capacity,'' said Richard D. Fain, chairman and chief executive officer. "Continued focus on yield management and cost control have proven effective, enabling us to report record earnings onceagain. We are particularly pleased with the introduction of Voyager of the Seas. We had always anticipated the ship would be a success, and are very happy with the positive press she has received. We look forward to continuing our tradition of product innovation with the delivery of Celebrity's Millennium in June of this year.''
Royal Caribbean's two cruise
brands, Royal Caribbean International and Celebrity Cruises,
currently has a combined fleet of 17 vessels; 10 additional
vessels are on order for delivery through 2004.
Marine drilling reports better utilization in fourth quarter
Offshore drilling contractor Marine Drilling Companies Inc. today reported fourth quarter 1999 net income of $2.5 million, or $0.04 per share, on revenues of $44.8 million, compared to net income of $7.0 million, or $0.13 per share, on revenues of $43.0 million for the fourth quarter of 1998. Average daily revenue for the fourth quarter of 1999 decreased to $33,643 per operating day compared to $39,666 per operating day during the same period in 1998. However, utilization increased to 90% from 78% for the same respective periods.
Marine Drilling has a fleet of 18 offshore rigs located in the U.S. Gulf of Mexico and select international markets. The fleet consists of 16 jackups, one of which is currently configured as an accommodation unit and two deepwater semi-submersibles.
Jan Rask, president and chief executive officer said,"We are encouraged by the recent market improvements in utilization and dayrates, particularly for jack-up rigs in the Gulf of Mexico, where our utilization increased to 100% for the fourth quarter from 86% in the third quarter. We will expand our Gulf of Mexico presence in the second quarter by mobilizing the Marine 201 and the recently acquired Marine 202 to that market.''
For the year ended Dec. 31, 1999, the company had a net loss of $6.1 million, or $0.11 per share on revenues of $115.4 million versus net income of $60.8 million or $1.15 per share on revenues of $228.0 million for the twelve months ended Dec. 31, 1998. Average daily revenue and rig utilization for 1999 decreased to $28,566 per operating day and 69% compared to $43,917 per operating day and 92% for 1998.
Tankers International to start
Frontline Ltd. will transfer
all the chartering of its 12 VLCCs to the new organization in
London. Frontlineís Chairman,John Fredriksen, who is also
a member of the board, says in a comment: ìIt is a large
step for Frontline to transfer the chartering of our VLCCs
Intergraph and Dassault in shipbuilding software alliance
Intergraph Corporation and Dassault Systemes S.A. today announced they intend to form a strategic alliance to provide integrated solutions to the global shipbuilding industries. The companies plan to develop and offer a comprehensive set of shipbuilding applications covering ship engineering, manufacturing, maintenance and life cycle processes within a single, integrated environment. The alliance is aimed at more effectively meeting the end-to-end global requirements of shipbuilders and ship owners.
Intergraph strengths include its data-centric engineering design applications and industry expertise as embodied in its next-generation GSCAD (Global Shipbuilding Computer Aided Design) software. Dassault Systemes strengths include its CATIA shipbuilding applications, DENEB manufacturing and ENOVIA product life solutions as well as its new-generation V5 architecture.
"The Dassault Systemes and Intergraph relationship will build upon each company's complementary strengths and leadership in the marine market,'' said David Stinson, executive vice president, Process & Building Solutions, Intergraph. "We expect the benefits provided to shipbuilders and ship owners alike by Intergraph and Dassault Systemes together will be far greater than either company could provide by itself.''
Dominique Florack, executive vice president R&D, Dassault Systemes, said the two companies "have an incredible opportunity to combine and seamlessly integrate their respective differentiating applications and technologies. This alliance enables us to offer a unique and comprehensive solution to meet customers' 'end-to-end' needs in shipbuilding and operations processes.''
Torben Andersen, chairman, Global Research and Development Company, Inc. (GRAD), a joint venture consortium of major international shipbuilders, said, ``GRAD welcomes the announcement that Dassault Systemes and Intergraph intend to form an alliance to develop a next generation CAD/CAM solution for shipbuilding. This fulfills our hopes that combined strengths of these two excellent companies will provide the best possible results to satisfy the joint GRAD vision of `best practice' for shipbuilding worldwide.''
Based in Hampton, Va., GRAD shares know-how and risk and cooperates with selected technology providers to define requirements and accelerate the availability of next generation solutions for engineering, manufacturing and associated shipbuilding business processes.
Intergraph Process & Building Solutions (www.intergraph.com/pbs) focuses ondata-centric integrated life cycle solutions for the design and information management of ships and plants-with emphasis on linking engineering systems with business systems. A division of Intergraph Corporation, Process & Building Solutions has more than 1,000 employees in 63 countries worldwide.
The division's GSCAD (Global Shipbuilding Computer Aided Design)shipbuilding software , is an integrated approach to ship design, construction and life cycle management. GSCAD design, planning and engineering analysis tools are built on an enterprisewide, integrated infrastructure that accesses real-time information for smart business decisions. GSCAD technology is claimed to yield dramatic reductions in the cost and time to design and build ships. These efficiencies are best achieved through a Smart Product Model, which integrates engineering disciplines to increase productivity and design optimization throughout the ship life cycle.
Dassault Systemes S.A. is a premier global software developer for the CAD/CAM/CAE/PDM II market. Its CATIA, ENOVIA and DENEB solutions support industry-specific business processes to , says Dassault, "help unleash creativity and innovation, reduce development cycle time, improve quality, competitiveness and shareholder value: CATIA supports the digital product definition and simulation, as part of the CATIA portfolio CATIA Digital Plant Solutions are solutions tailored to support the plant industry. DENEB provides solutions to define and simulate digital manufacturing processes and ENOVIA delivers enterprise solutions that manage a comprehensive, collaborative and distributed model of the digital product, processes and resources. The combined integration creates the Digital Product life Pipeline, supporting re-use of corporate knowledge. "
SolidWorks and SmartSolutions, as Dassault Systemes companies, offer respectively 3D design-centric and TeamPDM software solutions based on Windows.
In 1998, Dassault Systemes introduced a new generation application architecture for all its products called "Version 5.'' This architecture is object-oriented and based on components supporting, and anticipating the emergence of new technologies such as CORBA, JAVA, OLE and Web to develop multi-tier and web based applications. ``V5'' is now the basis for the new generation CATIA, DENEB and ENOVIA as well as for partner applications. As such, V5 enables to support customers' e-Product life cycle.