Thursday, July 13,
It said in a statement to the Oslo bourse
that it would either sell its 51 percent stake to Peter Kiewit
or buy Kiewit's 49 percent holding. The price of the yard has
been set at $175 million and Aker Maritime will make its on whether
to buy or sell by August 23.
Bergesen makes $9.4 million on Kværner
shares deal, but shows an accounting loss of $24.3 million
From the first quarter 2000, Bergesen's financial reporting is being made in U.S. dollars. In the dollar accounting, the deal will produce a gain of $9.4 million, but a currency exchange rate loss of $33.7 million. On the books, the deal will show up as an accounting loss of $24.3 million. The accounting loss. in its entirety, will be booked in the second quarter.
As a result of the conversion to financial
reporting in dollars, the book value of the shares in Kværner
were set at the dollar value at the time of acquisition. The
currency loss for accounting purpose arises because of the development
of the NOK/$ exchange rate from the time of acquisition until
the shares were sold.
World orderbook up again
Meanwhile, the bulk carrier orderbook edged
up by just 200,000 dwt, reflecting the fact that contracting
has slowed considerably. With the Panamax orderbook representing
22.4% of the fleet, Capesize 14.8% dwt of the fleet and Handymax
18.6% of the fleet, owners are reluctant to commit themselves
Cabot LNG sold
The 1979-built Matthew, managed by Osprey Maritime, was refurbished at Baltimore Marine Industries in 1998 after 17 years in lay-up.
Cabot LNG is the only active importer
and distributor of LNG on the U.S. East Coast. Headquartered
in Boston, it operates an LNG import terminal in Everett, Massachusetts
and supplies 20 percent of the total New England gas market.
The LNG is distributed to utilities, electric power generators,
gas marketing companies and industrial end users in New England.
Cabot LNG has 86 employees.
Rowan reports Improved financial results
Palmer commented, "Quarter- to-quarter comparisons reflect the improving environment in the volatile contract drilling business. Rowan's offshore rig utilization was 95% during the second quarter of 2000, versus 68% in the second quarter of 1999 and 86% in the first quarter of 2000. Our average offshore day rate during the second quarter of 2000 was $42,700, versus $45,200 in the second quarter of 1999 and $42,600 in the first quarter of 2000.
"The combination of higher day rates and increased utilization resulted in our best second quarter performance in two years.
"We believe that the Gulf of Mexico continues to offer the brightest prospects for the future. Industry activity in the area continues to increase, as does Rowan's rig fleet. We have relocated five rigs from the North Sea over the past 12 months and added the newbuild Gorilla VI during June. Following the scheduled relocation during the third quarter of Gorilla II from offshore eastern Canada, Rowan will have 21 rigs in the Gulf of Mexico and two in Canada."