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Thursday, July 13,
2000
Aker Maritime to end Gulf yard joint venture
Yesterday, the news from Aker Maritime was that it had bought
a big piece of Kværner. Today the firm told the Oslo stock
that it is ending its dissolve its joint ownership arrangement
with Peter Kiewit Inc. in offshore yard operator Aker Gulf
Marine, Ingleside, Texas.
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
It's amazing what an accountant can do with a sharp pencil. The
total proceeds from Bergesen d.y.'s sale of shares and subscription
rights in Kværner amounts to NOK 1,158.3 million, the company
said today. The gain from the sale thus amounts to NOK 64.1 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
According to figures from this month's World Shipyard Monitor
published by Clarksons, the world shipbuilding orderbook continues
to increase and has now edged up to 105.6 million dwt. This represents
a two million dwt increase.
Clarksons says it is the tanker orderbook, in addition to the
container orderbook and a 300,000 dwt increase to the LNG orderbook.
that continues to drive the upward momentum. The Aframax orderbook
saw the biggest rise, up by 6 vessels of 800,000 dwt, while there
was also movement in the Panamax sector following the Exmar deal
at Daewoo for four 70,000 dwt vessels.
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
to newbuildings
Cabot LNG sold
Tractebel, one of Europe's five largest power generation companies,
has purchased Cabot Liquefied Natural Gas (LNG) for $680 million.
Tractebel will acquire Cabot's LNG terminal in Everett, Massachusetts,
Cabot's 10 percent interest in a liquefaction facility in Trinidad
and Tobago, and Cabot's LNG tanker, Matthew. The transaction
is expected to close in late August 2000.
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
`We definitely see a light at the end of the tunnel -- and we
believe it is the blue flame from natural gas in the Gulf of
Mexico! With contracts for 12 of our 21 rigs expiring within
the next two months, we will have ample opportunity to become
an early cycle beneficiary. We shall see.''
That was the view of Rowan Companies, Inc, chairman and CEO C.
R. Palmer when he reported that, for the three months ended June
30, 2000, Rowan Companies, Inc. generated net income of $11.1
million, or $.12 per share, on revenues of $143.2 million, compared
to a net loss of $2.6 million, or $.03 per share, on revenues
of $119.2 million in the second quarter of 1999.
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."
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