Tuesday, July 18,
"London is a major shipping center and it sits in the time zone that bridges the Far East and the U.S. There is a lot of demand for the recording of mortgages to be available there. We can use secure technology which will allow us to maintain the mortgage register in the U.S., but inspect and close it from London when our clients need to. That will generate legal cost savings of many thousands of dollars per vessel, besides making the process simpler."
The recording of mortgages in London is the first step in a Liberian Registry program designed to take registry services to clients. Over the next year, LISCR will be announcing a number of new services aimed at saving shipowners time and money.
Sherwood also said that travelers would
benefit from the equipment changes in that the SeaCats are more
spacious and comfortable, the windows are not obscured by spray
so passengers can enjoy the visual experience much better, and
there is a bar-cafe and shops where French-priced goods can be
purchased when the ships are in French waters.
Frontline ups Golden Ocean stake
Based on the closing price at Oslo Stock Exchange on July 17 of NOK 108 and an exchange rate of NOK 8.73/US$1 the payment equals 17 % of face value, which is in line with the offer Frontline has given for the restructuring of Golden Ocean.
Frontline and its affiliates now own own $109.5 million, or 38 %, of Golden Ocean's $291 million bond issue.
The Frontline Board will consider using the same mechanism in future to further increase its holding of Golden Ocean Bonds.
Total number of shares in Frontline after
completion of this issue is 78,838,060.
This extension will allow Diamond Offshore additional time to complete and test the rig for performance in waters up to 7,500 ft . Diamond Offshore will accrue a penalty based upon the delivery date of the rig and has agreed to accrue an additional obligation to BP for certain types of downtime which could occur during the first two wells of the drilling contract. These accruals would incrementally reduce revenue payments from BP to Diamond Offshore during the five-year contract term of the Ocean Confidence.
The company currently expects the Ocean Confidence to be delivered by September 30, 2000. Based upon the expected delivery date, future revenue would be reduced by approximately $3.6 million. Should the delivery occur on December 1, 2000, the maximum such reduction wouldbe approximately $6.1 million.
The Ocean Confidence, originally built
by Mitsui in 1988 is a dynamically positionedf enhanced Aker
H3.2 design semisubmersible. It is currently located at Friede
Goldman Halter's Sabine Pass, Texas, yard.
NNS reports increased earnings
"The second quarter results represent a continuation of the successful track record we've established," commented Chairman and Chief Executive Officer William P. Fricks. "This marks the tenth consecutive quarter the Company has reported substantial EPS growth, building on our commitment to deliver consistent and improving financial performance."
Newport News posted second quarter revenues of $532 million versus $444 million in the same period in 1999, reflecting gains in all business segments. The Construction segment led the advance as revenues climbed to $227 million from $164 million. Increased construction work on the aircraft carrier Ronald Reagan and the Virginia-class submarines, coupled with advanced procurement on CVN 77, accounted for the higher volume. Additionally, Engineering revenues of $80 million reflected a $19 million gain over last year as this segment benefited from design work on a new propulsion plant for the next class of aircraft carriers.
EBIT in the quarter rose to $54 million from an adjusted $47 million in the second quarter of 1999. Volume gains across all segments and higher margins in Fleet Services drove the improvement. The higher margins in Fleet Services, and continued strength in the Construction segment, contributed to the Company achieving operating margins in excess of 10% for the sixth straight quarter.
Free cash flow for the quarter of $13 million
brought year-to-date cash flow to $77 million. The second quarter
free cash flow reflected the payment of over $60 million in interest
and taxes. The Company also repurchased 850 thousand shares of
its stock during the quarter, bringing year-to-date repurchases
to more than two million shares at a cost of approximately $61
Pod problem plagues Paradise