Category Archives: ZONE’s

Regions or areas set off as distinct from surrounding or adjoining parts.

Polarcus’ 2Q Revenues Up 74 Pct (UAE)

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today

Polarcus Limited, a UAE-based owner of hi-tech seismic fleet has announced second quarter 2012 financial results.

The second quarter 2012 was characterized by improved market conditions. This was reflected in the high utilization of 89% in the quarter. Revenues increased largely due to having two more vessels in operation and profitability rose as a function of improved utilization.

Rolf Ronningen, CEO Polarcus, commented on the results: “The second quarter has seen the start of another very active North West Europe season giving rise to a healthy improvement in market conditions, with further stimulus expected to come from major license rounds in both the UK and Norway. Coupled with our continuing focus on operational performance and the efficient and timely delivery of Polarcus Amani and Polarcus Adira, Polarcus has delivered a record utilization in the quarter of 89%, up from 72% in the same quarter last year.”

 Looking ahead, Ronningen continued: “We continue to see tangible evidence of a globally developing market underscored by exceptionally high tender activity by the oil companies in the second quarter across all regions, including new exploration frontiers. We expect these tenders on award will contribute to maintaining a robust market outlook through the fourth quarter 2012 and first quarter 2013, effectively reducing some of the market’s traditional cyclicality.”

Highlights in the second quarter 2012:

Revenues of USD 114.3 million, up 74% from Q2 11

EBITDA of USD 42.9 million, up 157% from Q2 11

EBIT of USD 21.9 million, up 657% from Q2 11

Net Cash Flow from operating activities of USD 48.1 million

Polarcus Adira delivered on time and on budget

Fleet backlog extended to an estimated total value of USD 325 million

Vessel utilization at 89%, comprising Contract 81% and Multi-Client 8%

Repaid USD 55 million 13% bond and partly replaced by a USD 410 million fleet bank facility

Successful transfer of shares to the Oslo Stock exchange main list

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today.

Vantage Reports Net Loss of USD 10 Mln

Vantage Reports Net Loss of USD 10 Mln| Offshore Energy Today

Vantage Drilling, a Cayman Islands exempted offshore drilling contractor, reports a net loss of $10.0 million or ($0.03) per diluted share for the three months ended June 30, 2012 as compared to a net loss of $40.1 million or ($0.14) per diluted share for the three months ended June 30, 2011.

Vantage Reports Net Loss of USD 10 Mln| Offshore Energy Today.

Superior Energy Reports Solid Operating Results (USA)

Superior Energy Services, Inc. announced net income from continuing operations of $142.8 million, or $0.90 per diluted share, and net income of $141.9 million, or $0.89 per diluted share, on revenue of $1,243.3 million for the second quarter of 2012.

Subsea World News – Superior Energy Reports Solid Operating Results (USA).

Houston, TX: Oceaneering Reports Record Second Quarter Results (USA)

Oceaneering International, Inc. today reported record second quarter earnings for the period ended June 30, 2012. On revenue of $673 million, Oceaneering generated net income of $72.6 million, or $0.67 per share. During the corresponding period in 2011, Oceaneering reported revenue of $546 million and net income of $56.7 million, or $0.52 per share.

Subsea World News – Oceaneering Reports Record Second Quarter Results (USA).

Technip Announces Operating Income Results (France)

Subsea World News – Technip Announces Operating Income Results (France).

%d bloggers like this: