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Helix Energy Announces 2Q Income Report (USA)

Helix Energy Solutions Group, Inc. reported net income of $44.6 million, or $0.42 per diluted share, for the second quarter of 2012 compared with net income of $41.3 million, or $0.39 per diluted share, for the same period in 2011, and net income of $65.7 million, or $0.62 per diluted share, in the first quarter of 2012.

The net income for the six months ended June 30, 2012 was $110.4 million, or $1.04 per diluted share, compared with net income of $67.2 million, or $0.63 per diluted share, for the six months ended June 30, 2011.

Second quarter 2012 results were impacted by a $14.6 million pre-tax charge ($0.09 per share after-tax) related to the decision to “cold stack” the Subsea Construction vessel, Intrepid, to reduce the book value to the vessel’s estimated fair value.

In addition, Helix Energy reached an agreement to acquire the Discoverer 534 drillship (D534). After closing and delivery to Singapore, the drillship will be converted into a well intervention vessel. The D534 is expected to enter service in the Gulf of Mexico in the first half of 2013.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Notwithstanding that both the Q4000 and the Seawell were out of service for a good portion of the second quarter due to longer than anticipated regulatory dry docks, Helix managed a fairly good second quarter, resulting in much stronger financial performance for the first half of 2012 compared to last year. Activity levels for both our Well Intervention and Robotics businesses remain strong as we continue to grow backlog. The addition of the D534 to our fleet will allow us to address the robust demand for well intervention services in the near term. In addition, we are pleased to report success on our Danny II exploratory well.”

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USA: FMC Technologies Buys Remaining Schilling Shares

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FMC Technologies, Inc.  has  exercised its purchase option for the remaining 55% of outstanding shares of Schilling Robotics LLC (“Schilling”).

FMC purchased its existing 45% interest in Schilling and obtained the purchase option in 2008.

Schilling is a leading producer of remotely operated vehicles (“ROVs”), ROV manipulator systems, control systems and other high-technology equipment and services for oil and gas subsea exploration and production. FMC and Schilling have collaborated on a variety of projects and technology advances over the past three years, including an innovative control system for Petrobras’ Congro/Corvina project that will use subsea robotics technology to operate the manifold and separation station valves.

“We are pleased that Schilling will become part of FMC,” said John Gremp, Chairman, President and CEO of FMC Technologies.Their technologies will help us develop additional solutions to further strengthen our subsea leadership position.”

Tyler Schilling, Chairman and President of Schilling, added, “Since partnering with FMC in 2008, we have expanded our global presence and participated in some of the industry’s most innovative projects. Our employees are excited about joining FMC and the future opportunities that exist to develop subsea technologies for our customers.”

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