Roxar about to announce large subsea contracts
2008.08.19 -
Company News
A continued delay in Subsea is the only issue that clouds the Roxar second quarter financial performance in the hardware division. As a result, the year to date 2008 revenues from this segment is down 34% from last year, when 2007 commenced with full order books. Roxar has reason to believe that the company can announce some larger Subsea contracts in third quarter 2008 and we see a strong outlook for this market in 2009 and 2010. This expectation is confirmed by clients who re-iterate this view of the market.
The downhole business had a strong second quarter 2008 with all geographic regions showing strong growth over previous quarter. However, a slow start to the year in the North Sea made the year to date 2008 revenues lag last year by 10%. The uptake of High Pressure/High Temperature systems is progressing as planned. The outlook for the rest of the year is good with good visibility.
Photo: Roxar - Roxar Subsea Sand Monitor
Petroleum Geo-Services ASA ('PGS' or the Company) announced today that it has entered into a definitive agreement to acquire Applied Geophysical Services, Inc. (AGS) for a price of USD 51 million, subject to certain adjustments for changes in working capital. PGS estimates an enterprise value for AGS of approximately USD 46 million. AGS is based in Houston, Texas and specializes in providing advanced depth imaging services. The transaction is expected to close during the course of this week.
Total announces the acquisition of a 40% interest in three exploration permits northeast of Ichthys on the Australian Browse Basin jointly with Inpex (60%, operator). These interests were held by ConocoPhillips. This acquisition is subject to the approval of the Australian authorities.
Rowan Companies, Inc. (NYSE:RDC) announced today that it has entered into contracts with Keppel AmFELS, Inc. for the construction of four Super 116E class jack-ups. The rigs will be built at AmFELS' Brownsville, Texas shipyard, with delivery scheduled at approximately four-month intervals beginning in the second quarter of 2010.
Gaz de France has acquired a 45% stake in the Alam El Shawish West licence in Egypt from Vegas Oil & Gas.
Trico Marine Services, Inc. (NASDAQ: TRMA) ("Trico") and Active Subsea ASA (NOTC: ASUB) ("Active Subsea") today announced that Trico intends to make a voluntary offer for all outstanding shares, options and warrants of Active Subsea.
