Annual Reports

ABB Turbo Systems December 1999 marked the end of a demanding financial year for ABB Turbo Systems.

The overall market for new turbochargers emerged from a more unpleasant side.

In spite of difficult conditions, ABB is pleased that it has been able to maintain revenues for 1999 at the high level of the previous year.

Contributing to the company's steady growth is its new TPL -B turbocharger for two-stroke diesel engines, which was launched in March 1999.

Circle 104 on Reader Service Card Trico Marine Services Trico Marine Services owns and operates a diversified fleet of marine support vessels serving the oil and gas industry mainly in the U.S. Gulf of Mexico, the North Sea and Latin America.

The company's fleet features technologically driven, multi-purpose anchor handling, towing and supply boats and large platform supply vessels, as well as an advanced SWATH crew vessel. During 1999, Trico launched the innovative Northern Admiral, a 275 ft.

multi-purpose anchor-handling, towing and supply vessel in the North Sea.

Circle 105 on Reader Service Card Tidewater Marine Tidewater Marine, which is a provider of maritime services to the offshore oil and gas industry, is increasingly becoming an international company. By the end of Fiscal Year 1999, Tidewater and its related companies had operations in approximately 30 countries. Of the almost 700 vessels in the Tidewater Marine fleet, more than 400 operated in areas outside the U.S.

The reason behind this fact is that more of the world's oil and gas exploration, development and production are occurring beyond North America.

Circle 106 on Reader Service Card Unitor Unitor's business was significantly affected last year due to difficult market conditions in most shipping segments. In the last few years, the most important external driver for Unitor's business has been total seaborne trade, which for the first time since the early 1980s, decreased in 1998. As a result, shipowners and managers focused on cutting expenditures during 1999.

Regarding marine chemicals, the company raised its market share. Under the banner, "Unitor's Change Program," steps were implemented to streamline internal operations.

Circle 107 on Reader Service Card R&B Falcon Corp.

R&B Falcon Corp. is the result of the 1997 combination of Reading & Bates Corp. and Falcon Drilling Co. and the subsequent acquisition of Cliffs Drilling Company in late 1998.

R&B Falcon operates a fleet of 139 marine units including 61 inland marine drilling and workover units, 50 shallowwater units, 23 deepwater drilling and service units and five mobile production units.The company delivered the 10,000-ft. water depth drillship Deepwater Pathfinder in September 1998.

Circle 108 on Reader Service Card Seacor Smit In 1999, Seacor Smit achieved revenues of $289.4 million, while earning $30.9 million or $2.54 per share generating $92 million in EBITDA. The company received delivery of 10 boats, as well as using approximately $311.9 million of its liquidity for investing and financing activi- ties. At year-end the company held $273.5 million in "free" cash and liquid assets. Seacor also increased its investment in Chiles Offshore and Globe Wireless.

Circle 109 on Reader Service Card Royal Caribbean Cruises, (RCCL) Royal Caribbean Cruises, Ltd. reported improved net income and earnings per share for the year ended December 31, 1999. Net income increased 16 percent to $383.9 million or $2.06 per share on a diluted basis compared to $330.8 million or $1.83 per share in 1998. The company's fleet expansion continued with the delivery of Voyager of the Seas in November 1999, the first of a trio of Eagle-Class ships to be added to RCCL's fleet Circle 110 on Reader Service Card Newport News Shipbuilding Newport News Shipbuilding reports to its shareholders that its annual revenues were estimated at $1.86 billion, driven by continued growth in Fleet Services.

Earnings before interest and taxes (EBIT), adjusted, were $193 million compared to $175 million in 1998 — up 10 percent. The company estimated its 1999 EBIT and EPS at $218 million and $2.72 per share, respectively including $25 million in one-time EBIT contributions from the negotiation of merger breakup fees and favorable insurance settlement.

Circle 111 on Reader Service Card Litton Industries It has been reported that the combined operation of Ingalls and Avondale will have annual revenue of approximately $1.8 billion, firm backlog of about $6 billion and more than 17.000 employees.

Presently Avondale has 11 vessels under contract, including five sealifts and two LPD amphibious assault ships for the Navy, three oil tankers for ARCO and an icebreaker for the Coast Guard. Last year, the Navy awarded the company a $620 million contract to construct two Arleigh Burke class guided missile destroyers.

Circle 112 on Reader Service Card ExxonMobil On November 30, 1999, a wholly-owned subsidiary of Exxon Corp. merged with Mobil Corp., making Mobil a subsidiary of Exxon. The agreement called for approximately 1 billion shares of ExxonMobil common slock to be issued in exchange for all the outstanding shares of Mobil common stock. Earnings in the upstream segment totaled $5.9 million, an increase of more than 75 percent over 1998. Continued focus on expenses led to an expense reduction of $640 million, or approximately $.30 per oil-equivalent barrel.

Circle 113 on Reader Service Card

Other stories from June 15, 2000 issue


Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.