NEW YORK, Sept. 21, 2007 (PRIME NEWSWIRE) -- Wall Street Reporter Magazine has published exclusive interviews with senior management from three leading-edge offshore service companies -- Havila Shipping (Oslo:HAVI), Marine Subsea and SeaDragon Offshore -- outlining their plans to expand their fleets in the currently hot E&P environment.
All interviews are available at www.wallstreetreporter.com in streaming audio format -- free of charge.
Havila Shipping ASA (Oslo:HAVI) is building oil platform support vessels for use in the North Sea or any potentially harsh deepwater zone. "One of the key things that we have is a modern deepwater fleet," Njal Saevik, managing director, tells WSR. "We have used the tough environment in the North Sea to develop very sophisticated vessels."
Highlights of the interview include:
- How Havila's distinctive own-and-operate model translates into its efforts to expand its already extensive rig transport and supply fleet by about 12 vessels by 2009.
- Management's focus on broadening operations beyond the company's historical North Sea stronghold into the Far East and possibly the Gulf of Mexico and offshore Brazil as well.
- Recent joint ventures to open new geographical and service markets.
Formerly known as Africa Offshore Services, Marine Subsea AS operates primarily in West Africa and is bringing state-of-the-art well intervention vessels and barges to that market.
"Everybody in the business understands that West Africa is a booming market," notes Managing Director Christian Nygaard. "To our knowledge, there are no other vessels planned for West Africa."
Highlights include:
- The fleet of vessels the company is building to serve operators requiring "frequent" intervention on subsea wells; one barge has already been contracted.
- The "astronomical" day rates for semi-submersible rigs given the large number of subsea wells being drilled.
- Plans for a full OSX listing in the near future.
"Rates are going through the roof," Mr. Nygaard says. "Just these two segments have been the right strategy for us."
SeaDragon Offshore was set up to exploit what Chairman Stephen Baird calls "the chronic shortage of deep-water and harsh environment drilling rigs." To this end, the company has one vessel scheduled for delivery in late 2009 and then another a year later.
"We are already seeing strong evidence of the potential through recently securing a charter for our first unit nearly 2-1/2 years in advance of its delivery," Mr. Baird says. "This charter is a five-year charter at a rate in excess of $500,000 per day. So, there is nearly a $1 billion charter signed over two years before the vessel is due on field."
Highlights include:
- More detail on the company's success in securing its first service contract and its progress on getting another.
- The likelihood that the company could make an attractive takeover target as its fleet expands.
- Plans for an IPO within the next year or so.
About Wall Street Reporter
Wall Street Reporter (Est. 1843) helps smart investors connect with exciting companies, through our website, magazines and conferences. The company's analysts produce in-depth, unbiased, unfiltered interviews that deliver a first-hand, straight-from-the-source perspective.
About Havila Shipping ASA
Havila Shipping ASA (Oslo:HAVI) is a Norwegian shipping company that operates a total of 17 ships: seven platform supply vessels, one anchor handling tug supply vessel and ten rescue and recovery vessels.
About Marine Subsea AS
Marine Subsea AS is an oil and gas service company primarily focused on West Africa. At present it owns three work/accommodation barges and a state-of-the-art Well Intervention Vessel (WIV).
About SeaDragon Offshore Ltd.
SeaDragon Offshore is a Cayman Island company founded in early 2006 to address the chronic global shortage of deepwater harsh environment exploration rigs.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated. The company has no obligation to update these forward-looking statements.