NOV's Q1 net loss reaches $122
On April 26, National Oilwell Varco ( NOV) reported a first quarter 2017 net loss of $122 million, or $0.32 per share. Excluding other items, net loss for the quarter was $63 million, or $0.17 per share. Other items totaled $37 million, pretax, a...
HMD posts 11% down in operating profit
Hyundai Mipo Dockyard announced through a regulatory filing on April 27 that it posted operating profit of KRW 51.2bn (approximately $45.3m, provisional) for the first three months of 2017, down by 11.1% against a year ago and up by 36.8% compare...
HHI sees fifth straight quarterly surplus
Hyundai Heavy Industries (HHI) issued a public disclosure of its 1Q 2017 consolidated earnings on April 27. According to a regulatory filing, during the January-March period HHI racked up 10.0756 trillion won in consolidated sales while ...
DSME turnaround to black in five years
Daewoo Shipbuilding & Marine Engineering announced through a regulatory filing on April 27 that the Korean shipbuilding heavy weight turned to the black in 17 quarters. For the three months of 2017, Daewoo posted revenue of KRW 2.784...
Shell and partners to supply funds for pipeline project
Shell announced on April 24 that the global energy major and four European companies – ENGIE, OMV, Uniper and Wintershall – signed financing agreements with Nord Stream 2 AG, the company responsible for the planning, construction and future o...
DOF Subsea buys shares in Canadian Subsea Shipping
DOF Subsea AS conveyed on April 24 that it has purchased the remaining shares in Canadian Subsea Shipping Company AS. Before the transaction, DOF Subsea AS owned 45 % of the shares in the Company. Canadian Subsea Shipping Company AS has a newb...
Nam Cheong considers business restructuring
Nam Cheong announced through the Singapore Exchange (SGX) on April 23 that the Malaysia's OSV builder is reviewing business restructuring. The company conveyed that it is now discussing several countermeasures to pay back existing loans includ...
Hyundai Samho's market value estimated high
Hyundai Samho Heavy Industries has recently succeeded in raising KRW 300bn (approximately $265m) through pre-IPO. The Korean shipbuilder announced on April 24 that it signed an agreement with IMM PE, a Korean top-tier private equity firm...
Korea to block 'low price order'
With the goal of blocking any attempt to place low price orders which have been considered as the main cause of recession in shipbuilding industry, the Marine Finance Center (MFC) of Korea is to assess the propriety of prices offered by its compa...
New RG rule applied to DSME's new order
A new rule will be applied to three very large crude carriers (VLCCs) Daewoo Shipbuilding & Marine Engineering has recently won to use 'counter guarantee' method for issuing refund guarantee (RG). An official at the Korea Development...
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