Offshore Crisis, the 2020.... version

You confuse Entrepreneurship with Showmanship and Conmanship.

Sorry, I’m not familiar with PIT and the area around.
PS> Which Norwegian ships dock there?

Portsmouth Intl Terminal in Virginia. Mostly for box ships. There were three NWL cruise ships docked at the older terminal there until a few weeks ago waiting out the virus. NIT (Norfolk Intl Terminals) is across the Elizabeth River from them a bit. Both operated by the Port of Virginia. ILA is the union loading/unloading and lashing etc. Had a heavy lift ship deliver 4 huge ass cranes last year or so ago.

Thanks for the info re: PIT.
So far they have used Halifax NS as “Staging Port” for the heavy equipment.(Not the most economical way of doing things)

OK so you were talking about Norwegian Cruise Lines (NCL) not Norwegian flag ships.

One more Offshore operator goes into Chapter 11:

They don’t appear to own many vessels though.

Yes, the cruise ships. My bad, it was NCL.
Two big ones and a smaller one, can’t remember the names. They left just before the last hurricane. Another poster on here has a bit more info on destination. None was given to the local news. They kept a skeleton crew of about 175 people on each ship, maybe less on the smaller one. Good revenue for a dock that wasn’t being used that much, hope this wind power thing goes through. Still negotiating but looks good so far. They(Dominion Power) like the site.

Early August, five NCL cruise ships left the east coast to Europe, the three from PIT and two from Florida.

Two ships went to Malmoe/Copenhagen, the NCL ‘Encore’ and Bliss’. Now, they are at anchor off Goteborg/Sweden.
The three others went into the Mediterranean for different ports. Now, two ships seem to be dry-docked at Marseille.

I think you have the other Washington lol, not DC. DC political money doesn’t get flashed around on supercars. Tech money does though. Ferrari of Seattle was named top dealership in the world in 2014, per their website. I’m not sure which ones were in succeeding years but Ferrari of Washington does not reference any such award.

Signature Air FBO at Dulles is clean but small - tech money flies out of here mostly, the pols fly out of National because it’s ten minutes from downtown. Signature at National has been in the same ancient fairly shabby building for years. Paris Le Bourget and NY Teterboro are the busiest private jet airports in the world.

Just sayin.

could be, I just remember a few years ago an article about lobbyist and talking about extensions to jet park in DC and an undercover park extension which said they now have the most space undercover and outside for private jet park in the world?
there is certainly money going in to DC., I wonder if any from the offshore industry?

The Offshore Service Sector is in mortal danger worldwide:
Who will come out of this one with a change of survival (until next crisis) is an open question.
Anybody want to venture a guess??

Huge production has been put online in the USA over this downturn.
USA production almost equals Saudi
USA even started selling gas
Huge gas projects coming online everywhere
An accelerated interest in green fuel and electric cars…
They all borrowed as much as the drunken bankers would lend them in a falling market.
Then merger mania where they thought joining multiple black holes would get you something you could stand on.

Yes looks like the environment to invest in oil NOT and I say that as that environment was 10 years ago when i was sitting on a rig on a nice salary and reading the news…

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EXXONMobil is laying off workers in Oz:,lay-off%20programme%20in%20Australia.&text=ExxonMobil%20is%20the%20latest%20oil,because%20of%20the%20coronavirus%20pandemic.

More layoffs in the offering worldwide.

Have been out of oil stocks for years. SFL which transports it is my last one which I purchased back in March lows. Not getting rich, but steady return.

Subsea 7 appears to hold up somewhat. They have just secured extension of contracts for 3 vessels working for Petrobras in Brasil:

A 4th ship is already on contract to Petrobras until Q2 2022

To stay competitive it is important to have some “bulk”. Companies with few ships spend too much on shore based management staff.

That is were Ship Management companies comes in.GC Rieber Shipping, with a fleet of 6 ships under management is joining OSM with hundreds of ships under management to set up a Bergen branch of OSM for mutual benefit:

PS> Rieber used to be an expert on Polar Shipping, but is now heavily into the Seismic and Offshore Construction market, with top of the line vessels.

Noble Corp. has been granted extension on contracts for some of their jackups despite being in Chapter 11:

It doesn’t appear to affect their operation around the world.
Everybody are confident that they’ll come out of Chapter 11 “smelling like a rose” apparently.


No not surprised. The same applies other places, but with a different name.
Very common in restaurant business especially:
Operated for a few years, with profit that goes to the Owner(s) as dividend (Tax free) .
Do a major renovation with loan financing, then declare bankruptcy.
Buy back the business at a discount from the Trustees (with a new loan)
Start anew in newly renovated premises.
Repeat every few years.

Controversial (??) idea of how to solve the problem of oversupply in the OSV markets around the world:

Problem is a lot of these companies are claiming these OSVs as assets on their books to BS bondholders. Of course an asset without a market is a questionable asset at best. Eventually bankruptcy or rust will thin things out.

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