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Yes, I think so. I have not seen very good results for small investors in double listings (ADRs), stocks are even more volatile. Big boys love double listings and play them eagerly.
DOCKF.pk (NOK 15.30 = USD 2.99, vol 115k)
Dockwise's last tanker accepted by Shipyard for conversion into heavy lift vessel
Bermuda, Hamilton, April 24, 2008
The former Sealift/Frontline Suezmax tanker 'Marble', now owned by a subsidiary of Dockwise Ltd., and renamed "Triumph", has been accepted by Cosco Guangdong Shipyard on April 18, 2008. The conversion into a heavy lift vessel has started immediately by placing the vessel in drydock.
The conversion from a tanker into a heavy lift vessel embodies the complete renewal of the entire midship section after removing the original cargo section.
Construction of the new midship section started October 2007 and is presently reaching the final stage of completion. The new midship section of 130 x 44.5 x 14 mtr., which will replace the old midbody of 174 x 44.5 x 24 mtr., will be joined to the original bow and stern section.
The conversion of the remaining single hull Suezmax tankers to semi- submersible heavy lift vessels is in full progress and the last four (4) vessels will, as earlier indicated, join the fleet during 2008, starting with "Talisman" in May.
About Dockwise Ltd./the Dockwise Group
Dockwise Ltd. has a workforce of more than 1200 people both offshore and onshore. The company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The group is headquartered in Bermuda with amongst others operational offices in Breda, The Netherlands. The group's main commercial offices are located in The Netherlands, United States, China, Korea, Australia and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has offices in France and Italy. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Argentina, Australia and Italy.
To support all of its services to customers, the group includes three engineering centers in Houston, Breda and Shenzhen, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 22 purpose built semi-submersible vessels of which currently 17 are operational and 5 will become operational during 2008.
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK.
For further information: www.dockwise.com
Published: 16:08 25.04.2008 GMT+2 /HUGIN /Source: Dockwise Ltd /OSE: DOCK /ISIN: BMG2786A1062
Well, FYI: Herman Billung, CEO of GOGL, told in a press interview last autumn that they are not specially interested to list GOGL in USA. He said it's too expensive!
Vietnam. "The Vietnamese joint venture of APM Terminals BV. - Cai Mep International Terminal (CMIT) - has signed a $112 million contract to construct a container terminal southeast of Ho Chi Minh City. CMIT was formed in 2007 as a joint venture between APM Terminals (49%), the state-owned port of Saigon, and state-owned Vietnam National Shipping Lines (Vinalines). CMIT inked the construction deal with a joint venture by South Korea's POSCO EC and SAMWHAN Corporation.
The new terminal is due to come onstream late 2010 with a draft of 14 metres and a handling capacity of some 1.1 million TEUs per year, according to reports."
A good example of the enormous and fast growth of Asia. A functioning port created in 2 years!!! And there are in all 30 ports under construction in Vietnam!
The same happened in Shanghai. An enormous port was built in 3 years on an island in front of Shanghai.
Well, in Europe that kind of project would take 10 years - with acquiring all kinds of permits from all kinds of authorities (environmentals!), with rounds of complaints and years long handlings in courts.
(Conclusion: democracy is bad for economy??! :)
http://www.hellenicshippingnews.com
- - -
Just heard from news that Finland is considering to build our sixth nuclear power plant. Could be ready for operating in 2014 (estim.)
We have four operating plants and one under construction. Our pulp and paper industry needs enormously electricity.
Economou and Fredriksen are old pals...
DRYS orders two Ultra Deep Water Drillships from Samsung Heavy Industries. Delivery in 3Q/2011.
Economou's private Sphinx Investment Corp. buys 2.9 million shares of TOP Ships Inc.'s recent 7.3 million shares issuance.
Hmmmm. Sounds familiar.
http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=5383&Itemid=31
Hello tsl444. Thanks for setting up this board. We could start gathering up all kinds of information about geothermal energy in one place, so everybody interested in this sector can get usefull information from here.
Geothermal energy is very popular in Europe - Germany, Austria and the Scandinavian countries use all stages of geothermal heating/cooling/electricity producing systems from single familyhouse equipments to big power plants. I have a hunch that this alternative energy is not yet widely known in North America, so it has a long way to go.
WGP.v is a young company still in its infancy, but has a very promising future operating in rich geothermal areas in USA and Canada.
There are other geothermal power companies, some already producing - Calpine, Ormat, US Geothermal etc. - , where more information can be found about this sector.
Look Ma, no capital
Apr 24th 2008
From The Economist print edition
Racy balance-sheets looked great in the go-go years, but not any more
GENERALS stand accused of lacking foresight, inclined as many of them are to be preparing to fight the last war. What then of bankers, who show little sign even of hindsight? Most seem unable to grasp the lessons of the last crisis, still less to anticipate the next one.
Take Royal Bank of Scotland (RBS), Britain's second-largest bank, which in February merrily increased its dividends to shareholders despite ample warning that the worst of the global credit crunch was yet to arrive. Sir Fred Goodwin, the bank's well-regarded chief executive, confidently told investors that he had “no plans for any inorganic capital raisings or anything of the sort”.
After hubris comes the fall. On April 22nd Sir Fred went cap in hand to shareholders, asking them for £12 billion ($24 billion) in Europe's largest capital-raising to date. He says he may also have to pawn some family silver: he hopes to raise another £4 billion by selling the bank's profitable insurance business.
The cash is needed to rebuild RBS's balance-sheet, which has been strained by fresh write-downs totalling £5.9 billion on its investments in iffy American mortgage loans as well as by its badly timed purchase last year of a large part of ABN Amro, a Dutch bank. The volte-face prompted several large shareholders in RBS to call for Sir Fred's head. He has hung on to his job for now, but his days at the bank look numbered.
At issue is RBS's “core capital”, a cushion composed mainly of shareholders' equity that regulators insist banks hold against bad times. At the beginning of the year this stood at about 4.5%, the lowest of any big European bank and below the 5-6% level that most banks consider a prudent minimum.
Other big British banks are also sitting on a flatter capital cushion than their rivals in other parts of the world. Analysts at JP Morgan, an investment bank, reckon that British banks should be holding around £37 billion more in capital than they do at the moment.
Among banks that have capital concerns are Barclays and HBOS, which JP Morgan reckons will need £8 billion and £11 billion respectively. Barclays, whose securities business made profits in the first quarter of 2008, may prefer to retain earnings rather than raise fresh cash. But investors' worries about capital adequacy are showing up in share prices. Banks such as flush HSBC and solid Lloyds TSB, which have more capital, have performed far better this year than those that are short of it (see chart).
In good times a racy attitude to capital has helped to make British banks among the most profitable, with enviable returns on equity. In tougher times, however, they look too clever by half.
http://www.economist.com/world/britain/PrinterFriendly.cfm?story_id=11090735
Asia's other miracle
Apr 24th 2008
From The Economist print edition
Vietnam has developed at stunning speed by letting market forces do their work. It should free up its politics, too
NOT so long ago the word “Vietnamese” was almost inevitably accompanied in press reports by the phrase “boat people”. For two decades after the fall of Saigon in 1975, the defining image of Vietnam was the waves of bedraggled refugees washing up on its neighbours' shores, fleeing oppression and penury back home. How things have changed. Today, many former refugees are returning to seek new careers and start businesses in a transformed Vietnam. It is now one of Asia's fastest-developing countries, with annual growth averaging 7.5% over the past decade. Although this is less stellar than China's growth, our special report this week finds that Vietnam has made more impressive progress in cutting poverty than its vast northern neighbour. The government's initial hopes for 9% growth this year may be dashed, as the country struggles with double-digit inflation and a yawning trade gap. But the long-term outlook remains promising.
Shooting out of poverty
Vietnam's cities are bright and bustling and the countryside, where most of its 85m people still live, seems hardly less developed than that of officially much richer Thailand. A country once on the brink of famine has turned itself into one of the biggest exporters of farm produce. In a stark reversal of fortunes, the Philippines—once Asia's second-richest country—recently had to beg Vietnam to sell it rice for its hungry millions. Vietnam's social and economic progress has made it the poster-child of multilateral institutions such as the World Bank. It has become one of the fastest-growing destinations for multinational firms and holidaymakers. It is a rising diplomatic power: in July it will chair the UN Security Council, on which it holds a temporary seat.
There are many useful things Vietnam could do with its new-found prestige, through both example and active diplomacy. Other countries in transition could benefit from its advice on how to set aside old enmities, open up to the world and reform defunct economies. As a rare friend of North Korea and Myanmar, Vietnam could help coax those benighted places out of self-imposed isolation. As a country that has escaped deep poverty by embracing free trade, Vietnam could encourage developing countries to take a more constructive stance in the Doha round of world trade talks (and shame richer ones into doing the same).
Remarkable as its achievements are, Vietnam is still not satisfied. It wants to go all the way to become a rich, high-tech country and has set a target date of 2020 for getting there. As several foes have learnt over the past century, the intelligence and determination of the Vietnamese should not be underestimated. But if it wants to realise its dream, Vietnam must learn the right lessons from its own story so far, and from those neighbours who have got to where it wants to be.
Vietnam began to be a success only after its ruling Communists accepted that capitalism, free markets and free trade were the surest route to riches. They began in 1986 with a liberalisation programme called doi moi (renewal), though real reform came in fits and starts over the following 20 years. Collectivisation was scrapped, farmers were given their own land to till and agricultural prices were freed. In 2000, private business—until then strictly curbed—was legalised and a stockmarket created. Trade barriers were lowered, exports and imports soared, and Vietnam is now among the world's most open economies. There can probably be no going back: any attempt to reapply the dead hand of government will ensure that Vietnam's dream of riches by 2020 remains just a dream.
Like South Korea, Taiwan and now China, Vietnam has shown it is possible to escape poverty under an authoritarian system. But it is surely no coincidence that most of the world's richest countries by income per head are liberal democracies. Political freedom is a right in itself and it does not need to be justified by arguing that it has economic advantages. But it does have them. Vietnam's leaders are already discovering that it is hard to run a thriving market economy with the methods that suited a planned economy. Managing all the strains of a fast-developing society is easier if there is a free market in opinions as well as in goods and services. In particular, tough but necessary economic decisions are easier to sell if citizens feel they have had some say in them.
Now become a star
So far, the Communist Party seems determined to retain its monopoly on power. It calls pro-democracy campaigners “terrorists” and puts them in jail. But it should take special note of the experience of South Korea and Taiwan. Until the late 1980s they too were dictatorships. Their regimes, facing rising dissent, saw the writing on the wall and democratised. Now, though their politics are a bit rough, they have the sort of prosperous, technology-based economies that Vietnam aspires to. The Vietnamese Communist Party seems instead to have been taking more interest in the example offered by Singapore, another prosperous, high-tech neighbour. Singapore's tiny size makes it a bit of an exception but even its constrained democracy—with rivals to the ever-ruling People's Action Party allowed to compete within tight constraints—would be a good start for Vietnam.
It is true that Vietnam also has neighbours, such as the Philippines and Thailand, where democracy has been a bumpy ride. But what this demonstrates is that democracy is a necessary rather than sufficient condition for reaching the premier league. The present generation of Vietnamese leaders, children of the independence struggle who want the best for their people, should think about who might come after them. If the next generation is less principled and more corrupt but cannot be dislodged from power, the country will slide backwards.
So far there are few signs of revolt against one-party rule. But as the Vietnamese get used to their broad economic and social freedoms, they are bound to appear eventually. Why wait? How much better for Ho Chi Minh's heirs to go down in history as having led the way in bringing stability, prosperity and, at last, real freedom to the people of Vietnam.
http://www.economist.com/opinion/displaystory.cfm?story_id=11089442
The rise of the Gulf
Apr 24th 2008
From The Economist print edition
The Gulf is managing its wealth better during this boom than it did during the last one
Justin Pumfrey
MOST countries earn their keep through effort and ingenuity. Those of the Gulf owe their living to geological serendipity. The harder China works, the faster India grows, the higher oil prices climb.
The Gulf swells with confidence or despair depending on the price of “Arabian light” or “Oman blend”. Five years ago, though up from its $9 low in the 1990s, the oil price stood at a mere $26 a barrel. Many of the Gulf's governments were indebted and insecure. Saudi Arabia was facing an al-Qaeda insurgency. Expatriates, used to a secure if sequestered life, tried not to think about the tanks parked outside their compounds. Now the same oil fetches over $100 a barrel and confidence has returned. The insurgency in Saudi Arabia has been quashed. The Gulf is once again a source of envy more than concern (see article).
Surely only good can come from so much cash? Hardly. In the 1970s the Gulf's money was a disaster for Latin America, for, recycled through Western banks, it caused a decade-long debt crisis. The Gulf itself suffered by inflicting stagflation on the West, thus causing a 20-year-long slump in oil prices. They built white elephants such as the King Khalid airport in Riyadh, one of whose terminals has been mothballed since the airport opened in 1983. They allowed a greedy few, many of them arms dealers, to pocket huge fortunes. They distorted their economies in the name of diversification, for example by growing wheat in the desert.
A better Xanadu
Are the Gulf countries handling their windfall any better this time? The sheer quantity of cash is hard to manage. It is too plentiful for small economies to spend, and has therefore added to the glut of global saving that is in part responsible for the financial excesses of recent years. Indeed, some economists see an analogy with the 1970s. Gulf petrodollars have been recycled not to improvident governments in Latin America but instead to improvident homebuyers in the uncreditworthy fringes of America.
The Gulf is doing its best to spend its windfall. Stately pleasure domes are springing up all along the coast. Saudi Arabia announces six, no seven!, new economic cities, which it hopes will create millions of jobs for its restive, youthful population. There are worrying echoes of the wasteful 1970s. But this time round, more of the spending is being done by private companies, with an eye to consumer demand, rather than by states.
Awash with capital, the Gulf countries need labour. Thanks to a liberal attitude to guest workers, in the UAE, for instance, over 90% of the private labour force is made up of foreigners. Some of the follies these Indians, Bangladeshis, Chinese and Filipinos build will not earn much return, but at least they help spread the wealth around. And now that American spending is faltering, a splurge is welcome. As Adam Smith said, outlays on “trinkets of frivolous utility” are what “keeps in continual motion the industry of mankind.”
Still, the Gulf's splurge might be better spent if governments were doing even less of the splurging. Despite tentative reforms, too much money remains in state hands. The Saudis have become friendlier to business, taking steps to liberalise the financial system, airlines and telecommunications. But the government is still too fond of its grandiose projects and too slow to get unglamorous things right. It takes an age, for example, to enforce a contract in the country's courts.
By the same token, it would help if local currencies were allowed to strengthen. Currency reform is not just a way to constrain inflation, but also a means of redistributing spending. At present, the petrodollars are converted into local money at a fixed rate and doled out as governments see fit. With stronger local currencies the state would get fewer dirhams, dinars or riyals for every petrodollar. But Gulf residents would be able to buy more with their money, and guest workers could send more rupees home to families in Kerala.
There is another way to transfer economic initiative from governments to people. At present the Gulf states buy social peace by doling out generous benefits and subsidies, such as cheap housing and medical care, expanding the public payroll and forcing private companies to hire locals in the name of Omanisation or Saudi-isation. Too many Gulf nationals receive a government pay cheque for a meaningless job, or owe their jobs in private firms to a hiring quota. They pretend to work and have neither the time nor the incentive to start businesses or acquire skills.
Could there be a better way? Last winter, 604,000 Alaskans each pocketed a $1,654 cheque from the state's Permanent Fund, which invests Alaska's oil revenues on their behalf. Each year, the fund distributes a fraction of its profits, averaged over five years, to every resident. They do not have to work for it, and are free to spend it as they wish. This notion is as foreign to the Gulf as a glacier to the desert. But in a region that likes to impress people with outlandish projects, paying a simple dividend cheque to every Gulf national would be a more audacious venture than the tallest new tower.
Buy some insurance, while you're at it
Given the impressive levels of spending on education in the Gulf, it is hard to imagine that its middle classes will put up with so little control over their countries' wealth—or, indeed, their governments—for long. There are some signs of change, but they are small. By Saudi standards, King Abdullah is a reformer; by any other standards, he moves exceedingly slowly. There is external danger, too. When Saddam Hussein sent his tanks streaming into Kuwait, he was cheered on by many Arabs whose own countries never won a geological lottery and who continue to resent the undeserving fat cats with oil.
Today's dangers are different. Saddam is gone. But the Gulf states are threatened by the chaotic politics in Iraq and by the rivalry between America and Iran for influence in the region. In their volatile part of the planet, the sheikhs cannot buy perfect security. But they might consider investing a bit more of their windfall in stabilising Iraq and the broader Middle East, not just in their fabulous pleasure domes.
http://www.economist.com/opinion/PrinterFriendly.cfm?story_id=11089616
Me too. Steve Jobs is a remarkable person. He is almost as quick as Harvey in his turns :)
Diamond Offshore declares special, regular dividends
Thursday April 24, 8:12 am ET
Diamond Offshore Drilling declares a special and a regular dividend, payable June 2
HOUSTON (AP) -- Diamond Offshore Drilling Inc. said Thursday its board declared a regular dividend of 13 cents and a special dividend of $1.25.
Both dividends are payable June 2 to shareholders of record May 2, the petroleum drilling company said.
Euro dropped sharply against dollar this morning, when the IFO-index - measuring the economy of Germany - turned negative. Not a big drop of the index - from 104.8 in March to 102.4 in April - but it shows how nervous the currency markets are.
GM Stock Lobster. I remember your rants and rave about the governement's dollar-policy about a year ago. Me too, I kind of understood, when your governement said to Europe: YP - Your Problem, and stopped pouring my hard earned euros to Wall Street..lol.
It seems to me that the weakening dollar has also increased the oil producers to protect their reserves more and more: they do not increase the production enough to control the supply/demand to keep the price fair.
GM Stuffit. Yeees. Stora-Enso forgot to mention that time for buying cheap wood from Russia is out: Russia slashed 50% customs duty on wood exports :(
Paper mills are in big trouble here - costs in euros and revenues in dollars. Not good.
DO $135.96 Diamond Offshore Drilling, Inc. Announces First Quarter 2008 Results
Thursday April 24, 7:00 am ET
HOUSTON--(BUSINESS WIRE)--Diamond Offshore Drilling, Inc. (NYSE:DO - News) today reported net income for the first quarter of 2008 of $290.6 million, or $2.09 per share on a diluted basis, compared with net income of $224.1 million, or $1.64 per share on a diluted basis, in the same period a year earlier. Revenues in the first quarter of 2008 were $786.1 million, compared with revenues of $608.2 million for the first quarter of 2007.
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Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling. Additional information on Diamond Offshore Drilling, Inc. and access to the Company’s SEC filings is available on the Internet at www.diamondoffshore.com.
As previously announced, Diamond Offshore will provide a simulcast and rebroadcast of its first quarter 2008 earnings release conference call. The live broadcast of the Diamond Offshore Drilling, Inc. quarterly conference call will be available online at www.diamondoffshore.com on April 24, 2008, beginning at 9:00 a.m. Central Time. The online replay will follow immediately and continue for the remainder of the first calendar quarter after the original call. Please go to the web site at least 15 minutes before the broadcast to register, download and install any necessary audio software.
Headline in TradeWinds:
"Dividend jump predicted
JPMorgan Securities analyst holds up Diana Shipping and Teekay Tankers as the brightest stars for first-quarter earnings season."
BHI $83.68. Outlook positive for 2008.
UPDATE 1-Baker Hughes posts higher 1st-qtr profit
Tue Apr 22, 2008 4:01am EDT
(Adds sales, outlook details)
NEW YORK, April 22 (Reuters) - Baker Hughes (BHI.N: Quote, Profile, Research) on Tuesday reported a 5.4 percent increase in first-quarter profit as high energy prices encouraged customers to spend more on drilling and exploration.
Net profit in the quarter was $395 million, or $1.27 per diluted share, compared with $374.7 million, or $1.17 cents per diluted share in the same period a year earlier.
Analysts had, on average, expected it to earn $1.20 a share, according to Reuters Estimates.
Revenue in the quarter rose 8 percent to $2.67 billion.
North America revenue and revenue outside the region were both up 8 percent, the company said.
Debt rose to $1.55 billion in the quarter, according to a statement from Baker Hughes.
For 2008, the company forecast revenue outside North America would increase in a low- to mid-teens percentage range.
Baker Hughes expects capital expenditure to be about $1.3 billion in the 2008 year.
It said corporate and other costs, excluding interest expense, and interest and dividend income are expected to be roughly $245 million.
The company also forecast depreciation and amortization costs between $640 million and $650 million for 2008.
Baker Hughes said it acquired Gaffney, Cline and Associates and GeoMechanics International, both reservoir technology and consulting firms, to improve its ability to work with customers beyond the wellbore.
(Reporting by Aarthi Sivaraman; Editing by Quentin Bryar/Rory Channing)
NE $57.02 1Q earnings up 54%, 0.75 dividend.
Noble Corp 1st-qtr profit soars 54 pct, tops Street
Wed Apr 23, 2008 6:16pm EDT
HOUSTON, April 23 (Reuters) - Noble Corp (NE.N: Quote, Profile, Research) said on Wednesday its first-quarter earnings rose 54 percent, exceeding Wall Street estimates, as oil and gas exploration companies paid higher day rates for its offshore drilling rigs.
Shares of Noble jumped 3 percent to $58.60 in post-market trading.
Profit soared to $384 million, or $1.43 per diluted share, from $250 million, or 93 cents per diluted share, in the same quarter a year earlier.
The 2008 results included a charge of 3 cents per share related to a bribery probe of the company's Nigerian operations. Excluding the charge, the company earned $1.46 per share.
On that basis, analysts, on average, expected a profit of $1.32 per share, according to Reuters Estimates.
The average daily rental rate for the company's rigs jumped 35 percent from a year ago to $163,772.
Sugar Land, Texas-based Noble added almost $5 billion in possible revenue backlog during the first quarter.
Quarterly revenue was $861 million, up from $646 million.
Tight supplies and booming demand from energy companies have driven rates for offshore drilling rigs sharply higher. In recent weeks, rates for some rigs capable of drilling in ultradeep water have topped $600,000 per day.
Noble has 62 rigs operating in areas including Brazil, the Middle East, India and West Africa.
In regular trading, the stock fell 2.3 percent to $57.02 on the New York Stock Exchange. (Editing by Jeffrey Benkoe)
Deep Sea Supply concentrates on serving both deep sea and shallow offshore rigs and drilling platforms. As far as I know all their vessels are too big to handle ships in harbours.
There are of course other companies operating in offshore services - e.g. Bourbon and Norwegian Havila, I don't know them all, but DESSC is a "new generation" offshore server, and no doubt a very active and aggressive one.
If I remember correct, most of those 54 tugs ordered by Bourbon were for anchor handling in harbours. Handling giant VLCCs and Capesize bulkers in old harbours (esp. in Europe) need much more help from tugs, so tugs and also barges are more and more needed.
I agree with you. New AHT tugs are so much better equipped with automation and electronics - essential in anchor handling - that they will surely displace the old ones by and by. In addition new AHTS's and PSV's are more suitable for multi-task services for rigs and platforms.
SDRL - Disclosure regarding Pride International Inc
At present, Seadrill owns 200,000 Pride International Inc. common shares and has entered into forwards under which it would acquire 16,300,000 Pride International Inc. common shares when the forwards settle. Seadrill has filed a Hart-Scott-Rodino notification so as to permit it to settle the forwards and acquire the 16,300,000 common shares covered by the forwards. Based on yesterday's closing share price of Pride on the New York Stock Exchange, Seadrill's exposure, including the shares covered by the forwards, has a gross value of some US$708 million which includes approximately US$140 million in unrealized gains. Seadrill has written to Pride and asked for a meeting to discuss potential strategic benefits for both parties of a transaction between the two companies.
Seadrill Limited
Hamilton, Bermuda
April 23, 2008
Published: 08:32 23.04.2008 GMT+2 /HUGIN /Source: Seadrill Limited /OSE: SDRL /ISIN: BMG7945E1057
GLNG $20.52 Dubai FSRU Project Final Commitment
Monday April 21, 2:59 am ET
HAMILTON, BERMUDA--(MARKET WIRE)--Apr 21, 2008 --
Golar LNG is pleased to announce the execution of a long term Floating Storage and Regasification (FSRU) time charter with Dubai Supply Authority (DUSUP), the exclusive purchaser of natural gas in Dubai. The Golar Freeze will be converted to an FSRU, with delivery scheduled for 2Q10. The contract duration is for a period of 10 years with options to extend for up to a further five years. The estimated contract value (excluding the option period(s) is approximately US $450 million. The contract with Dubai represents Golar's fourth FSRU related project commitment since announcing plans to build the World's First FSRU in January 2006. Golar Freeze, following delivery to DUSUP in 2Q10, will be permanently moored alongside a purpose built jetty within the existing Jebel Ali port. The converted Golar Freeze will be capable of storing ~ 125,000 cubic meters of LNG and delivering up to 480 MCFD (~3 MTA) of regasified LNG to DUSUP for further delivery into the Dubai gas network. DUSUP will in addition to leasing the FSRU from Golar, own/ operate a purpose built jetty and a high pressure export pipeline. Shell, as DUSUP's appointed adviser for the project has worked closely with Golar in the development of this project.
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Similar to Golar's first two FSRU commitments (Golar Spirit and Golar Winter), the technical scope for the FSRU project was worked in close cooperation with Moss Maritime. The work to modify the Golar Freeze is expected to commence Q4 2009. In parallel with this agreement, Golar has agreed to extend the duration of the charter of Golar Freeze to BG to align with the conversion timing for this project in return for redelivery of Hilli in place of Golar Freeze (scheduled for April 2008).
Golar's CEO Gary Smith highlighted the importance of working closely with Shell and DUSUP on this important project. "We are appreciative of the confidence DUSUP has shown in selecting Golar as the FSRU provider. We also acknowledge the important role played by Shell in facilitating and assuring this project". Smith went on to say " The Dubai FSRU project in combination with the Petrobras and Livorno projects are a clear demonstration of Golar's stated strategy of diversifying its activities and seeking greater participation across the mid stream activities of LNG. We are confident that we have now established a very strong and credible platform for further growth in this area; building on the significant long-term cash flow enhancement that these projects provide and thereby providing significant potential upside for Golar's shareholders".
Hard to tell if SDRL is trying to achieve Pride or is this only an investment. Pride is still very fairly priced, so they may well be seriously buying. Both ways - as usual - SDRL has a win-win situation: either they get a good company to expand their growth, or sell their shares with good profit. These strategies work well in a booming industry.
Propeller design ekes out fuel efficiency
Wednesday, 23 April 2008
gasprices1.jpg
With bunker prices reaching all-time highs, increasing fuel efficiency has taken on a greater importance. If a ship's bunker bill runs to $15,000 per day, even a 1% saving can add up over time. In particular, slowing down sailing speeds has been extensively explored and adopted by shipping companies. Engine and propeller makers, however, have been exploring the technological possibilities of achieving greater efficiency without affecting vessel speed.
Propulsion company Wärtsilä has recently made a number of improvements to its design of fixed-pitch propellers for ships and has focused on design parameters such as propeller size, the number of blades, and the revolutions-per-minute that it is run at.
Wärtsilä found that in could increase efficiency and fuel savings by 7.3% through a design optimisation process.
"Changing the design point of a propeller can achieve significant improvements in fuel consumption," it said.
Last year the company started a new production joint venture in China, Wartsila CME Zhenjiang Propeller Co Ltd., which will double its propeller production capacity.
The company expected significant demand for its products as, according to Wärtsilä, around 80% of newbuilds on the books will use fixed-pitch propellers of the type made at its production facility.
Late last year, it reported that it had received orders for 72 propellers from six Chinese shipbuilders for vessels due to be delivered between 2009 and 2011.
Bunker prices in major ports were headed higher today, according to Bunkerworld price information, making fuel bills for shipowners even higher.
Source: Sustainable Shipping
SDRLF.pk (NOK 156.00 = USD 31.51) UPDATE 1-Seadrill says Pride stake a financial investment
Tue Apr 22, 2008 11:17am EDT
OSLO, April 22 (Reuters) - Oilfield services group Seadrill (SDRL.OL: Quote, Profile, Research) said on Tuesday it considered its acquisition of a near 10 percent stake in U.S. driller Pride International (PDE.N: Quote, Profile, Research) a financial investment.
Some analysts speculated Seadrill could have bigger aims for the stake in Pride, which says it is one of the world's biggest offshore drilling contractors with a fleet of 64 rigs.
Houston-headquartered Pride International said earlier on Tuesday that it had been notified by Seadrill and affiliates that they had control of about 9.9 percent of Pride's stock through undisclosed forward agreements and other purchases.
Pride said Seadrill had asked it not to disclose its acquisition, but the U.S. company said it chose to announce the stake in the interest of shareholders in line with a 2001 stockholder rights plan.
"The Board of Directors of the Company has taken the action announced today with respect to the rights plan because Seadrill has not provided the Company with any information about its intentions, and the Board wants to make sure that all stockholders are protected appropriately," Pride said.
It said that plan was "intended to protect the Company's stockholders from open-market accumulations and other abusive takeover activities."
Pride shares traded up 6 percent on the New York Stock Exchange at $42.87. Seadrill shares ended up 4 percent in Oslo at 156 Norwegian crowns.
But Seadrill denied it had strategic ambitions.
"We look upon this as a financial investment," Seadrill Chief Operating Officer Alf Thorkildsen told Reuters.
Asked if the shareholding could be a step to taking over a U.S. driller, he said: "I have no further comment."
Oslo-listed Seadrill Ltd is the oil drilling company formed by Norwegian shipping tycoon John Fredriksen. The firm, which bought Norwegian rig group Smedvig in 2006 to become a major player, has said it wants to be a world leader in the industry.
"They always say it's a financial investment -- we have to see about that," said Nordea Markets analyst Ingolf Gillesdal. "It could be a good fit I believe."
But another analyst, who asked to remain anonymous, said Seadrill had made similar moves in the past, buying and selling stakes in rival drillers such as Ocean Rig (OCRA.OL: Quote, Profile, Research), Apexindo and Odfjell Invest without swallowing them up.
"Obviously they don't show their cards. But Seadrill has done transactions like this several times so it's not unlikely that this is a financial investment," he said. (Reporting by John Acher and Ole Petter Skonnord; editing by Elaine Hardcastle)
There's another interesting little company in the oilsands business: BMD $0.45 Birch Mountain Resources. BMD is an oilsands service company, they sell e.g. limestone products to oilsands industry. They own a limestone quarry in the middle of the Athabasca oilsands area. They can have a lot of business to do.
BQI $5.00. Shorters getting creamed. Let's see if it can keep it.
DRYS is evidently running because they are buying Ocean Rig, a deep sea driller. And they say in the PR they are looking for further acquisitions in offshore drilling sector. (Keep an eye on Awilco Drilling)
OPEC: Oil Market 'Detached' from Supply and Demand
by Kerry Laird
Rigzone 4/21/2008
It is "non-fundamental factors [that are] mainly responsible" for volatility in the oil market, according to HE Abdalla Salem El-Badri, the Organization of the Petroleum Exporting Countries (OPEC) Secretary General.
Badri addressed attendees of the 11th International Energy Forum held in Rome April 21, delivering "Reflections on key oil challenges and opportunities," a presentation focusing on energy demand and its link to exploration and production investment.
Badri blamed "heightened levels of speculation," a weak U.S. dollar and geopolitical concerns on recent fluctuations in crude prices.
"Crude oil prices have become detached from the dynamics of supply and demand," said Badri. "OPEC has played a vital role in keeping the market well-supplied during the recent volatile period, with our Member Countries increasing crude output, as needed, and accelerating capacity-expansion plans.
"There are, for example, more than 120 upstream development projects, and cumulative investment in new capacity exceeds US $150 billion."
Addressing the same audience, International Energy Agency (IEA) Executive Director Nobuo Tanaka went a step further to decry recent crude prices as being "too high for everybody, especially for developing countries who face other significant cost increases."
Badri also believes that developing countries will play an intricate role in future energy demand.
"Most of the new demand will come from developing countries, with consumption doubling to 58 mb/d, and Asia will account for more than half this increase," said Badri. "Nevertheless, energy poverty will remain an important challenge. By 2030, developing countries will consume, on average, about five times less oil per person than OECD countries. In sector terms, transportation will be the main source of the world rise."
Tanaka echoed Badri in calling out the weak U.S. dollar as the culprit for an increase in crude prices, though he said that this is only a factor in prices. "Oil prices are higher in all currencies," he said.
Still, the "major problem," as determined by an IEA roundtable of experts, is the "lack of stock data.
"Individually countries may feel their data is sensitive," said Tanaka, "but globally a lack of transparency aggravates [market] volatility."
While the IEA expert roundtable determined there is no "single explanation" for the increase in crude prices, "many of the variables only find fertile ground in a fundamentally underinvested commodity."
Tanaka concluded by saying that the current energy market cannot be sustained in the long run. "In the short-to-medium term, there is an urgent need for investment to restore an adequate cushion between oil supply and demand," he said. "But for the longer-term, to meet environmental concerns, we will require a new global energy revolution to transform the way we produce and use energy."
URL: http://www.rigzone.com/news/article.asp?a_id=60651
Good Morning, America. How are you?
Where's Stuffit, our early bird?
DRYS $74.61 buying Ocean Rig? Well, evidently.
DryShips Inc. Acquires 33,254,576 Additional Shares and Launches Mandatory Offer for Ocean Rig ASA; DryShips Inc. Management Will Hold a Conference Call on Thursday 24th April at 10:00am EDT
Tuesday April 22, 2:55 am ET
ATHENS, GREECE--(MARKET WIRE)--Apr 22, 2008 -- DryShips Inc. (NasdaqGS:DRYS - News) today announced that it has purchased 33,254,576 shares of Ocean Rig ASA (Oslo:OCR.OL - News), an Oslo Stock Exchange listed offshore drilling services company, at a price of NOK 45 per share. Following these transactions DryShips Inc. owns 49.9% of the shares and votes in Ocean Rig ASA. As advised on December 17, 2007 Mr. George Economou, Chairman and CEO of DryShips Inc., has separately acquired approximately 4.4% of the share capital of Ocean Rig ASA. The total ownership percentage has been calculated based on an issued share capital in Ocean Rig ASA of 170,374,980 shares, as contained in Ocean Rig's last Certificate of Registration.
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As a consequence of yesterday's acquisition DryShips Inc. will commence a mandatory tender offer for the remaining outstanding shares in Ocean Rig ASA within the four weeks deadline set by Oslo Stock Exchange rules. Accordingly, a draft offer document will be filed with the Oslo Stock Exchange for its review and approval. The offer period will be four weeks with an expected commencement date in early May and its terms will otherwise be prescribed by the requirements of the Norwegian Securities Trading Act.
DryShips Inc. will use a combination of cash on hand and debt financing which is already in place to acquire the remaining outstanding shares of Ocean Rig ASA.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "I am very excited by the opportunity of increasing our ownership significantly and the prospect of acquiring Ocean Rig. We believe that Ocean Rig is uniquely positioned to take advantage of the extremely attractive fundamentals of the ultra deep water drilling (UDW) market, especially given the recent developments with the latest impressive oil finds in Brazil as well as other offshore areas around the world.
Ocean Rig's asset and contract portfolio will serve to supplement and diversify DryShips' assets and sources of cash flow. Moreover, Ocean Rig's operational expertise will provide us with the necessary platform to compete in the UDW drilling sector. As previously advised, we expected the Eirik Raude to be employed at a record breaking day rate and the contract concluded with Tullow Oil at the rate of USD 637,000 per day exceeded even our expectations. The Leiv Eiriksson, Ocean Rig's other UDW asset, is one of the very few rigs available worldwide with dynamic positioning (DP) capability in 2009. As such, we also expect this asset to enter into a new employment contract at a significantly higher day rate.
While our belief in the positive fundamentals of the dry bulk sector remains unchanged, we believe our strategic investment in the UDW sector will contribute to shareholder value as the extremely bullish fundamentals of the sector continue to unfold. Going forward we plan to expand our asset portfolio with further acquisitions and explore other strategic alternatives including the possibility of spinning off this business unit to our shareholders."
Conference Call Announcement:
On Thursday, April 24, 2008, at 10:00 a.m. EDT management will host a conference call to discuss the above developments.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819- 7111 (from the US), 0(800) 953- 0329 (from the UK) or +(44) 1452 542 301 (from outside the US). Please quote "DryShips." In case of any problem with the above numbers, please dial 1(866) 223 0615 (from the US), 0(800) 694- 1503 (from the UK) or +(44) 1452 586 -513 (from outside the US). Quote "DryShips."
A replay of the conference call will be available until April 29, 2008. The United States replay number is 1(866) 247 4222; the international replay number is (0(800) 953 -1533; from the UK or (+44) 1452- 550 000 and the access code required for the replay is: 2133051#.
Audio webcast:
There will also be a simultaneous live webcast over the Internet, through the DryShips Inc. website (www.dryships.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
GDOCF.PK $6.10 GOGL - Acquisition of Kamsarmax Newbuilding contracts, sale of vessel and long term time charter contract
Golden Ocean Group Limited ("Golden Ocean" or "the Company") is pleased to advise that the Company has declared the options to purchase two Kamsarmax vessels at Zhoushan Jinhaiwan Shipyard (Jinhaiwan) in China.
The vessels of 80,000 dwt will be delivered during 2011 and are "sister vessels" of the series ordered in October 2007. The delivered cost for the vessels is estimated to be about $52 million per vessel.
The Company has agreed to sell the Panamax vessel "M/V Bellflower". The vessel is one of the long term time charter vessels previously acquired from Louis Dreyfus with a purchase option attached to the time charter contract. The vessel will be delivered to the Buyers within the end of February 2009 and the agreed purchase price is about $76 million net. The strike price for the option is about $22 million net and the transaction will thereby free up approximately $54 million in cash liquidity. The transaction will give a positive result of approximately $31 million, and this will be recorded at delivery of the vessel.
The company has also fixed out on time charter one of the Jinhaiwan Capesize newbuildings. The vessel will be delivered to the Charterer during the second half of 2009 for a 5 years time charter contract. The agreed daily time charter hire is $51,000 less 5% total commission. The cash generated from this time charter contract is expected to "write down" the investment to zero during the charter period.
These transactions show the Company's long term commitment to the dry bulk industry and further strengthen Golden Ocean's ability to deliver a high return to their shareholders including a solid dividend.
Hamilton, Bermuda
April 22, 2008
Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
DRYS $74.61 buying Ocean Rig?
DryShips Inc. Acquires 33,254,576 Additional Shares and Launches Mandatory Offer for Ocean Rig ASA; DryShips Inc. Management Will Hold a Conference Call on Thursday 24th April at 10:00am EDT
Tuesday April 22, 2:55 am ET
ATHENS, GREECE--(MARKET WIRE)--Apr 22, 2008 -- DryShips Inc. (NasdaqGS:DRYS - News) today announced that it has purchased 33,254,576 shares of Ocean Rig ASA (Oslo:OCR.OL - News), an Oslo Stock Exchange listed offshore drilling services company, at a price of NOK 45 per share. Following these transactions DryShips Inc. owns 49.9% of the shares and votes in Ocean Rig ASA. As advised on December 17, 2007 Mr. George Economou, Chairman and CEO of DryShips Inc., has separately acquired approximately 4.4% of the share capital of Ocean Rig ASA. The total ownership percentage has been calculated based on an issued share capital in Ocean Rig ASA of 170,374,980 shares, as contained in Ocean Rig's last Certificate of Registration.
ADVERTISEMENT
As a consequence of yesterday's acquisition DryShips Inc. will commence a mandatory tender offer for the remaining outstanding shares in Ocean Rig ASA within the four weeks deadline set by Oslo Stock Exchange rules. Accordingly, a draft offer document will be filed with the Oslo Stock Exchange for its review and approval. The offer period will be four weeks with an expected commencement date in early May and its terms will otherwise be prescribed by the requirements of the Norwegian Securities Trading Act.
DryShips Inc. will use a combination of cash on hand and debt financing which is already in place to acquire the remaining outstanding shares of Ocean Rig ASA.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "I am very excited by the opportunity of increasing our ownership significantly and the prospect of acquiring Ocean Rig. We believe that Ocean Rig is uniquely positioned to take advantage of the extremely attractive fundamentals of the ultra deep water drilling (UDW) market, especially given the recent developments with the latest impressive oil finds in Brazil as well as other offshore areas around the world.
Ocean Rig's asset and contract portfolio will serve to supplement and diversify DryShips' assets and sources of cash flow. Moreover, Ocean Rig's operational expertise will provide us with the necessary platform to compete in the UDW drilling sector. As previously advised, we expected the Eirik Raude to be employed at a record breaking day rate and the contract concluded with Tullow Oil at the rate of USD 637,000 per day exceeded even our expectations. The Leiv Eiriksson, Ocean Rig's other UDW asset, is one of the very few rigs available worldwide with dynamic positioning (DP) capability in 2009. As such, we also expect this asset to enter into a new employment contract at a significantly higher day rate.
While our belief in the positive fundamentals of the dry bulk sector remains unchanged, we believe our strategic investment in the UDW sector will contribute to shareholder value as the extremely bullish fundamentals of the sector continue to unfold. Going forward we plan to expand our asset portfolio with further acquisitions and explore other strategic alternatives including the possibility of spinning off this business unit to our shareholders."
Conference Call Announcement:
On Thursday, April 24, 2008, at 10:00 a.m. EDT management will host a conference call to discuss the above developments.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819- 7111 (from the US), 0(800) 953- 0329 (from the UK) or +(44) 1452 542 301 (from outside the US). Please quote "DryShips." In case of any problem with the above numbers, please dial 1(866) 223 0615 (from the US), 0(800) 694- 1503 (from the UK) or +(44) 1452 586 -513 (from outside the US). Quote "DryShips."
A replay of the conference call will be available until April 29, 2008. The United States replay number is 1(866) 247 4222; the international replay number is (0(800) 953 -1533; from the UK or (+44) 1452- 550 000 and the access code required for the replay is: 2133051#.
Audio webcast:
There will also be a simultaneous live webcast over the Internet, through the DryShips Inc. website (www.dryships.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
GM SL. This might develope to something if the oil price stays on today's levels:
March 2008 MV "Beluga SkySails" returns to Europe with positive findings
Maiden voyage of first new built carrier with towing kite propulsion successfully completed
The world’s first modern multipurpose heavy lift project carrier newbuilding, which uses wind energy as additional propulsion, has successfully completed her maiden voyage on Thursday, 13th of March 2008, when finishing a double transatlantic passage after an about 12,000 sea miles long journey. With 8,000 tonnes of general cargo loaded on board, MV “Beluga SkySails” safely reached her port of destination in Mo-I-Rana (Norway), having crossed several areas of adverse weather with winds of up to twelve Beaufort beforehand. In the first phase the vessel had shipped modules for a chipboard plant to Venezuela.
During the premiere of commercial operation that started in Bremen on 22nd of January and via Guanta (Venezuela) and Davant (USA) finally led close to the arctic circle, the 160 square meters large towing kite has been released as often as possible to fly for periods of between a few minutes and up to eight consecutive hours. “We can once again actually sail with cargo ships, thus opening a new chapter in the history of commercial shipping”, said Lutz Heldt, master of MV “Beluga SkySails”, drawing up the balance sheet of the nearly two month long maiden voyage. “Due to the innovative SkySails-system we use on our multipurpose heavy lift project carrier newbuilding we can cut down the voyage costs and simultaneously reduce the climate-damaging emissions”, Niels Stolberg, CEO of Beluga Shipping GmbH, specified the positive double effect.
A drop in bunker costs of approximately 2,000 US-Dollars per operating day becomes realistic, when the towing kite will be scaled up to 320 square meters in size subsequent to the pilot phase. The testing phase which in total is going to last for twelve months hitherto and ongoing as “training camp on the high seas” had and has in focus calibration work and technical adjustments to stabilize the towing kite propulsion. Thereafter the flight times will be extended and the performance perfected. Yet, on the maiden voyage already, the original expectations were validated and established by the kite now used, which as an auxiliary source of propulsion could pull the multipurpose heavy lift project carrier with five tons of power at force five winds already. Projected onto an entire day, this performance represents savings of about 2.5 tons of fuel a day.
The testing of the SkySails-system on board the ship newbuilding MV “Beluga SkySails” is being co-funded as part of the European Union’s “LIFE”-programme. The next voyage with loaded modules for wind energy plants will take MV “Beluga SkySails” from Spain to the United States of America.
GM Stock Lobster. T. Boone Pickens is the founder and biggest shareholder in Clean Energy Fuels CLNE $12.82. CLNE is making fuel for cars from LNG.
Another one in this business is Westport Innovations WPT.to CAD 2.90
HTM $2.75 U.S. Geothermal Inc. (UGTH.ob previously) Now Trading on the American Stock Exchange
Wednesday April 16, 9:00 am ET
BOISE, Idaho, April 16 /PRNewswire-FirstCall/ -- (Amex: HTM - News; TSX: GTH - News) U.S. Geothermal Inc. ("U.S. Geothermal"), a renewable energy development company focused on the production of electricity from geothermal energy, announced that its common shares have been listed on the American Stock Exchange ("AMEX") effective at market opening today under the trading symbol "HTM". The AMEX specialist for U.S. Geothermal will be J. Streicher & Co., LLC.
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The common shares of U.S. Geothermal had previously traded on the OTC Bulletin Board under the symbol "UGTH". In addition to the AMEX listing, U.S. Geothermal continues to trade on the Toronto Stock Exchange under the symbol "GTH" and trading will cease on the OTC.
About US Geothermal:
U.S. Geothermal is a renewable energy development company that is currently operating a geothermal power plant at Raft River, Idaho and is conducting exploration activities at Neal Hot Springs, Oregon.
Please visit our Website at: http://www.usgeothermal.com
GPXM.ob 0.20 Golden Phoenix Mineral's Ashdown Project LLC Generated $10.4 Million in Moly Sales in 2007; First Quarter Sales Continue Strong
Tuesday April 15, 5:00 am ET
SPARKS, Nev., April 15 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) reports that the Ashdown Project LLC generated approximately $10.4 million in gross income from sales of molybdenum (MoS2) concentrates in 2007. By comparison, sales in 2006 totaled $176,777. Golden Phoenix owns 60 percent of the Ashdown Project LLC.
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In 2007, 732,627 pounds of concentrates were produced and shipped at an average sale price of $31.30 per pound of contained Mo. During the fourth quarter of 2007, six shipments of moly concentrates were produced, averaging 44,600 pounds per shipment at a grade of approximately 53% Mo. In that same period, recoveries in the mill averaged approximately 92%.
The rate of production established in the fourth quarter of 2007 continued into 2008, with seven shipments being completed between January 1, 2008 and the present. One of those shipments was processed in nine days, the fastest production rate to date, at an average recovery exceeding 95% for an estimated market value of approximately $660,000.
David A. Caldwell, CEO of Golden Phoenix, commented on the first anniversary of production at Ashdown, "A little over a year since we began to ship product, I am very pleased to report the mill is achieving recoveries routinely exceeding 90%, with moly values well above 50% and copper contamination below half a percent. This means that we are generating a quality concentrate at a time when the industry-at-large is struggling to reach, much less exceed, minimum specifications. This is a credit to our unique ore body as well as the persistent efforts of our technical staff both underground and at the mill. Our focus in the coming months will be completion of the development work needed to raise ore production from the current 60-to-70 tons per day to the 100 tpd design capacity of the mill."
Please visit the Golden Phoenix website at http://www.Golden-Phoenix.com/
Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada, the Northern Champion molybdenum mine in Ontario, Canada, and is majority owner of the Ashdown Project LLC gold and molybdenum property held jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.
Na good. Apparently not a very serious one. No casualties in the area says BBC.