Joint Venture Congratulates Woodside on First LNG Cargo from Pluto in Australia

Foster Wheeler AG,under the auspices of the Foster Wheeler WorleyParsons (FWW) joint venture, congratulates Woodside on achieving LNG production and first cargo at its Pluto LNG Project in Australia.FWW was responsible for the engineering, procurement and construction management of the onshore portion of the project which comprises a single LNG processing train with a forecast production capacity of 4.3 million tonnes of LNG per year.
“Foster Wheeler is proud to be associated with Pluto LNG, which has involved application of specialist skills in modular design and construction,” said Kent Masters, Chief Executive Officer of Foster Wheeler AG. “The Pluto project has been a continuation of the successful FWW joint venture, first formed in 2005 for the North-West Shelf Project Phase V LNG Expansion, and we are looking forward to further opportunities for this proven partnership.”
Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. VAALCO Energy Announces First Quarter 2012 Results.The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland.
Foster Wheeler AG news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty.

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VAALCO Energy Announces First Quarter 2012 Results

Robert Gerry, Chairman and CEO, commented: “It was another good quarter of performance for the Company, especially when you consider that a timing delay by the purchaser led to booking two crude liftings as compared to three from the comparable quarter one year ago. We continue to work with the Angolan government to expedite the exploration of Block 5 in the offshore Kwanza Basin. Progress continues to evolve toward the drilling of an exploration well in 2012.”
“We believe that the next twelve months are on track to produce positive results for our shareholders as we intend to commence drilling at least ten exploration/development wells during this period. We continue to investigate additional opportunities in both the U.S. and abroad to build a diversified portfolio of producing properties for the benefit of our shareholders.” Gabon: During the first quarter of 2012, VAALCO continued to invest in platform modifications to both of the Company’s platforms offshore Gabon to accommodate the drilling of additional wells planned for the second half of 2012. In addition, the Company invested in the construction of water knock-out facilities for the Avouma platform, which it expects to install in the second half of 2012 along with a new personnel accommodation module.
Also during the first quarter of 2012, VAALCO contracted for detailed engineering specifications for a third platform offshore Gabon, which will provide capacity to drill multiple wells in the Etame field. VAALCO and its partners on the Etame Marin block are continuing to evaluate building a fourth platform to develop the 2010 discovery of oil in the Southeast Etame area.Onshore Gabon, the Company and Total Gabon have completed the seismic reprocessing commitment per the terms of the second exploration period. The drilling of the exploration well is expected in the second half of 2012. A third exploration period was signed during the first quarter of 2012, which extended the permit term until mid-February 2013.
Angola: In the first quarter of 2012, the Angolan government granted a further one year extension for drilling two exploration commitment wells in accordance with the production sharing contract. VAALCO believes it has drilling opportunities in both the pre-salt and post-salt reservoirs. With post-salt accumulations already known and with the addition of pre-salt possibilities, VAALCO remains committed to Block 5 offshore Angola.

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Arts head: Harriet Bridgeman, founder of Bridgeman Art Library

Who did you have in mind when you founded the Bridgeman Art Library – art venues or consumers?I dreamt up the Bridgeman Art Library while editing an art publication and becoming increasingly aware of the problems of sourcing good quality images at short notice, or indeed at even a modicum of notice.Museums and art collections did not have the rights and reproduction departments which are now regarded as the norm, nor were they conscious of the income they could potentially generate by not having efficient operations in this area. As I knew from personal experience, it was very hard for publishers to source images quickly and before the days of the internet, to even know what to source and from where!Since we returned 50% of any money we made to museums and because our clients were very grateful for any help they could be given in researching pictures, it was a win-win situation for both provider and consumer.
How important is your background in art history and hiring staff with that same expertise?The library has always been staffed by history of art graduates and I regard it as very important that staff members should be both thoroughly well informed on the subject as well as having a passion for art. Unfortunately there are far more history of art graduates than there are jobs so we are extremely fortunate in having a number of graduates who are very highly qualified and have first class degrees.In the early days of the library, there was no internet. General Information, Forward-Looking Statements and Risk Factors.Now, even the best qualified have Google and Wikipedia to fall back on, which is a great boon, particularly for our cataloguing department.
How do you balance the aim of widening access to art with the challenges of copyright and ownership?We provide meticulous information on copyright and ownership to our clients and we ensure they know from the outset if copyright clearance is required and if there is an extra fee to pay. It’s worth remembering that copyright exists for only seventy years after the death of the creator, so by far the largest tranche of art images lie in the public domain.Getty wanted to buy your business – why did you keep it in the family and what have you gained from doing so?My enjoyment in owning and running the library, and watching its successful development, far outweighed the attraction of any financial windfall that would have come from a sale to Getty. If I had sold and stayed on, I would have lost my autonomy and the chance to hand over something to the next generation that had the possibility of enhancing their lives as much as it has mine.

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Crossing Automation Establishes Dedicated 450mm Business Unit

Crossing Automation, Inc., a leading designer and manufacturer of fab and tool automation products, today announced the formation of a new business unit tasked with extending the company’s lead in the development and delivery of 450mm wafer automation platforms. May Su has been promoted to vice president and general manager of the new 450mm division, while Michael Brain joins the company as vice president of marketing, chartered to continue Crossing’s legacy of leading the market in developing innovative material handling solutions.
In 2011, Su spearheaded the company’s 450mm R&D strategy and was responsible for the introduction of the industry’s first comprehensive line of 450mm wafer handling products. As vice president of product marketing, Su was instrumental in the successful development and early adoption of the Certon(TM) 450mm loadport, Spartan(TM) 450mm sorter and Spartan 450mm Development Platform, an equipment front end module (EFEM). All products are currently shipping to fab and original equipment manufacturing customers.”Our investment in 450mm products met with immediate success,” said Su. “Crossing’s line of 450mm products is based on our production-proven 300mm Spartan platform, currently installed in a sorter or EFEM configuration in every 300mm fab worldwide. Google pair back plan to lasso asteroids and mine them for precious metals.We further innovated, drawing from our rich patent portfolio, adding features that address the unique challenges associated with 450mm wafers.”
Crossing Automation’s latest innovations address the new challenges inherent in 450mm wafer handling — including increased weight, fragility and traveling distance. For example, to accommodate the larger wafer carrier, which weighs nearly 200 pounds more than the 300mm version, Crossing’s 450mm Certon and Spartan platforms incorporate the company’s patent-pending Direct Force door closing mechanism to uniformly apply up to 390 newtons of force across the entire front opening unified pod (FOUP) door. The Certon loadport also uses Crossing’s patented “tilt-and-go” technology, resulting in the industry’s only single-person serviceable loadport.With Su’s move to general manger, Brain, a pioneer of automated material handling solutions, was highly sought after to take on the position of vice president of marketing. Tasked with defining Crossing’s future material handling products, Brain brings over 30 years of semiconductor fab automation expertise, including all aspects of product engineering and marketing. He was a pioneer in the development and commercialization of wafer and reticle handling standard mechanical interface (SMIF), auto ID, and high performance transport and buffering solutions.

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General Information, Forward-Looking Statements and Risk Factors

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures: Universal Health Services, Inc. (“UHS”) is one of the nation’s largest hospital companies, operating acute care and behavioral health hospitals and ambulatory centers nationwide and in Puerto Rico and the U.S. Virgin Islands. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust.This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2011), may cause the results to differ materially from those anticipated in the forward-looking statements.
Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
During the first quarter of 2012, we adopted the Financial Accounting Standards Board’s Accounting Standards Update No. 2011-07, “Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities,” which required health care entities to change the presentation in their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances and discounts). As a result, the provision for doubtful accounts for our acute care and behavioral health care facilities is reflected as a deduction for net revenues in the accompanying consolidated statements of income for the three-month periods ended March 31, 2012 and 2011. The adoption of this standard had no impact on our financial position or results of operations.

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Google pair back plan to lasso asteroids and mine them for precious metals

It sounds like the start of a science fiction or disaster movie, or both. An enormously rich corporation plans to start “lassoing” asteroids near the Earth, taking them to the moon to be mined and broken up, and returning the most valuable metals – including gold, platinum and rhodium – back to our planet for use in batteries and other products.But this is real: on Tuesday, Planetary Resources, a company based in Seattle with billionaires including former US presidential candidate Ross Perot and Google’s Eric Schmidt and Larry Page among its investors, said it plans to mine “near Earth asteroids” within 10 years.
The scheme will cost billions of dollars and could take decades to come to fruition, say independent experts – but they also say that it offers an amazing chance for humans to move permanently beyond the boundaries of Earth.”When you think about it, there’s all the raw energy you need from the sun, and 99.9999% of all the material in the solar system isn’t on Earth,” said Dr Ian Crawford, a planetary scientist at Birkbeck College, London.The company, formed by space entrepreneurs Peter Diamandis and Eric Anderson along with Nasa scientists and astronauts Chris Lewicki and Tom Jones, unveiled the plans at Seattle’s Museum of Flight.
Their scheme would, they said, “overlay two critical sectors – space exploration and natural resources – to add trillions of dollars to the global GDP”.Planetary Resources is to begin by sending out robot spacecraft costing about $10m (£6.2m) each, carrying telescopes which would identify promising asteroids made of metals.Those would then be lassoed by another unmanned craft and very slowly brought into a moon orbit for automated mining.
“This is the stuff of science fiction, but like in so many other areas of science fiction, it’s possible to begin the process of making them reality,” said Jones.The idea is off-planet, but not out of this world, said John Zarnecki, professor of space sciences at the Open University. “There’s nothing in the ideas they’re laying out that requires a quantum leap in technology. They’re just talking about lumps of rock. The first thing you would ask, though, is: where’s the business case?”The announcement followed the publication earlier this month of a Nasa study saying that an asteroid 7 metres in diameter and weighing 500 tonnes could contain as much gold, platinum and rare earth metals – such as rhodium – as is mined on Earth in a single year.

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Chesapeake 25% Decline Seen Spurred by Personal Conflict

Chesapeake Energy Corp. (CHK) (CHK) Chief Executive Officer Aubrey McClendon has been adding oil fields to his personal holdings faster than he can find cash to drill them. He’s steering the company down the same road.Chesapeake, producer of more U.S. natural gas than any company except Exxon Mobil Corp. (XOM) (XOM), outspent its cash flow in 19 of the past 21 years while amassing millions of acres of drilling leases from the Rocky Mountains to Appalachia.As the company moved to close this year’s projected funding gap with $12 billion in planned asset sales, investor criticisms of McClendon over a potential conflict of interest are stoking concern about the stability of the company. Chesapeake shares are down 25 percent this month, heading for the worst monthly loss (CHK) since 2008, the last time McClendon’s personal finances intruded on company business.
“Chesapeake is walking a tightrope right now,” Mark Hanson, an analyst at Morningstar Inc. in Chicago, said in a telephone interview. McClendon “has shown a predilection to outspend, sometimes recklessly.”McClendon didn’t respond to e-mails seeking comment.Naples virtual office business offers ‘a girl Friday, every day’.McClendon has been borrowing against personal stakes in thousands of company-operated wells to pay his part of drilling costs. Last week’s disclosures of the loans revived debate over financial management of a company already burdened with a $10.3 billion net debt load, more than twice the size of Exxon’s and the lowest price-to-earnings ratio of any independent U.S. energy producer.Philip Weiss, an analyst at Argus Research in New York, said McClendon and the board should be fired.
McClendon’s loans and the use of his 2.5 percent stakes in Chesapeake wells as collateral are legal and present no conflict of interest, according to the company.Chesapeake has lost a quarter (CHK) of its market value since the end of March as questions about McClendon’s finances compounded plunging natural-gas prices. Gas for May delivery settled at $1.927 per million British thermal units on April 20, a 55 percent decline from a year earlier.The last time Chesapeake’s stock performed this poorly was October 2008, after the global financial collapse triggered margin calls on McClendon’s personal investments.To raise cash, he sold almost all his Chesapeake stock over a few days, accelerating a 38 percent plunge for the month. At the time, the board gave McClendon an $87 million bailout in the form of a special bonus and by purchasing his collection of 19th-century maps.

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Panasonic Announces Formation of Panasonic Eco Solutions North America

Today at the FORTUNE Brainstorm Green Conference, Panasonic announced the establishment of Panasonic Eco Solutions North America, a new business unit of Panasonic Corporation of North America that will focus on the design, implementation and financing of renewable energy and energy efficiency projects in the U.S. and Canada. The new unit also made public a strategic alliance with Denver, CO-based Renewable Social Benefit Funds, L3C (RSB Funds) to provide development and financing capabilities to organizations interested in solar photovoltaic solutions.
“Panasonic Corporation is committed to becoming the leader in green innovation in the electronics industry by 2018, and the launch of this company will take us one step closer to achieving that goal,” explained Jim Doyle, President, Panasonic Eco Solutions North America. “With a focus on the long term, Panasonic recognizes that saving, generating and storing energy are fundamental needs that require practical solutions both now and moving forward. Panasonic has a broad range of technologies from solar panels, to lighting controls, to high-capacity energy storage batteries to create solutions.”
Panasonic Eco Solutions North America will provide comprehensive renewable energy and energy efficiency solutions to corporate and public sector organizations from the planning and engineering stages through implementation, construction and permanent financing, as well as ongoing system maintenance.Among Panasonic’s accomplishments in the field is a major renewable energy installation at Infineon Raceway in Sonoma, CA, which uses more than 1600 Panasonic HIT solar panels and related technologies. The high-efficiency solar panels cover 41-percent of the track’s energy usage, making Infineon one of the world’s most energy-efficient raceways. More recently, Panasonic completed a solar panel system installation at Safeco Field, the home of the Seattle Mariners.
Panasonic Eco Solutions North America has established an exclusive relationship through the end of 2012 with RSB Funds for the co-development of commercial-scale solar projects in North America. The two will work together to provide financing, building and maintenance of commercial solar PV projects for the private sector as well as nonprofits, municipalities, hospitals, schools, low-income housing projects and other tax-exempt entities.The first Panasonic-RSB Funds collaboration was the creation of a 115 Kilowatt solar power generation installation on the corporate campus of the Conrad N. Hilton Foundation in Agoura Hills, CA.

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Naples virtual office business offers ‘a girl Friday, every day’

With Dax Enterprises, Kena Yoke is boldly going where no business has gone before.Taking its name from Jadzia Dax, a character on the television series “Star Trek: Deep Space Nine,” the company provides an array of professional services to business owners and organizations. From marketing to social media, bookkeeping and bilingual translation, business owners can pick and choose from Dax’s scope of services to suit their needs.There’s even a virtual office service that allows businesses to use their offices for meeting space or direct calls to Dax Enterprises’ receptionist, who will answer the call as if a member of the client’s own staff.
Yoke likens the service to having “a girl Friday, every day.”Using Dax means clients are able to create the illusion of having a big staff but without all the necessary cost, said Yoke, Dax’s president.Oil service company reaches into Bakersfield.Nor must businesses deal with the hassle of scheduling employee vacations, sick days or any of the other personnel issues that can arise.”You can be a one-person operation and look like you’re a rock star,” Yoke said.One organization that uses Dax is Greater Naples Leadership, a nonprofit organization that helps local leaders develop a better understanding of Collier County issues and how they may serve their community.
“They come here, they have their meetings here, we answer their phones and they don’t have all the expenses of having an office,” Yoke said.Since Greater Naples Leadership has no staff, Dax was also hired to take over certain duties, including bookkeeping. Greater Naples Leadership is working to make many of its materials, including meeting agendas, available online to its members.Bob Berlam, Greater Naples Leadership’s immediate past president, explains that the organization has noticed how its members increasingly want to use smartphones and tablets to access online materials.
“Our goal is to be virtual in the next two years, three years at most,” he said.On Deep Space Nine, Jadzia Dax’s character was able to gain wisdom from previous experiences, one that were not always directly her own. In creating the services offered by Dax, Yoke said, she felt similarities: She had worked in the construction industry and still owns a pile-driving company, Island Piling. Through that experience, she learned about workman’s compensation and bookkeeping, skills she was able to share with her clients at Dax – hence the company’s name.

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Oil service company reaches into Bakersfield

A large national company active in North Dakota’s booming petroleum industry has stepped into Kern County’s crowded oil services business with the purchase of a family-run operation with offices in Bakersfield and Colorado.The Phoenix-based buyer, privately held Frontier Energy Group LLC, provides a variety of oil field services from 16 locations in North Dakota, Colorado, Wyoming, Nebraska, Montana and Utah. Its purchase of Spicer Wireline Service Inc. gives Frontier a toehold in California.
Terms of the deal were not disclosed. Neither company could be reached for comment Tuesday.Frontier said in a news release Tuesday that it plans to hire additional employees in Kern County and expand its menu of services and its geographical reach within a year. It noted that Spicer’s South Union Avenue headquarters “will be Frontier’s first location in the San Joaquin Valley.”The transaction is noteworthy not because a national company is buying a locally based oil field services business; the entire industry has consolidated in recent years, and several independently owned Bakersfield companies have been acquired as discoveries of petroleum reservoirs here have raised Kern’s energy profile.
As Frontier’s news release suggests, the purchase is significant largely because the company has experience in the Bakken formation, a shale oil area that has put North Dakota at the heart of a domestic oil boom.Representatives of local oil field service companies theorized that Frontier may be trying to parlay its technical experience in North Dakota to garner new business in California’s largely untapped shale formations, which are similar in some ways to the Bakken.”It might be just the thought of trying to get in front of the line,” said Steve Layton, president of Bakersfield-based oil producer E&B Natural Resources Management Corp.
Frontier’s entry to the local market could help ease the waiting list for getting a well rig out onto oil fields.”There seems to be more demand for services than supply right now,” he said.But Frontier’s local competitors noted that addressing the backlog presents its own challenge: finding experienced oil workers.”They’re going to have a difficult time” finding qualified employees, said Jay Mercer, human resources and health, safety and environment coordinator in Bakersfield for Kenai Drilling. He added that Kenai chose to reduce its growth amid the recent increase in local oil activity in order to keep its safety record strong.

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