The Prometheus League
Breaking News and Updates
- Abolition Of Work
- Ai
- Alt-right
- Alternative Medicine
- Antifa
- Artificial General Intelligence
- Artificial Intelligence
- Artificial Super Intelligence
- Ascension
- Astronomy
- Atheism
- Atheist
- Atlas Shrugged
- Automation
- Ayn Rand
- Bahamas
- Bankruptcy
- Basic Income Guarantee
- Big Tech
- Bitcoin
- Black Lives Matter
- Blackjack
- Boca Chica Texas
- Brexit
- Caribbean
- Casino
- Casino Affiliate
- Cbd Oil
- Censorship
- Cf
- Chess Engines
- Childfree
- Cloning
- Cloud Computing
- Conscious Evolution
- Corona Virus
- Cosmic Heaven
- Covid-19
- Cryonics
- Cryptocurrency
- Cyberpunk
- Darwinism
- Democrat
- Designer Babies
- DNA
- Donald Trump
- Eczema
- Elon Musk
- Entheogens
- Ethical Egoism
- Eugenic Concepts
- Eugenics
- Euthanasia
- Evolution
- Extropian
- Extropianism
- Extropy
- Fake News
- Federalism
- Federalist
- Fifth Amendment
- Fifth Amendment
- Financial Independence
- First Amendment
- Fiscal Freedom
- Food Supplements
- Fourth Amendment
- Fourth Amendment
- Free Speech
- Freedom
- Freedom of Speech
- Futurism
- Futurist
- Gambling
- Gene Medicine
- Genetic Engineering
- Genome
- Germ Warfare
- Golden Rule
- Government Oppression
- Hedonism
- High Seas
- History
- Hubble Telescope
- Human Genetic Engineering
- Human Genetics
- Human Immortality
- Human Longevity
- Illuminati
- Immortality
- Immortality Medicine
- Intentional Communities
- Jacinda Ardern
- Jitsi
- Jordan Peterson
- Las Vegas
- Liberal
- Libertarian
- Libertarianism
- Liberty
- Life Extension
- Macau
- Marie Byrd Land
- Mars
- Mars Colonization
- Mars Colony
- Memetics
- Micronations
- Mind Uploading
- Minerva Reefs
- Modern Satanism
- Moon Colonization
- Nanotech
- National Vanguard
- NATO
- Neo-eugenics
- Neurohacking
- Neurotechnology
- New Utopia
- New Zealand
- Nihilism
- Nootropics
- NSA
- Oceania
- Offshore
- Olympics
- Online Casino
- Online Gambling
- Pantheism
- Personal Empowerment
- Poker
- Political Correctness
- Politically Incorrect
- Polygamy
- Populism
- Post Human
- Post Humanism
- Posthuman
- Posthumanism
- Private Islands
- Progress
- Proud Boys
- Psoriasis
- Psychedelics
- Putin
- Quantum Computing
- Quantum Physics
- Rationalism
- Republican
- Resource Based Economy
- Robotics
- Rockall
- Ron Paul
- Roulette
- Russia
- Sealand
- Seasteading
- Second Amendment
- Second Amendment
- Seychelles
- Singularitarianism
- Singularity
- Socio-economic Collapse
- Space Exploration
- Space Station
- Space Travel
- Spacex
- Sports Betting
- Sportsbook
- Superintelligence
- Survivalism
- Talmud
- Technology
- Teilhard De Charden
- Terraforming Mars
- The Singularity
- Tms
- Tor Browser
- Trance
- Transhuman
- Transhuman News
- Transhumanism
- Transhumanist
- Transtopian
- Transtopianism
- Ukraine
- Uncategorized
- Vaping
- Victimless Crimes
- Virtual Reality
- Wage Slavery
- War On Drugs
- Waveland
- Ww3
- Yahoo
- Zeitgeist Movement
-
Prometheism
-
Forbidden Fruit
-
The Evolutionary Perspective
Daily Archives: March 8, 2017
New Caribbean Dive Site: A Ship That Survived Pearl Harbor – New York Times
Posted: March 8, 2017 at 1:41 pm
New York Times | New Caribbean Dive Site: A Ship That Survived Pearl Harbor New York Times The Kodiak Queen, which survived the Pearl Harbor attack in 1941, was discovered rusting in the British Virgin Islands several years ago. It is to become an underwater art installation and wildlife habitat. Credit Adam Buyskes. On March 10, weather ... |
Read the original:
New Caribbean Dive Site: A Ship That Survived Pearl Harbor - New York Times
Posted in Caribbean
Comments Off on New Caribbean Dive Site: A Ship That Survived Pearl Harbor – New York Times
Taiwanese president to visit Caribbean amid concerns of ‘unstable’ relations with region – Jamaica Observer
Posted: at 1:41 pm
TAIPEI, Taiwan (CMC) President Tsai Ing-wen is to visit the Caribbean later this year amid concerns that its relations with some Caribbean allies have become unstable, Foreign Minister David Lee said Monday.
Taiwan has relations with St Kitts-Nevis, St Vincent and the Grenadines, St Lucia, Belize, Haiti, and the Dominican Republic, and Lee acknowledged that relations with one or more of the Caribbean territories are kind of unstable.
That is why a visit by President Tsai Ing-wen to allies in that region in the second half of this year is being planned as part of the Governments efforts to cement ties with diplomatic partners there, Lee said when answering questions from Democratic Progressive Party Legislator Lo Chih-cheng at the Legislative Yuans Foreign and National Defence Committee.
Lee said that his ministry has taken measures to improve bilateral ties with these countries in question and that the situation is under control.
The foreign ministry has been keeping close tabs on ties with Taiwans diplomatic allies and will address issues immediately if it notices something wrong, he said, without elaborating on which country or countries in the Caribbean are in question.
Last August, the main Opposition New Democratic Party (NDP) in St Vincent and the Grenadines said it would switch diplomatic recognition from Taiwan to China if it is elected to office in the next general election.
The announcement represented a change in one of the last common policies that the NDP shared with the ruling Unity Labour Party (ULP).
St Vincent and the Grenadines has maintained unbroken diplomatic ties with Taiwan since 1981, even as several other Caribbean nations, including Dominica and Grenada, have switched ties over the last decade.
Beijing says Taiwan is a renegade province to be reunited with the mainland by force, if necessary.
The NDP said that as a modern political organisation, it continues to discuss and formulate a range of appropriate measures and responses to ongoing geo-political realities.
In this regard, fully cognisant of the ever-evolving symmetry of international affairs, and the principal responsibility and obligation of our party in or out of Government to diligently pursue and protect the best strategic interests of our country, I hereby formally announce that the New Democratic Party of St Vincent and the Grenadines, as of todays date, August 23, 2016, has taken the decision to recognise the United Nations accepted norm of a One China Policy, the NDP leader Arnhim Eustace said in a statement last August.
Last year, St Vincent and the Grenadines Minister of Foreign Affairs Sir Louis Straker said Kingstown was hoping to establish diplomatic presence in Taiwan.
St Vincent and the Grenadines has benefited significantly from it relationship with Taiwan, both in terms of infrastructural and human resource development.
Taiwan financed the terminal building at the Argyle International Airport, 15 learning resource centres across the country, and bridges and other pieces of infrastructure projects.
Read this article:
Posted in Caribbean
Comments Off on Taiwanese president to visit Caribbean amid concerns of ‘unstable’ relations with region – Jamaica Observer
What Killed More Than Half a Dozen of the Bahamas’ Swimming Pigs? – Smithsonian
Posted: at 1:40 pm
SmartNews Keeping you current ( Christopher Dorobek /Flickr)
smithsonian.com March 7, 2017 1:42PM
There are many reasons to visit the Bahamasbeautiful beaches, conch fritters, killer snorkeling. But in recent years one of the biggest attractions has been the island nations pigs. The swimming pigs of Exuma to be exact, a group of porkerson a small island called Big Major Cay, who over the years have taken up the hobby of paddling around in the areas crystal blue waters. Recently,however, at least seven members of the now-famous pig colony mysteriously died, their bodies found floating in the sea, reports Ben Guarino at The Washington Post.
Wayde Nixon, one of the farmers that originally brought pigs to the island about 30 years ago, told Sloan Smith at the Nassau Guardianin late February that he initially believed tourists, who interact with the pigs and feed them, may have caused the deaths by giving the pigs alcohol and junk food. Kim Aranha, president of the Bahamas Humane Society, also speculated on the cause. It could just be a horrible accident where they ate something poisonous, she told local news source Tribune 242in late February. "It could be malicious but I dont really see why someone would go out of their way to hurt those lovely animals.
Now, Delaney Chambers at National Geographic reports on March 4 that a preliminary examination shows that the pigs likely died from ingesting too much sand.
The pigs have been on the island so long, they are used to foraging for natural food, Ventoi Bethune, an inspector with the Bahamas Humane Society, tells Chambers. The pigs would occasional prance down onto the beach for a snack from visitors. But increased popularity and big influx of tourists have changed the pigs' habits. In recent years, the pigs have even been featured on the reality show The Bachelor. Now [the pigs] stay on the beach and arent living in the forest.
Instead, the porkers eat small bits of food thrown by tourists, which means they probably get a snoutful of sand each time they take a nibble. An ongoing drought on the island which has dried up the pigs water supply may have also contributed to the deaths.
Despite the die-off, tourists will still be able to visit the remaining pigs, though they may not be able to swim or pet the porkers as they did in the past. Bethune tells Chambersthat a warden will now be stationed at Pig Beach. V. Alfred Gray, the Bahamas'Minister of Agriculture and Marine Resources tells Smith that the agency will soon establish rules for interacting with the pigs, including a boundary around the pigs and restricted feeding by the public.
Like this article? SIGN UP for our newsletter
Jason Daley is a Madison, Wisconsin-based writer specializing in natural history, science, travel, and the environment. His work has appeared in Discover, Popular Science, Outside, Mens Journal, and other magazines.
View original post here:
What Killed More Than Half a Dozen of the Bahamas' Swimming Pigs? - Smithsonian
Posted in Bahamas
Comments Off on What Killed More Than Half a Dozen of the Bahamas’ Swimming Pigs? – Smithsonian
Guyana president hails Bahamas as example to the Caribbean | The … – Bahamas Tribune
Posted: at 1:40 pm
By RICARDO WELLS
Tribune Staff Reporter
STABILITY in the countrys economic, education and environmental sectors were hailed as successful examples for Caribbean states by President of the Co-operative Republic of Guyana David Granger this weekend during an exit interview with local press.
In an address moments before he boarded his return flight Saturday, concluding a three-day state visit to The Bahamas, the retired Brigadier General commended the Christie administration for sustaining one of the regions premier countries in the wake of one of the worlds most severe economic downturns.
General Granger, in the presence of Prime Minister Perry Christie at the Lynden Pindling International Airports VIP Lounge Saturday, said he viewed the three sectors as important lessons that could be adopted and adapted by every other country in the region, adding that his economic visit to The Bahamas would be viewed as a success in his country despite not returning with any written agreements.
General Granger, who throughout his time in The Bahamas pointed out that the Caribbean stood as a fragmented region that could advance through cooperation, said his belief was emboldened by what he witnessed specifically in Grand Bahama.
He said that the sincere and successful effort to by the government to deal with the economic issues plaguing the communities there showed him that patience, passion and forward-thinking were factors that could aid in his countrys efforts.
General Granger accompanied Mr Christie on a trip to Freeport, Grand Bahama, last Friday.
Of the trip, he said: We liked what we saw. It may just be container terminals, it may be just shipyards; but we saw at the second level, and I like to mention this, the work that is being done in education and for the youth. Because just going to the Hugh Campbell Primary School, you could feel the energy from those young people and I would like to come back 20 years from now.
The Bahamas has set an example to the rest of the Caribbean as to how we can transform smallness and poverty into economic power, he stated.
General Granger said his country would adopt the premise, smallness doesnt necessarily mean weakness, from The Bahamas moving forward.
There is no doubt, the government of The Bahamas has shown the way for small states and is a lesson and example for other states to learn. I have also emphasised that in some areas, particularly in the areas of our economical development, our tourism, we could learn from the tremendous years of experience and the wealth of expertise that we saw in The Bahamas, to develop our tourist product.
He added: I would like to feel that in more business like visits, my ministers would be coming back to work one on one with the responsible minister on the Bahamian side to ensure that these lessons are not just filed away, but that they become the pillars of partnership between what they call, the northern most English speaking Caribbean state and the southern most English speaking Caribbean state. So you have not seen the last of us.
Last weeks visit marked General Grangers first official visit to The Bahamas.
His country, like many other nations in South America, is battling through a massive economic decline.
In addition to that ordeal, the country is reported to be locked into a territorial dispute with neighbouring Venezuela, something that has seen battle ready warships move into Guyanese waters over the course of the last two years.
According to General Granger, his journey to The Bahamas was geared around finding feasible logistical concepts that could be implemented by his country to ease the grip of the continents economic woes.
Grateful
In response to his praise of the Bahamas on Saturday, Mr Christie said the objective praise was something his administration was intrigued to hear, adding that the Bahamian populace could now see and hear from countries in similar conditions and compare and contrast the rate at which The Bahamas is performing.
Mr Christie, noting how grateful he was for the presidents comments, said his administration has from a fiscal point of view done all it could given the demands of our country.
Cautioning the public over the oppositions doom and gloom talk, Mr Christie added: Unlike any other country in the region, and I argue even in the hemisphere, we have an island nation that requires duplication resources - schools, hospitals, clinics, roads, water and it is a work in progress, it costs a lot of money.
Advancing his argument, Mr Christie contended that his government has to manage and promote a total of 28 airports, several of which have to operate international flights.
He said his administration has gauged estimates on how much it would take to move these facilities to international standards - $150m, he noted.
Mr Christie added: You dont earn that, you have to go out and borrow it it adds to the national debt.
The point was supported by General Granger who noted that his country, which is larger than The Bahamas, has only two airports to manage.
Mr Christie noted that most countries in the region are grappling with similar problems and a united effort, in time, could alleviate the pressures faced by all in the region.
To thank The Bahamas for hosting him and members of his delegation, General Granger presented Mr Christie with a painting of a jaguar; the animal is considered noble in Guyana.
Additionally, General Granger pledged to ship several of his nations national tree crops to the Bahamas as a part of Guyanas National Tree Day celebration later this year.
Read the original here:
Guyana president hails Bahamas as example to the Caribbean | The ... - Bahamas Tribune
Posted in Bahamas
Comments Off on Guyana president hails Bahamas as example to the Caribbean | The … – Bahamas Tribune
Guyana’s President Said He Learned a Lot During Visit to The Bahamas – The Eleutheran
Posted: at 1:40 pm
President of the Cooperative Republic of Guyana, His Excellency Brigadier David Granger speaks at a luncheon held in his honor at Churchills restaurant in the Grand Lucayan on Friday afternoon. (BIS Photo/Lisa Davis)
FREEPORT, Grand Bahama Sitting Chairman of the Caribbean Community regional body (CARICOM) and President of the Cooperative Republic of Guyana, His Excellency Brigadier David Granger said that he and members of his Cabinet were in The Bahamas to learn, and during his visit to Grand Bahama he admitted that in two days they had learned a lot.
Addressing a special luncheon in his honour, hosted by Prime Minister the Rt. Hon. Perry Christie and Minister for Grand Bahama the Hon. Dr. Michael Darville at the Grand Lucayan, Brigadier Granger said that The Bahamas has been a good example to the rest of the Caribbean community in terms of outstanding development.
We have been deeply impressed by the development of The Bahamas, particularly in the financial and tourism sectors under Prime Minister Christie, said the Guyanese President. But there can be no doubt about the pre-eminence of the Bahamian economy and I have come with my Minister of Foreign Affairs, Minister of Agriculture, and Minister of Business and Minister of Tourism to look and to learn from The Bahamas.
From what we have seen here in Grand Bahama, there is no doubt a model for industrial development and format from which we can learn a lot.
President Granger said that regional tourism and collaboration between member states must become an emerging trend, especially if Caribbean islands that depend heavily on tourism intend to survive in the face of the opening of the borders of a destination like Cuba.
I am convinced that if we can combine our talents and our resources we can offer a world-class product. The Bahamas is already a world-class destination and we would like to learn how you have been able to accomplish that position.
Grand Bahama has set the stage as a major player in the industrial sector and from the visits we have made to places like the Container Port and the Grand Bahama Shipyard, we can take away so much information to study. We are very happy with what we have seen during our visit here.
He said that The Bahamas is well on the path to prosperity and security, and well on the path to sealing its position with solidarity with the rest of the Caribbean community. Brigadier Granger said be assured that his ministers for Tourism, Business and Finance would be back in The Bahamas at a later date, for a longer period of time, to learn more about how The Bahamas has been able to accomplish what it has in terms of gaining a foothold in tourism, economics and industrial success.
The Caribbean is a unique zone situated in between two giants the North American Continent and the South American Continent. In between we have scores of small and micro-states.
These states and countries are threatened because of economic hardships. But we have to transform our economies. So we have been able to come to Grand Bahama and see how this transformation is taking place.
But Grand Bahama is just one part of the entire Caribbean and during my semester as head of CARICOM, I will take the message of what I have learned here to my colleagues around the Caribbean.
During the luncheon, Sarah St. George, Vice-Chairman of the Grand Bahama Port Authority, presented Brigadier Granger with a special gold coin, which represented the 50th anniversary of the Port Authority.
By Andrew Coakley Bahamas Information Services
Read more:
Guyana's President Said He Learned a Lot During Visit to The Bahamas - The Eleutheran
Posted in Bahamas
Comments Off on Guyana’s President Said He Learned a Lot During Visit to The Bahamas – The Eleutheran
Bahamas govt denies US and Amnesty human rights reports – NYCaribNews
Posted: at 1:40 pm
NASSAU, Bahamas (CMC) The Bahamas government has taken issue with the reports of the United States and Amnesty International on human rights issues in the Caribbean Community (CARICOM) country.
The Perry Christie government in separate statements said that it is preparing an official response and intends to issue a formal protest on the matter.
The government said that prior to the release of the US State Departments 2016 report on human rights in The Bahamas, the government spoke with representatives of the United States government prior to the release of the report on human rights in the Bahamas.
During those conversations, it was made clear to the US that the proposed report contained significant inaccurate information with no basis in fact and in some cases incomplete information.
Now that the US report has been publically released, the Ministry of Foreign Affairs & Immigration is preparing an official response from The Bahamas Government and intends to issue a formal protest in this regard.
In the report, Washington noted that on July 8, last year, a foreign citizen reported he had been beaten by two or more corrections officers at the Bahamas Department of Corrections (BDOC).
He said that following an altercation with an inmate, prison guards placed him in handcuffs, bent him over a cart, beat him with a PVC plumbing pipe wrapped in duct tape, and then took him back to his cell without providing any medical attention.
The report also indicated that a migrant held in the immigration detention centre in Freeport faced alleged unprompted, regular beatings from the guards, as well as inappropriate sexual behaviour toward female detainees.
Prison and detention centre conditions failed to meet international standards in some areas, and conditions at the governments only prison remained harsh due to overcrowding.
Overcrowding, poor sanitation, and inadequate access to medical care remained problems in the mens maximum-security block. In October 2015 the commissioner of corrections reported the maximum-security block of the prison held 625 inmates in spaces designed to hold approximately 375 inmates when constructed in 1953. The minister of national security reported that the BDOC, which was originally built to hold 1,000 prisoners, held 1,727 inmates as of October 2016.
The report noted that inmates reported receiving only two meals per day, and often only one, with a meal sometimes consisting only of bread and tea.
Fresh fruit and vegetables were rare to non-existent. Prisoners also reported infrequent access to drinking water and inability to save potable water due to lack of storage containers for the prisoners. A few cells also lacked running water, and in those cells, inmates removed human waste by bucket.
The report also noted that prison guards complained about the lack of a full-time dentist and a failure to appoint a staff psychiatrist.
There were four inmate deaths through October 2015, reportedly due to HIV infection, natural causes, an apparent suicide, and injuries resulting from fighting. Reports from the coroners court were pending on the latter two deaths.
The government did not provide updated statistics in 2016. In August 2016, upon the conclusion of a Royal Bahamas Defence Force (RBDF) hearing that was closed to the public, the Bahamian government cleared five RBDF marines accused of beating five Cuban detainees at the CRDC in 2013, Washington reported.
It also noted that numerous Haitian migrants reported being detained by immigration officials and solicited for bribes of B$1,000 to B$3,000 (One Bahamas dollar =US$1.00), with the CRDC front office functioning as a clearinghouse.
Many claimed that immigration officers targeted their dwellings once their undocumented status was discovered demanding multiple bribes. Haitian migrants and civil society organizations complained of frequent warrantless searches of Haitian homes without probable cause.
Regarding the 2016-17 Amnesty International report, the London-based human rights group criticised Nassau for its discriminatory posture towards lesbian, gay, bisexual transgender and intersex (LGBTI) people and for the countrys constitutional referendum on gender equality.
The Ministry of Foreign Affairs said the government takes no acts to discriminate against people based on their orientation, race, colour, creed, gender or religion.
The Bahamas Government shows that it is an equal opportunity protector of all citizens and residents of this country. In addition, the Government takes all appropriate steps to ensure that its citizens of whatever description are safe.
It is unfortunate, even in countries which are strong democracies with good human rights records, when there are public views espoused that are discriminatory. Nevertheless, The Bahamas Government is firmly committed to the protection of all its citizens.
On the question of right to privacy of citizens, the Bahamas government said it wanted to reiterate without qualification there is no threat to privacy in the Bahamas.
The reports of any such threat are entirely misplaced, it added.
Read this article:
Bahamas govt denies US and Amnesty human rights reports - NYCaribNews
Posted in Bahamas
Comments Off on Bahamas govt denies US and Amnesty human rights reports – NYCaribNews
Embassy Issues Warning to Bahamas Visitors – Cruise Radio (blog)
Posted: at 1:40 pm
Join our list
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.
Thank you for subscribing.
Something went wrong.
We respect your privacy and take protecting it seriously
Each year, thousands of spring breakers head to the Bahamas on vacation, many of them via cruise ships. Hoping to help them avoid danger and even time behind bars, the Bahamian Embassy issued an advisory, saying that by following their tips and [exercising] caution and good judgment, travelers would make their own stays both safer and more pleasant.
Avoid Jet Ski Operators
If renting a jet ski while in the Bahamas is on your must-do list, proceed with caution. Jet ski operators, the advisory warns, continue to commit sexual assaults and other crimes against tourists, including U.S. citizens. U.S. Embassy personnel are instructed not to use jet ski rentals on New Providence and Paradise Beaches, including Cabbage Beach and Cable Beach. We strongly recommend you also avoid patronizing jet ski rental operations.
Noting that every year, U.S. citizens are killed or very seriously injured in scooter accidents, the Embassys advisory suggests renters inspect the equipment carefully and avoid old or rundown machines. It goes on to suggest tourists do something that few likely do, which is ask to see a copy of the operators business license and inquire about their medical and liability insurance coverage. Given how many folks might be new to riding scooters, they also suggest you ask for training before using the equipment, and offer a reminder that traffic in the Bahamas travels on the left side of the road and can be difficult to navigate. They also say that unlicensed scooter operators and rental services have been linked to assaults, including sexual assaults. Crime & Punishment While some tourists seem to think that people in the Bahamas simply walk around openly toking all day, the Embassy reminds that the possession or use of illegal drugs, including marijuana, cocaine and ecstasy, is a criminal offense that can result in jail time. And dont think youll get off easy as a minor, as all persons 16 years of age or older are tried as adults in the Bahamas! Its also worth remembering that entrapment is a frequently used law enforcement technique in the Bahamas and individuals offering drugs for sale may very well be undercover police officers.Finally, the Embassy points out that despite what you may have seen on television, they probably wont be a whole lot of help should you wind up in hot water. Your U.S. citizenship will not help you and will not exempt you from full prosecution under the Bahamas criminal justice system, they warn. U.S. Embassy officials can visit you in jail, provide information about the Bahamas legal system, and give you a list of local attorneys or doctors. [But] we cannot arrange for reduction of charges, your release from jail or payment of medical, hospital or other bills. They do, however, say they should definitely be contacted if you are a victim of crime or your passport has been lost or stolen.
More:
Embassy Issues Warning to Bahamas Visitors - Cruise Radio (blog)
Posted in Bahamas
Comments Off on Embassy Issues Warning to Bahamas Visitors – Cruise Radio (blog)
Is Transocean About to Make a Big Splash in the Offshore Rig Industry? – Motley Fool
Posted: at 1:40 pm
It might not look like it based on Transocean's (NYSE:RIG) most recent earnings reports, but the company is making some very large strides to improve its position in the rig market. While once seen as a company with an extremely old, ineffective fleet, Transocean now looks younger, leaner, and ready to position itself for the upturn in the offshore market.
In fact, Transocean is so confident in its current position that it thinks it can do something that has been almost completely unheard of in recent years: According to executives in its fourth-quarter earnings call, it's ready to make an acquisition. Here are some notable quotes from the call that illustrate what management is thinking.
Image source: Getty Images.
There hasn't been a lot of new work for rigs out there. So even the shortest, cheapest contract can be helpful in putting some cash in the coffers. According to Transocean CEO Jeremy Thigpen, the company has actually been doing a rather remarkable job of capturing what little work that is available:
I'd also like to thank our marketing contracts team, which in 2016 despite intense competition, won roughly one-third of the contracted global floater fixtures. The combination of our long-standing and deep customer relationships, our global footprint, our excellent operational performance and our internal confidence to offer innovative commercial models helped us to capture market share in this challenging market without bidding below cash breakeven dayrates. Of note, we were also able to secure contracts for two cold-stacked rigs when our competitors had hot rigs that were available.
It may not be showing up much in the bottom line of Transocean's results, but keeping rigs working at even the most modest profits will go a long way for any rig company, especially since we have yet to hit the bottom of the market.
As the offshore rig industry goes through this deep downturn, one of the silver linings is that it is forcing companies to think of better ways to operate. One thing that Transocean is looking to do is coordinate more with its suppliers and equipment manufacturers to lower operational downtime and maintenance costs. According to Thigpen, the company is trying a novel approach:
[W]e are more closely collaborating with our supply partners, and leveraging our respective strength to further enhance our riser inspection maintenance program and proven optimized [blowout preventer] performance, further improve reliability and reduce the total cost of ownership over the lives of the assets. We will accomplish these joint objectives by migrating our service model to reflect actual use in lieu of a more traditional calendar-based approach to service and maintenance. This reliability-centered approach has been approved by [Det Norske Veritas], and being embraced by the respective [original equipment manufacturers]. Ultimately, through closer collaboration, coordination and the aligning of incentives, we are confident that we can further improve rig uptime while reducing our operating costs.
Transocean isn't the only company taking this kind of approach to equipment performance. In 2016, Diamond Offshore (NYSE:DO) signed an agreement with General Electric (NYSE:GE) where it sold its blowout preventers back to GE and, in exchange, will lease them from GE. The idea here is that the OEM will have a better understanding of the equipment itself and will be more in tune with the maintenance needs. It also puts skin in the game for the OEM, as it is only paid for when the equipment is in use.
This seems to be a trend taking hold across the industry, so don't be surprised if we see more offshore rig owners move toward these equipment leasing options in the future.
Probably the thing that investors care about more than anything else is when we can expect the market to turn for offshore operators. Based on Thigpen's statements, 2017 isn't going to be the year. Integrated oil and gas companies (thinkExxonMobiland Chevron) represent the bulk of offshore development money, and those players don't have much of their budget dedicated to offshore work and reserve replacement. But Thigpen's more optimistic about 2018:
As we looked toward 2018, we're increasingly encouraged. The [integrated oil companies], which represent the majority of the offshore and specifically, the Deepwater market, recognize that their future is ultimately dependent on reserve replacement and production growth, yet 2017 will represent the third consecutive year of reduced capital spending and underinvestment in core high-return assets. As such, we expect the natural course of accelerating depletion to narrow the gap between the supply and demand of oil, and place upward pressure on its price, ultimately encourage incremental activity. Additionally, by 2018, we as an industry, will have further streamlined our organization and our processes, realizing additional performance improvement in cost savings that will result in even lower breakeven for our customers.
Transocean has been the most aggressive company in terms of scrapping older rigs that probably won't have much use in the future. The demands from operators today mean only the highest-specification rigs get work. As much work Transocean has done in right-sizing its fleet, Thigpen admits there is still lots of progress left to be made by the industry as a whole:
Still, with approximately 315 floaters in the current market, which includes those under construction, we as an industry remain oversupplied, even when considering the more optimistic estimates of recovery. Although we cannot accurately predict what others will do as the market unfolds, we will continue to be very pragmatic in evaluating both our rigs rolling off contract and our assets that are currently stacked. As we identify rig that no longer fulfills our fleet strategy and/or does not best address what we believed to be our customers' specific demand, we will continue to quickly make the decision to recycle it.
Transocean's most recent rig report showed it had nine older rigs that are only deepwater and midwater capable.These are the most likely candidates to be recycled. Some are still under contract, though, so don't expect them to be sent to the scrap yard before their contracts are up.
This was probably the most interesting quote from the whole earnings call. Thanks to Transocean's efforts to right size the fleet, delay delivery of some rigs under construction, and maintain a strong balance sheet, Thigpen actually sees a ripe opportunity to make some acquisitions:
In addition to retiring less-marketable assets, there is a significant number of high specification rigs, either in the possession of the stressed market participants or shipyards that could enhance our overall fleet and competitive position. We will continue to evaluate these assets, and remain ready to act under the right circumstances.
Thigpen went on to say that there two ways Transocean can deal with this. Either it can use cash to take over a shipyard delivery that was supposed to go to another player, or it could use its equity to absorb a competitor. Using equity today isn't ideal -- shares are trading for the absurdly cheap valuation of 0.31 times tangible book value -- but even that low share price is better than some of its peers.
RIG Price to Tangible Book Value data by YCharts.
If the company is going to make those kinds of deals, though, CFO Mark Mey thinks the company will need to act fast to get the best deal possible.
[Y]ou cannot wait too long because the opportunity may not be there for you. So you have to make a pre-emptive strike. I think Transocean, given our marketing presence and market intelligence, we probably have the best information out there, and probably get a look before most people do. So I think when we do decide to go out and strike, you can read that as a sign that we think the market is certainly troughed and improving from there.
Transocean has pretty much been the only company as of late to discuss the possibility of making an acquisition right now, which shows what kind of strength it has in the market in general. If this isn't a sign that the company is one of the best-positioned to bounce back in the offshore drilling industry, I'm not sure what is.
Tyler Crowe owns shares of General Electric and Seadrill. The Motley Fool owns shares of and recommends Atwood Oceanics. The Motley Fool owns shares of General Electric. The Motley Fool has a disclosure policy.
See more here:
Is Transocean About to Make a Big Splash in the Offshore Rig Industry? - Motley Fool
Posted in Offshore
Comments Off on Is Transocean About to Make a Big Splash in the Offshore Rig Industry? – Motley Fool
Offshore wind developers talk plans to bring first wind farm – WMAR – ABC2 News
Posted: at 1:40 pm
LINTHICUM HEIGHTS, Md. - Offshore wind developers discussed plans to bring wind farming to Maryland Tuesday.
The Business Network for Offshore Wind (the Network) sponsored a breakfast to introduce Deepwater Wind and US Wind to industry leaders.
The developers submitted proposals to the Maryland Public Service Commission to build the first offshore wind farm off Maryland's coast.
Offshore wind power is inevitable. If we want to meet our clean energy goals, if we want to hedge our bets against fossil fuel volatility, if we also want to have the lights come on around the most congested areas where the load centers are (which are our coast) then we have to have offshore wind, said Liz Burdock, the executive director at Business Network for Offshore Wind.
In Maryland, offshore wind is much more powerful than onshore wind, and in 2013, the Maryland Offshore Wind Energy Act was passed creating subsidies for offshore wind facilities.
The application process opened last year and this year, the Maryland Public Service Commission will review and potentially approve one of the two projects.
We've proposed the Skipjack Wind Farm, which is a 120 megawatt project that's located 17 miles off the coast of Ocean City, Maryland. It'll consist of 15 wind turbines and it'll produce enough power for about 35,000 Maryland homes, said Clint Plummer, the vice-president of development for Deepwater Wind.
Deepwater Wind is the developer of Americas first offshore wind farm launched off Block Island in Rhode Island last December. Also competing for approval is U.S. Wind.
This is a huge economic development project, which will employ 5,000 or more people over the course of a generation as we not only build our project but build out the Port of Baltimore and Ocean City to support projects up and down the east coast, said Paul Rich, the project development director for U.S. Wind.
Part of the financing for the projects will come from Marylanders who pay for public utilities. The act made available up to $1.9 billion in financing, but it also put a cap on the monthly charge to consumers.
The Maryland law establishes a cap of no more than $1.50 per customer per month, said Plummer.
However, rate payers won't see an increase in their bills until the turbines start spinning and that's not anticipated til around 2022. Proponents of the projects also call it a nominal fee for something that will potentially change the way Americans generate power.
The opportunity to bring a Silicon Valley of offshore wind is very real and we need to seize this opportunity as Marylanders, Rich said.
Packed house for @DeepwaterWind @uswindinc breakfast meeting #moveosw pic.twitter.com/1Vqbv1n8fM
According to officials, The Northeast regional pipeline of offshore wind would create about 75,000 jobs.
The meeting was held at the Maritime Conference Center Maritime Institute.
There will be two public hearings on the proposed projects. The first will be on Saturday, March 25, beginning at noon in the cafeteria of Stephen Decatur Middle School located at 9815SeahawkRoad, Berlin, Maryland 21811. The second hearing will be held on Thursday, March 30, at 6 p.m. in the Joint Committee Hearing Room in the Legislative Services Building located at 90 State Circle, Annapolis, Maryland 21401.
The Public Service Commission is expected to make a decision on May 17, 2017.
The first offshore wind project was installed in Denmark in 1991.
Download theABC2News app for theiPhone,KindleandAndroid
WMAR Staff contributed to this report.
Read the original here:
Offshore wind developers talk plans to bring first wind farm - WMAR - ABC2 News
Posted in Offshore
Comments Off on Offshore wind developers talk plans to bring first wind farm – WMAR – ABC2 News
Teekay Corporation (TK) and Teekay Offshore Partners (TOO) Announce Changes to Boards of Directors – StreetInsider.com
Posted: at 1:40 pm
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Teekay Corporation (NYSE: TK), and Teekay Offshore Partners L.P. (NYSE: TOO) today announced the following changes to their respective Boards of Directors:
"I am very pleased that Bill Utt will be taking over the Chairmanship of both the Teekay and Teekay Offshore Boards of Directors," commented Mr. Day. "After 18 years chairing the Teekay Corporation Board, and 11 years chairing the Teekay Offshore Board, I believe now is the right time for me to pass on the Board leadership to Bill, who has extensive experience in the energy industry and an appreciation of Teekay's culture." Mr. Day continued, "Since joining the Teekay Board in 2015, Bill has brought his deep project management knowledge to bear on Board deliberations and I have no doubt he will lead with enthusiasm and skill in his new role. I remain committed to both Teekay and Teekay Offshore and am pleased to continue serving as a Board member of each entity and offer my support to Bill, Teekay CEO Kenneth Hvid, and the rest of the Teekay team."
Mr. Utt responded "I am honored to succeed Sean as Chair of both the Teekay Corporation Board and the Teekay Offshore Board. Sean has done an excellent job of leading the Board and I am delighted that he will continue to serve on the Board as I take on this important leadership role."
Mr. Axel Karlshoej, Chairman Emeritus of the Teekay Corporation Board and brother of the founder, Torben Karlshoej, said, "I want to thank Sean for his extraordinary leadership over the past 18 years. During his tenure, he has overseen enormous growth in the Teekay Group, including the establishment Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd. In each case, he has been instrumental in establishing strong, cohesive boards with a focus on corporate governance best practices. I am pleased that Bill Utt has agreed to take on the Chairmanship of both the Teekay Corporation and Teekay Offshore Boards. Bill has been a strong contributor to the Teekay Board since he joined in December 2015 and I am confident that his expertise and strong leadership skills make him an excellent successor to Sean Day."
Mr. Utt has been a Teekay Board member since December 2015, and has over 30 years of engineering and energy industry experience. Until his retirement in 2014, he served as Chairman, President and Chief Executive Officer of KBR Inc., a global engineering, construction and services company. Before that, Mr. Utt served as the President and CEO of SUEZ Energy North America and President and CEO of Tractebel's North American energy businesses. Mr. Utt also currently serves as Chairman on the Board of Directors at Cobalt International Energy, a position he has held since June 2016, and is a member of the Board of Directors for Brand Energy & Infrastructure Services, a Clayton, Dubilier & Rice, LLC portfolio company.
Follow this link:
Posted in Offshore
Comments Off on Teekay Corporation (TK) and Teekay Offshore Partners (TOO) Announce Changes to Boards of Directors – StreetInsider.com