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Daily Archives: August 9, 2017
Noble Corporation’s Earnings Keep Declining on Weak Offshore … – Motley Fool
Posted: August 9, 2017 at 5:31 am
There have been some very early signs that the offshore oil and gas industry is picking back up again, but you can't find those signs in Noble Corporation's (NYSE:NE) most recent earnings report. Revenue and earnings continued to decline, and there wasn't much news during the quarter about new contracts to suggest things are going to get better soon.
Let's take a look at Noble's most recent results and what management sees that might suggest the market will improve.
Image source: Getty Images.
Source: Noble Corporation earnings release.
It's not easy to find the good things in this most recent earnings report from Noble. The companycontinues to keep a close eye on costs, but rigs continue to roll off contract faster than it can sign customers up for new contracts. There was also a $0.07 per sharecharge related to the Paragon Offshore bankruptcy baked into that most recent result. The net income loss from the first quarter relates mostly to a $260 million non-cash tax expense, so it's not as though there was a sharp increase in the past few months.
Noble's jackupfleet continues to be the pride of the fleet. Jackups ended the quarter with a utilization rate of 93% and a respectable average dayrate of $121,300. It did have one floating rig roll off contract, though, which was a big dent to profitability. The worst performing segment of the business continues to be itsolder fleet of semisubmersibles -- utilization rate of 17% and an average dayrate of $126,100. Considering the age of these vessels, it would not be a stretch of the imagination to see these rigs get retired and ultimately scrapped in the next several months.
Thankfully, Noble continues to generate free cash flow even though earnings are negative because of high non-cash depreciation and amortization expenses. At the end of the quarter, the company still had $600 million in cash on hand and a net debt of $3.2 billion.
Noble CEO David Williams mentioned in his statement that this quarter was a testament to the company's ability to weather the storm in the rig market, which isn't exactly a glowing review of the most recent quarter. He did say, though, that things are starting to look better thanks to new discoveries and better economics for offshore projects.
Despite the recent crude oil price volatility, our customers continue to evaluate offshore rig needs covering the remainder of 2017 and 2018. The number of jackup rigs under contract has risen steadily since the fourth quarter of 2016, while several contract awards in recent weeks provide evidence of intermediate-term support for the industry's floating rig capacity. Some of the recent floating contract awards and others still pending are addressing new, emerging offshore opportunities, such as theBlack Sea,Guyana, Suriname,MexicoandEgypt, driven in many cases by the confirmation of excellent hydrocarbon potential. We still expect a meaningful decline in the industry's total supply of jackup and floating rigs given the age, condition, and state of preservation of much of the global fleet. While our industry requires more time to recover, we continue to show steady progress.
Noble's results weren't great. There isn't a whole lot of new contracts out there for rigs, but some of Noble's peers havefound work lately. The fact that the companyhasn't been able to pick up much work might suggest that the company has some work to do on the marketing side of the business. Management is hoping that its collaboration with General Electric on what it's calling the Digital Rig could reap rewards down the road, but certainly not today.
If the company isn't able to find work for some of its rigs in the coming quarters, especially those that are slated to roll off contract by the end of 2017, then Noble could be in a little trouble.
Tyler Crowe owns shares of General Electric. The Motley Fool owns shares of General Electric. The Motley Fool has a disclosure policy.
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CWind secures cable contract for Merkur Offshore Wind Farm – Windpower Engineering (press release)
Posted: at 5:31 am
CWind technicians and equipment expected on site by September 2017 to deliver the main cable pull-in campaign for Merkur Offshore Wind.
CWind, a provider of services to the offshore wind industry, announced that it has been successfully awarded a contract to deliver all cable pull-in services for 66 offshore wind turbines and one offshore substation at Merkur Offshore Wind Farm.
The 396-MW Merkur project is currently being constructed 45 km from the island of Borkum in the German North Sea.
The contract for CWind, which is part of the Global Marine Group and delivers the Companys power capabilities, has been awarded by Tideway, part of the DEME Group, a global leader in dredging, marine engineering and environmental remediation.
The expertise of CWinds technicians and project engineers will ensure on-time project completion and will assist Merkur to supply energy to 288,469 homes.
CWind is known for our Right First Time approach and has vast understanding with this type of project, having competed 421 cable pull-ins to date. This experience and know-how provides our clients complete confidence in our teams capabilities, said Lee Andrews, Managing Director of CWind.
Pre-project engineering is already underway, with CWind technicians and equipment expected on site by September 2017 to deliver the main cable pull-in campaign. High-proficiency training at CWinds Barrow-in-Furness offshore wind training facility is currently being arranged for the Tideway Team, focusing specifically on cable termination and testing.
The contract emphasises the ongoing period of intense activity for CWind, which has project teams and vessels working at numerous locations, completing both installation and repair projects across the UK and Europe.
With pre-project engineering already in progress, this prestigious project supports our group vision of engineering a clean and connected future for the offshore power sector, addedAndrews.
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CWind secures cable contract for Merkur Offshore Wind Farm - Windpower Engineering (press release)
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Sinopacific Offshore resumes operations – Splash 247
Posted: at 5:31 am
August 9th, 2017 Jason Jiang Greater China, Shipyards 0 comments
Sinopacific Offshore & Engineering resumed full operations yesterday following the approval of the shipyards restructuring plan last week.
The shipyard went into a bankruptcy restructuring process in August 2016 and suspended operations after delivering a second 38,000 cu m ethylene gas carrier to Ocean Yield in June.
In July, CIMC Enric entered into a new restructuring investment agreement with the receiver of Sinopacific Offshore to take over the yard for RMB799.8m ($117.58m).
An official from SUMEC Group, a major creditor of Sinopacific Offshore, told Splash that the shipyards primary goal now is to complete existing orders and market the yard for new orders.
Sinopacific Offshore currently has two 22,000 cu m LEG carriers under construction for Odfjell.
Jason Jiang
Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jasons access to the biggest shippers with business in China has proved an invaluable source of exclusives.
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UN to Start Talks on Protecting High Seas from Overfishing – DivePhotoGuide.com
Posted: at 5:31 am
By Joanna Lentini,August 8, 2017 @ 10:50 AM (EST) Source: NY Times
Considering over half of the worlds oceans have no jurisdiction, the United Nations is scheduled to start talks early next yearon protecting the high seas from overfishing. As things stand now, the high seas are ripe for pillage and the vast biodiversity of life there remains atrisk. By setting up marine protected areas on the high seas,the 193-countryGeneral Assembly hopes to safeguard against overfishing, mineral extraction, andclimate change.
Fishing on the high seas is a multi-billion dollar industry which will have little to noimpact on fishermen, while the trawlers of the high seas have hefty bank accounts behind their ventures. Proponents of the treaty would like to see 30% of the high seas protected; however, the United Nations goals are currently set at 10%. The treaty talks have had some push back from several countries who would prefer to see regional bodies created. Regardelss of how it is to be structured,it remains to be seen how the UN intends to enforce the new rules.
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Warrantless US Spying Is Set to Expire Soon. Let It Die – WIRED
Posted: at 5:30 am
Surveillance technologies have historically restricted the freedoms of communities of color and immigrants in this country. This history continues today through a resurgent national security apparatus with emboldened nationalist tendencies. Members of Congress have the power to rein these surveillance mechanisms. At this moment, Section 702 of the Foreign Intelligence Surveillance Act (FISA) is pending reauthorization from Congress. This piece of legislation must be reformed in order to prevent dragnet surveillance, backdoor searches of phone and email records, and unlawful targeting of communities of color and immigrant communities. Unless these revisions are made, Congress should let the provision expire.
Ken Montenegro ( @kmontenegro ) is national vice president of the National Lawyers Guild in New York. Steven Renderos ( @stevenrenderos ) is organizing director at the Center for Media Justice in Oakland, California.
Section 702 allows for warrantless surveillance of conversations between people in the US and in foreign countries. The law passed in 2008 during the George W. Bush's presidency, was extended by the Obama administration, and is now set to expire at the end of 2017, unless Congress reauthorizes the provisiona move the Trump administration supports.
Rebuttals to questions of surveillance often go something like this: 'If youve got nothing to hide, then you shouldnt be worried.' But a review of American history points to the same groups being routinely spied on by the government: black and native bodies, immigrants, poor communities, and anybody deemed as an other or a threat to national security. High-profile cases of surveilled prominent figures include civil rights leaders Martin Luther King Jr. and Cesar Chavez , who were both monitored by the FBI.
More recently, cities like Baltimore experienced dragnet surveillance after protesting against the police murder of Freddie Gray. Black Lives Matter activists in Ferguson, Missouri became targets of surveillance . Muslim communities have long withstood surveillance of their neighborhoods, mosques, and community leaders . If history is any indicator, the net cast on those suspected of being threats to our nations safety is vastand in a time where much of the nation is intent on resisting and dissenting, this puts much of the country at risk of being surveilled. Furthermore, surveillance, particularly enabled under 702, is nefariously opaque .
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Proponents of Section 702, such as the Heritage Foundation , and Trumps homeland security and counterterrorism advisor Thomas Bossert, argue that oversight protocols and existing language in the provision will prevent significant overreach. In an op-ed in the New York Times published earlier this year, Bossert claimed that Section 702 doesnt allow for targeting of US citizens, emphasizing that the provision expressly forbids intentional targeting and that an individual court order supported by probable cause is needed to surveil citizens and foreigners inside the US.
But newly declassified memos reviewed by The Hill revealed a slew of violations by the NSA and FBI during the Obama administration, proving that although intentional targeting of US citizens may not be allowed, citizens' data is nonetheless being interceptedand searched. Among the various violations cited in the memo are numerous overcollection incidents, and the misuse of overly broad queries or specific US person terms to search through NSA data.
Immigrants are also largely at risk of being surveilled through Section 702s so-called upstream monitoring , which allows communication to a friend or family member outside of the country (or browser history, chat logs), to be searched for potential selectors or keywords of interest. This means that more than a quarter of the US populationmore than 84 million peopleare at risk of having their data intercepted.
We recently visited our nations capitol with a delegation of community leaders and policy advocates from across the country to meet with Senators Al Franken (D-MN), Kamala Harris (D-CA), and Ron Wyden (D-OR), along with Representatives Justin Amash (R-MI) and Keith Ellison (D-MN), to discuss the impacts of new surveillance technologies on immigrant communities and religious minorities. Among the solutions proposed was to reform Section 702 to close the backdoor search loophole, and prevent overly broad law enforcement from being used to target immigrants and citizens of color, religious minorities, and activists.
Last month, the Center for Media Justice joined over two dozen civil rights and civil liberties groups including the ACLU and Color of Change to send a letter to the House Judiciary Committee recommending reforms to the provision. History shows that intelligence programs without adequate oversight, demonstrated by COINTELPRO and the contents of the Edward Snowden revelations, inevitably overstep their mandates.
Congress should recall the origins of the fourth amendment in this moment: Lets stop putting mass surveillance technologies in the hands of intelligence agencies, especially with nothing but the misplaced hope they will do the right thing.
Ken Montenegro ( @kmontenegro ) is national vice president of the National Lawyers Guild in New York. Steven Renderos ( @stevenrenderos ) is organizing director at the Center for Media Justice in Oakland, California. WIRED Opinion publishes pieces written by outside contributors and represents a wide range of viewpoints. Read more opinions here .
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POV: Defending Affirmative Action – BU Today
Posted: at 5:30 am
Photo by S_e_P_p/iStock
It looks like the Trump administration is getting ready to attack race-based affirmative action in higher education.
Last week, media outlets reported that a memo had been circulated to the Justice Departments civil rights division soliciting people interested in investigations and possible litigation related to intentional race-based discrimination in college and university admissions. It takes no great effort to deduce that the colleges and universities that may be the targets of investigations and possible litigation are the ones that alter their admissions criteria so as to admit a meaningful number of black, Latinx, and indigenous studentsstudents from historically disadvantaged racial groups.
Race-based affirmative action has always been controversial in light of the fact that in order to distribute some seats in an incoming class to black, Latinx, and indigenous students, some seats have to be distributed away from students who would otherwise be admitted: white and Asian students. It is for this reason that opponents of such efforts sometimes deride them by calling them instances of reverse racism. Supporters of affirmative action deny this description, defending the programs on the basis of diversity. They say that affirmative action facilitates racial diversity in colleges and universities. And diversity, they say, is good for everyone.
Diversity is a dreadfully weak defense of affirmative action. This is true although the Supreme Courts 2003 decision in Grutter v. Bollinger, which upheld the constitutionality of affirmative action programs that use race in admissions in order to pursue the educational benefits that flow from a racially diverse student body, makes it necessary for affirmative actions defenders to speak in terms of diversity. Nevertheless, diversity makes it easy to forget why the nation first thought to experiment with race-conscious policies in college admissions and hiring. Thus, it may be helpful to recount the history of affirmative action: it may be helpful to remember and remind ourselves that affirmative action was, and still is, a mechanism that is designed to remedy the historical wrongs that have been inflicted upon black, Latinx, and indigenous people.
The Civil Rights Movement of the 1950s and 1960s is rightfully understood as the birthplace of affirmative action. While those who participated in this social movement conceptualized intentional racial discrimination as a key mechanism that worked to exclude black people from the life of the nation and to relegate them to the bottom of social, cultural, political, and economic hierarchies, they appreciated that other processes functioned to produce the same results. Indeed, Dr. Martin Luther King, Jr. (GRS55, Hon.59) argued that even if intentional racial discrimination was never again practiced in the country, black poverty, the historic and institutionalized consequences of color, would persist. Hence, thinkers of the day understood that formal legal equality for black people would not result in substantive equality for this historically disadvantaged group.
Accordingly, activists certainly celebrated the passage of the Civil Rights Act of 1964, which outlawed race-based discrimination (as well as discrimination on the basis of color, religion, sex, and national origin) in significant areas of American life. However, they conceptualized this piece of legislation as a necessary, but not sufficient, step in the fight for racial justice. Also required were efforts to dismantle the race-neutral processes that destroyed black peoples ability to participate themselves as equals into the body politic. They understood that exclusion from job opportunities and educational institutions was as much a function of intentional discrimination as it was of the way that merit and qualifications had been defined.
The Equal Opportunity Act, which was the legislative piece of President Lyndon B. Johnsons War on Poverty, complemented the Civil Rights Act inasmuch as it implemented job training and social welfare programs that were designed to help the poor acquire skills that could help them participate in the labor market, and ideally, emerge from poverty. But still, many felt that the programs that the Equal Opportunity Act implemented were insufficient to realize what the civil rights activists demanded: full-throated racial justice. They offered race-based affirmative action programs as the vehicle for making tangible that demand. It was these programs to which President Johnson referred in a speech on Howard Universitys campus in June 1965, noting that the country must enter the next and the more profound stage in the battle for civil rights.
Thus, affirmative action is not about diversity. It is about remedy. It is about addressing this nations sad, sorry, and sustained history of racism against historically disadvantaged racial groups. As prominent legal scholar Charles Lawrence has written: The original vision of affirmative action proceeded from the perspective of the subordinated. [When the] students and community activists who fought for affirmative action in the 1960s and 70s demanded affirmative actionwhen they sat-in and sued and took over buildings and went on hunger strikes and closed down universitiesthey sought redress for their communities.
Suffice it to say that we have not redressed the racial wounds that have been inflicted on black, Latinx, and indigenous people (as well as on many Asian communities). The quality of the lives of many people of color is too poorand their lives too shortto suggest otherwise.
This is not to argue that affirmative action is adequateis the only thing that we need to do to right our racial wrongs. It is not. We need to make many other interventions to remove the race-based burdens that devastatingly high numbers of black, Latinx, and indigenous people bear. However, the Trump administration is not interested in intervening so as to improve the lives of this countrys truly disadvantaged groups. Instead, it is gearing up to attack one powerful, if ultimately insufficient, effort to produce a nation that reflects the commitments to equality and justice contained in its founding documents.
Khiara M. Bridges, a School of Law professor of law and a College of Arts & Sciences professor of anthropology, can be reached atkmb73@bu.edu. The author ofReproducing Race: An Ethnography of Pregnancy as a Site of Racialization (University of California Press, 2011), she has written widely on the issues of race, class, reproductive rights, and reproductive justice. Her latest book, The Poverty of Privacy Rights (Stanford University Press, 2017), explores the moral construction of poverty and its effects on poor mothers privacy rights.
POV is anopinion pagethat provides timely commentaries from students, faculty, and staff on a variety of issues: on-campus, local, state, national, or international. Anyone interested in submitting a piece, which should be about 700 words long, should contact Rich Barlow atbarlowr@bu.edu.BU Todayreserves the right to reject or edit submissions. The views expressed are solely those of the author and are not intended to represent the views of Boston University.
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Vice chancellor seeks stronger ties between University Extension, public – Chillicothe Constitution Tribune
Posted: at 5:30 am
Enhancing economic growth, strengthening secondary education and making health care more accessible are top priorities in the state, and the University of Missouri Extension wants to help reach these goals by focusing more on the mission of the University of Missouri.
Enhancing economic growth, strengthening secondary education and making health care more accessible are top priorities in the state, and the University of Missouri Extension wants to help reach these goals by focusing more on the mission of the University of Missouri. Dr. Marshall Stewart, vice chancellor for extension and engagement for the University of Missouri Extension was in Chillicothe Saturday, concluding a string of visits through western Missouri. He toured Chillicothe and met with several community members and University of Missouri Extension supporters. We have to return to our mission, which is to take the core of the university the research and innovation of the university and drive it out to our network, Stewart said. We need to identify the needs and figure out how to align our resources better and make an impact. In his position, Stewart oversees extension outreach programs and travels throughout the state looking for ways to better engage with Missourians through extension, whether it be in its work in k-12 education, the school of medicine, its work in agriculture, 4-H or any other area of interest. He stated that the University of Missouri was established in 1839 to serve the people as a public land grant university bringing into play research and extension as well as teaching aspects and emphasizing that universities are not just for the elite but for the common man and woman. In todays world, how do we take all the disciplines and ensure that the institution is accessible to all?, he questioned. What are the needs economically in the state, for education, health, and the environment? Missourians want to see more economic growth. We are looking at all the assets of the institution, Stewart said. How can we bring more support to the communities with the research and innovation that we have? Enhancing secondary education is another focus for improvement. People see a need in Missouri for better workforce preparation, Stewart said. Programs such as the Litton Agri-Science Learning Center and Grand River Technical Schools Building Trades program which involves students building homes are significant in helping prepare students for the workforce. The Litton ag center... its phenomenal, Stewart said. Just imagine if we could replicate that maybe not always with an ag theme, but something else in other parts of the state. These are examples we can share with other communities. Stewart also noted that improvements should be made for health care accessibility. There are health deserts, he said. We need to learn how to work better with tele-medicine, how to graduate more doctors who want to go to rural, under-served areas, and learn how to create better opportunities for nurses. We have a chance here to set a new standard of what it means to be a publicly-engaged university and do it in a way that is very intentional and meaningful in the lives of Missourians, Stewart stated. Another significant challenge in Missouri is to make broadband internet available throughout the state. There are broadband deserts not only in rural Missouri, but even in St. Louis County, he said. He likened the campaign for bringing broadband internet to Missouri to the drive many years ago to bring electricity to rural communities. This is like our modern day rural electrification, he said. Missouri Extension, he noted, was integral in helping that movement get started through education. We helped communities get engaged in that, he said. We worked with other agencies. Stewart stated that the Extension is working with other agencies, entities to implement broadband. If we can figure out how to do that in rural Missouri, we can bring great economic development, improved education and improved health care, Stewart said. This is a longterm project and it will take a longterm strategy to work it out.
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Bobhuski: space travel for city dwellers – Architecture and Design
Posted: at 5:29 am
Even in moderate-sized dwellings, sharp edges plus clumsy hip movements equals a recipe for injury. At least, in this authors experience.
Apparently, the architects at March Studio were familiar with this same margin of error. So when the call came to renovate a teeny, tiny Falls Creek studio with barely enough room for a hip-rolling swagger, curves came to seem like the best course of action.
Clearly, being curvy paid off. Bobhuski, as the project came to be known as, recently won the top accolade in the Houses Awards 2017 Apartment or Unit category. Delightfully described as a 1970s Japanese space capsule, the lean 27-square-metre space is a nod to the Metabolism movement within Japanese architecture; a movement which gave rise to a typology that highlights how little the house and apartment typology has changed, according to the Houses Awards jury.
Specifically, March Studio looked to Ekuan Kenjis 1962 Capsule House and Kurokawa Kishos socially optimistic 1972 Nakagin Capsule Tower as inspiration for Bobhuski.
But to dismiss this project as simply nostalgic would be a mistake, warned the jury. The projects use of past practices to address problems of space are more relevant now than ever.
To misinterpret the historic architectural quotations in this project as scenographic or nostalgic would be a mistake, reads a statement from the jury. It is timely for architects to engage with history and ideas that might provide a springboard for future thinking.
From the space capsule architecture of Japan, March Studio took their form-fits-function approach to the project. The curved surfaces of Bobhuski are one example of this; the reorientation of the entrance was another. By moving the front door from the balcony to a more central access thoroughfare, the architects were able to conceive of a more amenable orientation for the rest of the home. The 3.5-metre by 10.2-metre floorplan was divided into two separate zones: open-plan living and dining at the front, sleeping and bathing quarters towards the back.
Despite this separation of zones, their relative functions arent rigid. Knowing full well that flexibility is key to any small space, March Studio incorporated a zone whose purpose could be reimagined with the simple tug of a lever, or turn of a key. Here, a fold-down Queen-sized bed turns common room to bedroom in moments, and a series of secret storage solutions such under-seat storage and a hidden lockable cupboard behind the fridge make a habit out of tromp loeil.
But what good are tricks of the eye if you cant see anything at all? The final challenge faced by the architects was how to coax light into this slender space. To this effect, several pill-shaped, light-bringing openings were incorporated throughout the design: a large, double-glazed window above the L-shaped couch in the living room, and a similarly-shaped skylight of LEDs that stretches through the apartment. The brightness of this latter lightbox can be controlled, so while it feels like natural sunlighting, its ambience can be called upon around the clock.
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Voyager celebrates 40 years of space exploration – The Space Reporter
Posted: at 5:25 am
The twin Voyager spacecraft are celebrating 40 years of space travel as they continue to send data to NASA from the far-flung reaches of local space.
NASA reports that the Voyager craft communicates with ground control on a daily basis, despite being the longest-lived and furthest-travelling spacecraft ever launched.
The two space probes, Voyager 1 and Voyager 2, each carry a copy of a Golden Record of images, sounds and messages from Earth. The recordings could endure for billions of years, carrying a record of human civilization deep into the galaxy.
Voyager 1 became the first spacecraft to enter interstellar space when it passed beyond the outer reaches of the solar system. Voyager 2 is the only spacecraft to conduct a flyby of all the gas giants Jupiter, Saturn, Uranus, and Neptune. The Voyager craft was the first to self-diagnose and address technical problems autonomously.
I believe that few missions can ever match the achievements of the Voyager spacecraft during their four decades of exploration, Thomas Zurbuchen of NASA said. They have educated us to the unknown wonders of the universe and truly inspired humanity to continue to explore our solar system and beyond.
Voyager 1, which launched on Sept. 5, 1977, is now nearly 13 billion miles from Earth. The probe has determined that cosmic rays are about four times more powerful in interstellar space than near Earth, suggesting that our solar systems heliosphere serves as a shield against outside radiation.
Voyager 2, launched on Aug. 20, 1977, is about 11 billion miles from Earth and should enter interstellar space within a few years. The probes are heading in opposite directions, allowing scientists to compare data collected from two sides of the solar systems neighborhood.
None of us knew, when we launched 40 years ago, that anything would still be working, and be continuing on this pioneering journey, Ed Stone of Caltech in Pasadena said. The most exciting thing they find in the next five years is likely to be something that we didnt know was out there to be discovered.
In honor of the occasion, NASA will beam an uplifting message from humanity into interstellar space on the 40th anniversary of Voyager 1s launch. The agency is holding a contest via social media to select the message. Contestants are encouraged to tag a short message #MessageToVoyager by August 15.
Kathy Fey is a freelance writer with a creative writing degree from Mount Holyoke College. She is an active blogger and erstwhile facilitator of science and engineering programs for children.
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Working at SpaceX: Low Pay, High Stress and a Chance to Be Part of History – PayScale Career News (blog)
Posted: at 5:25 am
Image Credit: NASA
Who hasnt dreamed of playing an integral role in mankinds exploration of space? The first written story of space travel appeared in the early 17th century, but cave paintings and hieroglyphics dating back tens of thousands of years seemingly reference rockets, spaceships and interstellar travelers. The 18th best television show of all time according to Rolling Stone is Star Trek, perhaps the definitive story of space exploration. And the 9th greatest movie of all time according to the Hollywood Reporter is 2001: A Space Odyssey. (Star Wars comes in at number 11.)
Elon Musk and his employees at Space Exploration Technologies Corporation better known as SpaceX get to live out that dream.
As written on the Los Angeles-area companys website, SpaceX manufactures and launches advanced rockets and spacecraft. The company was founded in 2002 to revolutionize space technology, with the ultimate goal of enabling people to live on other planets.
For decades, the only game in town when it came to working in space exploration were state-sponsored programs like the National Aeronautics and Space Administration (NASA), Russias Roscosmos State Corporation for Space Activities (shortened to Roscosmos, and formerly known as the Russian Aviation and Space Agency) and the China National Space Administration (CNSA). But the founding of a handful of privately owned companies in the 2000s including SpaceX means you no longer have to take a government job if you want to toe the starting line of the space race.
Fifteen years after it was founded, SpaceX is among the leaders in spacecraft development (as is rival billionaire Jeff Bezos Blue Origin). As described in The New York Times, the company is best known for Mr. Musks goal of colonizing Mars, but it is also a key player in the business of sending commercial satellites into space. Its Falcon9 rockets have been launched 38 times since the first launch in 2010, with only one mission failure resulting in a rocket destruction.
SpaceX is also, one of the most valuable privately held companies in the world, with a valuation of around $21 billion.
Whats it like to work at SpaceX? According to former employee Josh Boehm:
There are almost no private offices, as just about everyone has a cubicle, including Elon. You get pretty much full access to the factory, and can walk around and explore on your breaks. Its amazing to be able to see the process of building a rocket, basically from start to finish. They even have cameras set around the factory, so you can watch whats going on from your desk. Depending on your department the culture can be quite different. My department was pretty flexible about where and when you work, just so long as you got your work done, where as other departments had time cops and you have to clock in and out. Communication is very open, and even Elon is approachable if you have a good reason.
But that flexibility is paired with a heavy workload and a high level of stress:
While no one will be forcing you to, youll end up working crazy long hours, just to keep up with your workload, and because you dont want to leave the place. A phrase Ive heard thrown around SpaceX frequently is everyone is their own slave driver. I was frequently there late at night for my job, and I never really felt alone. The factory is always alive and cranking out rockets no matter what time of day or night you go there.
Boehms description aligns with the findings published in PayScales recent report, Tech Companies Compared: Salaries, Tenure and Corporate Culture.
Of the 52 companies we surveyed, employees of SpaceX reported the highest level of stress attributed to their job; 86 percent of SpaceX employees reported that their work environment was Fairlystressful or Extremely stressful when asked How stressful is your job/work environment? Thats more stressful than the infamously stressful Amazon (64 percent) and this is despite the fact that the the median mid-career salary at SpaceX is last on our list, at $80,000. (The top-ranked company on our list based on median mid-career salary is Zendesk, at $186,000.)
But SpaceX employees clearly arent in it for the money. Again, according to our data, employees of the company report the highest job meaning of any of the companies we surveyed. Ninety percent of SpaceX respondents answered Very much so or Yes to the question, Does your work make the world a better place?
Boehms account of his time with the company matches up with our findings:
The job satisfaction and team camaraderie is like nowhere else. Every time there is a launch, everyone crowds around mission control and cheers it on. Getting your mission patch after a launch was always a very satisfying feeling. If there was ever a failure, you definitely felt it in the air, but it wouldnt stop any of us from working or demotivate us. If youre considering working for SpaceX, I would highly recommend pursuing it, as its an incredibly rewarding experience.
No surprise here. Space, the final frontier, is ripe for exploration and colonization, and play even a small part in that historic undertaking is the dream of millions.
If youre interested in working for SpaceX, you can view the job openings on their website, here.
With any luck, youll land the job of your dreams and launch your career into the future.
See 52 top tech companies compared in our report, Tech Companies Compared: Salaries, Tenure and Corporate Culture.
Do you want to take part in the space race by working for a space exploration company? Tell us your thoughts in the comments or join the conversation on Twitter.
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