latest news releases from the newsroom
Write Downs and Charges Impact Hydro's Fourth Quarter Results
OSLO, Norway, Feb. 2, 2006 (PRIMEZONE) -- Norsk Hydro ASA will record a non-cash charge in its fourth quarter 2005 results of NOK 1.8 billion (USD 270 million) before tax, corresponding to NOK 1.6 billion (USD 240 million) after tax. This charge consists of write downs in Hydro's Magnesium and Rolled Products businesses, expensing of the value of certain seismic databases acquired through the purchase of Spinnaker Exploration Company as well as a write down of the Telemark field in Gulf of Mexico.
Petroleum Geo-Services ASA
Petroleum Geo-Services ASA -- Talisman Option on Petrojarl Varg not exercised
OSLO, Norway, Feb. 2, 2006 (PRIMEZONE) -- Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE:PGS) (NYSE:PGS) announced today that Talisman and the other License owners of Production Licence (PL) 038 did not exercise their option to change contract terms for Petrojarl Varg's production of the Varg field. As previously disclosed, Talisman and PGS entered in February 2005 into an option agreement enabling Talisman to change the termination clause in the contract between PL038 and PGS Production. If exercised, the PL038 license holders would have had the right to use Petrojarl Varg for production of the Varg field until 2010, and would also have been obligated to pay PGS a fixed option fee of USD 22.5 million and further guarantee a minimum rate of USD 190,000 per day as compensation for the use of Petrojarl Varg. The option expired February 1, 2006. Talisman did not exercise the option within this deadline.
Horizon Offshore Inc.
Horizon Offshore Announces Award of Major Pemex Contract in Mexico
HOUSTON, Feb. 1, 2006 (PRIMEZONE) -- Horizon Offshore, Inc. (OTCBB:HOFF) announced today that Pemex Exploracion y Produccion (Pemex) has issued a letter of award to its subsidiaries, HOC Offshore S. de R.L. de C.V. and Horizon Offshore Contractors, Inc. for the Package 'J' pipelines of the KU-MALOOB-ZAAP project offshore Mexico. The contract calls for the installation, tie-in and associated commissioning of five pipelines under the KU-MALOOB-ZAAP project in the Bay of Campeche. Horizon will utilize its lay barge Lone Star Horizon and a DP2 vessel to perform the project. Engineering and procurement of the 20" and 24" diameter line pipe will begin in February 2006 with construction scheduled to begin in May 2006. In addition to this award, the Company has recently received a change order on its current contract with Pemex that was awarded in June 2005 under the KU-MALOOB-ZAAP project.
Shearson Financial Network, Inc.
Shearson Home Loans Declines $4 Million Equity Commitment
LAS VEGAS, Feb. 1, 2006 (PRIMEZONE) -- Shearson Home Loans, a fast growing mortgage banker/broker and subsidiary of Consumer Direct of America (OTCBB:CSUA), has declined a $4 million equity commitment term sheet from Crusader SEDA Fund LLC in New York. The SEDA (Standby Equity Distribution Agreement) would have allowed Shearson to draw down capital from the fund periodically over the next two years up to a total of $4 million.
Izard Nobel LLP
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Royal Group Technologies Limited -- RYG
HARTFORD, Conn., Feb. 1, 2006 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of (i) all persons who purchased or otherwise acquired the common stock of Royal Group Technologies Limited ("Royal Group" or "the Company") (NYSE:RYG) (TSX:RYG); and (ii) all foreign persons and entities that purchased or otherwise acquired the common stock of Royal Group on the NYSE during the period between February 24, 2000 and October 18, 2004, inclusive (the "Class Period").