Market News
Contango Oil & Gas (MCF)
Three workers received minor injuries and an oil-gathering platform near Houston was temporarily shutdown after a rupture of a 20-inch wide underwater oil pipeline, Contango Oil & Gas Company said Wednesday. The company implemented its emergency spill response plan, even though it said it expect little oil loss, perhaps less than a barrel.
The accident occurred when a dredge contracted by the Army Corps of Engineers to
dredge the Atchafalaya River Channel, snagged the pipeline, Contango said. The three workers were apparently employees of the private dredging company performing the dredging, and received medical treatment.
Kenneth R. Peak, Contango`s Chairman and Chief Executive Officer, said "We are
fortunate that we have received no reports of serious injury and any
environmental impact at this time appears to be minimal. We have worked closely
with the Army Corps of Engineers, the United States Coast Guard, and the
Minerals Management Service and are gratified by the assistance we have
received. A fly-over by our crew spotted a light sheen that they estimated at
less than a barrel. Repair vessels and a diving crew are en-route to the
location to assess the extent of the damage to our pipeline."
Six wells were "shut-in" but several others are unaffected, the company said. Contango is a Houston-based, independent natural gas and oil company.
This appears to be more of a headache for Contango than a long-term setback. Investigations and work in getting the pipeline back in service will take some time, but since many other wells and lines remain in service, production will likely not be severely affected.
Feb 25 · 8:53:00 PM · Source: Company Press Release
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by Michael Oliveto
Unemployment
New orders for long-lasting U.S. manufactured goods excluding transportation unexpectedly fell in January, while the number of workers filing for jobless benefits rose last week, suggesting a loss of momentum in the pace of economic recovery.
The Commerce Department said on Thursday orders excluding transportation fell 0.6 percent last month after increasing 2.0 percent in December. That was below market expectations for a 1.0 percent rise.
However, overall orders jumped 3.0 percent, the biggest gain since July, as aircraft bookings soared. That was well above market expectations for a 1.5 percent rise. Orders increased 1.9 percent in December.
Separately, initial claims for unemployment benefits rose 22,000 to 496,000 last week, the Labor Department said.
Analysts had expected jobless claims to fall to 455,000.
Feb 25 · 5:10:00 PM · Source: CNBC
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by Michael Oliveto
Republic Airways (RJET)
Republic Airways Holdings Inc. (NASDAQ: RJET) announced today it has signed a
purchase agreement for 40 Bombardier CS300 jets, part of the next-generation CSeries aircraft, worth $3.1 billion. According to Reuters and Bombardier, Republic also has options for up to an additional 40 aircraft. The aircraft, which will be configured in a single-cabin, with two-by-three seating for 138 passengers, including 25 stretch seats, is scheduled for delivery beginning in the second quarter of 2015.
The aircraft are powered by Pratt & Whitney division of United Technologies Corp (NYSE:UTX) PW1000G engines. Republic has signed an exclusive 15-year PureSolution maintenance contract with Pratt & Whitney for the support of the engines.
"Republic is pleased to be the North American launch customer for the CSeries
aircraft," said Bryan Bedford, chairman, president and CEO of Republic Airways.
"This aircraft will bring next-generation advantages to all phases of its
mission, including passenger comfort, dependability, efficiency and economics."
Feb 25 · 4:22:00 PM · Source: Reuters
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by Steve Wieczorek
Raytheon (RTN)
In a significant production milestone, Raytheon delivered the 2,000th Tomahawk Block IV cruise missile to the U.S. Navy.
Tomahawk Block IV's technologies provide a tactical capability while reducing
acquisition, operation and support costs. Tomahawk Block IV employs a two-way
satellite datalink that enables a strike controller to flex the missile in
flight to preprogrammed alternate targets or redirect it to a new target. This
targeting flexibility includes the capability to loiter over the battlefield
and await a more critical target.
Feb 25 · 4:14:00 PM · Source: Reuters
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by Michael Oliveto
Lockheed Martin (LMT)
Additional equipment is being developed to support early integration and testing of a revolutionary tactical network that will provide warfighters in the air, on land and at sea with secure, interoperable communications. The Lockheed Martin team developing the Airborne, Maritime/Fixed Station Joint Tactical Radio System (AMF JTRS) has received a contract option to increase the number of engineering development models (EDM) by 60 percent.
AMF JTRS, an encrypted IP-enabled network, will provide joint forces with
real-time, non line-of-sight tactical voice, video and data communications.
The network will be developed in two form factors, or radio types: AMF-Small
Airborne and AMF-Maritime/Fixed Station. Under this contract option, the team
will provide additional EDMs of the AMF-Small Airborne form factor (to include
radios and ancillaries) which will be used to test the AMF capability for
platform specific missions.
Airborne platforms slated for early integration include Army AH-64D Apache,
CH-47F Chinook, and UH-60M Blackhawk helicopters as well as Air Force C-130
AMP and AC-130U fixed wing aircraft.
Feb 25 · 4:11:00 PM · Source: Company Press Release
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by Michael Oliveto
General Dynamics (GD)
General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, delivered USNS Matthew Perry (T-AKE 9) to the U.S. Navy. The ship is named in honor of Commodore Matthew C. Perry (1794-1858), the U.S. Navy officer who established American trade with Japan in the mid-19th century.
NASSCO began construction of USNS Matthew Perry in April 2008. The
689-foot-long supply ship will serve under the Navy's Military Sealift
Command. The ship is capable of delivering almost 10,000 tons of dry cargo
and petroleum products at one time to U.S. Navy and allied ships underway at
sea.
Feb 25 · 4:08:00 PM · Source: Reuters
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by Michael Oliveto
United Technologies (UTX)
Pratt & Whitney, a division of United Technologies, will provide exclusive power for 40 firm and up to 40 options for new Bombardier CSeries* aircraft ordered by Republic Airways as part of a contract announced today. The agreement represents 80 firm PW1000G engines for CSeries aircraft with six spare engines. In addition, Republic has signed an exclusive 15-year maintenance contract with Pratt & Whitney for these engines.
"We are excited about the future of the Bombardier CSeries jetliner family,"
said Bryan Bedford, Republic Airways' Chairman, President and Chief Executive
Officer. "Market studies carried out by ourselves and other organizations see
a large worldwide demand for aircraft in the 100- to 149-seat category over
the next two decades, and the CSeries jetliner family is a perfect fit."
Feb 25 · 4:02:00 PM · Source: Reuters
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by Michael Oliveto
Gulfstream International Group Inc (GIA)
Gulfstream International Group Inc. (AMEX: GIA) said it had been held in default by its principal aircraft lessor, Raytheon Aircraft Credit Corp. (RACC), but later met a Feb. 19 deadline, averting other potential defaults, according to an 8-K filing with the U.S. Securities and Exchange Commission, reported by CitybizlistBoston.
Gulfstream said it is reviewing nonbinding offers of short-term debt financing to meet near-term liquidity requirements. It also has hired an investment bank to raise fresh capital from sale of equity.
The Fort Lauderdale-based airline leases 21 Beech 1900D aircraft from Wichita, Kansas based RACC, a subsidiary of Raytheon Corp. (NYSE: RTN), headquartered in Waltham, Mass. The default on two agreements, signed in 2003 and 2006, occurred when it missed scheduled February payments.
Feb 25 · 3:58:00 PM · Source: CitybizlistBoston
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by Steve Wieczorek
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