In addition to the INPEX project, we also received another sizable subsea order in the Asia Pacific region, which we expect will utilize our new North Ocean 105. This is the SeCaP project, a deepwater job in over 4,000 feet of water installing pipe and pipe flow lines, risers, umbilicals and umbilical packages. There are a number of firsts on this job, and as such, we'll utilize our deferred profit recognition policy. Virtually all the revenues are expected in 2012 anyway, so following this approach should have minimal impact on 2012.
The other notable award was the KJO Hout project, which is an EPCI award in the neutral zone between Saudi Arabia and Kuwait. The scope includes a jacket, deck-associated pipelines and some brownfield demolition work.
Additionally, we had about $130 million of bookings this quarter come through change orders, scope increases and settlements. Over the last 4 quarters, we've averaged about $235 million per quarter from this type of bookings, so the first quarter was somewhat below the recent average. However, we more than made up for it in new awards, predominantly in the Asia Pacific segment.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV