GOGL Profits Up in Q3
The Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group (GOGL) announced a net income of $36.7 million and earnings per share of $0.26 for the third quarter of 2019 compared with net loss of $33.1 million and loss per share of $0.23 for the second quarter of 2019.EBITDA stood at $81.1 million for the third quarter of 2019, compared with $21.5 million for the second quarter of 2019.Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS…
BW Offshore Completes Bond Issue
BW Offshore, a provider of floating production services to the oil and gas industry, has successfully completed a NOK 900 million senior unsecured bond issue with a coupon of three months NIBOR + 4.50% and maturity in December 2023.The Oslo Stock Exchange-listed company said that the settlement of the new bond issue is scheduled for 4 December 2019.The existing NOK bonds have either been repurchased as part of the offering or will be called with settlement mid-January 2020.In combination with the USD 297.4 million convertible bond issue announced on 5 November 2019…
Klaveness Combination Carriers to List in Oslo
Norway's Klaveness Combination Carriers (KCC) has raised 350 million Norwegian crowns in a private share placement, valuing the shipping firm at 2.27 billion crowns ($259.57 million) ahead of an Oslo stock market listing on May 22.Following the successful private placement, KCC has declared two options for the construction of the seventh and eight CLEANBU combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China.The two newbuilds are scheduled for delivery in January and February 2021. Following the declaration, the KCC fleet will grow to 17 vessels within 1st quarter of 2021.
Interview: Dan Skjeldam, CEO, Hurtigruten
Building on its 125-year heritage, Norwegian shipowner Hurtigruten has become a leader in exploration travel offering voyages to more than 200 unique destinations in more than 30 countries ranging across the globe from the Arctic to the Antarctic and including cruises in Norway, Greenland, Svalbard, Iceland, Western Europe, and the Americas. In an interview with Maritime Reporter and Engineering News, Dan Skjeldam, the company’s CEO, emphasizes the need for the cruise industry…
Diana Shipping Issues USD100mln Bond
Diana Shipping announced the pricing of a US$100 million private placement of senior unsecured bonds maturing in September 2023 and callable beginning three years after issuance.In addition, the global shipping company specializing in the ownership of dry bulk vessels may issue up to an additional US$25 million of the bonds on one or more occasions.The bond offering was priced with a U.S. dollar fixed-rate coupon of 9.50%. Interest will be payable semi-annually in arrears in March and September of each year.
Aker BP Hires Prosafe Vessel
Prosafe has signed a contract with Aker BP ASA for the Safe Scandinavia to provide accommodation support at the Ula platform in the Norwegian sector of the North Sea. The firm duration of the contract commencing mid-August 2018 is seven months with eight one-month options. Total value of the contract excluding the option periods is approximately USD 25.5 million. The option periods, if exercised, have a total value of approximately USD 36.7 million. The contract will ensure employment of the Safe Scandinavia soon after expiry of her previous contract that concluded end-June 2018.
Team Tankers International Acquires Two Firms
Team Tankers International announced that the acquisitions of Laurin Shipping AB and Anglo-Atlantic Steamship Company have been completed. The Bermuda-based chemical tanker company on 28 February 2018 and 23 March 2018 regarding its agreements to acquire all of the outstanding shares in each of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. The preliminary purchase prices payable at closing for the shares in Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. have been estimated to USD 10.4 million and USD 55.3 million respectively.
Emas Offshore Appeals Against Oslo Stock Exchange Delisting
Oslo Stock Exchange has decided to delist the shares of Singapore-based Emas Offshore from trading. The offshore services provider considers this decision detrimental to its ongoing restructuring efforts. The Oslo Stock Exchange released a statement on Monday, February 19 announcing its intention to delist the shares of Emas Offshore Limited with effect from April 27, 2018. Emas Offshore, part of Singapore's Ezra Holdings plans to make an appeal against the decision by March 5. "In the meantime, the Company remains listed on the Oslo Stock Exchange.
NAT Gets Finance for 3 Vessels
Nordic American Tankers (NAT) has entered into final agreements with a subsidiary of Ocean Yield ASA for the financing of the outstanding commitments of $39 million per ship, due on delivery. Three NAT newbuildings are under construction at Samsung shipyard in South Korea. 30% of the contract price for each vessel ($55.7 m) was paid cash by NAT to the yard when the vessels were ordered in October 2016. The three Suezmax newbuildings are expected to be delivered during the latter part of 2018. The financed amount by Ocean Yield is about $43 million per vessel.
Golden Ocean Adds Golden Keen
Golden Ocean Group (GOGL) has announce that it has taken delivery of the last vessel, Q Keen (to be renamed Golden Keen), hence all 16 vessels are now delivered. Golden Ocean has issued 1,050,000 consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the vessel. In a stock exchange filing the reference is made to the stock exchange notice dated March 14, 2017 where GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17.8 million consideration shares.
DOF Subsea Shelves IPO Plans
Norway's DOF Subsea has decided to hold off on launching its initial public offering (IPO), citing volatile market conditions. Company shareholders DOF ASA, with 51 percent, and a fund managed by First Reserve, with 49 percent ownership, announced in May that they were considering an opportunity for the company to apply for a listing on Oslo Stock Exchange. The shareholders have now decided to shelve these plans, instead opting to wait for market conditions to improve. “Since the review started…
Global Maritime Appoints Kvannli as CFO
Global Maritime, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has appointed Egil Kvannli as it new Chief Financial Officer (CFO). Kvannli, who will take up the role with immediate effect, joins Global Maritime following 20 years of senior financial and management experience in the oil and gas industry with previous roles including Managing Director of Quickflange, a Norwegian based international group providing connection solutions; and CFO of Sevan Marine ASA, a listed company on the Oslo Stock Exchange.
PALFINGER Makes Takeover Bid for TTS
The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA, listed on the Oslo Stock Exchange, was approved and published this morning by the Oslo Stock Exchange following a detailed review. PALFINGER aims to acquire 100 percent of the TTS shares. Apart from the necessary anti-trust approvals, the offer is also subject to the condition that at least 90 per cent of all the shares in TTS be offered to the PALFINGER Group (with PALFINGER having already secured acceptance of a total of approx. 66.3 per cent).
Agerup Joins Statoil's Board of Directors
In a meeting in the Corporate Assembly of Statoil ASA on August 20, 2015, Wenche Agerup was elected as a new member of Statoil's board of directors. Wenche Agerup was the Executive Vice President for Corporate Staffs and the General Counsel of Norsk Hydro ASA from 2010 to December 31, 2014. She has held various executive roles in Hydro since 1997, including within the company's M&A-activities, the business area Alumina, Bauxite and Energy, as a plant manager at Hydro's metal…
Aker Philadelphia Shipyard is Philly Shipyard Now
Aker Philadelphia Shipyard ASA announces its plan to change its name to Philly Shipyard ASA, pending an upcoming shareholder vote at an extraordinary general meeting expected to take place in October 2015. Aker Philadelphia Shipyard, Inc. (APSI) will likewise change its name to Philly Shipyard, Inc. "Changing our name to Philly Shipyard more accurately reflects the shipyard we have become in recent years," remarked Steinar Nerbovik, Aker Philadelphia Shipyard's President and CEO. "We have delivered on our promises and stand firmly on our own two feet as a company.
Røkke is CEO of Akastor ASA
Akastor ASA announced that its Board of Directors has appointed Kristian Røkke as its Chief Executive Officer. Mr. Røkke will succeed Frank O. Reite, who will take the position of Chief Financial Officer at Aker ASA. Kristian Røkke, who is currently Chairman of Aker Philadelphia Shipyard ASA (AKPS), a leading U.S. commercial shipyard, and previously President & CEO of AKPS, will assume his new position in Akastor ASA on August 10, 2015. Aker ASA will propose to the nomination committee of Akastor ASA that Frank O.
Technip Buys Out DOF Subsea
The DOF Subsea Group has entered into an agreement with Technip for the sale of DOF Subsea’s ownership in the joint venture vessel Skandi Arctic, with immediate effect. According to the company, the transaction is done at market terms and will improve the cash position for the Group. The 18,640-gt Skandi Arctic is a diving support vessel (DSV) built in 2009 and it can accommodate 140 persons. The company did not disclose the value, however, according to DOF’s Oslo Stock Exchange filing…
Berg appointed CEO of Viking Supply Ships
The Board of Viking Supply Ships AB (under name change from Rederi AB Transatlantic) has decided to appoint Christian W. Berg as CEO of the company with immediate effect. Christian will in parallel continue as head of the Viking Supply Ships business area just as today. Christian W. Berg is born 1968 and has since 2011 been head of the business area Viking Supply Ships, coming previously from Chief Commercial Officer in Siem Offshore (2008-2011) which is a company listed on the Oslo Stock Exchange.
Knightsbridge, Golden Ocean Merger Completed
Knightsbridge Shipping Limited has completed its previously announced merger with Golden Ocean Group Limited. In connection with the closing of the merger, Knightsbridge will change its name to Golden Ocean Group Limited. Trading in the shares of the combined company will commence on the Oslo Stock Exchange on April 1, 2015. The combined company will trade on the Oslo Stock Exchange under the ticker code "VLCCF" on April 1, 2015. Commencing on April 7, 2015, the combined company will trade on the Oslo Stock Exchange under the ticker code "GOGL".
Aker Employees Buy Shares for NOK 95 Mi
Aker Solutions employees bought shares for about NOK 95 million as part of annual programs for staff and managers. The company for the sixth consecutive year held share purchase programs to encourage employee ownership. A total of 2,332 employees, or 17 percent of eligible staff, participated. "The response was good and I am pleased that so many employees want to invest in our company and its future prospects," said Sissel Lindland, chief HR officer at Aker Solutions. Eligible employees could buy Aker Solutions shares for as much as NOK 60,000 each.
Founder Retires From Stolt-Nielsen BoD
Stolt-Nielsen Limited has announced that Jacob Stolt-Nielsen, the visionary entrepreneur who founded the company in 1959, will retire from the SNL Board of Directors effective December 15, 2014, thus formally concluding his career at the company, 55 years to the date of its founding. He will continue as Honorary Chairman. Mr. Stolt-Nielsen, who is 83, conceived the innovative designs that led to the creation of the first parcel tanker. After founding Parcel Tankers, Inc. in 1959…
Stolt-Nielsen Initiates Shares Buyback Program
Stolt-Nielsen Limited’s board of directors has resolved to initiate a buyback program to purchase up to $50 million worth of its common shares, the company announced today. The buyback program will comprise up to 3,100,000 common shares, representing up to 4.83% of the company's issued share capital. The highest price to be paid per share will be NOK 120, but shall in no event exceed the prevailing market price at the Oslo Stock Exchange on the relevant trading day. The shares will be purchased from the open market as well as through private offerings.
Knightsbridge and Golden Ocean to Merge
Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. As a result of the expected merger, the Combined Company would become one of the world's leading dry bulk companies with a modern fleet of 72 vessels, of which 36 are newbuildings under construction.
Aker Solutions Starts Trading After Company Split
Aker Solutions today started trading on the Oslo stock exchange as a leaner and more streamlined company that will build on its strengths in the subsea and field design markets. The company emerges after a spin-off of the Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) businesses of the former Aker Solutions, which has been split into two separate entities to reduce complexity, realize synergies and bring down costs. The other company formed in the separation is Akastor…
Oslo Stock Exchange Approves Listing of Aker Solutions Holding ASA
The board of directors of the Oslo Stock Exchange has approved the listing of shares in Aker Solutions Holding ASA, to be renamed Aker Solutions ASA on completion of the demerger of Aker Solutions, and granted permission for trading in the shares to begin on September 29. Aker Solutions Holding ASA was created to facilitate the demerger of Aker Solutions into two independent companies. It will be renamed Aker Solutions ASA on completion of the separation announced April 30 this year.
China's Jinhai Heavy Gets Big Containership Orders
Norway's SinOceanic Shipping ASA facilitates newbuilding orders for 10 x 8,800 TEU containerships at Jinhai Heavy Industries. On behalf of foreign interests, SinOceanic Shipping ASA says it has entered into a contract with Jinhai Heavy Industries, China, to build 10 x 8800 TEU state-of-the art super eco containerships for delivery from mid 2015. Upon delivery, all vessels will enter into long term, fixed charter parties. The vessels will be built to meet the latest IMO CSS Code for container vessels, where keels are laid on or after 1 January 2015.