DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, has announced that Ocean Rig as signed definitive documentation with Total E&P Angola, following the previously announced Letter of Award, for its ultra deepwater drillship "Ocean Rig Skyros." The contract is for five wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013. The company said it has also received a Letter of Award for its ultra deepwater drillship "Ocean Rig Skyros," from a major oil company for a six-year contract for drilling offshore West Africa, with an estimated backlog of approximately $1.3 billion. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the previous contract before the first quarter of 2015. As a result of this LOA, as of today, Ocean Rig's total contracted backlog (including LOAs) stands at about $6.1 billion, primarily with investment grade or strong counterparties, the company said.
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to sign a time charter for the Genco Predator, a 2005-built Supramax vessel, with Pacific Basin Chartering Ltd. for approximately 11 to 13.5 months at a rate of $22,500 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about May 7, 2010 and is subject to the completion of definitive documentation
DryShips Inc. (NASDAQ: DRYS) announced that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contract signed with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately $77m
Ambassadors International, Inc., announced that its wholly-owned subsidiary, Ambassadors Cruise Group, LLC has completed its acquisition of American West Steamboat Company LLC and related entities ("American West Cruises"), one of North America's premier river and coastal cruise companies. The signing of a definitive agreement was previously announced on December 27, 2005.
Tidewater, Inc. has signed an agreement of intent to acquire six newbuild vessels from Hvide Marine Incorporated, for an aggregate price of $22 million. Closing, which is expected sometime during July 1999, is subject to customary due diligence matters, including executing a definitive agreement and satisfactory inspections of the vessels by Tidewater.
Genmar Holdings, Inc. announces that it has signed a definitive agreement to sell Hatteras Yachts, Inc. to Brunswick Corporation for approximately $80 million in cash. The agreement contains provisions allowing for an additional payment of up to $20 million based on Hatteras achieving certain financial targets over the next 20 months. Consistent with its June 27, 2001announcement, Genmar's Board of Directors considered all appropriate alternatives with respect to Hatteras and concluded a
FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the first generation high-speed vessels comprised of the FastShip trans-Atlantic transportation fleet. Under the proposed agreement, NASSCO, designer and builder of new ships headquartered in San Diego, will construct four revolutionary vessels in the FastShip fleet
OMI Corporation (OMI), Teekay Shipping Corporation (Teekay) (NYSE: TK) and A/S Dampskibsselskabet TORM (TORM) announced that Teekay and TORM have entered into a definitive agreement to acquire OMI. The agreement was unanimously approved by OMI's Board of Directors. Under the agreement, OMI shareholders will receive $29.25 in cash for each share of OMI common stock they hold. Teekay and TORM will equally split the total cost of the transaction of approximately $2
Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors.
Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced: $1.35 billion Bank Facility The Company announced that it has received firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. This facility has a 5 year term, and approximately an 11 year repayment profile
Swissco Group expanding upstream into the offshore rig chartering business with the acquisition of Scott and English Energy. Scott and English Energy is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in
The Dutch Department of Public Works intends to award the contract for the salvage of the wreck of the car carrier Baltic Ace to Boskalis and its partner Mammoet Salvage, Boskalis announced in a press release late last week. The wreck and its cargo need to be removed because they pose a threat
Boskalis inform that the Dutch Department of Public Works intends to award the contract for the salvage of the wreck of the car carrier 'Baltic Ace' to Boskalis and its partner Mammoet Salvage. Boskalis explain that the wreck and its cargo need to be removed because they pose a threat to the
Genesis Energy, L.P. announce plans to invest approximately US$150-million to construct a new crude oil, intermediates and refined products import / export terminal in Baton Rouge, Louisiana (the Baton Rouge Terminal). The Baton Rouge Terminal will be located on approximately 90 acres of land
Private equity firm Irving Place Capital (IPC) and Victor Technologies (Victor) announce they have entered into a definitive agreement to sell Victor to Colfax Corporation (Colfax), a global manufacturer of gas and fluid-handling and fabrication technology products
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, announced that it has taken delivery of M/V Star Vega, a Post-Panamax bulk carrier of approximately 98,000 deadweight tons carrying capacity.
Pivotal LNG, Inc., a wholly owned subsidiary of AGL Resources, and WesPac Midstream LLC announced they have been selected by TOTE, Inc. to provide liquefied natural gas (LNG) to fuel TOTE’s two new state-of-the-art container ships in Jacksonville, Fla
PPG Industries announced that it has reached a definitive agreement to acquire substantially all of the assets of Hi-Temp Coatings Technology Co., Inc., a privately-owned supplier of high-temperature-resistant and insulative coatings, based in Boxborough, Mass
Industry majors, Gamesa and Areva, have announced exclusive negotiations to create a 50/50 joint-venture company in the field of offshore wind power. The companies add that: 'The definitive agreements concerning the creation of the JV will be signed within the next few months following final
GasLog Ltd. says it has agreed with Methane Services Ltd. (MSL), an affiliate of BG Group, to purchase 3 LNG carriers from MSL's fleet and to charter those ships back to MSL for 6-year initial terms. MSL also will have options to extend the term of the time charters for 2 of the ships for a period
Star Bulk Takes Delivery of Its Second Ultramax Bulk Carrier, Star Fighter and Reaches Agreement for a New Credit Facility. Star Bulk Carriers Corporation, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has taken delivery of M/V Star Fighter (the
Takes Delivery of the Baltic Lion; Vessel to Commence Spot Market-Related Time Charter. Baltic Trading Limited announced today that it has taken delivery of the Baltic Lion, a 2012-built Capesize vessel. The Baltic Lion is the second of two Capesize vessels to be delivered to the Company under
Kinder Morgan Announces Acquisition of Jones Act Shipping Tankers in U.S. for Approximately $962 Million. Kinder Morgan Energy Partners, L.P. (NYSE: KMP) today announced it has entered into a definitive agreement to acquire American Petroleum Tankers (APT) and State Class Tankers (SCT) from
Largest ever Marintec China 2013 hits New Records over 1,700 exhibiting companies and attracted 13% more trade visitors Hong Kong – December 23, 2013—Marintec China 2013, organized by UBM Asia and the Shanghai Society of Naval Architects and Ocean Engineers
MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production