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DEFINITIVE

DryShips Ocean Rig Employment Updates

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.


Tidewater Signs Agreement Of Intent

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 Sells Hatteras Yachts to Brunswick

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


Genco Shipping & Trading Time Charter

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 Announces Signing of Drilling Contract

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


Scorpio Sells Seven Tankers in Construction

Scorpio Tankers Inc. today announced that it has entered into an agreement whereby the company will sell its seven Very Large Crude Carriers (VLCCs) under construction for cash and record a gain of approximately $50 million. The transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close by the end March 2014. Subsequent to this transaction, the Company has 56 newbuilding product tanker orders with HMD, SPP


Ambassadors International Acquires merican West Cruises

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.


Grandunion Signs LOI for Aries

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 Announces Financing, Contract Developments

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


Sino-Global to Acquire Tanker

RONG ZHOU

  Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"), between the Company and Rong Yao International Shipping Limited, a Hong Kong corporation (the "Vessel Seller") pursuant to which the Company has agreed to acquire a small oil/chemical tanker (the "Vessel") from the Vessel Seller.


Harris CapRock Communications again Top Independent Operator

image

  For the fourth consecutive year, Harris CapRock Communications has been ranked number one on The Independent Top Twenty listing by the World Teleport Association (WTA).  The company also ranked fifth on The Global Top Twenty in 2014 based on total revenue and year-over-year growth.


ASA Mission Statement Revised to Expand Reach

Image: ASA

The American Salvage Association has revised its mission statement to increase its area of influence beyond North America, complemented by a new logo that reflects the expanded direction.   The new Mission Statement reads “The mission of the ASA is to be a unifying association of the


Sonde Resources Files for Bankruptcy

Sonde Resources Corp.  announced today that it has filed a voluntary assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada). In conjunction with this filing, FTI Consulting Canada Inc. has been appointed as Trustee in Bankruptcy.


Golden Ocean, Knightsbridge Set for Merger

Pic by Knightsbridge Shipping Limited

 Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping have chosen March 26 to hold a special general meeting and finalize the merger talks.  


Horizon Lines Terminating Puerto Rico Operations

Horizon Lines announced that it would cease providing liner service between the U.S. and Puerto Rico by the end of 2014 due to continuing losses without the prospect of future profitability. Sea-Land Service, Inc. ("Sea-Land") pioneered the marine container shipping industry and


Dryships Achieves Refinance of 5% Convertible Notes

Photo by DryShips

  DryShips Inc. global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., off-shore contract drilling oil services, today announced the following:


Norwegian Buys Ship from Princess Cruises

Ocean Princess (Photo: Princess Cruises)

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd. announced a definitive agreement with Princess Cruises, Ltd


Zargon Oil & Gas Sells Hamilton Lake Assets

The Hamilton Lake property is a 47 section wholly owned Viking unit in east-central Alberta. This property has already recovered about 16 million barrels of oil reserves, which represents only a 10 percent recovery of the o

  Zargon Oil & Gas Ltd. announces that it has entered into a definitive purchase and sale agreement to sell its Hamilton Lake property for $25 million. Property Disposition Zargon has entered into an agreement to sell its petroleum and natural gas assets in Hamilton Lake for a


New Prospects Identified Offshore Ireland

Results of maturity modelling suggest that the Upper Jurassic source horizon in the Porcupine Basin has generated large quantities of mobile hydrocarbons, and it is still generating today. Source PADTernan

Europa Oil & Gas (Holdings) plc updates shareholders with respect to its FEL 2/13 and FEL 3/13 licenses in the South Porcupine Basin, offshore Ireland.   Europa has now received a new prospect inventory from the operator of the licenses, Kosmos Energy Ltd


ICS Publishes Chemical Tanker Safety Guide

ICS Secretary General, Peter Hinchliffe

A fully updated edition of the definitive industry guidance on the safe operation of chemical tankers has just been published by the shipping industry’s global trade association, the International Chamber of Shipping (ICS).   The new edition of the ICS Tanker Safety Guide (Chemicals)


USCG Provides SAR Planning Support to Korea

The crews of the Coast Guard Cutter Alex Haley and Republic of Korea vessel Sam-Bong conduct a search in the Bering Sea near Chukotka, Russia, as a Republic of Korea Navy P-3 Orion airplane flies overhead

  Coast Guard search and rescue crews were relieved by Republic of Korea assets on Saturday in their search for 26 crewmembers from the fishing vessel 501 Oryong that capsized Nov. 30, 2014, near Chukotka, Russia, in the Bering Sea.


GasLog Ltd. to Buy 2 LNG Vessels

LNG Carrier

  GasLog Ltd. has entered into an agreement with Methane Services Ltd. an affiliate of BG Group, to acquire two modern tri-fuel diesel electric LNG carriers for a cost of $460 million. The two vessels, Methane Becki Anne and Methane Julia Louise


BG Group Sells, Charters LNG Ships

Methane Becki Anne  (Photo courtesy BG Group)

BG Group and GasLog Ltd. have entered an agreement for GasLog to acquire two modern tri-fuel diesel electric (TFDE) LNG carriers for $460 million. BG Group will charter back the two vessels, the Methane Becki Anne and Methane Julia Louise, for nine and 11 years with further options to extend the


Update: Eight Dead in Ferry Fire

Photo: Italian Coastguard

Rescue teams on Monday completed the evacuation of 427 people from a car ferry that caught fire off Greece's Adriatic coast, working through the night and defying high seas and freezing weather in a 36-hour drama. Eight people were killed in the incident and many others could be missing


Ferry Salvage Opration Kills Two Albanian Seamen

Two Albanian seamen were killed during an operation to salvage a multideck car ferry that caught fire off Greece's Adriatic Coast when a cable connecting their boat to the ferry snapped and hit them, an Albanian port authority official said on Tuesday.






 
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