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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.


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


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


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


SBM Offshore Invited to Participate in Petrobras Tenders

Netherlands-based floating production solutions provider SBM Offshore announced that its main Brazilian subsidiary has received written notification from Petrobras of its ability to participate in the recently issued Libra and Sépia FPSO tenders in Brazil.   According to SBM Offshore, the invitation follows on a thorough review of the group's compliance standards by Petrobras, including its compliance department.    


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.


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.


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.


Cat Financial $ 150 Mln Loan for Philly Shipyard

Aker Philadelphia Shipyard which becames Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the U.S. Jones Act market. Photo Philly Shipyard

  Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA, announced today that it has signed a commitment letter with Caterpillar Financial Services Corporation (Cat Financial) for a USD 150 million loan facility to finance the construction of four next


Spotlight on Custom Dredge Solutions

Photo: DSC Dredge

Louisiana-based DSC Dredge, LLC, will have its experts on hand at AGG1 Aggregates Academy & Expo, March 22-24, 2016, in Nashville to discuss customers’ specific dredging challenges, learning their unique stories and offering DSC’s customized dredging solutions.   


Remains of Lost 1800s Whaling Fleet Found

Abandonment of the whalers in the Arctic Ocean, September 1871, including the George, Gayhead, and Concordia. This illustation originally ran in Harper’s Weekly in 1871. (Credit: Robert Schwemmer Maritime Library)

NOAA archaeologists have discovered the battered hulls of two 1800s whaling ships nearly 144 years after they and 31 others sank off the Arctic coast of Alaska in one of the planet's most unexplored ocean regions.   The shipwrecks, and parts of other ships


Transhipment NSC Ports Down 1%

Location of canal in dark blue Courtesy Wikipedia

  The seaports in the North Sea Canal Area, which includes the ports of Amsterdam, IJmuiden, Beverwijk and Zaanstad, saw transhipment decrease in 2015 for the first time in years. The decrease amounted to 1%, with a total of 97 million tonnes in 2015 compared to 97.8 million tonnes in 2014


Texas LNG’s Brownsville Project Progressing

Artist impression depicting Texas LNG’s planned liquefaction facilities. (Image courtesy of Texas LNG Brownsville LLC)

Texas LNG appoints BNP Paribas as financial adviser for Brownsville LNG project, progresses FERC pre-filing process and completes over 60 percent of front end engineering and Design for facility.   Texas LNG Brownsville LLC announced that BNP Paribas has been appointed as financial adviser


China Exim Bank Backs Seaspan

Image: Seaspan Corporation

 Seaspan Corporation has lined-up a $1bn worth of export credit facilities with the Export-Import Bank of China (CEXIM).   Seaspan has signed a Framework Cooperation Agreement with the Export-Import Bank of China (CEXIM) for a total of up to $1 billion in export credit facilities.


Aker to Sell Product Tanker JV Interest

Aker Philadelphia Shipyard

  Aker Philadelphia Shipyard ASA announced today that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has entered into definitive agreements with a subsidiary of Marathon Petroleum Corporation (MPC) for the buy-out of APSI's interest in its joint venture with


WSS Acquires TIMM AS

Bjørge Grimholt WSS President

Wilhelmsen Ships Service has signed a definitive agreement to acquire TIMM AS. “The Timm acquisition reinforces our position as a global player within marine products,” says Bjørge Grimholt, President at Wilhelmsen Ships Service (WSS).


Adani Ports, L&T Ink Pact for Kattupalli Port Operations

Image: L&T Ports Katupalli

 Adani Ports  has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding Limited (L&T) for evaluating the operations of the port at Kattupalli, Tamil Nadu, with effect from October 1, 2015 for a period of one month.  


Tideland Signal Corporation Acquires IMT

MATT SCHEUING Courtesy Tideland

  Tideland Signal Corporation today entered into a definitive agreement to acquire the IMT B.V. Group of Companies (“IMT”). IMT is well known for developing innovative lighting, navigation and signalization products and systems with clients ranging from offshore to marine


NOL in Acquisition Talks with CMA CGM, Maersk

Photo: Neptune Orient Lines Ltd

 Neptune Orient Lines Ltd (NOL)  has officially confirmed that it is a takeover target of two separate companies: French shipping company CMA CGM and Danish conglomerate AP Moeller-Maersk.    As per a report in the Business Times


CMA CGM in Talks to Buy NOL

Courtesy CMA CGM

  CMA CGM confirms that it has entered into exclusive discussions with Neptune Orient Lines Limited (NOL) and Lentor Investments Pte. Ltd. (a wholly-owned subsidiary of Temasek Holdings (Private) Limited), its controlling shareholder, with respect to a potential combination with NOL


CMA CGM Seeking Funds for NOL Takeover

Pic: Neptune Orient Lines Ltd

 France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg.   The world’s No. 3 container shipping company is in talks with banks including BNP Paribas SA


Sovcomflot Completes IT Integration Project

SCF Sovcomflot SCF BALTICA Photo SCF

  PAO Sovcomflot (“SCF Group”), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, announced the completion of a major IT integration project with the support of SpecTec


SpeedCast Acquires NewCom

Global satellite communications service provider SpeedCast International Limited announced it has signed a definitive agreement for the acquisition of NewCom International, a satellite communications service provider specializing in the South and Central American regions






 
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