THE CIT GROUP/EQUIPMENT FINANCING
Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and unpaid interest due at maturity in March 2011. The proceeds from the facility were used to repay the outstanding amount under the Company's previous CIT Group facility maturing in March 2006 and outstanding amount under the $70 million senior secured term loan facility agented by Manchester Securities Corp. maturing in March 2007 and related closing costs and fees. Amounts outstanding under the new secured term loan facility are secured by mortgages on most of Horizon's vessels and contains covenants, events of default and cross-default provisions customary in financings of this type.
Autoship Goes Dot.Com Autoship Systems, per its partnership with Stargate, an ISP/ASP provider, has developed jointly a web site whereby their loading planning software, LPS, can be used remotely. Utilizing thin client technology, Autoship can now enable internationally located clients to work with LPS without actually implementing the software on their personal computers. Remote access through the Internet allows users to run deploy LPS using any available computer with Internet
Marine-Finance.Com announced that Joe Pitch has signed on as Managing Director for Marine-Finance.Com LLC. Pitch joins former CitiCapital Commercial Marine Finance colleague Robert Girard, SVP, who, along with CEO Richard Paine, constituted the core of the CitiBank- affiliated marine group. Pitch is a 30-year veteran of the equipment leasing/finance industry he has financed more than $1b in equipment. Based in Dallas, Texas
BMT Marine & Offshore Surveys Ltd, a subsidiary of BMT Group Ltd, the leading international maritime design, engineering and risk management consultancy, announced the appointment of Nigel Clark as Managing Director with former Managing Director Dr. Phil Thompson taking on the role of non-executive Chairman. Clark has been with the company since September 2009 having joined as Finance Director. He has a background in the marine and offshore sectors having held senior positions within a
Corporate finance specialist Phil Cowan has returned to shipping accountant and consultant Moore Stephens as Head of Corporate Finance. Formerly Group CFO of V.Group Limited and Chairman of V.Ships Capital, Cowan has first-hand experience of ship management, marine services, shipbroking and ship finance, and represented shipowners and investors in a number of shipping asset investments, structuring equity and debt finance. He was responsible for a number of V
General Dynamics Advanced Information Systems, a business unit of General Dynamics, completed the comprehensive risk reduction program for the U.S. Navy’s Knifefish Surface Mine Countermeasure Unmanned Undersea Vehicle (UUV) program. Designed to discover any potential systems defect early on in the program’s development phase, the configuration item test (CIT) successfully verified key components within the UUV system including the hardware architecture and critical areas of
Lloyd's Register (LR) has appointed Robert Biddle as group financial director, effective November 1. Biddle succeeds Christopher Gomm, who recently retired and will become a member of LR's board at the General Committee meeting in December. Biddle previously served as finance director of Eurotherm Plc, the industrial electronics group, for 10 years.
Financial services company Credit Suisse Group said it has signed a memorandum of understanding to develop additional financing of up to $1b and provide services for Vietnam's shipbuilding industry. Credit Suisse has arranged $600m in loans for the country's state-owned shipbuilding group, Vinashin, so far this year through an existing financing agreement. Credit Suisse shares rose 49 cents to $66.46 in afternoon trading. [Source: Associated Press]
CMA CGM Group has appointed Michel Sirat to the position of Group Chief Financial Officer. With degrees from the Institut d’Etudes Politiques of Paris, the Ecole Centrale of Paris and the Ecole Nationale d’Administration, Sirat began his career at the French Treasury Department, followed by a posting at the International Monetary Fund, in Washington D.C. After eleven years at the French Ministry of Finance
The lines of credit are for Petrobras to purchase equipment & services from Japanese companies in Brazil & abroad, based on an earlier MOU that established a strategic partnership between JBIC and Petrobras. Petrobras has signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and
Reuters - Loss-making France-Corsica ferry operator SNCM, which is partly owned by French water and waste group Veolia Environnement, plans to order four new ships, an SNCM spokesman said on Friday. The spokesman said the board had approved deals for four new ferries
The Danish Export Association’s Diploma, and His Royal Highness Prince Henrik’s Medal of Honor, was awarded to VIKING Life-Saving Equipment’s Korean representative, J.W. Lee, for close to thirty years’ of successful business partnership.
National Response Corporation (NRC) announced the completion of a deal which sees U.K.-based Sureclean Limited become part of the NRC group. NRC is a global provider of diversified environmental, industrial and emergency response solutions
Ship Finance International Limited (SFL) has announced the agreement to acquire two 5,800 teu post-panamax container vessels built in 2001/2002 in combination with long-term charters. The vessels are expected to be delivered to SFL over the course of the next few weeks
International law firm Ince & Co (Singapore) LLP represented Oro Negro in its international bond issuance, an offering of US$725-Million Notes due 2019. Partner Martin Brown described the issue as very good news for both the global high yield market and the oil services sector including the
Siem Offshore Inc. say they have signed agreements with Helix Energy Solutions Group, Inc. to provide 2 well-intervention vessels which will be owned by Siem Offshore and chartered by Helix for an initial period of 7 years, with options that can extend the charter periods up to 22 years.
At the SMM Ship Finance Forum just ahead of SMM, the leading international maritime trade fair hamburg, experts will discuss the potential and prospects for new ship financing models. In spite of low newbuilding prices, the total number of ship orders is declining around the world
The Marseilles FOS port authority’s supervisory board has backed a French transport ministry proposal nominating Port of Dunkirk head Christine Cabau Woehrel as the new CEO in Marseilles. There is also a new chairman and deputy chairperson.
KNOT Offshore Partners reports net income of $7.9 million and operating income of $10.0 million for the fourth quarter of 2013, as compared to net income of $1.5 million and operating income of $5.7 million for the same period in the prior year
Teekay Offshore Partners say they have agreed to acquire ALP Maritime Services B.V. (ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Details as follows:
By Richard Valdmanis, Reuters Cape Wind said on Wednesday it has secured $600 million in financing for its proposed $2.5 billion wind power farm off the Massachusetts coast, and expects to have the rest locked up by the end of the third quarter.
To celebrate its new location in San Antonio, Texas, Laborde Equipment Services (LES) opened its doors to customers and associates at an open house. The facility was overflowing as the company welcomed over 125 guests at the event. Participants were given a facility tour
Schottel Inc. of Houma, Louisiana , announced that Hank Morgan has been promoted to Vice President, Sales and Service, and James Fremin has been promoted to Vice President, Finance. Schottel said it has seen a strong growth in the North American market place over the last 10 years and has
Ship Finance International Limited (SFL) announced that it has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator. The vessels are expected to be delivered to SFL over the course of the next few weeks
Xodus Group, Cathie Associates and UTEC Geomarine have formed an industry leading consortium to deliver a study which will aim to reduce the costs of generating electricity from offshore wind farms in U.K. waters. The Carbon Trust’s Offshore Wind Accelerator (OWA)