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Bond Issue

Eni Directors Approve Bond Issue

Offshore Congo Platform: Photo credit Eni

The Board of Directors of Italy-based global energy corporation Eni has approved possible one or more bonds issues. The issue of the bonds is to be placed with institutional investors, with a value of up to a maximum amount of 3 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 30 May 2014. The company says that the bonds will enable it to maintain a well-balanced financial structure, in terms of short term and medium/long-term debt and average duration of the debt. The bonds may be listed on regulated markets. Italy-based Eni is an integrated company that operates across the entire energy chain, employing some 78,000 people in 90 countries around the world. They point to scientific research and technological innovation as beign at the heart of its strategies for sustainable development.  


Eni: New Fixed Rate Bond Offering

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Eni has mandated Barclays, Goldman Sachs International, Mediobanca, Morgan Stanley, Société Générale and UniCredit Bank as Joint Bookrunners for its upcoming fixed rate Euro benchmark size 8 year bond offering and for the tap of its 12 year bond issued last September, both issued under its existing Euro Medium Term Notes Program. The bonds are to be issued within the framework of the Euro Medium Term Note Program and in accordance with the resolution adopted by


MISC Expects Good Profits

Malaysian International Shipping Corp. (MISC), the world's largest liquefied natural gas (LNG) carrier, said it expects profits in fiscal 2002 to be higher than 2001. "Despite the slowdown in the world economy, we are confident we can move ahead," said managing director Mohd Ali Yasin. MISC, part of state oil firm Petronas, earlier announced a net profit of $363 million, or 74.3 cents earnings a share, in the year ended March 2001, slightly above market expectations.


Aker RGI Proposes Alternative to Redemption Offer

Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95


MOL Completes Settlement, 13th Unsecured Bonds

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. The details are as follows: 1. Background and objectives for issuance of the 13th series domestic unsecured bonds (with inter-bond pari passu clause) When raising funds to bolster business activities


Siem Offshore in New Offshore Well Intervention Vessels Deal

MODU vessel rendering courtesy of Siem Offshore

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. The two vessels will be constructed at the Flensburger shipyard in Germany for Siem Offshore, and will be based on a design developed by Salt Ship Design


MISC Issues Bonds To Buy Ships

Malaysian International Shipping Corp (MISC), the country's flag carrier, is planning to issue yankee bonds worth up to $500 million in the next few weeks. The yankee bond offering, where the debt is issued in the U.S. market, will be the second from Malaysia this year. Traders said state power firm Tenaga Nasional would issue $800 million in bonds by the middle of next month, with the company expected to go on a roadshow soon


China's Biggest Shipbuilder Floats Billion HK$ Bourse Offering

Image courtesy of Ronghseng

China Rongsheng Heavy Industries to offer HK$1,000,000,000 worth of 7% convertible bonds due 2016. The estimated net proceeds from the issue of the Convertible Bonds, after deduction of commissions and expenses, would be approximately HK$992,500,000, which will be used for working capital and general corporate purposes and repayment of loans of the Group. The company explains that assuming full conversion of the Convertible Bonds at the initial Conversion Price of HK$1


CMA CGM Reports Solid Performance in 2013

Photo: CMA CGM

The Board of Directors of France’s CMA CGM, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the year ended December 31, 2013. “In 2013, in a difficult market, we successfully reduced our costs while increasing our volumes carried much faster than the market, enabling us to report one of the industry’s best financial performances


GLDD Sells Historic Demolition Business

Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company located in the Midwest for US$5.3 million. GLDD points out that it retains the right to collect all outstanding accounts receivable and work in process at the date of close


In Gazprom Deal, JPMorgan Takes on Business

  When JPMorgan Chase & Co agreed to lead a $700 million bond offering for Russian gas producer Gazprom OAO, it was doing business that some U.S. banks are afraid to do, several lawyers and a banker said. Gazprom faces U.S. sanctions after the U.S


Norec Summons to bondholders' meetings

  In the previous stock exchange notices where Norwegian Energy Company ASA has informed of expected impairments of Oselvar and Huntington and negative developments in production performance, including its announcement on 19 November 2014 where it was reported that deferral of certain bond


Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors, LLC, the principal bondholder under the group's senior bond loan agreement, has confirmed its continued support for the Cecon


Hapag-Lloyd Completes CSAV Merger Capital Increase

Antwerpen Express (Photo: Hapag-Lloyd)

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping company Compañía Sud Americana de Vapores (CSAV). As planned, CSAV subscribed to EUR 259 million (approximately $316


Technip Awarded Subsea Contract in the Gulf of Mexico

Technip H.O.

  Technip was awarded by Deep Gulf Energy II LLC a lump sum contract for the development of the Kodiak field, located in Mississippi Canyon Blocks 727 and 771, in the Gulf of Mexico, at water depths ranging from 1,472 meters to 1,710 meters.


Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko


Warning Sign: High-Yield Bonds Drive Energy Sector Growth

Energy companies have become a larger presence in the US high-yield bond market this year, relying on debt to fund capex as they expand exploration and production activity, but months of heavy issuance and weaker oil prices are taking their toll.


Knightsbridge and Golden Ocean to Merge

Golden Ocean’s capesize bulker, Channel Navigator. Image courtesy Golden Ocean

  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


$310 Billion 'Energy Efficiency' Market Grows Rapidly

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IEA report sees energy efficiency finance becoming established market segment in its own right ... $310B & Growing Rapidly   The global energy efficiency market is worth at least $310 billion a year and growing, according to a new report from the International Energy Agency that


FMC Recovers $503,000 in Penalties

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Chairman Mario Cordero announced that the Federal Maritime Commission has completed compromise agreements recovering a total of $503,000 in civil penalties. The agreements were reached with five non-vessel-operating common carriers (NVOCCs)


Moody’s Upgrades Port Canaveral’s Bond Rating

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Moody’s Investors Service has upgraded Canaveral Port Authority’s $30.2 million in outstanding revenue bonds to A2 from A3 and rated its financial outlook stable. The upgrade was attributed to low leverage, cruise growth, stable finances and proactive capital plan management.  


Port of Cleveland Approves Refinancing

Photo: Port of Cleveland

The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects, as well as approved the acceptance of a Homeland Security grant. At its monthly board meeting, the Port approved:


Transocean to Raise Money with Caledonia Offshore Offering

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that Transocean Inc., its wholly-owned subsidiary, intends to proceed with an unregistered offering of shares of Caledonia Offshore Drilling Company, a wholly owned subsidiary of Transocean, in connection with an offering being made to eligible


Schlumberger Introduces New Well Integrity Service

The Invizion Evaluation service optimizes cement evaluation for zonal isolation using integrated data. Download

Schlumberger announced today the release of Invizion Evaluation* well integrity service, which helps operators evaluate zonal isolation by using integrated drilling, cementing and well logging data. “One key component in achieving zonal isolation is cementing, which can impact productivity


Minimize the Risks, Think Cold Bonding

Plate bonding repair on equipment

Cold bonding: a safer alternative to hot work Hot work required for welding, grinding and cutting operations presents certain potential hazards when conducted in potentially explosive and flammable environments. According to the Health and Safety Executive guidance 2013






 
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