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New Subsidiary

CMA CGM, IBM Sign Five Year Agreement

Partnership links world’s third largest shipping company with world leading technology services company.   After five years of working together through a joint subsidiary, CMA CGM Group and IBM today announced a new strategic partnership. Under the terms of the five-year agreement, IBM will provide industry-specific expertise in new technologies such as cloud computing and analytics, and support CMA CGM’s growth by delivering superior quality information technology services that will help CMA CGM  significantly reduce costs.   The IT teams from the two companies will be merged into a new subsidiary, CMA Systems, which will have an equally represented governance structure and report directly to Jacques R. Saadé, Chairman and Chief Executive Officer of CMA CGM. The new services and technologies developed by the new subsidiary, along with its unified organization, will enable CMA CGM to generate substantial savings in 2012, CMA CGM officials said.  


Japan's KHI to Spin Off Shipbuilding

The Kyodo news service has reported that Kawasaki Heavy Industries Ltd. of Japan will spin off its shipbuilding division on Oct. 1 into a new wholly owned subsidiary. The new subsidiary will reportedly be known as Kawasaki Shipbuilding Corp., and will specialize in the manufacture of ships and related equipment, Kawasaki Heavy said in a release. The spinoff is designed to create an efficient corporate structure that will enable the shipbuilding arm to cope with the global shipbuilding


New Ferry Line Formed

Atteshlis Shipping clinched a deal with Poseidon Lines Shipping of Liberia to operate a ferry line in the Mediterranean under a new subsidiary, it said. The subsidiary, Poseidon Lines Holdings, will operate the Sea Harmony vessel which transports cargo on the Greece-Cyprus-Israel route. Atteshlis Shipping will pay $3 million for a 51 percent stake of the new concern, with Poseidon Lines the remaining 49 percent, Atteshlis said in a statement to the Cyprus Stock Exchange


Bradford Marine Expands Line

Bradford Marine, Inc. (Bradford Marine) announced that they have expanded their line of services with the formation of a new subsidiary, Bradford Marine Group, Inc. (Bradford Marine Group). The Bradford Marine Group will significantly add to Bradford Marine’s ability to provide a full line of quality yacht services from their shipyard in Ft. Lauderdale. Bradford Marine Group will provide consulting services to yacht owners, their Captains and crews


Linssen Yachts Signs Agreement with Raymarine

One of the Netherlands' oldest and most respected yacht builders, Linssen Yachts, has confirmed an exclusive supply agreement with marine electronics manufacturer Raymarine. The two companies have worked together for a number of years.  With the formation of the new Raymarine Nederland subsidiary, Linssen yachts has chosen to sign an exclusive supply agreement stating that it provides additional benefits for both the company and its customers.


Ocean Works Sets Up Turkish Subsidiary

Sub-sea technology company, OceanWorks International, establishes OceanWorks Aykor as Its Turkey subsidiary. OceanWorks Aykor is a joint stock company established in Turkey by two organizations, OceanWorks International Corporation, and Aykor A.S. who has been OceanWorks International’s representative in Turkey since 1998 and a provider of complex systems to international military customers. OceanWorks Aykor will focus on the design and manufacture of technologies


Blackwater Unveils New Maritime Subsidiary

Blackwater, a training, security, logistics, peace support, and stability operations firm unveiled its plans to create a new subsidiary; Blackwater Maritime Security Solutions. Blackwater Maritime Security Solutions (BMSS), in a strategic partnership with the Global Maritime and Transportation School (GMATS) at the U. S. Merchant Marine Academy, and other professional maritime organizations and industry leaders will focus on providing world-class tactical maritime security training


Osprey Maritime To Sell LNG Operations For $635 Million

Singapore's Osprey Maritime said on Monday it agreed to sell its liquefied natural gas (LNG) operations to new subsidiary Golar LNG for US$635 million as part of a restructuring exercise. The marine and chartering services provider said in a statement the disposal was in line with the proposal by World Shipholding Ltd, its controlling shareholder, to reorganize and consolidate all of its LNG interests into Golar LNG.


HATLAPA Acquires Triplex AS, Extends Portfolio

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Hamburg-based manufacturer HATLAPA Marine Equipment has purchased a majority shareholding in the Norwegian deck machinery company Triplex AS. In doing so HATLAPA’s traditional product portfolio of compressors, steering gear and winches has now been significantly expanded to include all components of a typical deck machinery package for supply vessels and AHTs. With oil and gas exploration and production taking place in deeper and deeper waters the requirements of support vessels is


Hoover Container Solutions Acquire Dolphin Energy Equipment

Hoover Container Solutions, a subsidiary of Hoover Group, Inc., has acquired Dolphin Energy Equipment LLC, a leading provider of cargo and waste management rental equipment and related consumables in the Gulf of Mexico region. Headquartered in New Iberia, La., with a distribution and service center in Port Fourchon, La., Dolphin’s assets include a diversified fleet of cargo carrying units (“CCUs”) certified to the highest standards including DNV and API regulations


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


Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse. "The Group's business with Russia amounts to some two to three percent of our total revenue


Rosneft Achieve Commercial Production in Irkutsk Region Blocks

Rosneft acquired commercial inflows of hydrocarbons on the licensed blocks of Irkutsk Region

  Commercial inflows of oil, gas and condensate have been acquired in four exploration wells on Rosneft’s licensed blocks, which were handed over to Verkhnechonskneftegaz for operational activities on geologic survey, exploration and production of hydrocarbon crude


50 Millionth Ton of Oil from RN-Uvatneftegaz

RN-Uvatneftegaz is a subsidiary of Rosneft. The Uvat project is a cluster of 17 licensed blocks with about 338 million tons recoverable reserves of oil and condensate.

  RN-Uvatneftegaz, a subsidiary of Rosneft, produced 50 millionth ton of oil since the start of Uvat project implementation in 2004. In 10 years of enterprise performance the annual oil output increased almost by 10 times – from 1


Scana Industrier Receives Turret Equipment Order

Scana Industrier ASA has through its subsidiary Scana Offshore Vestby, signed a letter of intent (LOI) for delivery of a FSO turret pull-in and locking system to Knutsen OAS Shipping AS / KNOT FSO1 AS. The FSO is a converted Shuttle Tanker in the Knutsen Fleet


UPI Wins Engineering Contract from Dominion Resources

Huntington Ingalls Industries (HII) subsidiary UniversalPegasus International (UPI) was awarded the engineering services contract for the Pleasant Valley Compressor Station Project in Virginia by Dominion Resources. The value of the transaction was not disclosed.  


KTK Orders Two Damen Tugboats

Image: Damen

Kompania di Tou Korsou places an order for two tug vessels from Damen   On December 9, five years after the delivery of two ASD Tugs 2810 KTK Tribon and KTK Barakuda, Damen Shipyards Group and Kompania di Tou Korsou (KTK) signed an agreement for the delivery of two Stan Tugs 1205. 


RN-Aero, KazMunayGas-Aero Join Forces

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  RN-Aero (Rosneft subsidiary) and KazMunayGas-Aero (KazMunayGas subsidiary) signed an agreement, substantially increasing cooperation between the Companies. The accord on the signing of the agreement was reached at the IATA International Aviation Forum in Dubai in the end of November.


Leighton to Sell John Holland

  Leighton Holdings today announced it had entered a binding agreement for the sale of John Holland to CCCC International Holding Limited (CCCI). CCCI is a wholly-owned subsidiary of China Communications Construction Company (CCCC), the fourth largest construction company in the world by


China Adds 9 Shipyards to Favored 'White List'

Photo: China Shipbuilding Industry Corporation

China has added nine shipyards to its "white list" of firms deemed worth of favourable policy support, as it attempts to tackle overcapacity that has weighed on the global shipping market.   In September, it published a list of 51 yards which it later cut to 50


Diana Enters Time Charter Contract with Clearlake

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Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter  contract with Clearlake Shipping Pte. Ltd., Singapore, a member of the  Gunvor Group, for one of its Capesize dry bulk vessels, the m/v New  York.


UniSource Buys Gila River Power Station

Power block at Gila River plant

  UniSource Energy Services (UES), an indirect, wholly owned subsidiary of Fortis Inc., has strengthened its generating portfolio and reduced its reliance on the wholesale energy market through the purchase of a share of the efficient natural gas-fired Gila River Power Station in Gila Bend


Diana Acquires Newbuild Dry Bulk Vessel

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party seller, a newbuilding Capesize dry bulk vessel of approximately 180,000 dwt


Bunker Holding Adds Subsidiary Unioil Supply

The Bunker Holding Group has established a new subsidiary operating under the name Unioil Supply A/S. The physical setup, based in Aalborg, consists of professionals from the former OW Supply & Trading.   The Danish-based Bunker Holding is the parent company of a group of companies


NASSCO Licenses LNG Containment Tech to Braemar

Image: Braemar

General Dynamics NASSCO and Braemar LNG BV announce LNG containment technology licensing agreement   General Dynamics NASSCO and Braemar LNG BV, a wholly owned subsidiary of Braemar Shipping Services PLC, have signed a technology licensing agreement for Braemar to use NASSCO’s






 
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