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08 Feb 2024

Maersk to Spin Off Svitzer

© harlequin9 / Adobe Stock

Denmark's A.P. Moller-Maersk said on Thursday it will spin off its towage and marine services activities and plans to list the new company on the Nasdaq Copenhagen stock exchange.Maersk has sought to streamline its business in recent years, spinning off oil rigs and other units that did not fit with its core shipping and logistics operations.The anticipated first day of trading for the shares of the new company, to be called Svitzer Group, is on April 30, Maersk said as it reported…

12 Dec 2023

Back to School: Virtual Field Trip for 27,000 Students onboard Saipem 7000

Image courtesy Saipem

As the maritime and offshore industries cumulatively search for ways to attract the 'next generation,' Saipem has come up with an innovative approach that gives thousands of students the ability to virtually visit work in the offshore environment: two days on board a naval vessel engaged in the construction of a large wind farm in the North Sea. This is the experience that almost 27,000 elementary and middle school students from over 850 cities were able to live thanks to an exclusive virtual and interactive school trip organized by Saipem…

31 Aug 2023

The Resurgence of the OSV Industry: From Trough to Triumph

Photo Copyright: Arlid/AdobeStock

The offshore supply vessel industry has weathered a tumultuous decade characterized by a prolonged trough that tested the resilience of vessel owners. However, the tides have turned, and the industry is now experiencing a strong and much-awaited revival.The offshore supply vessel industry has weathered a tumultuous decade characterized by a prolonged trough that tested the resilience of vessel owners. However, the tides have turned, and the industry is now experiencing a strong and much-awaited revival.While long seen as a derelict industry by investors…

23 Aug 2023

Sea and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping Collaborate

Source: Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping

Maritime software provider Sea and Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping have formalized their collaboration by signing a Knowledge Partnership Agreement. With the agreement, Sea and the Center become official partners, committing to a long-term strategic collaboration and contribution to accelerate the decarbonization of the maritime industry.Sea, a technology spin-off from the Clarksons Group, will be providing access to its pre-trade intelligence and analytics tool that processes over 68.7 billion AIS data points annually with in-house derived insights…

31 Jul 2023

Shipshape: Simplifying Boat Control and Improving Maneuverability

(Image: Emerson)

Any competition requires skill — but when the stakes are high and seas are rough, the right technology can set contenders apart. On the popular National Geographic reality series "Wicked Tuna" and its spinoff, "Wicked Tuna: Outer Banks," commercial fishing crews compete to reel in elusive bluefin tuna. To brave North Atlantic waters off the coast of Gloucester, where the series is set, and bring in fish that are several hundred pounds, it's critical that captains outfit their…

21 Jun 2023

Union Calls for Thyssenkrupp Mull Defense Division Sale

Copyright penofoto.de/AdobeStock

Thyssenkrupp should explore a sale of its warship division to peers, in addition to private equity players and a potential stock market listing, according to influential German labor union IG Metall.Leaders should "keep an eye on industrial investors", IG Metall said in a union handout seen by Reuters, adding that while the union remained open for a full or partial sale of the business, options should also include keeping the division.Thyssenkrupp is currently exploring options for Thyssenkrupp Marine Systems (TKMS), which builds submarines and frigates, with scenarios ranging from a possible

11 Apr 2023

India Set to Finally Privatize Shipping Corp of India after Years of Delay

The Indian government plans to invite financial bids for the privatization of Shipping Corp of India Ltd (SCI) next month, as it looks to sell the state-run company after years of delay, two government officials told Reuters.The Prime Minister Narendra Modi-led government had, in 2019, announced plans to privatize a number of state-run companies, including selling its stake in SCI, which was stalled due to regulatory delays.SCI – which owns and operates bulk carriers and crude oil tankers, among others – had to spin off its non-core assets before the government could sell its 63.75% stake, which hit a roadblock over the amount of funds to be transferred to the demerged entity.SCI completed the spinoff last month after getting regulatory approval late in February.This demerged entity…

24 Feb 2023

Malaysian FPSO Giant Yinson Invests in Norwegian Autonomous Vessel Start-up

©Yinson/Zeabuz (cropped)

Yinson GreenTech (YTG), a green tech investment branch of the Malaysian FPSO giant Yinson, has announced its strategic investment in a Norwegian startup specializing in autonomous solutions for the maritime industry called Zeabuz."The investment provides the foundation for YGT to work closely with Zeabuz in the development of autonomous solutions for YGT’s future fleet of electric vesselsm," Yinson said, without sharing info on the size of the investment.Eirik Barclay, Chief Executive Officer of YGT…

25 Jan 2023

Armach Robotics Promotes John Dunn to COO

John Dunn (Photo: Armach Robotics)

Armach Robotics announced it has promoted its operations VP John Dunn to chief operating officer.Armach, which uses small autonomous robots to keep ships clean and collect hull data that can inform future maintenance and operations, hired Dunn when the company was launched in late 2021, as a spin-off company by marine software company Greensea Systems.In his new role, Dunn continues to play a central role in further developing and overseeing Armach’s ongoing business operations.

28 Nov 2022

Rotterdam Port to House Battolyser Plant for Green Hydrogen Production

Concept Design Battolyser Systems Factory 1 (Image: Kraaijvanger Architects)

The Port of Rotterdam on Monday said it will help develop a 14,000 square metre factory for Battolyser Systems, a company that designs combined battery and green hydrogen production machines.Financial terms were not disclosed.The port, which has announced a series of hydrogen-related deals this year, said it views the company, a spin-off from the Delft University of Technology, as an anchor for a part of the port that will be devoted to companies helping to get carbon out of supply chains."Companies in the port are already actively working on projects regarding production…

18 Nov 2022

Castor Maritime to Spin-off Its Tanker Fleet

Bulk carrier and tanker owner Castor Maritime this week announced plans to spin off its tanker fleet into a new subsidiary called Toro.Nasdaq-listed Castor, which owns a fleet of 20 bulk carriers and eight tankers, said the newly formed Toro would act as the holding company for the tanker fleet comprising one Aframax, five Aframax/LR2 and two Handysize tankers.In the spin-off, Castor shareholders will receive two common shares of Toro for every five Castor common shares held at the close of business on December 6, 2022. Toro has applied to have its common shares listed on the Nasdaq Capital Market. "The transaction is expected to enable each of Castor and Toro to increase its focus on its respective line of businesses…

21 Jul 2022

ABB Intends to Spin Off Its Turbocharging Business

Björn Rosengren, Chief Executive Officer of ABB. Copyright ABB

ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7, 2022.“After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders…

16 May 2022

Armach Robotics Launches Its First Hull Service Robot

Credit: Armach

Armach Robotics, the robotic hull-cleaning subscription service company launched last year as a Greensea spin-off, has launched its first post-prototype Hull Service Robot.Armach said that the robot is a disruptive technology in hull cleaning, being man-portable at under 66lbs (30kgs) and around 34 inches (86cm) long, greatly reducing deployment costs and increasing convenience. The robot was recently launched for its first in-water trials at Plymouth, Massachusetts.James Truman, Armach’s VP of Engineering says: “My favorite job in this industry is working on next-generation systems.

31 Mar 2022

Keppel Offshore & Marine, Sembcorp Marine Working on Merger

©Keppel Offshore & Marine

Keppel Corp's offshore and marine (O&M) arm and smaller rival Sembcorp Marine are working towards having an agreement over their business unification in place by the end of April, the companies said on Thursday.The companies had first announced plans to combine their loss-making O&M businesses in June last year. The deal would see Keppel spin off the new business into a listed entity, with Singapore state investor Temasek becoming the largest shareholder in the combined company.

31 Oct 2022

Armach Robotics Set to Take the Pole Position on Ship Hull Maintenance, Intelligence

Image courtesy Armach Robotics

Melding advanced software, intelligence, robotics and navigation, Armach Robotics – a spinoff of Greensea Systems – leads a step change in ship hull cleaning and maintenance with its Robotics as a Service model. Ben Kinnaman, the CEO of Greensea Systems, explains.Ben, to start us off, please give us a background on Armach Robotics? Where did the idea come from and where are we today?Greensea Systems is a software company, well-known for our software platform on ocean robotics. We're also well-known for our unique navigation and autonomy solutions.

08 Mar 2022

Greensea Launches Hull Cleaning Spin-off Armach Robotics

Armach’s small form factor hull service robot is man portable and promises near to 100% hull cleaning coverage. (Photo: Armach Robotics Inc)

Marine software pioneer Greensea Systems Inc. has launched spin-off company Armach Robotics, that capitalizes on Greensea’s digital expertise to offer a subscription model robotic hull cleaning system using autonomy, intelligence and data fusion to tackle biofouling.Armach Robotics is not a technology company and does not sell robots; it is a service provider offering a subscription for clean hulls and hull intelligence. Its resident cleaning robots to ships, ports, harbors and…

15 Feb 2022

ABB Turbocharging Rebrands as Accelleron

© Sundry Photography / Adobe Stock

ABB on Tuesday announced that its Turbocharging division (PA) will go under the new brand name Accelleron, a compound word of: Access – Accelerate – Excel – on and on.ABB said the new brand is part of its portfolio management strategy to operationally separate the Turbocharging division before a final decision is made between a sale or a spin-off of the business toward the end of the first quarter. Whichever path is chosen by ABB to separate the business, this process should be completed in the first half of 2022.“Unveiling the Accelleron brand is a seminal moment for our business.

28 Jan 2022

Huntington Ingalls Industries Names New CEO

HII Chief Operating Officer Chris Kastner Will Become President and CEO ©HII

The U.S.' largest military shipbuilder Huntington Ingalls Industries said Friday its Chief Operating Officer Chris Kastner would become HII president and chief executive officer, consistent with the company’s succession plan. The HII board also elected president and CEO Mike Petters to become executive vice-chairman of the board for a transition period. Both changes are expected to take effect on March 1.$48 billion shipbuilding backlogPetters and Kastner, who has acted over the past decade as chief financial officer…

16 Nov 2021

DIGITALIZATION: Keeping Your (hull) Stress and Fatigue Under Control

Image courtesy Light Structures

Digitalization is expediting and maximizing the safety and economics of structural stress and fatigue measurement technologies. Terje Sannerud, Chief Commercial Officer at Norwegian fiber optic condition monitoring system developer Light Structures explains.Yet to be mandated by the IMO or included in any SOLAS regulations, structural stress and fatigue monitoring systems have in fact been used for providing real-time safety warnings on large and specialist vessels for more than two decades.

19 Oct 2021

Diana Shipping Forms Spin-off OceanPal

(Photo: Diana Shipping)

Dry bulk shipping company Diana Shipping Inc. announced Tuesday that, through a wholly-owned subsidiary, it has filed a registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 to effect a spin-off of three of the company’s older dry bulk vessels. OceanPal Inc., the newly formed subsidiary that will act as the holding company for the three dry bulk vessels, has applied to have its common shares listed on the Nasdaq Capital Market.In connection with the spin-off transaction…

30 Jul 2021

TechnipFMC to Take Full Ownership of Well Intervention Firm TIOS

Island Frontier vessel / Photo: Stig Silden - Island Offshore

Oilfield services giant TechnipFMC plans to acquire the remaining 49% of shares in TIOS AS from Island Offshore.TIOS is an offshore well intervention joint venture formed in 2018 between TechnipFMC and Norwegian offshore vessel owner Island Offshore.TechnipFMC said Thursday the move would speed up the development of TechnipFMC’s integrated service model "focused on maximizing value to our clients."TIOS provides fully integrated Riserless Light Well Intervention (RLWI) services…

24 Jun 2021

Keppel, Sembcorp Marine in Talks to Merge Offshore and Marine Units

Keppel Tuas Shipyard - File Photo: Keppel Corp.

Temasek-backed Singapore conglomerate Keppel Corp and smaller rival Sembcorp Marine are exploring a potential tie-up which would see them combine their struggling offshore and marine (O&M) businesses after years of losses in an industry downturn.A successful deal would see Keppel spin off the new business into a listed entity and ultimately exit from the legacy business. Temasek would become the largest shareholder in the combined unit, while Sembcorp will also own a stake in it.Keppel's O&M unit…

20 May 2021

Vestdavit Establishes Dutch Subsidiary

(Photo: Port of Antwerp)

Vestdavit has bolstered its presence in the European market with the launch of a new subsidiary in the Netherlands that positions it for business growth in one of the world’s major maritime hubs. The Norwegian davit supplier is now able to provide readily available resources and expertise for new and existing clients from its Vestdavit BV office located in Maastricht that opened on May 1.Headed by managing director Kai Gjerde, the office will function as a sales and service center located at the intersection of the Netherlands…