Northrop Grumman Corporation (NYSE: NOC) announced that the Form 10 Registration Statement for the spin-off of its wholly owned subsidiary, Huntington Ingalls Industries, Inc. (HII), has been declared effective by the U.S. Securities and Exchange Commission. The Form 10 includes an Information Statement containing details of the spin-off and important information about HII. The Information Statement will be mailed to Northrop Grumman stockholders prior to the anticipated March 31, 2011, distribution date for the spin-off, and can also be accessed on the investor relations page of the Northrop Grumman website (www.northropgrumman.com). Northrop Grumman stockholders of record at the close of business of the New York Stock Exchange (NYSE) on the record date scheduled for March 30, 2011, will receive one share of HII common stock for every six shares of Northrop Grumman common stock held. Stockholders will receive cash in lieu of fractional shares of HII.
South Korea's Daewoo Heavy Industries Co apparently plans to split into three units on October 23, pending an approval from its board of directors. It's unknown at present how the spin off will effect the world's second largest shipbuilder. The company planned to divide its shipbuilding and machinery operations and form a third company to manage its debts. The machinery and shipbuilding units are expected to list separately around December 20
Wheelabrator Group has announced new ownership. Mid Europa Partners (MEP), through its Emerging Europe Convergence Fund II, L.P. has completed the acquisition of all outstanding WG equity from an investment group led by Bard & Company. The Group will continue to pursue the action plan it developed over the last three years following its spin off from Veolia Environment. As a result of the new investment, Wheelabrator Group’s corporate functions (currently located in Golden, Colorado, USA)
OMI Corporation of Stamford, Ct. announced that it had entered into five year time charters with BP Shipping for two new Panamax tankers which are scheduled to be delivered by their shipbuilder in April and July 2003. Craig H. Stevenson, Jr., Chairman of the Board of Directors and Chief Executive Officer commented that "we are excited about this transaction for several reasons. First, these are our first time charters with BP since our spin-off in 1998 and we appreciate their confidence
Canadian Pacific Railway and CP Ships have reached a long-term agreement that will see CPR continue as the shipping company's exclusive Montreal Gateway rail carrier well into the future. The two companies have extended their existing agreement, originally due to run until 2004, for another 10 years to 2014. The new agreement secures CPR's position as the leading rail service provider in the Port of Montreal, handling the majority of the port's containerized rail traffic.
Pennsylvania Governor Tom Corbett announces signature of third Delaware River dredging contract. Governor Tom Corbett was joined by the Philadelphia Regional Port Authority and other dignitaries to announce signature of the third Delaware River dredging contract needed to continue deepening the channel from just south of the Philadelphia International Airport to the Walt Whitman Bridge. "This continuation will allow the Port of Philadelphia to compete with deep-water ports up and down
General Maritime Corporation announced that it has appointed William "Bill" Viqueira as its new Chief Financial Officer. Mr. Viqueira is expected to join General Maritime on Monday May 5, 2003 and will replace James Christodoulou, who will leave the Company to pursue other interests. Mr. Christodoulou is expected to remain as a consultant with the Company in order to assist with the transition. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, stated
South Korea's Daewoo Shipbuilding & Marine Engineering is set to graduate this week from a creditors' debt rescheduling plan, a move that will shore up credit ratings for the world's second-largest shipbuilder. An early end to the plan was widely anticipated as the shipyard has shown a dramatic turnaround with a flood of new orders, creditors said on Monday. "The company's earnings performance has improved dramatically," said Yang Moon-suk, a spokesman for Korea Development Bank
An environmental assessment application for a proposed $500-million liquefied natural gas (LNG) terminal near Kitimat, B.C., has been accepted for formal review, Kitimat LNG Ltd. announced. The announcement marks the start of a 180-day review period after which time the province will decide whether to issue a required environmental assessment certificate. The formal review stage includes a 45-day public consultation period that is scheduled from June 15 to July 30
Victoria D. Harker joins Huntington Ingalls Industries board of directors. She is currently the chief financial officer for Gannett, an international media and marketing solutions company, having recently joined the company on July 23. She previously served as CFO and president of global business services of the AES Corp., a multinational power company. "We are very pleased to welcome Victoria to the board of HII," said Thomas B. Fargo, chairman of the board
Aker Solutions ASA and Statoil ASA have cancelled a contract for delivery of a semi-submersible rig capable of year-round well-intervention services on the Norwegian continental shelf. The companies in April 2012 agreed Aker Solutions would build the Category B (Cat B) rig and use it to provide
Trading in preowned vessels continues to be a popular choice for many customers. Damen Trading facilitates the sale and purchase of both Damen and third-party vessels. Recent deals highlight how trading in vessels results in a win-win situation for buyer and seller.
The Swedish Club Academy is celebrating 20 years of Maritime Resource Management (MRM), a spin off from the Bridge Resource Management (BRM), which aims to reduce accidents at sea caused by human error. In 1993, The Swedish Club, together with seven other organizations
The metal spinning machine, a propeller nozzle manufacturing method with basically one single weld only is now operational in the Chinese plant of Damen Marine Components (DMC). Consequently, the technique which DMC has revolutionized nozzle production is up and running at both of its plants.
DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, today announced the details of the partial spin off of Ocean Rig UDW Inc.
With State and Federal Assistance, Huntington Ingalls to Explore Options for Avondale Conversion; Save Our Shipyard Coalition Hails New Developments. "This is good news for the people of New Orleans and the state of Louisiana—indeed America
Huntington Ingalls Industries announced that Mike Petters, its president and chief executive officer, was recently elected to the board of directors for the U.S. Naval Academy Foundation. He will serve a four-year term. The mission of the U.S
Luva may herald start of deep-water development in Norwegian Sea. Statoil, together with its Luva field partners, has selected a Spar platform to develop the field. As a gas transport solution has also been decided, a major step has now been taken towards deep-water production in the
Damen Marine Components (DMC) has developed a pioneering nozzle production method based on a single weld seam on the inner side of the nozzle. This makes the process much more efficient and environmentally friendly. The new Nozzle Spinning Machine can deliver nozzles up to 4.5 m at short notice.
The Obama administration’s failure to budget $1.6 billion for two of the Coast Guard’s flagship vessels is drawing criticism from U.S. lawmakers, who contend that the service’s missions will be threatened. The Department of Homeland Security’s proposal for the fiscal year
Next year, developers hope to start building offshore wind turbines in the U.S., which is already a leader in on-land wind generation. As turbines spin off the coast in a dozen other countries, particularly the UK, Denmark, the Netherlands and Germany
A year after Irving Shipbuilding Inc.’s successful bid to build $25B worth of combat vessels for the Royal Canadian Navy and ships for the Canadian Coast Guard, the largest procurement contract ever awarded in Canada, a positive economic buzz continues to grow across the province and
GeoVS was awarded a contract to supply and install its system in Poole Harbor, Dorset. The system brings a step change in monitoring and managing ship movements in ports and restricted waterways. Dr. Rafal Goralski, Technical Director of GeoVS, a University of Glamorgan spin off company
GE signed an agreement with Shanghai Maritime University (SMU) to help improve the capabilities of the shipping engineering community in China by providing laboratory facilities and cooperating on research and innovation projects. SMU is a multidisciplinary university that encompasses such
Barb Niland, HII's corporate vice president of business management & chief financial officer, was recognized in the publicly traded companies category. "I am honored to work with more than 37,000 of the most talented shipbuilders in the world