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Spin Off

Huntington Ingalls Form 10 Registration Statement Declared Effective

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.    


Wheelabrator Group Announces New Ownership

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)


Daewoo To Split Into Three Units

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


OMI Announces Time Charters

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


CP Ships Secure Long-Term Agreement

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.


Dredging Works to Bring Post-Panamax Ships to US East Coast Port

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


New Board Appointment by Huntington Ingalls

Victoria D. Harker: Photo credit HII

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


Daewoo Expected to Rise Up From Debt Rescheduling

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


Kitimat LNG Terminal Clears Hurdle

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


General Maritime Corporation Appoints New CFO

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


Exxon eyes expanding Texas refinery

ExxonMobil

  Exxon Mobil Corp is considering a multi-billion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.S. shale oil boom, people with knowledge of the deliberations said.


HII’s Petters Honored by Navy League

Mike Petters, president and chief executive officer of Huntington Ingalls Industries (Photo courtesy of HII)

Huntington Ingalls Industries (HII) announced today that Mike Petters, its president and CEO, was honored by the Navy League of the United States New York Council at a dinner last night in New York City. Petters was awarded the Rear Admiral John J


Eni Norge Enters Agreement with DNV GL

Eni Norge AS awards DNV GL a framework agreement for the supply of inspection services to the Goliat platform in the Barents Sea.   The term of the contract is three years, with an option for a two-year extension. The assignment consists of planning and carrying out inspections of static


Marathon Traders Gain E.Coast foothold with Hess Deal

Marathon Petroleum Corp is poised to expand its growing Midwest and Gulf Coast fuel trading operation to the East Coast with Thursday's deal to buy Hess Corp's retail network and transport contracts. The purchase will give Marathon control of Hess's gasoline stations and access to pipelines


DNV GL Acquires Marine Cybernetics

Remi Eriksen, DNV GL Group COO and Executive Vice President, shaking hands with Stein Eggan, Chief Executive Officer of Marine Cybernetics (Photo courtesy DNV GL)

DNV GL, a ship and offshore classification society and technical risk service providers, has acquired Marine Cybernetics, a company for third-party testing of computer control systems. The acquisition expands DNV GL’s scope of services in the offshore and maritime industries.


Aker Solutions to Divide Company in Two

Aker OCV: Image courtesy of Aker Solutions

Aker Solutions release Q1 2014 financial results and separately inform they will split into two companies to speed up a streamlining process that will reduce costs and better position all parts of the group to meet the needs of customers in an increasingly competitive global energy industry.


National Oilwell Expects Offshore Rig Demand to Slow

courtesy of National Oilwell Varco

National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, said orders fell by nearly a quarter in the first quarter and it expects demand for new offshore rigs to slow during the second half of the year. The company's shares fell about 7 percent.


Fredriksen Joins Rival for New Capesize Firm

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which will compete with Fredriksen's own dry bulk company Golden Ocean. Fredriksen's Frontline 2012 and Knightsbridge Tankers will together


SEACOR Holdings Earnings Dip

SEACOR Holdings Inc. has announced its results for its year and fourth quarter ended December 31, 2013. Highlights •    For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2


MHI, OMT Enter Shipbuilding Collaboration

Mitsubishi Heavy Industries, Ltd. (MHI) has entered into an agreement with Odense Maritime Technology A/S (OMT) of Denmark, a provider of ship design services, on collaboration in ship engineering business. The companies said they plan to combine abundant track records in shipbuilding business to


Ship Design & Engineering: Japan's MHI & Denmark's OMT Collaborate

Image photo CCL

Mitsubishi Heavy Industries, Ltd. (MHI) has concluded an agreement with Odense Maritime Technology A/S (OMT) of Denmark, a provider of ship design services, to collaborate in expanding their licensing business. Under the newly agreed collaborative arrangement


ESSI Launches BlueTide Communications

A New Independent Company to Focus on Satellite Communications for Energy Exploration and Production, Maritime and Leisure Markets. Environmental & Safety Systems International, Incorporated (ESSI), an energy industry service leader in Aids to Navigation (AtoN)


UMaine's Offshore Wind Pilot Project Gets Green Light

Image courtesy of Maine Aqua Ventus

The Maine Public Utilities Commission has approved in a 2-1 vote a term sheet for Maine Aqua Ventus’ pilot offshore wind energy project. The decision clears a hurdle for Maine Aqua Ventus in its path to receive electric ratepayer support as it tests new offshore wind technology developed at


DMC’s Second Metal Spinning Machine into Service

Photo: Damen

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.


Swedish Club Academy Celebrates 20 Years

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






 
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