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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.    


DEME Invests in Flemish Dredging Tech

Cutter Suction Dredger ‘D’Artagnan’ (Photo: DEME)

Following a successful laser cladding pilot project in 2015, Belgian dredging, environmental and marine engineering group DEME has signed a three-year cooperation agreement with VITO spin-off Laser Cladding Venture (LCV) to strengthen the cutter incisors used to dredge hard soils. Laser cladding is a coating technique in which a laser melts metal powders into objects. The wear-resistant and anticorrosive layers that are applied improve the durability of the mechanical parts


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)


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


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


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


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


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.


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


Virginia Port, Konecranes Ink Largest ASC Deal

Governor Terry R. McAuliffe announced that The Port of Virginia will finalize the $217 million contract with Konecranes for that company to build and deliver 86 specialized cranes that will be at the center of the port’s expansion projects at Virginia International Gateway (VIG) and Norfolk


Maersk, DONG in Talks over $10 Bln Oil Merger

File photo: DONG Energy

Denmark's A.P. Moller-Maersk and DONG Energy are in talks to merge their oil and gas operations in a deal that would create a business worth more than $10 billion including debt, sources familiar with the matter said.   Maersk is working with Bank of America on the potential deal


Wärtsilä EnergoProFin for CPP, FPP

Wärtsilä EnergoProFin energy saving solution increases propeller efficiency and creates fuel savings of up to five percent. Photo Wartsila

Wärtsilä EnergoProFin is a state-of-the-art energy saving solution that increases propeller efficiency and creates fuel savings of up to five percent. The solution is now available for both controllable pitch propellers (CPP) as well as fixed pitch propellers (FPP)


DSME to Spin off IT Biz Unit

Photo: Daewoo Shipbuilding & Marine Engineering Co. (DSME)

 Daewoo Shipbuilding & Marine Engineering Co. (DSME) plans to spin off its IT business unit next year in an effort to streamline its business structure, reports Yonhap.   The unit, provisionally named DSME Information System, will be started on Jan. 1, the company said


Collaboration on Swimming Robots for Subsea Maintenance

Statoil CTO Elisabeth Birkeland Kvalheim (left) and Eelume CEO Kristin Y. Pettersen. Photo Statoil

NTNU spin-off company Eelume collaborates with Kongsberg Maritime and Statoil to develop swimming robots for subsea inspection and light intervention. Kongsberg Maritime and Statoil have signed an agreement with Eelume, a NTNU spin-off company


Hyundai Heavy Industries Back in Black

Photo: Hyundai Heavy Industries

According to a regulatory filing, Hyundai Heavy Industries (HHI) racked up 10.2728 trillion Korean won in sales for Q1 2016, a 7.8 percent decline from the previous quarter while operating income swung to a profit of 325.2 billion won, putting an end to a nine-quarter losing streak.  


Massive Layoff Ahead for Hyundai Heavy

Photo: Hyundai Heavy Industries Co., Ltd. (HHI)

 Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources.   Hyundai Heavy Industries plans for large layoffs amid a prolonged recession in the global


Research Vessel Polarstern Returns to Bremerhaven

Research ice breaker Polarstern Photo AWI

Antarctic season ends in the homeport after half a year Bremerhaven / Germany, 11 May 2016. on Wednesday, 11 May 2016, the research vessel Polarstern is expected back in its home port of Bremerhaven after a good six months of Antarctic expeditions.


Measuring Shipping Emissions in the Arctic

Multicopter with sensors (photograph taken by Aeromon Ltd.)

Shipping must prepare for stricter black carbon emission regulations; Finns improve the reliability of international measurement techniques   A new global challenge and a compliance monitoring market are emerging, due to tightening environmental regulations


S.Korea Creates $9.5 Bln Fund for Banks Exposed to Shipyard Troubles

Photo: Robert Kunkel

South Korea's government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country's struggling shipping and shipbuilding firms.   "Our key industries like shipping and shipbuilding are being aggressively caught up


Africa’s First Dredging Simulator Unveiled

Photo courtesy of TNPA

Africa’s first ever dredging simulator was launched in the port city of Durban, South Africa – another positive spin-off of ongoing collaboration between Transnet National Ports Authority (TNPA), the Transnet Maritime School of Excellence (MSoE)


Statoil: Considerable Johan Castberg spin-offs

Statoil has today, as operator for the Johan Castberg project, distributed a proposed impact assessment programme for the largest field yet to be developed on the Norwegian continental shelf (NCS)

Statoil’s proposed impact assessment programme for the Johan Castberg project reveals that the project will be important to Norwegian industry and have strong ripple effects. During our improvement work we have created new opportunities for the Johan Castberg field in the far north


Korea's Top 3 Shipbuilders' Shaky Performance

File Photo: Samsung Heavy Industries

 The value of contracts signed by Korea's big-three shipbuilders— Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries — fell far behind the amount they projected for this year, reports The Korea Herald.  


Moody's: Ratings of Overseas Shipholding on Review for Downgrade

Photo: OSG

 Moody's Investors Service, has placed the ratings of Overseas Shipholding Group, Inc. (OSG) under review for downgrade, including its B2 corporate family and Caa1 senior unsecured ratings, and the B1 and Ba2 senior secured debt ratings of its subsidiaries, OSG Bulk Ships, Inc


Hyundai Heavy to be Split into 4 Firms

Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness






 
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