Abg News

Belgian oil tanker group Euronav and smaller Oslo-listed rival Frontline plan to merge in an all-stock transaction valued at $4.2 billion that they said would cut costs and help in their low-carbon transition.Euronav shareholders will own 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in a statement on Thursday.The merged company will use the Frontline name and will…

Integrated Wind Solutions, a newly formed offshore wind service company owned by Norway's Awilhelmsen investment group, is eyeing a private placement of new shares in the company in connection with a listing on Euronext Growth Oslo, aiming to raise up to $89 million.Integrated Wind Solutions describes itself as a company that aims to be a leading offshore wind service player by integrating service operation vessels with engineering and manpower services in the windfarm’s construction and operations phase.

Norway's Klaveness Combination Carriers (KCC) has raised 350 million Norwegian crowns in a private share placement, valuing the shipping firm at 2.27 billion crowns ($259.57 million) ahead of an Oslo stock market listing on May 22.Following the successful private placement, KCC has declared two options for the construction of the seventh and eight CLEANBU combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China.The two newbuilds are scheduled for delivery in January and February 2021. Following the declaration, the KCC fleet will grow to 17 vessels within 1st quarter of 2021. The company holds options for further vessels.“We…

Norwegian seismic acquisition company SeaBird Exploration said  it is in an exclusive process to acquire the seismic vessels BOA Galatea and BOA Thalassa owned by BOA Offshore in a transaction which values the vessels at NOK 185 million ($22 million).The BOA Vessels are well suited for source and 2D operations, as well as EM seabed logging, for which BOA Thalassa is currently contracted with EMGS ASA until September 2019 with options for EMGS ASA to extend for three periods of six months each.In order to finance the acquisition of the BOA Vessels, as well as to finance an upgrade of BOA Galatea to high end 2D / source capability, the Company is contemplating a private placement of new shares  in the Company raising gross proceeds of minimum NOK 225 million and maximum of NOK 250 million.

UK-based global metals and engineering firm controlled by billionaire Sanjeev Gupta Liberty House Group is planning to buy-out India's debt-laden ABG Shipyard. According to a report in the Business Standard, Liberty House has proposed a new business model to the National Company Law Tribunal (NCLT) as part of its acquisition plan of ABG Shipyard. The plan includes a ship breaking facility, along with the existing shipbuilding and repair space. The newspaper report quoted sources saying that the negotiations are on. There will be more clarity on the deal soon. ABG Shipyard is one of the 12 firms on the Reserve Bank of India (RBI)’s list to be forced into bankruptcy under a new regulation for failing to repay their debts.

The Indian ministry of defence (MoD) has terminated the contracts with India's ABG Shipyard, which already  was out of the race for $2.6-billion four Landing Platforms Docks (LPD). This comes as another serious setback to the Shipyard after it was listed as non-performing asset (NPA) accounts by the Reserve Bank of India (RBI) for fast resolution under the insolvency law. ABG Shipyard has failed the corporate debt restructuring (CDR) carried out by ICICI bank. The Financial Express reported that keeping in mind the poor financial health of the shipyard, the MoD has written to ABG  that their old contracts are terminated. “The MoD through a letter to ABG Shipyard has cancelled contracts including Cadet Training ship; Coast Guard Training Ship and Naval vessels.

Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Once the world's most valuable rig firm, Seadrill's business was hard hit when oil companies sharply cut investments and exploration in the wake of a 2014 crash in oil prices. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a board director, the company said. Dibowitz, a U.S. citizen, joined the company 10 years ago.

India's state-owned Cochin Shipyard Ltd (CSL) has started preliminary discussions to buy a controlling stake in debt-ridden ABG Shipyard Ltd, Livemint reported quoting un-named sources close to the development. Earlier, three suitors - Reliance Defence, Shapoorji Pallonji Group and the UK’s Liberty House - have shown interest in buying ABG, even as its lenders try to force the ship maker out of a debt recast mechanism and recover their dues. However, sources say that they have backed out one by one. Now that Shapoorji Pallonji and Co. Ltd has decided to back out of the discussion, CSL entered the fray. ABG Shipyard’s lenders have been in talks with several strategic investors for a while. A controlling stake in ABG may be valued at Rs400-500 crore, the second of the two people said.

ABG Shipyard Ltd, which was one of the largest shipbuilding company in the country operating in the private domain, has decided to divest its entire stake in its subsidiary Western India Shipyard Ltd (WIS). The company’s board has agreed to invite suitable bid from the prospective investor and negotiate the deal including best price,  it said in a filing with stock exchanges. "Board of Directors of the company, in their meeting held today, i.E. October 6, 2016 have decided and approved, inter alia, divestment of its subsidiary Western India Shipyard Ltd and authorised Executive Director and other company officials, jointly to invite suitable bid from the prospective investors and negotiate the deal including the best price, terms and conditions with them," it said in a regulatory filing.

Largest Private Sector Shipbuilding Yard in India ABG Shipyard is for sale. The Lenders led by State Bank of India has hired investment bank Rothschild to find a buyer for a majority stake in the company as they struggle to save Rs 16,000 crore ($2.4 billion) worth of loans given to it, reports Economoc Times. Lenders have to complete this exercise -converting debt into equity -within 210 days and find a new buyer within 18 months, according to Reserve Bank of India norms. Earlier, Global commodities platform SIMEC Group bought a 51% stake in ABG Cement for Rs525 crore and initiated a management change in the company earlier this financial year. Meanwhile, Lenders to ABG Shipyard have converted a significant portion of their debt into equity and now own 49.15% in the company.

Vishakhapatnam Port is poised for major expansion, with the Minister for Shipping, Road Transport and Highways Nitin Gadkari inaugurating several projects during his visit to the port, says government press release. The Minister inaugurated a Container Freight Station of 1 lakh TEU capacity developed by M/s.VCTPL at a cost of Rs.104 crores for which an extent of Ac 34 acres is allotted by the Port. He also inaugurated the commissioning of 6.25MW out of 10MW solar power plant. The power generated from this plant is meeting the captive consumption of the port and the excess power is proposed to be sold by third party agreements. Gadkari also laid the foundation stone for the project “Reconstruction of old EQ-2…

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but also into a business heavily reliant on government subsidies. State-controlled DONG Energy on Thursday set a price range for its initial public offering at 200 Danish crowns to 255 crowns per share. This would give the group a market value of 83.5 billion to 106.5 billion Danish crowns ($12.6-16.0 billion), potentially making it the Europe's biggest IPO this year.

Danish wind farm developer DONG Energy, which analysts value as high as $13 billion, said on Thursday it plans to list its shares on the Copenhagen stock exchange this summer. Having built more than a quarter of the world's offshore wind farms, the company is a major player in Britain and Germany and has recently opened offices in the United States and Taiwan to cater for new growth markets. With a potential valuation as high as 85 billion Danish crowns (11.4 billion euros), Dong…

The cash-strapped Indian shipbuilder ABG Shipyard will likely close the deal for a 51 per cent stake sale by the end of this financial year, its managing director and CEO Syed Abdi said. Syed said the company had narrowed it down to one player for the stake sale and was looking to raise about Rs 500 crore for its working capital requirements. ABG Shipyard Ltd was in talks with a clutch of domestic and international investors for selling as much as 51% in the country’s largest shipbuilder. India’s largest private shipbuilder is in the midst of a corporate debt restructuring (CDR) exercise under which the creditors led by State Bank of India agreed last year to recast Rs.11…

India's largest private shipbuilding company ABG Shipyard is in talks with Privinvest Holding SAL to sell stake. A report says that Privinvest is expected to acquire up to 49% stake in ABG. A report in the ET NOW says both the companies entered into an exclusivity period for the transaction on May 29. Privinvest may get 3 board seats and new management to ABG Shipyard post the deal, says report. Privinvest Holding which has shipbuilding operations across the world is interested in picking majority stake in ABG Shipyard not only to have a presence in India but to also gain from its defence licence to build warships. This will be a much needed lifeline as ABG has been struggling to stay afloat a year after its Rs 11…

Last month Maritime Reporter spent some time with Vivek Seth, CEO, of Qatar-based Halul Offshore  Services Company, for his insights on the impact of low oil prices in the Middle East and beyond. What is your background? I became part of the Milaha family when I joined Halul Offshore in February 2014 as CEO. I am a second generation Marine Engineer. After sailing as a C/E I took my first shore job as Technical superintendent in Hong Kong for more than two years. Subsequently, I got my Masters in Business Administration from UK.

ABG Shipyard Ltd has clarified with reference to the news item appearing in the Media on March10, 2015 titled "L&T in race to buy ABG Shipyard stake". The Bombay Stock Exchange had sought clarification from ABG Shipyard Ltd with respect to news published in ET Now that said either L&T is taking ABG Shipyard over or there is a strategic investment being made by L&T into the company. In a notification to the stock exchanges, the company confirmed that no such negotiations were taking place and the company is not aware of any information that has to be announced to the Exchanges which could explain the aforesaid movement in the trading and that which is required to be disclosed to the stock exchanges as per Clause 36 of the Listing Agreement.

ABG Shipyard Ltd has tied up with Gaztransport and Technigaz (GTT) of France for the maritime transportation and storage of liquefied natural gas (LNG), reports Livemint. With this pact, ABG has become the third Indian company to secure technology collaboration to build LNG carriers. The Shipyard is preparing for a tender set to be issued by GAIL (India) Ltd for hiring nine new LNG ships that will haul gas from the US from December 2017. “We have signed an agreement with GTT for technology transfer for building LNG ships,” a spokesman for ABG Shipyard said. GTT, one of the world’s top designers of containment systems, which does not own a yard…

Murray Fenton India, the Technical Services division of Bibby Ship Management (India) Pvt. Ltd, has been appointed by a consortium of banks as “Lenders Independent Engineers” for the ABG Shipyard Project. This project will require the Murray Fenton India team to monitor the construction of vessels, ship lift projects and expenditure at the ABG shipyards - Magdalla and Dahej - as well as oversee financial disbursements to the yard. Bibby Ship Management has mobilized a team of experts, including naval architects, ship yard specialists and procurement personnel to work on the contract. Capt.

The board of directors of Aker Solutions ASA has in accordance with the strategy disclosed April 30 resolved to propose to the company's shareholders that Aker Solutions be split into two companies. The board has also determined to write down the value of some assets in the Aker Oilfield Services unit of Akastor, one of two companies that will emerge from the separation. Aker Solutions Holding ASA - a subsidiary of Aker Solutions ASA established for the purposes of the demerger…

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding amount) have submitted their acceptances of the voluntary conversion offer made by Seadrill on 18th July 2014. Bondholders in Seadrill's convertible bonds due 2017 are reminded about the "90% clean-up call" as described in the Bond agreement clause 10.2.2 which gives Seadrill the right to call the remaining part of the bonds at par value plus accrued interest provided that 90% or more of the original issued amount of US$650 million have been redeemed or converted into shares.

Team Niinivirta, a Finnish family-run transportation firm, turned 60 this year, but its third-generation managers now don't know if the business will see Christmas, because of Russia's new ban on European food imports. The firm based in Kotka, on the Gulf of Finland opposite Saint Petersburg, was using its 12 refrigerated trucks to ship 80 loads a month of Finnish milk products to Russia. But the ban on imports of dairy products, fruit, vegetables, meat, and fish from Europe has brought work for Niinivirta and similar specialist local truckers to a near standstill.

Indian shipbuilders buoyed by a renewed political will, a plan and funding to help the industry recover. It has been a long wait for the 28 shipbuilders in India to finally catch sight of  opportunities to sail back into the better financial waters. The newly elected Narendra Modi’s BJP’s party brought in a strong stable government, the first in nearly 30 years, and has given an unprecedented, massive boost in promoting Indian shipping in its recent Union Budget. Most industry stakeholders consider this to be a very positive and unexpected turn of events, as the previous succession of governments that have been largely unsupportive of all matters maritime, despite the industry crying itself hoarse for a level playing field to enable it to face cut-throat overseas competition.