SBX' Acquires Remaining 50 percent in Sana Navigation

Monday, July 17, 2006
SeaBird Exploration Limited (BVI) (SBX) has acquired the remaining 50 percent ownership in the Joint Venture entity Sana Navigation Company Limited (Sana) which charters the M/V Northern Explorer from Russian owners on a long term bareboat charter. The purchase price is $25.5m. The Joint Venture is now terminated in all respects.

The acquisition of the 50% interest in Sana includes the long term bareboat contract, the liquid cash, other current assets, and fixed assets including the seismic equipment, and all future earnings. After the acquisition, SeaBird owns and controls 100% of Sana and its present and future cash flows. Sana has exercised an option to buy the M/V Northern Explorer in accordance with the charter terms with transfer of title to SeaBird expected to be in 2006 and subsequently the vessel will be fully reflected in the balance sheet assets of SeaBird. The M/V Northern Explorer is on contract to TGS until October 2006 under a contract entered into in 2004. SeaBird has experienced considerable interest for the vessel thereafter and is currently evaluating further employment opportunities in line with current market rates.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Calais Port Blocked Again by Protesters

Protesting ferry-workers blocked road access to the northern French port of Calais with burning tyres on Friday, police said. The workers have in recent weeks

Royal Caribbean's Profit Rises 34 Percent

Royal Caribbean Cruises Ltd, the world's second-largest cruise operator by revenue, reported a 34 percent rise in quarterly profit as passengers spent more onboard

BBC Chartering Opens Vietnam Office

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2297 sec (4 req/sec)