Korean Shipbuilder Will Build and Invest in U.S. Company

Wednesday, January 09, 2008
Korean ship builder NOK-BONG Ship Building Co., Ltd. (NBS) has purchased 20,000,000 unissued shares of common stock in St. Lawrence Energy Corp., a Delaware corporation, at a price per share of $1.50, for $30m. Concurrently St. Lawrence Energy is making an investment in purchasing 400,000 shares of NOK-BONG common stock for $30m. As a result, St. Lawrence now owns approximately 33% of NOK-BONG. With the transaction, St. Lawrence Energy enters the energy sector, including renewable energy and transportation. St. Lawrence Energy's initial business will involve the ownership of six new ships designed and constructed by NOK-BONG to transport ethanol and other fuels between U.S. ports and worldwide markets in an effective, cost-efficient way. Because of the investment in NOK-BONG, St. Lawrence Energy will be able to obtain the ships from NOK-BONG sooner than otherwise possible, a significant advantage, given the multi-year backlog now existing in shipyards around the world.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Rolls-Royce Bags £12 mi Order from Myklebusthaug Management

Rolls-Royce has won a £12 million order to provide design, integrated power and propulsion systems and equipment for a highly advanced multipurpose service vessel

DNV GL “Modification Excellence Award” for Schiffahrt

Classification society DNV GL recognised that E.R. Schiffahrt has retrofitted seven ultra large container vessels to meet the highest energy efficiency standards

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0958 sec (10 req/sec)