ABS Withdraws From RINA Negotiations

Monday, February 05, 2001
Citing irreconcilable differences in the structuring of a proposed alliance between ABS and RINA, ABS has withdrawn from further negotiations with RINA. "It is our understanding that RINA and Bureau Veritas will sign a letter of intent to merge certain of their operations," said ABS Chairman and CEO Frank J. Iarossi. "We extend our best wishes for success to both parties." ABS and RINA had spent more than a year exploring possible ways of structuring an alliance that would have strengthened the services offered to RINA's core constituency of Italian shipowners. "Throughout, we always had the interests of the shipowners at the forefront of our discussions," added Iarossi. "We constantly sought their advice on what would be the best administrative and operational structure to enhance the level of classification services that would be available to them." ABS has maintained an office and operations in Italy for almost 80 years, with current headquarters in Genoa. "We already count many Italian shipowners among our clients and members," said Iarossi. "Although it has not been possible to conclude an arrangement with RINA, I can personally assure these owners that ABS will continue to develop and offer the highest quality classification services for them and their colleagues. ABS is fortunate to enjoy an esteemed reputation in this market and we look forward to serving the vibrant Italian maritime community in the future. " BV, RINA Form Alliance Bureau Veritas and RINA have agreed to form an alliance. A letter of intent signed in Rome by both parties sets a period of 90 days for due diligence and finalzing details of the future structure of the alliance. It is expected that the board of RINA will retain a controlling shareholding in RINA's marine business, and that BV will take a controlling stake in RINA's industrial and certification business. The alliance will preserve the identity of both classification societies and focus initially on technical co-operation in the marine field. Executive vice president of Bureau Veritas, Bernard Anne, says, "We are very pleased to have reached an agreement with RINA which will build on our experience of working together in UNITAS, and which will form the foundation of a future world ranking European classification society. Italian shipowners will benefit from the technological co-operation and world-wide network which BV can bring to the alliance. We are confident that our experience in the industry and certification sectors will help RINA widen its range of services and create more employment in Italy." Nicola Squassafichi, chief executive of RINA, says, "We concluded over eighteen months ago that it would be in the best interests of our clients if RINA could form an alliance which would strengthen our global outreach. At the same time, we wanted to ensure that RINA's unique skills and wide experience would be retained and our proud tradition preserved. This alliance with BV will strengthen RINA and help us to grow, which will benefit our clients and our staff."

Maritime Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Euroseas Sells C/V Marinos

Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

Bill on Danish Maritime Planning Submitted

The bill is to form the basis of a maritime planning act intended to promote economic growth and development of sea areas. The Danish Maritime Authority is to head the work.

Plans to Create Rio Doce Fund

Vale and BHP Billiton announced today plans to work together, with Samarco, to establish a voluntary, non-profit fund to support the rescue and recuperation of the Rio Doce river system,


North Korea Submarine-Launch Missile a Flop Show

North Korea apparently failed to launch a ballistic missile from a submarine in a sign that Pyongyang has yet to master the technology, Yonhap news agency quoted a government official as saying.

Maersk to Idle Vessel

The world's biggest container-ship operator Maersk Line  has confirmed market talk that it has temporarily idled one of its largest vessels - yet another sign that the industry is in dire straits,

Russian Navy Trying Hard for Facelift

Official announcements related to naval shipbuilding give the appearance of a Russian Navy that is undergoing a rapid revival. However, the reality is that many

Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
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: 0.1121 sec (9 req/sec)