Exmar, Golar Cease Merger Discussions

Monday, July 02, 2001
The world's two largest LNG tanker operators, Exmar and Golar LNG, have suspended merger talks, both companies said on Monday.

"We are in non-talks. For the time being we are not talking," Norway-based Golar said.

"Talks are totally stalled," said Belgium-based Exmar officials. "When someone is trying to buy our steel (ships) with overvalued shares, that's something we're not doing."

"We are willing to do a deal of like for like, shares for shares or NAV (net asset value) for NAV," officials said.

Golar raised $280 million in a private placement in May, with the intention of listing on the Oslo Stock Exchange this month and in New York later this year.

Golar is 50 percent owned by Norwegian shipping magnate John Fredriksen, who has become famous by taking his oil tanker company Frontline through three major takeovers in recent years.

The private placement will fund the acquisition of six highly prized LNG carriers and a down-payment on the construction of two more.

Exmar, the LNG division of the Belgian CMB group has one ship trading for Distrigas and six more on order in South Korean yards: five at Daewoo and one at Samsung.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

Stena Bulk Joins World Ocean Council

Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime

US House to Hold Hearing on Oil Export Ban

A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.

Bulk Carrier Trends

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Stena Bulk Joins World Ocean Council

Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Port Authority Ship Electronics Ship Repair Sonar Winch
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: 0.1090 sec (9 req/sec)