MISC Proposes $973m Deal for Ramunia

Monday, January 21, 2008
MISChas proposed a $973m deal to merge its shipbuilding business with Ramunia Holdings, an oil services company. The merger would expand MISC’s plans to create a regional business building oil rigs to compete against neighbouring Singapore, which is the world’s largest producer of offshore energy platforms. The deal would be a reverse takeover that could allow MISC to list its Malaysia Marine and Heavy Engineering unit under the Ramunia name in hopes of copying the success of Keppel Corp and SembCorp Industries, Singapore’s biggest oil rig builders, which saw a sharp rise in their shares last year due to higher oil prices.

However, the share prices of the Singapore state-owned groups have fallen by around 25 per cent from a peak in October due to worries that a global economic slowdown could lead to lower oil prices and cuts in orders for oil rigs. Under the proposal, MISC would sell Malaysia Marine to Ramunia in return for taking a large stake in the oil rig builder. Source: The Financial Times

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

Navy

Ingalls Authenticates Keel on Aegis Destroyer

Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division today authenticated the keel for the company's 30th Aegis guided missile destroyer, Ralph Johnson (DDG 114).

Today in U.S. Naval History: September 23

Today in U.S. Naval History - September 23 1779 - Capt. John Paul Jones in Continental Navy frigate Bonhomme Richard captures HMS Serapis. 1931 - Lt. Alfred

MSC Award Two Time-Charter Contract Modifications

The US Department of Defense informs that Offshore Service Vessels, Inc., and Sealift, Inc., have each been awarded time charter option extensions by the US Navy's

Finance

Barge Operator Fined for Releasing Dangerous Gas

The operator of a Portsmouth-based barge has today been made to pay almost £111,000 in fines and costs after pleading guilty to a breach of maritime legislation.

Charterers Remain Optimistic Despite Small Downturn

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.3065 sec (3 req/sec)