Sea Containers Approves Hotel Subsidiary Spin-Off

Friday, June 22, 2001
Sea Containers Ltd., which runs marine passenger transport and leases equipment, on Friday said its shareholders approved resolutions to permit the spin-off of its luxury hotel subsidiary Orient-Express Hotels Ltd.

Sherwood also said net income at Sea Containers for the first half of 2001 should top that of the prior year's first-half, while Orient-Express Hotels expects to report higher earnings for 2001 than for 2000.

Sea Containers' president James Sherwood said it was still the company's intention to divest the majority of its shares in Orient-Express around the end of the year. Before that time, the company plans to sell about 5 million shares, in blocks. Hamilton, Bermuda-based Sea Containers said it could sell about 6.6 million shares without threatening the spin-off's tax-free status. It said it will use proceeds of the sale of 5 million shares to cut down on debt and increase capital.

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

Marine Propulsion

Azipod Retrofit for Mega-crane Vessel

Retrofitted vessel will feature five Azipod propulsion units, including for the first time two retractable thrusters    Power and automation technology group

DNV GL Approval for DSIC's LNG-fuelled VLCC Design

DNV GL has presented Dalian Shipbuilding Industry Company Limited (DSIC) with an Approval in Principle (AiP) certificate for a new LNG-fuelled very large crude

Volvo Penta IPS for New Tampa Bay Pilot Boat

The new Chesapeake-class MKII launch delivered this month by Gladding-Hearn Shipbuilding to the Tampa Bay Pilots Association features integrated engine and drive from Volvo Penta.


France-Corsica Ferry Operator SNCM's Takeover Gets EU Clearance

The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday.

Norway's Offshore Shipping Sector Faces Bleak Year

Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options

MacArtney, Moog Focal in Expansion Mode

Moog Focal Technologies Corporation and the MacArtney Group have agreed to intensify their multi-service partnership aiming at expanding their long-term business

Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0897 sec (11 req/sec)