Smit Rises to Record

Monday, April 28, 2008

Smit Internationale, the biggest marine-salvage company, may be heading for a takeover two months after rejecting a $300m bid for its oil-tanker towing unit.
The shares, already lifted by record crude prices, have jumped 25 percent since Chief Executive Officer Ben Vree rebuffed the offer for Smit Terminals from Royal Boskalis Westminster NV, the world's largest dredging company, and a Saudi partner. The unit tows vessels to offshore oil and gas terminals.
A complete takeover would add 399 vessels and allow the rejected suitor to overtake Svitzer, part of A.P. Moeller-Maersk A/S, as the owner of the world's largest tugboat fleet. Rotterdam-based Smit is ready to hold talks, the report said.
As oil surged to a record, Smit has jumped 38 percent in the past three months, compared with a 23 percent increase in the Bloomberg Europe Oil & Gas Services Index. Smit is valued at 11 times estimated 2008 earnings per share, compared with 16 for France's Bourbon SA, owner of the world's biggest fleet of supply ships for deepwater oil exploration. The Paris-based company's shares have fallen 7 percent this year.
Smit shares closed at a record $113.05 in trading on April 25, up 0.6 percent. Three analysts in a
Bloomberg survey recommend buying, one says to hold, and one advises selling.
By December, Smit's boats will start serving an LNG import terminal off the Italian coast for 25 years for a venture led by Exxon Mobil Corp. and Qatar Petroleum. Smit plans to borrow 400 million euros in the next five years to build vessels, including 44 to be delivered in 2008, the company said.

 

Source: Bloomberg

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

News

Sunken Korea Ferry Relatives Give DNA Swabs To Help Identify Dead

Some relatives of the more than 200 children missing in a sunken South Korean ferry offered DNA swabs on Saturday to help identify the dead as the rescue turned

DNV's accredatation for Neosho Memorial

Neosho Memorial Regional Medical Center, Chanute, has completed a new accreditation process from Det Norske Veritas Healthcare. By earning accreditation, Neosho

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.1070 sec (9 req/sec)