Lamprell Sells Services Division to Pay Down Debt
Reuters - Dubai based rig-maker Lamprell said on Monday it sold its International Inspection Services (INSPEC) division to Intertek for $66.2 million to reduce its debt and focus on its core business. Lamprell is attempting to pay down debt after a disastrous 2012 in which the company issued multiple profit warnings prompted by delays and cost overruns on its gas turbine repair vessels. Intertek will pay for INSPEC with cash and Lamprell said it would use part of the proceeds to pay down a substantial part of a secured debt facility put in place last year. INSPEC carries out inspections for infrastructure-intensive industries including desalination and energy projects.
Yangzijiang to Buy Stake in Singapore Rig-Maker
According to an April 17 report from Reuters, China's Yangzijiang Shipbuilding (YAZG.SI) and a Middle Eastern investor will buy an indirect stake in Singapore-based oil-rig maker PPL Shipyard in a $113m deal. (Source: Reuters)
Feature: A Major Force in Megayachts
There are a few top executives in the marine industry who "know when to hold them and when to fold them." Their insightfulness is legendary … always seeming to know the exact time to make a move professionally or personally. One of those people is John Dane III, president of Trinity Yachts LLC of New Orleans. Dane has a long and storied background in the marine industry, first as a engineer with Halter Marine, later as owner of Moss Point Marine, which was sold to Halter at which time Dane became president. When rig maker Friede Goldman purchased Halter, Dane became president but instinctively knew this was going to be a rough road.
