Green Reefers News

Pronautas B.V. GmbH announced that its connectivity solution has been selected by Caiano Shipping III AS (Norway) for 11 Green Reefers vessels. Pronautas will provide a total turnkey connectivity solution comprising Sailor VSAT 900B antenna, Astrium’s Airtime and Xchange box, and PRONAUTAS’ uncompromising system and customer support solution. Pronautas said its system provides global coverage for airtime availability, a seamless switching between Ku- and L-band terminals, full control of communication usage and cost control, wireless LAN access onboard, VOIP lines for business and crew calling and billing functionality. The VSAT terminal is upgradeable from Ku-Band to Ka-Band.

Harris Corporation (NYSE:HRS), an international communications and information technology company, has entered into a definitive agreement to acquire CapRock Communications, a global provider of mission-critical managed satellite communications solutions for the energy, government and maritime industries. Established in 1981, CapRock managed network solutions include multiband, portable and fixed satellite communications services supported by its teleports and network operations centers around the globe. CapRock designs, implements and operates these end-to-end managed network solutions under long-term contracts. Under the terms of the agreement, Harris will purchase privately held CapRock for $525m in cash, subject to post-closing adjustments.

The company experienced a loss of USD 12.8 million in 3Q 2008, against a loss of USD 11.3 million in 3Q 2007. The result for 3Q 2008 includes a gain on sale of assets USD 1.4 million (USD 0.0 million), an unrealized currency gain on long term debt USD 2.6 million (USD -1.5 million), and a write-off on vessels of USD 8.7 million (USD 0.0 million). The gross operating income was USD 56.1 million in 3Q compared to USD 45.8 million the same period last year. Operating result before depreciation (EBITDA) was USD 2.2 million (USD 0.8 million). The vessels contributed USD 2.6 million (USD 2.2 million) to the EBITDA, whilst the terminals contributed USD -0.4 million (USD -1.4 million) before elimination of internal transactions.

With immediate effect, Trym Jacobsen has left as CEO of Green Reefers ASA following disagreement with the board. The Chairman of the Board, Toril Eidesvik will in an interim period act as CEO, until a permanent CEO has been engaged. The board will immediately start the process of recruiting a new CEO.

Trym Jacobsen has joined Green Reefers ASA as the company's new managing director, replacing Erik Thulin. Jacobsen has been employed with Green Reefers ASA since 1991 and is currently holding the position as CFO.

C-MAP Norway reports increased demand for the weather forecasting service developed by C-MAP Marine Forecast, a business unit of C-MAP Norway. C-MAP Norway confirmed today that Green Charter, a business unit of the Bergen-based Green Reefers, recently ordered a subscription to the WeatherViewTM service for eight vessels. According to C-MAP marketing manager Willy Zeiler, the contract is further proof that the shipping industry has recognised the value of the weather forecasting service. "We are confident that as the industry becomes familiar with the innovative functionality and customised presentation of WeatherviewTM, demand will continue to rise," he says. The order placed by Green Reefers followed extensive testing about two of the company's vessels, Green Frost and Green Ice.

Green Reefers sold M/V Green Arctic at for $2.5 million. The vessel is 124,000 cu. ft. and built in 1980. Delivery to new owners will take place during April/May 2006. The transaction generates a profit of about $700,000 and generates free cash of about $1 million. During the last 12 months Green Reefers has expanded its fleet with a total of 9 vessels, whereof 7 vessels have been purchased by the company. By the sale of the "Green Arctic", the company has sold three of the smallest and oldest units as part of our fleet renewal program.

Green Reefers ASA has agreed to buy the Silver Fjord (ex. "Frio Hamburg") for $10,4 mill. The vessel is 194,000 cu. ft. and built in Denmark in 1997. Delivery will take place in June/July 2006 and the vessel will be renamed Green Tromsø. In June 2005 the company acquired the sistervessel Green Bergen (ex. "Frio Pusan"). The purchase of Green Tromsø is part of a fleet renewal program where the company is selling the smaller and older units and buying modern and larger units.

Green Reefers has concluded sale of the M/V Green Igloo for $2.1 mill. The vessel is 73,000 cu. ft. and built in 1983. Delivery to new owners will take place during April 2006. The transaction generates a profit of about $1 mill and generates free cash of about $800,000. In 2005 Green Reefers expanded its fleet with a total of nine vessels, whereof seven vessels have been purchased by the company.

Summer, Green Spring and Green Winter for $30 million. The vessels, built in 1986, 1988, 1989 and 1989 respectively are each of about 270,000 cu. ft. The vessels will be sold to a Norwegian single purpose entity initiated by Platou Finans. Green Reefers will participate in the new owning company with a shareholding of 25%. The vessels will be bareboat chartered back to Green Reefers for periods of 2-8 months. vessels, seven of which have been purchased by the company. these vessels being replaced by more modern, efficient and bigger units. The vessels acquired during 2005 have also provided new market opportunities for the company.

Green Reefers ASA increased its share in the Polish terminal Euro Terminal Sp.z.o.o.; formerly Odraport. An agreement has been reached to acquire Frax AS' 6 percent shares in Odra Industries ASA, the holding company of Euro Terminal. Green Reefers will thereafter own 31 percent in the terminal. Euro Terminal owns and operates a port in the northwestern corner of Poland with a total cold store capacity of 30,000 tons. Euro Terminal is the main port for Green Reefers in Poland. The port is serving the markets in Poland, Central- and Eastern Europe.