Acquisition News

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

Greek shipowner Tsakos Energy Navigation (TEN), Ltd. announced it another vessel sale as part of its ongoing fleet renewal program.Sold was the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the company built between 2007 and 2010.The sale will add approximately $37 million to the company’s cash balances, TEN said.“Following the sale of nine tankers over the last 12 months with an average age of 18.5 years, this subsequent 10th transaction…

If nothing else, building vessels in the U.S. is a complicated business.In a session on the domestic shipbuilding marketplace, at Marine Money’s late-November 2023 conference held in New Orleans, Ben Bordelon, president and CEO of Bollinger Shipyards (with more than a dozen facilities, in Mississippi and Louisiana), described his company’s architecture as a “three-legged stool approach: commercial newbuilds, government newbuilds and repair/conversion capabilities”.On the same panel…

Optimarin AS, a Norwegian supplier of ballast water treatment systems (BWTS), announced it has agreed to acquire the Hyde Marine UV business from the Italian multinational Industrie De Nora S.p.A.

Here’s some good news for America’s sea power. While the U.S. Navy has initiated another review of its 30-year shipbuilding plan in the face of widespread dissatisfaction, one element within that plan has been praised: the decision to provide funding for continued construction of amphibious warfare ships. These vessels offer unmatched flexibility and the capability of transporting, deploying, and supporting ground combat forces – typically U.S. Marine Corps – to conduct amphibious assaults, humanitarian operations, or disaster relief missions.

Rapid technological change, complex regulation and competitive pressures are driving digital transformation in the shipping industry. But navigating a confusing software landscape can be difficult, and sound decision-making is essential to minimize innovation risk, according to OrbitMI.Industry spending has soared in recent years on intelligent process automation solutions geared to boosting efficiency, reducing costs, curbing emissions and improving safety for shipping companies…

Data gathering and transmission for Accelleron’s digital optimization solutions and service agreements will be automated under a new agreement signed by BEMAC and Accelleron’s Japanese joint venture company Turbo Systems United.The MaSSA-One platform has become a core part of BEMAC’s portfolio of ship technologies alongside its power distribution and control systems. The advanced platform collects and stores a wide array of data, including from engines, cargo handling and navigation, and shares the data with shoreside services to provide ship support applications.

Danish shipping and logistics firm DFDS said on Tuesday it has agreed to buy the international transport network of Turkey's Ekol Logistics for 1.9 billion crowns ($277 million) and lifted its sales growth forecast for the year.The network connects Turkey and Europe and the acquisition will add road transport to its Mediterranean ferry network, DFDS said in a statement, adding that it was in line with its strategy to move goods in trailers by ferry, road and rail."Turkey's role…

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), has acquired AMMCON Corp., a Jacksonville- based fittings and assembled components manufacturer. The defense contractor’s acquisition continues its expansion and commitment to providing critical components to the U.S. Navy and other marine defense customers.“Fairbanks Morse Defense is working to build fully integrated products and services that will meet every need of maritime defense…

The Biden administration on Friday released new rules that will make it easier for offshore wind developers to claim a subsidy for facilities planned in areas that have historically relied on fossil fuel industries for employment.The revision follows nearly a year of warnings by offshore wind companies that their projects might not move forward without access to certain subsidies in President Joe Biden's landmark climate change law, the Inflation Reduction Act.Offshore wind is a critical part of Biden's plan to decarbonize the U.S.

Seattle-based naval architecture and marine engineering firm Elliott Bay Design Group (EBDG) has acquired Coastwise Corporation. The Anchorage, Alaska-based firm—an expert in shallow draft, high-speed aluminum and cold weather engineering—has been rebranded as Coastwise Engineering and will operate as a division of EBDG.As part of the agreement, EBDG acquires Coastwise's assets and adds a staff of more than 50 employees. Coastiwse owner and principal, Patrick Eberhardt, joins EBDG as a full-time employee…

Exxon Mobil CEO Darren Woods on Monday said his company is trying to establish it has rights over Hess Corp's Guyana assets in its dispute with Chevron, not buy the company itself.In his first public remarks on the company's pursuit of an arbitration case that could block Chevron's $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess."We're basically standing up for what we believe is a fundamental right," Woods told Reuters at the CERAWeek energy conference in Houston.

As dusk descends upon our nation's ports, casting shadows over the waterfront, another shadow looms in the digital landscape — the threat of cyber warfare. In an era where connectivity reigns supreme, our maritime infrastructure stands at a critical juncture, balancing vulnerability and resilience. The recent White House announcement of a Presidential Executive Order, and a hefty $20 billion in Inflation Reduction Act funding proposal to fortify our ports, underscores the gravity of the situation.It is a fact that at this time China has manufactured 80% of our nation’s ship-to-shore cranes…

The Port of New Orleans (Port NOLA) said 2023 was a record year for container-on-barge shipping.During the last calendar year, Port NOLA marked 20,500 container moves by barge, the highest since launching the container-on-barge network—the nation's largest—in 2016 with the Port of Greater Baton Rouge and Ingram Marine Group. Container-on-barge moves containers by water rather than by truck on roads to reduce air emissions; moving an average of 30,000 twenty-foot equivalent units (TEU) per year between New Orleans, the Port of Greater Baton Rouge, Memphis and St. Louis.

JUB Pacific, a Singapore-based provider of specialized offshore liftboat services, has acquired one of the largest liftboats in Africa, said to be perfectly suited for servicing major players in the oil and gas sector within the Africa region.JUB Pacific acquired the Caracal Pioneer liftboat, which shall be renamed to JUB Pioneer, in a strategic move to extend the company’s global reach and solidify its position as one of the leading liftboat players.The unit is well-equipped to support a diverse range of offshore operations which is highly required by large oil companies in Africa…

StormGeo, part of Alfa Laval, completed the acquisition of Brazil based meteorological service, Climatempo.StormGeo first took an initial 51% stake in the Climatempo Group in 2019. In 2023, a further 38.66% was secured, marking an 89.66% ownership. This takeover sees StormGeo increasing its footprint in the South American market and providing advanced services to the Brazilian customer base.

Esgian reports that offshore drilling contractors secured additional backlog in the U.S. Gulf of Mexico, Egypt, Nigeria, and Brazil and operators confirmed new discoveries in Indonesia, Côte d’Ivoire, and China in its Week 10 Rig Analytics Market Roundup.ContractsDiamond Offshore has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the 12,000-ft drillship Ocean BlackHornet.Shelf Drilling’s 250-ft jackup Rig 141 has secured a two-year…

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

Three years ago in March, Vuyk Engineering Rotterdam gained full independence, and since then, the company has taken strategic steps to chart its own course and strengthen its independent position within the maritime sector.After the closure of the Vuyk shipyard in Capelle aan den IJssel in 1979, marking the end of all shipbuilding activities, former employees established a new company: Vuyk Engineering and Trading. Founded on the principles of technical know-how combined with experience in cost calculation…

Victoria International Container Terminal (VICT), ICTSI’s operations at the Port of Melbourne in Australia, recently completed Phase 3A of its expansion project.VICT can now accommodate neo-Panamax container ships, the largest container vessels calling Australia. The ships can now sail directly into Port Phillip and dock at VICT – the only terminal in Melbourne capable of receiving them. It is also the only fully-automated container terminal in the southern hemisphere.The AUD235 million expansion project is being carried out in two phases.

U.S. based power transmission equipment manufacturer Twin Disc announced it has entered into a definitive agreement to acquire Katsa, a Finnish-headquartered manufacturer of power transmission components and gearboxes for industrial and marine markets, in an all-cash transaction valued at €21 million (approximately $23 million).The transaction is expected to close in the first half of calendar year 2024, subject to customary closing conditions, including regulatory approval, Twin…

Italian shipbuilder Fincantieri is in talks with Leonardo to buy the defense group's submarine unit Whitehead Alenia Sistemi Subacquei (Wass), several newspapers reported on Wednesday.Spokespersons for Fincantieri and Leonardo both declined to comment.The acquisition would have a value of between 200 and 300 million euros ($217-$326 million), Corriere della Sera and financial daily Il Sole 24 Ore reported.The move by Fincantieri would be part of the group's broader strategy to grow non-organically and focus more on the defence sector…