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Australian Stock Exchange News

28 May 2018

Luerssen Creates Shipbuilding JV

One of the world’s leading shipbuilders, Luerssen, has teamed with Australian engineering and construction firm Civmec to create a new force in naval shipbuilding and exports. The joint venture, Australian Maritime Shipbuilding & Export Group (AMSEG), will partner Luerssen Australia, the prime contractor and designer for the Australian Government’s Offshore Patrol Vessel program, with West Australian-based Civmec, soon to list on the Australian Stock Exchange. It is intended that AMSEG will play a significant role in the build of ten OPVs in Henderson, Western Australia and in driving an export shipbuilding business that will target opportunities around the region.

07 Oct 2014

Rio Tinto rejects Glencore Merger

Glencore approached Rio Tinto about a merger in July. A tie-up would have created the world's biggest miner. No further talks with Glencore after rejecting bid-Rio. Rio Tinto rejected a merger approach from smaller rival Glencore Plc to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, slid toward a five-year low. The miner said on Tuesday Glencore had contacted it about a potential merger in July, adding that it turned Glencore down in August and there had been no further contact between the companies on a deal. A merger would have created the world's biggest miner, supplanting BHP Billiton.

12 May 2011

Wilhelmsen Holding Q1 2011 Results

Wilh. Wilhelmsen Holding ASA (WWH) delivered a substantial increase in operating profit year over year backed by a rebound in its shipping activities. WWH posted an operating profit of USD 57.7 million for the first quarter of 2011, up 31% from USD 44.0 million in the similar quarter of 2010 (corresponding period of 2010 hereafter in brackets). Total income amounted to USD 753.2 which is up almost 18% from 2010 (USD 639.7 million). "Compared with 2010, we have shipped 29% more cars and high and heavy cargo the first three months of the year.

13 Nov 2007

Oil Search Expects LNG Project Agreement by Year End

Oil Search Ltd., Papua New Guinea's biggest oil producer, expects to reach agreements with the government and partners by the year-end allowing a decision to start designing a $10b liquefied natural gas project. The economic viability of the Exxon Mobil Corp.-led LNG project has been ``fully tested'' and talks are underway with the government on fiscal terms, Port Moresby-based Oil Search said in a presentation lodged with the Australian Stock Exchange, according to a Bloomberg report. Oil Search may own between 28 percent and 32 percent of the venture, once the state and landowners take up stakes. The group is studying tapping gas from the Hides…

27 Nov 2002

Lerchbacker Leads Austal USA to the Top

When Austal Ltd. of Henderson, Western Australia, started looking last year for a CEO to lead its U.S.-based operations, the job description must have been daunting. They wanted a leader to take the helm of their newly built shipyard in Mobile, Ala., and turn it into a major contractor for both military and commercial vessels in the United States. Austal had recently entered the U.S. market for the first time, intent on competing with higher-profile rivals such as Incat/Bollinger, Derecktor Shipyards and Kvaerner. The company settled on Alan Lerchbacker, 50, an energetic former Navy Aquanaut with a business background, who took the position in February 2002. Lerchbacker had never heard of Austal until a headhunter contacted him.