Combined Group News

Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have announced the commencement of a share exchange offer for all the outstanding shares of common stock of Eneti.The offer is being made pursuant to the Business Combination Agreement, announced on June 16, 2023. The offer is expected to close within Q4 2023.The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New York…

Cadeler A/S published its interim financial report for the first half of 2023 presenting a positive result exceeding the guidance projected for the fiscal year 2023. Revenue in the first six months of 2023 was EUR 68 million, which is an increase of 57% against the same period last year. Adjusted EBITDA for the first half of 2023 was EUR 44 million, which is a EUR 21 million increase compared to the same period last year. EBITDA for H1 2023 was EUR 42 million. Profit for the period is EUR 29 million, which is EUR 19 million higher than the same period in 2022.

Offshore wind turbine and foundation installation companies Cadeler and Eneti announced they have agreed to merge through a stock-for-stock exchange.The combined company will be named Cadeler, headquartered in Copenhagen, Denmark, with its shares to be listed on the New York Stock Exchange (NYSE) in addition to its current listing on the Oslo Stock Exchange (OSE) with a proforma market capitalization in excess of €1.2 billion. The combined group will operate four vessels on water today and six large-scale state-of-the-art new builds scheduled for delivery from 2024 to 2026.

Frontline and rival Euronav have signed an all-stock merger deal to create a market-leading oil tanker group with 146 vessels including 68 very large crude carriers (VLCCs), the companies said on Monday.The firms, which expect the merged company to have a market capitalization of more than $4 billion and the merger to generate synergies of at least $60 million a year, first announced their intention to merge on April 7.

Belgian oil tanker group Euronav and smaller Oslo-listed rival Frontline plan to merge in an all-stock transaction valued at $4.2 billion that they said would cut costs and help in their low-carbon transition.Euronav shareholders will own 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in a statement on Thursday.The merged company will use the Frontline name and will…

British aluminum shipbuilder The Wight Shipyard Co. on Tuesday announced an all-share merger with France-based shipbuilder OCEA to create a combined group aiming to capitalize on the fast ferry and offshore renewable energy markets opportunities. The deal is scheduled to complete by March 2022 and will see The Wight Shipyard Co. nearly double in size.Peter Morton, CEO of The Wight Shipyard Co., said, “This is a transformational deal for The Wight Shipyard Co. and for the Isle of Wight, confirming the resurgence of the shipbuilding industry in the United Kingdom.

Offshore energy and marine consultancy AqualisBraemar has completed the acquisition of the marine and engineering consulting firm LOC Group (London Offshore Consultants).Oslo-listed AqualisBraemar announced the completion of the transaction on Tuesday, saying the acquisition created "a leading global independent offshore energy and marine consultancy."As part of the transaction, originally announced on November 23, AqualisBraemar acquired 100 percent of the shares in Neptune Midco 1 Limited from the ultimate parent company of the LOC Group…

The recovery of the global oil tanker market will be slow and gradual. We have forecast this many times during 2020, as the COVID-19 pandemic wreaked havoc on past, present and future oil consumption.On 8 December, the U.S. Energy Information Administration (EIA) estimated that the global consumption of oil will reach 98.2 million barrels per day (m b/p) in 2021, a 6.3% rise, 5.8m b/d on average, compared with the same figure in 2020. The good news is quickly soured, however, as the 2021-level will fall short of the 2019 oil demand by 3 million barrels per day.

Offshore energy and marine consultancy AqualisBraemar will acquire marine and engineering consulting firm LOC Group (London Offshore Consultants).Oslo-listed group AqualisBraemar, which offers consultancy services to the offshore energy industries, said Monday that the acquisition would create "a leading global independent offshore energy and marine consultancy."David Wells, CEO of AqualisBraemar, said: "Our strategy is clear; we want to grow through continued expansion in the rapidly growing offshore renewables industry…

ChartCo and Marine Press, both leaders in global digital navigation solutions, have announced their merger. The move will result in the creation of a new company called OneOcean which will offer the largest range of navigation and compliance solutions into the maritime sector.Martin Taylor, Chief Executive Officer of ChartCo, announced the merger, saying: “Following the success of three recent acquisitions, we have been looking to further expand our business. We identified Marine…

Arcosa Marine, a wholly-owned subsidiary of Arcosa, Inc., has announced the acquisition of the assets of Wintech International, LLC, a leading provider of winches to the marine, rail, and industrial markets. The acquisition expands Arcosa Marine’s product offerings to complement Arcosa Marine’s Nabrico brand of winches and deck fittings.  The combined group will offer a dynamic blend of solutions whether for towboats, barges, or dock facilities.  Wintech will continue to operate in Shreveport, Louisiana, while Nabrico operates out of Gallatin, Tennessee.

Oakley Capital Investments Ltd has acquired majority stakes in two maritime e-learning providers from Norwegian private equity firm Herkules Private Equity Fund IV and US satellite company KVH Industries.Oakley, the private equity investment company contributed GBP25 million, through its Oakley Capital IV fund to buy the stakes in SG MidCo AS, also known as Seagull, and Videotel Marine Asia Ltd and Super Dragon Ltd, collectively known as Videotel.Over the past 40 years, Videotel and Seagull have established themselves as the best-in-class providers of e-learning to the maritime sector globally. Every year they each provide over 10,000 ships and installations with comprehensive and up-to-date compliance…

Tanker operator Euronav is to buy U.S. rival Gener8 Maritime to create one of the world's top oil shipping fleets, the companies said on Thursday, in an all-stock deal worth an estimated $490 million. Tanker companies have faced tough conditions in recent months, partly due to a glut of ships available for hire, and as a result have been looking for ways to build scale and cut costs. The Euronav deal is the first major M&A transaction since Oslo-listed tanker player Frontline said in June it had abandoned its pursuit of New York-listed rival DHT Holdings . Euronav, headquartered in Belgium, said the deal would create a tanker group with "tangible economies of scale" and an estimated market capitalisation of about $1.8 billion.

Acciona has reached an agreement to sell its 92.7% stake in Trasmediterranea to the Naviera Armas Group. Acciona's stake is being sold for 260.4 million euros, and the buyer will assume 127.3 million euros of debt owed by Trasmediterranea to Acciona group companies. The final price could increase by up to 16 million euros as a function of the combined group's future EBITDA performance. This transaction sets the company's enterprise value (100%) at  between 419 and 436 million euros. The deal will foreseeably be completed in the first quarter of 2018, once it has been approved by the Spanish competition authorities. The disposal responds to Acciona's goal of concentrating on its core strategic lines of business: sustainable infrastructure and renewable energy.

CMA CGM announced it will purchase through its subsidiary, ANL, the majority of the shares in SOFRANA Unilines, a key player in the Pacific Islands regional maritime trade. With operations in the South Pacific region for almost 50 years, SOFRANA Unilines operates directly or in partnership a fleet of 10 vessels on eight trade-lanes, servicing 21 ports in Australia, New Zealand, Papua New Guinea and the Pacific islands. Together with CMA CGM’s ANL, who already offers 16 trade lanes servicing major ports throughout Australia…

German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company, valued at about 7 billion to 8 billion euros ($7.8-$8.9 billion), had been scheduled to complete at the end of last year. It would give Hapag Lloyd access to bigger ships on the major Asia to Europe trade route.

The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016. A statement from the company said that the present outlook for the business 2017 will be omitted following the merger of Hapag-Lloyd and UASC which is expected to be completed at the end of May 2017. With the publication of the next financial report,Hapag-Lloyd plans to issue an outlook for the business 2017 of the combined group which will include the business activities of UASC as well as the UASC financial statements for 2016.

A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Hapag Lloyd Chief Executive Rolf Habben Jansen told a news conference this week he had underestimated the complexity of the 7 billion to 8 billion euro ($7.6-$8.7 bln) deal, which will create one of the world's largest shipping lines. Two finance sources…

CMA CGM has finally made its all-cash voluntary conditional general offer for all the outstanding shares of Neptune Orient Lines (NOL). This follows approvals by the relevant regulatory authorities in the European Union and China. The offer price is SGD 1.30 in cash per NOL share, which CMA CGM called a fair value and an offer that the company does not intend to increase. Acceptance of the offer is due by July 4, 2016. CMA CGM currently owns 10.5% of all NOL shares, and intends to delist and privatise NOL through the Offer. NOL’s majority shareholders (Temasek Holdings (Private) Limited and its affiliates), which own 66.78% of all NOL shares, will tender all of their NOL shares in acceptance of the Offer.

Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec all related safety products and services, including Wilhelmsen Technical Solutions, WSS Technical Services and WSS Safety Products. The combined business will operate under the Survitec Group name. “Upon completion of the merger, WMS will hold a 20 percent stake in Survitec, which will cement the long-term relationship between our two organizations and ensure Wilhelmsen’s continued and significant involvement in the future success of the combined group,” said Dag Schjerven, President and CEO of Wilhelmsen Maritime Services, who will take a position on the Survitec Group Board of Directors.

SpeedCast acquisition of Harris CapRock creates a global and diversified leader in remote communications and network services. SpeedCast International Limited, a global satellite communications and network service provider, today announced it has entered into a definitive agreement to acquire Harris CapRock in a cash transaction valued at $425 million. Harris CapRock is a global stakeholder in the energy and maritime segments. The acquisition strengthens SpeedCast’s position in the maritime industry, in which Harris CapRock has a position in the fast-growing and bandwidth-hungry cruise sector, and creates a global leader in energy, positioning the company for future growth.

APL improved its performance in the first three months under the ownership of CMA CGM Group in a challenging market. APL’s 3Q 2016 volume rose almost 9.9% to 1.3 million TEUs (vs. 3Q 2015). This organic growth was driven by more than 20 co-operations on new and enhanced services with CMA CGM. APL has expanded its global network to better serve its customers, and increased its book of business. In 3Q 2016, APL saw its operating margin improve by 40.2% per FEU from the same period in the previous year. In addition, APL’s costs decreased by 15.7% per FEU year-on-year. This reflects the progress made in APL’s continuous cost savings efforts, as well as the significant operational synergies gained through its new parent company.

Survitec Group, a provider of critical safety and survival technology to the marine and defence markets, has announced the completion of its merger with Wilhelmsen’s marine safety business. The deal includes the transfer of all Wilhelmsen Maritime Services AS (WMS)’ safety related systems, products, services and competence to Survitec. The combined business will operate under the name Survitec Group. Survitec Group will have access to a £1.5 billion ($1.9 billion)  addressable global market and will have over 3,000 employees in more than 35 countries. The combined group will have a revenue of ~c.£400m and will create value for customers as a result of the cost and revenue synergies and the end-to-end marine safety offering.