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Financial Solution News

17 Oct 2016

Olympic Shipping to Get Finance

The struggling Norwegian supply vessel shipping firm Olympic Shipping said a consortium of investors is willing to invest about 500 million Norwegian crowns ($61.79 million) in a refinancing of the company, reports Reuters. Olympic Shipping is one of the shipping companies that are struggling vigorously. Since summer, Olympic Shipping lived on creditors' grace under a so-called "standstill agreement". This means that the company has released to pay installments on their loans, anticipating that one tries to find a financial solution for the company. The investment is contingent on a restructuring of the group, which must be agreed with lenders. The current shareholders will be invited to participate in the share issue on equal terms.

19 Aug 2016

Meercat Sells Third Workboat to Dawnfresh

(Photo: MEERCAT Workboats)

MEERCAT Workboats said it has sold a third workboat to Scottish aquaculture firm Dawnfresh. MC26, named Venetia, is an aquaculture specific workboat which will be delivered to Scotland in late August. Venetia is a 15m x 6m monohull workboat designed and principally engineered for aquaculture. The vessel is built to U.K. MCA workboat code of practice CAT 3. She displaces 44T and has a deck loading of 10Tm2. The vessel is powered by two Doosan L136 Ti 460Hp engines with a Beta-Marine 21kVA 50Hz generator. Her deck cargo capacity is 20T.

24 Nov 2015

Fredriksen's Firms See Diverging Fortunes

Rig firm Seadrill sees tough market continuing in 2016. Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil. The shipping tycoon, nicknamed "Big Wolf" or "Big John" in the shipping industry, controls companies spanning offshore drilling, shipping of oil and dry bulk and salmon farming. Seadrill, in which Fredriksen owns a 24.17 percent stake, booked $1.8 billion in non-cash impairment charges and goodwill on Tuesday, hurt by oil firms curbing exploration due to low crude prices, and warned of a tough market in 2016.

09 Sep 2015

Caterpillar Launches Asset Financial Solutions

Press Release - Caterpillar Oil & Gas has announced the introduction of Asset Financial Solutions, a financial product that provides 100 percent financing new offshore or marine assets. The new solution enables Caterpillar to offer customers a tailored solution to optimize their business and expand their fleets without raising additional capital or taking on project construction risk. “Our message is clear: we have a proprietary new financing model for the offshore industry that can help our customers succeed and grow despite down cycle market conditions,” said Antti Ekqvist, Caterpillar Oil & Gas global offshore manager. The Asset Financial Solution aims to afford customers zero project risk from the onset.

30 Jan 2015

Kongsberg Expands Louisiana Office, Training Facility

Image: Kongsberg Maritime

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business Park property located on James Drive East in St. Rose, Louisiana is scheduled to begin this spring. Kongsberg Maritime moved its service department from Houston to Louisiana in 2003 establishing a small office in James Business Park with nine full-time employees. Growing together with local customers, the Louisiana office now has 110 employees occupying 35,000 sq ft of leased office space.

01 Dec 2014

NORECO's Revenue Dips in 3Q 2014

Norwegian Energy Company’s (Noreco) production in the third quarter of 2014 was basically unchanged from the previous quarter, significant impairments took down Noreco net results after tax to minus NOK 1 101 million. Revenues in the third quarter 2014 were NOK 296 million, down from NOK 318 million in the previous quarter. Exploration and evaluation expenses amounted to NOK 629 million, primarily due to a write-off of the Huntington Fulmar (Maxwell) discovery in the UK, and the operating result before depreciation and write-downs (EBITDA) was negative by NOK 556 million, compared with negative NOK 29 million in the previous quarter.

10 Apr 2014

Wärtsilä enters Paraguayan Inland Market

Signing ceremony between Wärtsilä and Shipyard SA. Sitting from right to left: Guillermo Ehreke, GM and owner of Naviera Yeruti and Shipyard SA; Piotr Kabacinski, GM Sales, Americas, Wärtsilä Ship Power. Standing from right to left: Eduardo Masciottra, Warag SRL, Wärtsilä agent, Buenos Aires; Jorge de la Guardia, GM and owner of Naviera Yeruti and Shipyard SA; Joe Amyot, Area Sales Director, Wärtsilä Ship Power.

A new pushboat used to push barges convoys along the Paraguay River will be powered by a Wärtsilä integrated propulsion solution. The vessel is being built at the "Astillero la Barca del Pescador" (Shipyard SA) yard in Paraguay on behalf of Naviera Yeruti, a Paraguayan company with extensive barge construction and vessel operating interests. This vessel will be the company's first pushboat and it is scheduled to be delivered in the second quarter of 2015. The contract with Shipyard SA was signed in December 2013 and Wärtsilä's equipment will be delivered in the third quarter of 2014.

28 Nov 2001

Aker Maritime and Kværner Agree Overall Solution

Agreement has been reached between Kværner and its largest shareholder, Aker Maritime, on a comprehensive industrial and financial solution for the Kværner group. This solution means that Kværner will secure additional equity through share issues and through the merger of Aker Maritime's core business with Kværner Oil & Gas. It builds on the main lines of the modified Yukos plan presented by Aker Maritime last week. Kværner's other large shareholder, Russia's Yukos Oil, has announced its support for the new solution and has withdrawn its original proposal. Negotiations are continuing with the bank coordinating committee on modified lending terms, and agreement on a recommended solution is expected within 24-48 hours.

27 Nov 2001

Aker Maritime Wants to Strengthen Kværner

Aker Maritime wants to contribute to a solution for Kværner, and is presenting a proposal today which could form the basis for constructive new discussions. This proposal builds on the plan launched earlier by Yukos. Aker Maritime suggests some modifications which make that plan more attractive in financial terms for the company's shareholders. The modified plan will strengthen Kværner financially and make a positive contribution to its lenders. In addition, Aker Maritime is once again willing to offer Kværner the opportunity to secure a good and long-term industrial future. It is proposing to merge its operational activities with Kværner in exchange for Kværner shares. This will create a strong new player in the oil and gas industry, with a substantial potential for international growth.

28 Nov 2001

Aker Maritime and Kvaerner Reach Agreement on a Solution

Kvaerner today announced that it has reached agreement with its largest shareholder, Aker Maritime, on a comprehensive industrial and financial solution for the Kvaerner Group. Kvaerner Oil & Gas. It builds on the principles of the modified Yukos plan presented by Aker Maritime last week. Yukos Oil, has announced its support for the new solution. * A merger of Aker Maritime and Kvaerner Oil & Gas. Aker Maritime is valued at NOK 3.6 billion, including NOK 800 million in debt. issues. * A Directed Equity Issue of at least NOK 2 billion. book-building. * A Rights Issue for Kvaerner shareholders, as of December 14. per share as the directed Equity Issue. The agreement between Aker Maritime and Kvaerner involves the merger of Aker Maritime's core operations with those of Kvaerner Oil & Gas.