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Foreign Subsidiaries News

20 Mar 2018

VIKING Expects Steady Growth

For the second consecutive year, revenue and earnings remained stagnant for 2017 at VIKING Life-Saving Equipment A/S. Signs of a slight improvement in the economy are encouraging, as well as VIKING’s gain in market share. Two of the largest customer segments, the cargo ship market and offshore industry, remain in turmoil and continue to impact the top and bottom lines. "We find ourselves in a market with extremely complex demands that vary significantly between segments - a market driven by a multitude of factors, including technology, growth in the global economy, trade policy, geopolitical stabilty, among others. Overall, however, I believe we will benefit in the coming period from growth in the global economy.

16 Mar 2018

Cargo, Offshore Gaining Ground: Viking

For the second consecutive year, revenue and earnings remained stagnant for 2017 at Viking Life-Saving Equipment A/S. Two of the largest customer segments, the cargo ship market and offshore industry, remain in turmoil and continue to impact the top and bottom lines. Signs of a slight improvement in the economy are encouraging, as well as  Viking's gain in market share. “We find ourselves in a market with extremely complex demands that vary significantly between segments – a market driven by a multitude of factors, including technology, growth in the global economy, trade policy, geopolitical stability, among others. Overall, however, I believe we will benefit in the coming period from growth in the global economy.

22 May 2015

Volume Up in Dutch Maritime Technology Sector

The Dutch maritime technology sector has had a good year. Turnover increased by 17%, from EUR 6.4 billion in 2013 to EUR 7.5 billion in 2014. The sector employed 31,680 FTEs, up from 29,361 in 2013. “Overall we see a nuanced picture, with ups and downs,” says Hans Voorneveld, chairman of trade association Netherlands Maritime Technology. “It is crucial to remain resourceful and to continue to innovate and export. The sudden mid-year fall in oil prices led to a decline in orders from the offshore oil & gas industry. Our sector supplies a wide range of markets, however, and this decline was offset by rises elsewhere, especially for offshore wind farm vessels, superyacht construction, patrol boats and other specialized boats,” he added.

14 Jan 2014

Temporary Easing of Iran Sanctions in Effect Jan. 20, 2014

The accord reached between Iran and the five permanent members of the United Nations Security Council (the United States, China, Russia, Great Britain and France) and Germany (the P5+1) in November 2013, becomes effective Jan. 20, 2014, for a six-month interim period. The accord provides limited sanctions relief for Iran in exchange for a halt to Iran's nuclear development program. While some of the details regarding the specific scope of sanctions relief are not yet public, this alert provides initial information about the scope and impact of these measures. On Nov. 24, 2013, the P5+1 reached an interim accord with Iran called the Joint Plan of Action. This accord is intended to provide an interim compromise to give negotiators an opportunity to conclude a more permanent agreement.

20 Apr 2011

Middle East Turmoil and U.S. Economic Sanctions and Export Controls

The primary focus of last year’s annual update, which appeared in the April 2010 issue, was U.S. efforts to tighten economic sanctions against Iran. The last several months have seen these efforts come to fruition, as well as imposition of new sanctions affecting Libya, North Korea, and Somalia. Our 2011 update concentrates on these key developments, but readers should be aware that these were not the only changes to sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) over the past year. As always, remaining abreast of all applicable embargoes and sanctions must be a priority for international businesses. U.S. Developments. On July 1, 2010, long sought amendments to the Iran Sanctions Act (“ISA”) became law.

24 Mar 2011

UK Budget Good News For Shipping

Leading accountant and shipping adviser Moore Stephens says that, despite mixed news for non-UK-domiciled individuals, the UK Budget 2011 appears to be good news for shipping. The bad news in the Budget, announced on 23 March, is that the existing annual remittance basis charge for non-doms resident in the UK for twelve years or more will increase from £30,000 to £50,000, albeit not until 6 April, 2012. The good news is that the government also proposes not to tax foreign income or capital remitted to the UK for the purposes of ‘commercial investment in UK businesses’…

27 Aug 2010

Trico's U.S. Operations Files for Bankruptcy

Trico Marine Services, Inc. (NASDAQ:TRMA) announced that its U.S. companies and its Cayman Islands holding company have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (U.S. Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico's U.S. and worldwide operations are expected to continue without interruption during the restructuring process. Chairman of the Board of Directors, President and Chief Executive Officer, Richard A.

06 Jul 2004

Economic Sanctions Update: Door Opens to U.S. Business in Libya, Closes on Syria

By Barbara D. Recent changes to U.S. economic sanctions programs have resulted in both new opportunities and new restrictions for offshore service vessel operators. In April, the United States substantially reduced restrictions on trade with Libya. However, these actions were followed in early May by the imposition of a new embargo against Syria. In addition, over the past several months, many additional individuals and entities have been designated as subject to trade sanctions, and the Secretary of Homeland Security has been granted authority to take various measures to prevent the unauthorized entry of vessels into Cuban territorial waters.