Globe Wireless Llc News

KVH Industries, Inc., announced that its Board of Directors has appointed Brent C. Bruun as President and Chief Executive Officer and a member of the Board. The Board also appointed two seasoned industry executives, David Kagan and David Tolley, as directors of KVH.Bruun first joined KVH in 2008 and has served as KVH’s Interim President and Chief Executive Officer since March 2022. He also served as Chief Operating Officer of KVH beginning in 2016, as well as Interim Chief Financial Officer of the Company.

Inmarsat, a provider of global mobile satellite communications services, announced the acquisition of the business and substantially all of the assets of Globe Wireless LLC. Headquartered in Palm Bay, Florida, Globe Wireless is a leading provider of value-added maritime communications services to the shipping market. Significant operational synergies identified through immediate integration with Inmarsat’s maritime business unit, and which are expected to deliver a material improvement in profitability within the first year. Pearce highlighted a range of important strategic benefits associated with the acquisition. These included the opportunity to swiftly deliver significantly improved financial performance through synergies.

Seacor Smit Inc. announced net earnings for the third quarter ending Sept. 30 of $5 million on revenues of $71.9 million. Results for the quarter included a charge of $2.6 million for additional income tax expense related to the company's decision to liquidate a foreign joint venture, and an extraordinary gain of $890,000 relating to the early retirement of debt. In the same period a year ago, Seacor earned $26.4 million, on revenues of $100 million. Results for the quarter ending Sept. 30 included a loss of $789,000 related to Seacor's investment in Globe Wireless LLC that is accounted for under the equity method. Results for the quarter also included a loss of $347,000 related to its investment in a majority-owned subsidiary, Chiles Offshore LLC.