Infrastructure Assets News

Cool Company Ltd. (CoolCo) has agreed to sell the Golar Seal vessel for $184.3 million. The transaction is expected to close on the redelivery of the vessel from its current charter in late March.The unnamed buyer will assume all costs associated with the vessel’s forthcoming dry-dock, increasing the effective economic value to CoolCo to approximately $190 million.Richard Tyrrell, CEO, said: "Through the sale of the Golar Seal, the earliest vessel in our fleet to be built, we are demonstrating our disciplined approach to locking in shareholder value. "The valuation highlights the re-pricing of the LNG carrier market and the strategic value of such LNG infrastructure assets.

Houston-based investment manager Arroyo Investors announced it has closed an investment in Seaside LNG and its affiliated entities, an integrated shore-side liquefied natural gas (LNG) liquefaction and bunkering platform in the U.S. Financial details were not disclosed.Seaside LNG owns interests in two separate operating businesses, including a 50% ownership interest in JAX LNG, a small-scale (360,000 gallons/day) LNG liquefaction facility operating two trains in Jacksonville…

President Joe Biden intends to nominate Ann Phillips to serve as Administrator of the U.S. Maritime Administration (MARAD) at the Department of Transportation (DOT), the White House announced Thursday. The position has been vacant since Mark Buzby resigned from the role in the wake of the insurrection at the U.S. Capitol in January.If confirmed, Phillips, a retired U.S. Navy rear admiral and currently the first Special Assistant to the Governor of Virginia for Coastal Adaptation and Protection…

Singapore's Keppel Offshore & Marine, a company famous for its offshore rig construction, is set to undergo a major transformation, look for opportunities as a developer and integrator of offshore energy and infrastructure assets, and exit the offshore rig building business.The company will be restructured into three parts, separating construction and ownership of legacy drilling rig assets from its core operations, "which will be slimmer, asset-light and people-light.""Keppel Corporation announced today that amidst the global energy transition and major disruptions facing the oil industry…

Fuel, lubricants and petroleum solutions provider Pilot Thomas Logistics (PTL) and its family of companies including Radcliff/Economy, Maxum Petroleum and Economy Boat Store, announced that PTL has received authorization from MSD Victoria to perform over the water transfers in the Houston-Galveston and Texas City Sectors. The authorization expands and extends the service area that now encompasses the entire Western Gulf Coast from Brownsville, Texas to Lake Charles, La."We’ve had early operational success in Brownsville…

DP World, UAE Region’s next-generation security solutions provider World Security has launched the first autonomous security surveillance boat in the Middle East to upgrade security and surveillance at Jebel Ali Port, Mina Rashid, Mina Al Hamriya and other facilities in the UAE.The state-of-the-art boat introduces an extra dimension to World Security's portfolio of solutions, demanded by the uncertainty of the current changing environment caused by the COVID-19 pandemic.It also marks a new stage in World Security’ rising profile as Dubai’s industry leader for marine…

Condor Ferries, an operator of passenger and freight ferry services between UK and France, has been sold to a consortium including the French shipping company Brittany Ferries.Brittany Ferries, in consortium with the Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF), has reached an agreement to acquire 100 percent of Condor Ferries from Macquarie Infrastructure and Real Assets (MIRA).Contracts have been signed and the deal is expected to be executed following scrutiny by relevant regulatory authorities. Brittany Ferries will hold a minority stake.Condor Ferries is an operator of lifeline freight and passenger ferry services.

The Greek seaborne shipping and logistics company Navios Maritime Holdings sold its ship management division and certain general partnership interests to N Shipmanagement Acquisition Corp. (NSAC), affiliated with company’s chairman and chief executive officer, Angeliki Frangou.The provider of transport and transshipment of drybulk commodities received aggregate consideration of $20.0 million (including assumption of liabilities) and new five-year service agreements under which NSAC will provide technical and commercial management services at fixed rates and administrative services, reimbursed at allocable cost.As a result of the transaction…

London-based international law firm Watson Farley & Williams (WFW) advised Teekay Offshore Partners  on two separate fleet refinancings with a combined value of US$550mln.First was a US$100m revolving credit facility (RCF) for the Piranema Spirit, Voyageur Spirit and Petrojarl Varg FPSO units. The previous credit facility matured at the same time with a balloon payment of US$35m.The new facility was funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years.Second was a US$450m RCF for sixteen shuttle tankers. The facility will be used to refinance the existing revolving credit facility dated 8 September 2017 and for general corporate purposes.

The midstream services provider to the offshore oil production industry Teekay Offshore Partners announced that in accordance with previously noted financing plans, it has secured a new $450 million revolving credit facility for sixteen shuttle tankers.The facility will be used to refinance the existing revolving credit facility dated September 8, 2017, currently fully drawn with outstanding amount of $445 million, and for general corporate purposes, it said ina press release.The facility is funded by commercial banks and bears interest at LIBOR + 250 basis points with a five-year tenor and a profile of 8.4 years, Teekay added.Teekay Offshore Partners is primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea…

The international midstream services provider to the offshore oil production industry Teekay Offshore Partners announced  that it has secured a new $100 million revolving credit facility for the Piranema Spirit, Voyageur Spirit, and Petrojarl Varg FPSO units.The previous credit facility matured at the same time with a balloon payment of $35 million, said a press release from the company primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada.The new facility is funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years…

Abu Dhabi State-Owned Oil Company Adnoc has sealed a $4 billion midstream pipeline infrastructure deal with BlackRock, the world's largest asset manager, and private equity firm KKR & Co.The Middle East national oil company said that the transaction includes the creation of Adnoc Oil Pipelines, which will lease Adnoc's interest in 18 pipelines and give rights to transport crude and condensates from Adnoc's onshore and offshore concessions over 23 years.BlackRock and KKR will form a consortium to hold a 40% stake in Adnoc Oil Pipelines, while Adnoc Infrastructure, a fully-owned Adnoc subsidiary, will retain the remaining 60%. Adnoc estimated its proceeds at about $4 billion. Sovereignty over the pipelines and management of pipeline operations remain with Adnoc.

Singaporean conglomerate Keppel Corp on Thursday posted a 15 percent fall in third-quarter net profit, hurt by lower contributions from its investments and property divisions.Keppel, whose businesses range from rig-building to property development, posted a net profit of S$226 million ($164 million) for the quarter ended September, versus S$265 million a year earlier.Total revenue for the quarter stood at S$1.3 billion, a 20 percent fall from a year earlier.Higher revenue recognition from ongoing offshore and marine projects and increased power and gas sales were offset by lower contributions from property trading, asset management, as well as the absence of the sale of investments…

Li Ka-shing to retire after annual general meeting on May 10; will stay on as senior adviser to the group. Hong Kong's richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub. Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse, passing the mantle to his eldest son Victor Li, who was named successor several years ago. While Hong Kong's adoration of Li Ka-shing and his story has waned somewhat in recent years, he is still stepping aside from one of Asia's most outward-looking empires, spanning more than 50 countries and 323,000 employees at last count.

An Australian port and a stake in the Empire State Building's operator were among assets acquired by sovereign investors such as wealth funds and state pension funds in the third quarter of 2016, with deals totalling $21.2 billion. The combined value of deals was up 38 percent from the previous quarter, helped by a handful of jumbo-sized transactions in the infrastructure, energy and real estate segments, although the number of direct investments fell to 35 from 43 in the second quarter, according to data from Thomson Reuters.

A consortium of global and domestic funds, backed by investors including China Investment Corp, agreed to buy Australia's busiest port for a higher-than-expected A$9.7 billion ($7.3 billion), a sign that tough equity markets are helping fuel appetite for infrastructure. Australian leaders will also hope the deal shows they still welcome Chinese investment in infrastructure. The federal government last month blocked the sale of the country's biggest power network, Ausgrid, to state-owned State Grid Corp of China and Hong Kong-listed Cheung Kong Infrastructure Holdings on security concerns.

Vesper Marine announced that it has provided its virtual Automatic Identification System (AIS) to New York Power Authority (NYPA) to protect submerged power cables in Long Island Sound. The WatchMate Asset Protection System is the first U.S. installation of a system combining virtual AIS technology to mark subsea cables in conjunction with highly integrated and advanced software for monitoring vessel traffic patterns whichdirectly alerts vessels to avoid anchor damage to inshore submarine infrastructure assets. The NYPA is the largest state electric utility in the U.S. The first set of cables to be monitored and protected is comprised of four independent, self-contained fluid filled cables buried in the seabed crossing Long Island Sound, providing critical power to Long Island.

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui, Bloomberg reported. The sale process is already underway, Bloomberg reported, citing two people with direct knowledge of the matter. Rotterdam-based Louis Dreyfus and Brazil's Amaggi hold their stake in the terminal through a joint venture, Bloomberg said. The terminal provided much-needed capacity for the shipment of crops such as soybeans, of which Brazil is the world's largest exporter, the report said. Louis Dreyfus and Amaggi were not immediately available for comment.

Keppel plans to consolidate its interests in business trust, REIT and fund management under Keppel Capital and grow its asset management business. In a major restructuring exercise to grow the contribution from its Investment Division, Keppel Corporation Limited (Keppel Corporation) plans to consolidate its interests in business trust management, real estate investment trust (REIT) management and fund management businesses (collectively, "Asset Management") under Keppel Capital Holdings Pte. Ltd. (Keppel Capital), a wholly-owned subsidiary of Keppel Corporation. Asset Management is an important part of Keppel Corporation's strategy and business. Keppel Corporation currently has four subsidiaries ("Subsidiaries") in Asset Management, namely Keppel Infrastructure Fund Management Pte. Ltd.

Höegh LNG Partners LP announced  that its board of directors (the "Board") has declared a quarterly cash distribution with respect to the quarter ended December 31, 2015 of $0.4125 per unit. This represents an increase of $0.075 per unit or approximately 22% from the third quarter 2015 distribution and is related to the acquisition of the FSRU Höegh Gallant. The distribution corresponds to an annualized distribution of $1.65 per unit. The cash distribution will be paid on February 15, 2016 to all unitholders of record as of the close of the business on February 5, 2016. The annual yield on the dividend is 12 percent. Höegh LNG Partners LP is a growth-oriented limited partnership formed by Höegh LNG Holdings Ltd. (Oslo Børs ticker:HLNG), a leading floating LNG service provider.

A five point plan to help tackle Africa’s infrastructure gap is among the findings of a new DP World report to be unveiled at the Africa Global Business Forum this week. Public private partnerships, domestic bond financing, monitoring the life cycle of infrastructure by maintaining and upgrading existing stock, enhanced trade integration and improved trade facilitation are key points raised in the study “Africa At The Crossroads: Bridging The Infrastructure Gap” produced in association with the Economist Intelligence Unit. Over the past decade, investment in African infrastructure has risen sharply and some notable projects have been completed.

The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure are prepared to buy a 30 percent stake in Associated British Ports for about 1.6 billion pounds ($2.4 billion). Associated British Ports is Britain's leading port operator, with 21 ports in England, Scotland and Wales. The deal will allow the Hermes-CPPIB consortium to acquire a further 3.33 percent in the company, depending upon pre-emption rights, the buyers said in a statement on Tuesday. Infrastructure assets are attractive to institutions like pension funds because of the long-term investment opportunity and stable returns that they represent. Hermes Infrastructure, part of British-based fund Hermes Investment Management, and CPPIB will buy the stake from GS Infrastructure Partners and Infracapital.

A recently released study entitled INLAND NAVIGATION IN THE UNITED STATES evaluates the economic impacts and the potential effects of infrastructure investment on our economy. The comprehensive, 98-page document was prepared by the University of Kentucky and the University of Tennessee in November 2014. Sponsored by the National Waterways Foundation (NWF), the voluminous text describes an effort that has spanned more than two years during which time the authors produced a conservative evaluation of commercial navigation’s system-wide economic impact…