GlobalSantaFe Open to Merger or Acquisition Prospects
Offshore driller open to mergers GlobalSantaFe Corp., the world's second-largest offshore driller, is open to merger or acquisition prospects, which would be healthy for the drilling industry, according to the company. Transocean, also based in Houston, is the world's largest offshore driller by sales. Source: Houston Chronicle
Keppel Appoints Vestring to its Board
Mr Vestring, 50, is a partner in Bain & Company's (Bain) Southeast Asia office. Of his 24-year career with Bain, Mr Vestring has spent over two decades in Asia advising leading companies on portfolio strategy, growth, mergers and acquisitions, merger integration, organisation and performance improvement. The companies he has advised include those in shipping, offshore & marine, industrial products, automotive, infrastructure, commodities, airlines and telecoms. Mr Vestring works closely with Asian and multinational companies to grow organically and inorganically across Asia.
Abbott Joins Seward & Kissel
Seward & Kissel LLP announced that James E. Abbott has joined the firm as a partner. He will be joining Seward & Kissel’s Corporate Finance Department to help lead its Business Transactions Group, which handles mergers and acquisitions, private equity and debt transactions, PIPEs, venture capital transactions, joint ventures, seed capital arrangements and various other business transactions. Prior to joining the firm, Mr. Abbott was partner at Wall Street law firm Carter Ledyard & Milburn LLP, and earlier in his career he worked in London at Ashurst.
Northrop Grumman Names Kastner VP
Corporation has named Christopher D. Kastner as vice president, contracts and risk management for the company's Ship Systems sector. acquisitions and divestitures. in Northrop Grumman's Integrated Systems Sector. University.
Seanergy Shareholder Approve Business Combination
Seanergy Maritime Corp. announced that at a special meeting of shareholders, shareholders approved the proposal to acquire six dry bulk carriers from affiliates of members of the Restis family. Shareholders cast 20,618,873 votes in favor of the proposal, and holders of 6,514,175 shares voted against the proposal. Of the shareholders voting against the proposal, holders of 6,370,773 shares properly demanded redemption of their shares. Approval of the business combination required a majority of votes cast at the meeting to be cast in favor of the proposal and that holders of fewer than 35% of Seanergy’s shares issued in its initial public offering vote against the vessel acquisition and properly exercise their redemption rights.
GS Group Shows Interest in Acquiring Daewoo Shipbuilding
A number of companies have been showing interest in the sale of Daewoo Shipbuilding & Marine Engineering (DSME.) GS Group has expressed interest to acquire the shipbuilder. According to reports, the group believes it has an advantage over other conglomerates such as POSCO and Doosan. On the contrary, GS believes its acquisition of the shipbuilder will increase synergy with businesses it holds interest in ― energy, engineering and construction. Since 2005, the group put GS Holdings at the forefront to set up a team of mergers and acquisitions (M&A) specialists led by its CEO Suh Kyung-suk for the acquisition of DSME. Source: Times
Crowley Promotes VP and Deputy General Counsel
Crowley Maritime Corporation announced today that Kerri McClellan has been promoted to vice president and deputy general counsel for the corporation. McClellan, who is based in Jacksonville and reports to Senior Vice President and General Counsel Mike Roberts, joined Crowley approximately two years ago as senior corporate counsel and assistant corporate secretary and has excelled at corporate governance and transactional work among other legal areas, the company said. “Kerri has been a tremendous partner in the legal department…
Vistronix Acquires Agency Consulting Group
Vistronix has acquired the Agency Consulting Group (ACG). The McLean Group's Aerospace, Defense & Government Services (ADG) practice served as the exclusive mergers and acquisitions (M&A) advisor to ACG. Founded in 2004 and based in Columbia, MD, ACG provides technical solutions in the areas of cloud computing analytics, critical systems infrastructure and specialized mission solutions. ACG is a primary architect of the intelligence community’s migration of applications, software and infrastructure to cloud-based, virtual environments. ACG maintains one of the largest contingents of Citrix, VMWare, Linux and Solaris certified engineers within the intelligence community.
Consolidation – A Path to Subsea Vessel Sustainability
In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices, as operators defer the sanctioning of new offshore projects which could have supported vessel utilisation. As a result, the average vessel dayrates declined by an average of 35% between 2014 and 2016. The weak market conditions have meant that many low specification vessels have struggled to hold on to existing charter rates…
Morovich Joins Tidewater's Senior Management Team
Tidewater Inc. announced that Nancy Morovich has joined Tidewater as senior vice president. Morovich, who will report to Chairman, President and CEO Dean Taylor, will be responsible for strategic planning and analysis activities required to support the company's growth and business development initiatives, including potential mergers and acquisitions. She will also oversee Tidewater's information technology activities, and be involved in corporate compliance efforts. Morovich joins Tidewater following a 15 year career with Entergy Corporation where she held various positions in the finance organization. In her most recent position as Vice President, Planning and Financial Communications, she oversaw strategic planning, corporate planning and investor relations activities.
Chemoil Appoints Van Eijck
SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI), an independent marine fuel suppliers, announced it has appointed Michiel Van Eijck to the position of Sales and Marketing Director for Europe. Van Eijck will maintain relationships Chemoil has developed with its European customers across its diversified supply chain operations worldwide. Prior to joining Chemoil, Van Eijck was Director of Mergers and Acquisitions with Dutch energy provider Eneco Holdings N.V. He has also previously held managerial roles in sales, sourcing and supply with E.ON Benelux and Vopak Oil Logistics covering the European and the Middle East markets. Van Eijck holds a Master in Law, Civil Law from the University of Rotterdam. (www.chemoil.com)
New CEO at ShipNet
ShipNet named Tormod Haavi as its new Managing Director, succeeding Sven Erik Dølvik. Haavi will assume his new role from July 1, 2006. Haavi was ShipNet’s Commercial Director until the end of 2000. During the years since he left ShipNet, Haavi has worked as an independent management consultant. His projects, amongst others, have been related to business development, mergers and acquisitions on an international level. “ShipNet`s unique asset in the form of its global customer base and shipping competence, is a great basis, but without adapting to tomorrows technology and changes, is worth nothing, ” said Tormod Haavi. “Our job is to further build on this basis in order to maintain and further develop ShipNet`s leading market position.”
Smith Joins HII Corporate Team
Huntington Ingalls Industries appoints Michael S. Huntington Ingalls Industries (HII) announced today that Michael S. Smith has joined the company as corporate vice president, business growth. He will work closely with the HII's senior leadership team in support of corporate development and strategic endeavors and will serve as the company interface with business associations in Washington, D.C. Smith will work in HII's Washington, D.C., office and report to Mitchell B. Waldman, corporate vice president, government and customer relations.
Al Falahi Appointed CEO of GEM
Gulf Energy Maritime (GEM) has appointed UAE national Ahmed Essa Hareb Al Falahi as Chief Executive Officer with the task of spearheading the company's strategy to climb the world's leading tanker operator rankings. Hareb joins the UAE-headquartered corporation after an eight year management career at Etisalat - the Emirates' main telecommunications supplier and the largest single non-oil contributor outside UAE Federal Government development programmes. There he headed the mergers and acquisitions division for the Fortune 500 company currently standing 140th among the Financial Times Top 500 global corporations. Yusr Sultan stepped down to undertake a full time board level role as Director. He will concentrate on corporate policy, management team expansion and GEM's strategic growth.
Daewoo To Invest In Joint Manufacturing Operation
South Korea's Daewoo Heavy Industries Co. will invest $4.5 million in a joint ship engine manufacturing operation between state-run Hanjung and Samsung Heavy Industries Co., the Ministry of Commerce, Industries and Energy said. The ministry said Daewoo Heavy will hold a 17 percent stake through its investment in the newly named HSD Engine Co. Hanjung will hold a majority 51 percent stake, and Samsung Heavy 32 percent. Hanjung and Samsung will also pay $11 million and $6.8 million, respectively along with Daewoo's investment to raise HSD's equity capital to $26.8 million from the current $4.5 million. The ministry said most of the new capital would go to facility investment and the rest to research and development.
HMC Appoints Adkins as Joint-Managing Director
Horizon Mobile Communications (“HMC”) is pleased to announce that Mr. Philip Adkins has joined HMC as Managing Director with effect from April 16, 2003. Philip brings more than 30 years extensive experience in senior executive roles as a Managing Director, main Board Director (of a public company) and as a Senior Vice President in multi-national companies in both the maritime and finance sectors. Philip has worked in the shipping industry for P & O Plc (UK) and Jebsens Rederi (Norway) and is qualified as a Chief Engineer (First Class). In 1986 he was invited to join ANZ McCaughan Dyson Securities in the City of London and later, Banque Paribas Capital Markets as a Senior Pan-European telecommunication and energy analyst.
Friede Goldman Halter Announces Plan to Retain Investment Banking Firm
Friede Goldman Halter, Inc., announced that it plans to retain, subject to Bankruptcy Court approval, the services of Houlihan Lokey Howard & Zukin. Houlihan Lokey Howard & Zukin is an international investment banking firm providing a wide range of services including mergers and acquisitions, financial restructuring, private placements of debt and equity capital, business and securities valuations, financial opinions, litigation support, and merchant banking services. In the last decade Houlihan Lokey Howard & Zukin's financial restructuring professionals have consummated over $30 billion in transactions. FGH will draw upon the firm's diverse industry experience, extensive talent base, and resources to coordinate and execute a successful financial restructuring.
Superior Energy Services Names Executive VP
Superior Energy Services, Inc. announced that William B. Masters has been named Executive Vice President and General Counsel. Masters, age 50, joins Superior following a 26-year career with the law firm of Jones, Walker, Waechter, Poitevent, Carrère & Denègre L.L.P. During his tenure, Mr. Masters worked with Superior as general counsel for 13 years. Mr. Masters has a broad business practice in the areas of corporate finance, mergers and acquisitions, and energy and has extensive experience in public and private offerings of debt and equity securities. Masters earned his bachelor’s degree at Tulane University and his Juris Doctorate degree from George Washington University.
GulfMark Offshore Appoints CFO
GulfMark Offshore, Inc. announced that it has appointed James (Jay) M. Mitchell as Executive Vice President and Chief Financial Officer (CFO). Mr. Mitchell replaces Quintin Kneen who, as previously announced, will assume the role of President and Chief Executive Officer (CEO) on June 4. Mr. Mitchell brings over two decades of energy background to GulfMark, including past executive roles as a private company CEO and a public company CFO. His experience includes strategic planning, mergers and acquisitions, finance, accounting, treasury, taxation, risk management and investor relations. His most recent experience was as CEO of the privately held Flex Energy. Previously, Mr.
Stratos Announces Newly Elected Directors
Stratos Global Corporation announced that Sir Robert Walmsley and Mr. Michael Bayer were elected as new members of the Corporation's Board of Directors at its annual general meeting held May 11, 2006. Sir Robert Walmsley was Chief of Defence Procurement at the UK Ministry of Defense ("MoD") from 1996 until his retirement from public service in 2003. Prior to his MoD appointment, Sir Robert was a career officer in the Royal Navy, where he rose to the rank of Vice Admiral in 1994 and served for two years as Controller of the Navy. Sir Robert is also currently on the Board of Directors of British Energy Group plc., Cohort plc, EDO Corporation and General Dynamics Corporation.
China Shipbuilder Ponders Overseas Yard Acquisition
China Shipbuilding Industry Corp (CSIC) says it has had advanced talks with a European shipbuilder so far. Despite the travails of the lack of orders at home one of China’s shipbuilding majors is looking at taking advantage of the downturn by acquiring some overseas yards to boost its technology expertise, reports Sinoship News. China Shipbuilding Industry Corp (CSIC), the state-run entity that controls many northern Chinese yards, said recently that it had held advanced talks with one European shipbuilder so far. "The talks did not bear any fruit but they did help us gain experience in negotiating with European companies," a senior executive, Sun Bo said recently. "We will continue pursuing the idea (of mergers and acquisitions of European shipbuilding companies)," he added.
Shipping Alliances Demand Aggressive Oversight -FMC Chairman
The restructuring of the ocean carrier alliance system, triggered by merger and acquisition activities by shipping companies, is a logical business development, but if not carefully monitored and regulated, could also represent a move toward reduced services for shippers, said Mario Cordero, Chairman of the Federal Maritime Commission (FMC). Cordero articulated this concern during remarks he made at the 2016 International Trade Symposium hosted by the Virginia Maritime Association in Norfolk. Cordero participated on a panel entitled Ocean Carrier Mergers & Acquisitions.
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010, tracing the flow of deals in the post-financial crisis era. In this edition, we take a closer look at relevant U.S. offshore energy industry deal flow and market movements as they relate to oil prices over time, and highlight some recent middle market transactions.