Nok 15 News

Norwegian shipping company Eidesvik Offshore ASA  has signed a letter of intent (LoI) with Seabed Geosolution for the use of  two vessels. Contract commencement are ultimo January to primo February and the duration is expected to last for the remaining part of 2018. The LoI is for the use of the multi-purpose support vessel Subsea Viking and for the use of the seismic vessel Vantage. Recently, Eidesvik Invest AS, together with some of the largest shareholders in Eidesvik Offshore, have undertaken to subscribe new equity in a private placement of NOK 120 million at a price of NOK 5 per share. In addition, Eidesvik Invest AS has confirmed its willingness to convert shareholder loans of NOK 30 million to 2 million shares at a price of NOK 15 per share.

Kongsberg, ThyssenKrupp Marine Systems GmbH(TKMS) and Atlas Elektronik enter into a comprehensive teaming agreement for submarines. The companies join resources and establish a joint venture company in Norway that will be the international strategic and exclusive supplier of combat systems for thyssenkrupp Marine Systems’ submarines. On February 3rd 2017, the Norwegian Government announced that Germany was chosen as strategic partner for new submarines, and that Norway enters into negotiation with prime contractor thyssenkrupp Marine Systems. Following the decision, Kongsberg, thyssenkrupp Marine Systems and Atlas Elektronik today entered into a comprehensive teaming agreement. As part of this agreement, the partners will establish a new company based in Norway.

Growing order intake and activity level in a challenging market. Kvaerner's order intake in the second quarter was NOK 5 674 million, an increase from NOK 5 360 million in the same quarter last year. The company has also continued the high activity level with revenues for the quarter of NOK 3 125 million, an increase of 9 percent from the corresponding quarter last year. Kvaerner has a positive net cash position, a situation that is a particular strength in the current market. The Board has revised the dividend policy to reflect that retaining a solid balance sheet and cash position is a priority. Kvaerner has a portfolio of projects in different phases and with a relatively wide margin range under execution.

Better drilling methods are making the single biggest contribution to improving recovery from Norway’s offshore fields. A number of solutions adopted by StatoilHydro this year are already yielding good results. “Downhole intervention and sidetracks from existing wells are the most effective ways of recovering more oil and gas from subsea fields,” said head of subsea technology, Øystein A. Håland. A growing number of discoveries on the Norwegian continental shelf are being developed with subsea installations. At the same time, production is declining from mature fields.

Due diligence completed for the integration of Thrane & Thrane A/S and Nera ASA satellite activities and revised forecast for the current financial yearOn Monday, August 20, 2001 Thrane & Thrane A/S announced that it had signed an agreement with Nera ASA to acquire the shares in Nera’s wholly-owned subsidiaries Nera SatCom AS and Nera WBA Satellite AS. Since that announcement, Thrane & Thrane and Nera have worked on completing the integration of the two companies’ satellite activities. The companies’ efforts focused on conducting the due diligence process, which has now been completed to the satisfaction of both parties.After completing the due diligence process, the parties have agreed to change the contents of the agreement, and Thrane & Thrane and Nera therefore signed an agreement.

Havila Shipping ASA has signed a Heads of Agreement with Ocean Mainport Ltd group regarding sale of the UK based rescue recovery operations (RRV). Eight vessels are included in the transaction which will be completed by selling 100% of the shares in Havila Rescue UK Ltd and expected to be closed before yearend. The total transaction value is estimated to be approximately NOK 348 mill, and gives Havila Shipping ASA a total booked profit before tax of approx. NOK 65 mill. The cash effect will be approx. NOK 95 mill. Havila Shipping ASA will grant a secured seller credit of NOK 15 mill. The vessels included in the sale; Havila Sky, Havila Tern, Havila Searcher, Havila Sea, Havila Clever, Havila Sun, Havila Star and Havila Tigris. Handover will take place ultimo November.