Operating Unit News

A global alternative investment firm Strategic Value Partners has entered into agreement with Hornblower Group to acquire the majority ownership of the company in exchange for significant equity investment. As part of the agreement, Crestview Partners retained minority ownership in the business, and the decision was made to sell or wind down the company’s overnight cruises unit American Queen Voyages.Aside from significant minority stake in the business, Crestview will become the sole owner of Journey Beyond…

Algoma Tankers, an operating unit of Algoma Central Corporation,  announced that it has taken delivery of the 16,500 DWT Algoterra, a 2010-built product tanker in Amsterdam, Netherlands and the vessel has begun her delivery voyage to Canada.The provider of marine transportation services said in a press release that the vessel departed Amsterdam on March 30, 2019 and will travel through the English Channel before crossing the Atlantic Ocean destined for Halifax. The Algoterra is expected to begin trading in Canada mid-April.“I am pleased to say that our fleet is fully booked for the season,” said Gregg Ruhl, President and CEO at Algoma. “The Algoterra is the second product tanker acquired by ATL in the last four months after the Algonorth joined the fleet in early December.

Algoma Central Corporation (TSX: ALC), a provider of marine transportation services, announced that it has received full refund of all instalment payments made in connection with the now-cancelled shipbuilding contracts with Uljanik d.d. and 3Maj Shipyard of Croatia.Algoma entered into five shipbuilding contracts with 3Maj Shipyard, an operating unit of Uljanik d.d of Croatia. According to a press release from Algoma, after considerable delay, the first of the five vessels was delivered in 2018; however, Algoma cancelled the remaining four contracts as the shipyard’s financial difficulties led to a much-publicized attempt to refinance the company and shipyard management was unable to put forward a credible plan that would lead to completion of the remaining hulls.

TechnipFMC said it has signed an agreement with the Island Offshore group to acquire a 51 percent stake in Island Offshore’s wholly owned subsidiary, Island Offshore Subsea AS. Island Offshore Subsea AS provides Riserless Light Well Intervention (RLWI) project management and engineering services for plug and abandonment (P&A), riserless coiled tubing and well completion operations. Island Offshore Subsea AS employs approximately 80 staff. Island Offshore Subsea AS has developed proprietary designs related to subsea P&A and riserless coiled tubing.

Scienco/FAST is an original equipment manufacturer specializing in marine sewage devices, environmentally-friendly cleaners and other industrial water management technologies. These MSDs treat sewage and ensure compliance with ever-changing regulations. Scienco/FAST has several different models to offer, depending on physical footprint, weight of operating unit, access for retrofit installations, and price. Every system is functionally tested before shipping to ensure performance and eliminate service issues.

Vivek Bhatia (38) will become the new CEO of thyssenkrupp Asia Pacific effective October 1, 2016. He succeeds Dr. Stefan Schmitt (40), who will move to thyssenkrupp AG as Head of Human Resources Strategy effective October 1. Vivek Bhatia has been Head of Strategy, Markets and Development at the Regional Headquarters in Singapore since May 2014, prior to which, as part of the Boston Consulting Group for several years, he advised industrial businesses on their strategy and operations, in markets across the world and as part of Engineers India Ltd. gained extensive experience in the Oil & Gas Industry. The Asia Pacific region includes several important growth markets for thyssenkrupp: large…

Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address chronic overcapacity and drive further cost savings in container shipping, Fitch Ratings says. The merger talks between Hapag-Lloyd and United Arab Shipping Company (UASC) announced last week demonstrate that full-blown M&A deals are gaining momentum. Although capacity on the Far East to Europe trade routes is dominated by just four alliances - 2M (36% of the total fleet capacity in September 2015, according to A.P. Moller-Maersk), CKYHE (24%), Ocean Three (21%) and G6 (18%) - container shipping remains effectively fragmented, highly competitive and plagued by overcapacity.

When it comes to marine sewage, it pays to measure. It turns out that the physical size of the equipment itself is not your only worry. Marine Sanitation Devices: (perhaps) the three dirtiest words in the nautical lexicon. Nevertheless, Marine Sanitary Devices – or MSD’s, as they are affectionately known – are pre-engineered, pre-packaged blackwater/greywater treatment systems. We don’t like to talk about it, we know that waste streams are treated and – we hope – that they are also in compliance. Installed on all manners of vessels, nowhere are these devices (arguably) as important as the ones that provide service on the myriad of inland and brown water workboats.

APM Terminals, a unit of Danish-based Maersk Group, has undertaken an ambitious project on Costa Rica's east coast which will begin operating in 2018, reports Reuters. The labor and environmental concerns had been threatening to derail the country's biggest infrastructure project. Costa Rica’s environmental regulator, Setena, has granted the necessary permits, valid for two years, on the condition the Maersk Group’s port operating unit complies with the Central American nation’s environmental standards and legislation. The first phase of the project will include six post-Panamax ship-to-shore gantry crane, two berths with 600 meters of quay and a 40 hectares container yard will cost nearly $670 million.

Hyde Marine, Inc., announced today it has launched an agreement with Goltens Green Technologies division to help shipowners determine how to best fit the chemical free Hyde GUARDIAN Gold Ballast Water Treatment System (BWTS) onto its existing vessels. Hyde Marine’s partnership with Goltens will allow shipowners to benefit from precision 3D laser scanning and modeling, which helps eliminate complications during the BWTS installation process on existing vessels. Laser scanning provides an accurate and efficient solution for fitting BWT systems onboard and mitigates risks associated with manual measurement and fabrication onboard. Hyde Marine, a wholly owned subsidiary of Calgon Carbon Corporation, is one of the world’s fastest growing ballast water treatment (BWT) technology companies.

Seadrill Limited informs it has secured new contracts for the jack-up units 'West Tucana', 'West Telesto', 'West Ariel', and 'West Prospero'. Additionally, the contract for the 'West Mischief' has been extended by four months. The total revenue potential for the four new contracts and one extension is approximately US$319- million. West Tucana, a Friede & Goldman JU-2000E jack-up rig, has secured a contract offshore Angola with Cabinda Gulf Oil Company Limited (CABGOC) - Chevron's wholly owned operating unit in Angola. The contract is for a firm period of 24 months.

iBASEt, developers of Solumina’s Product Lifecycle Execution (PLE) software suite say that Textron Systems operating unit Textron Marine & Land Systems, has selected Solumina’s Manufacturing Execution System (MES) to streamline manufacturing operations for its work on the U.S. Navy’s Ship to Shore Connector (SSC) air cushion vehicle. IBASEt inform that the  SSC is the evolutionary replacement for the Navy’s existing fleet of Landing Craft, Air Cushioned (LCAC) vehicles, which are nearing the end of their service life. Since Solumina captures all the manufacturing data during the entire product’s manufacturing lifecycle, detailed manufacturing intelligence is easily accessible through dashboards, graphs and reports at the click of a button.

AIG Commercial Asset Finance (AIGCAF) and its affiliates have provided a $400 million loan for vessels owned and operated by Nautical Solutions, LLC, which is an operating unit of Edison Chouest Offshore (Chouest). Proceeds from the loan were used to refinance existing notes and to provide for the construction of new vessels. Kirk Phillips, Senior Vice President of the Direct Finance Group at AIGCAF, said that due to AIG’s extensive experience in offshore marine and energy lending, AIGCAF was able to creatively and quickly meet Nautical Solutions’ needs.

In an open letter to shareholders, Herbjorn Hansson
, Chairman & CEO
 of Nordic American Tankers Limited sets out that his company is in a strong position. "The company is in a solid financial condition. This is demonstrated by the fact that as of June 30, 2013 our net debt is about $4.4 million per ship. In comparison, at the end of June 2004, at the time when the company turned into and (sic) operating unit, the net debt was about $8 million per ship. Cash on hand, net working capital and undrawn portion of our credit facility is $330 million, representing our financial liquidity reserves June 30, 2013. This allows us to plan for further growth. In July and August the situation has improved, signaling that results for the third quarter should be better than those for the second quarter.

Rolls-Royce wins contract to power the U.S. Navy’s future fleet of hovercrafts, known as the Ship-to-Shore Connector (SSC). The Group will work with Textron Marine & Land Systems, an operating unit of Textron Systems, a Textron Inc. company, which has been selected to build the initial development craft, in a program that could extend to 73 craft. The SSC will replace the Navy’s current fleet of Landing Craft Air Cushion (LCAC) hovercraft over the next 20 years. The new hovercraft will be used to rapidly deploy personnel and vehicles between U.S. Navy ships and the shore.

Penguin Shipyard International (“PSI”), a wholly owned subsidiary of Singapore‐based Penguin International Limited (“PIL”), has delivered its first Flex‐38 Green Crewboat, “Pelican Grace”, following a successful sea trial that saw the triple screw 38‐metre crewboat achieve cruising speeds of over 24 knots with a fuel consumption rate of only 510 litres per hour, which is substantially less than the fuel consumption of other mid‐sized, mechanically powered crewboats. The Flex‐38 is a joint development by PSI…

Textron Systems Advanced Systems, an operating unit of Textron Systems, a Textron Inc. company, announce that its second Fleet-class Common Unmanned Surface Vessel (CUSV) completed a successful in-water demonstration in New Orleans following vessel modifications at the Textron Marine & Land Systems (TM&LS) shipyard. The two Textron Systems operating units recently collaborated on vessel performance enhancements and are preparing to participate in additional capabilities demonstrations for the United States Navy. The team also is pursuing vessel contracts with the U.S. Navy, international navies and other government agencies in the U.S. and overseas.

Northrop Grumman Corporation (NYSE:NOC) has named Karen Williams vice president and general manager of the Defense Technologies Division, one of four divisions within its Information Systems sector. The sector recently realigned its defense business to form the Defense Technologies Division, focused on end-to-end support systems and services for defense customers. Williams reports to Linda A. Mills, corporate vice president and president of Northrop Grumman Information Systems.

Cargotec has developed new operator interfaces for MacGregor dry cargo products; customer feedback formed an essential part of the process, the company said. Cargotec’s R&D team has developed a new portable operating unit (POU) for use with side-rolling hatch covers and has begun to create a new product series of future low- and high-end starters. “When developing the new electric-drive technology for side rolling hatch covers, MacRack, we took up the challenge to create something revolutionary from a usability point of view…

Harris Corporation, (NYSE:HRS) an international communications and information technology company, has entered into a definitive agreement to acquire the Global Connectivity Services (GCS) business from Schlumberger Information Solutions, an operating unit of Schlumberger Limited (NYSE:SLB). The acquisition is planned to extend Harris’ capabilities as a global provider of mission-critical, end-to-end managed satellite communications services for customers operating in remote and harsh environments – including the energy, government and maritime industries. Schlumberger GCS will be combined with recently acquired CapRock Communications to form Harris CapRock Communications.

operating unit of Textron Systems, was awarded a contract by the U.S. Navy valued at over $30 million. Extension Program (SLEP). SLEP by Textron to fourteen. component of U.S. Navy/Marine Corps Amphibious Forces. fleet, at a fraction of new build cost. The SLEP production program has been underway since 1996. ongoing, with incremental deliveries of completed craft. completed craft was delivered in December 2000. under this contract will now take place in the last quarter of 2006. life of the LCAC from 20 to 30 years. and damage stability characteristics of the LCAC. other U.S. repair and obsolescence of parts. completed at Textron Marine & Land in New Orleans, Louisiana. tundra, sand and water. a service life design of 20 years. amphibious capabilities. improving performance.

The area directly south of Lafayette, La., is authentic bayou country, known for Cajun culture, excellent food, unique music and, for boat lovers, the crew/supply boat capital of the world. Four boat yards in this area build these multi-engine, all- aluminum, speedy vessels, almost exclusively. Each yard turns out up to six crew/supply boats a year. In fact, three of the shipyards are located within just a few miles from each other in the tiny hamlet of Loreauville, La., a town that seems to be made up mostly of aluminum welders. That, of course, is an exaggeration, but not by much. Not every vessel delivered from these shipyards goes to work supporting the search for oil and gas…

Textron Marine & Land Systems, an operating unit of Textron Systems, a Textron Inc. (NYSE: TXT) company, has teamed with L-3 Communications (NYSE: LLL) to pursue the Navy’s next generation landing-craft, the Ship-to-Shore Connector (SSC), and to further develop the Navy’s contract design using its proven detailed design-to-prototype build practices. The SSC program, estimated by the Navy to have a value of $4b, provides for the construction of up to 80 hovercraft to replace the aging Landing Craft Air Cushion (LCAC) fleet. These craft provide the primary over-the-horizon, ship-to-objective amphibious lift capability, as well as the capability to move across the beach carrying heavy payloads for military and humanitarian operations.