Theisen Returns to Philly Shipyard as CFO
Philly Shipyard announced Wednesday that Jeffrey Theisen will re-join the company as Chief Financial Officer, effective September 8. Theisen fills the vacancy created by last month's sudden passing of Brian Leathers.Theisen previously served as Philly Shipyard's CFO for eight years, from 2007 - 2015. He was involved in the spin-off of Philly Shipyard from its parent Aker American Shipping and subsequent listing of the company on Oslo Axess, and he was instrumental in securing backlog and negotiating various financings, investments and other significant transactions.
Songa Bulk Merge with Axxis Geo Solutions
Norway-based Songa Bulk AS, an investment vehicle established to invest in dry bulk assets, has made an agreement to merge with company Axxis Geo Solutions (AGS).Per deal, Songa Bulk will assume the assets, rights and obligations of the Houston-based AGS against issuance of shares in Songa Bulk to existing shareholders of AGS.The exchange ratio in the Merger is based on an equity value of Songa Bulk of NOK 17.93 million, corresponding to a price per share of NOK 0.5, and an equity value of AGS of NOK 514.82 million, corresponding to a price per share of NOK 0.7.The shareholders of AGS will receive 1.4 shares of Songa Bulk per one share in AGS…
Okeanis Eco Tankers Gets Funds for Two VLCC Newbuilds
Alafouzos family backed Greek tanker company Okeanis Eco Tankers has secured firm commitments for two secured loan facilities for an aggregate amount of $116.3 million from Credit Suisse AG and BNP Paribas in respect of the financing of two of its VLCC newbuildings, under construction at Hyundai Heavy Industries.According to a press release from Piraeus-based shipping group, the Facilities each carry an interest rate over Libor of less than 2.5%, a 6-year tenor, a blended average repayment profile of 17.5-years, and allow for drawdowns to finance pre-delivery yard instalments.These commitments mark the successful conclusion of the first step in the Company’s efforts to secure competitive financing for its last four VLCC newbuildings…
BW LPG Refinances Six Ex-Aurora Ships
BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.88%, with a 16-year amortization profile. Martin added: "The ex-Aurora fleet is now fully re-financed at similar competitive terms and structure as the rest of the BW LPG fleet, which further strengthens our competitive edge in a challenging market.
Paragon Acquires Majority Stake in Prospector
Paragon Offshore plc reported that it has acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess. Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or $2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Following this transaction, Paragon owns a total of 52,749,014 shares of Prospector, equal to 55.8 percent of the outstanding shares of Prospector.
Aker Philadelphia Shipyard ASA: Purchase of own shares
Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,465 shares in the Company on Oslo Axess at an average price of NOK 158.68 per share, implying a total consideration of NOK 232,466. Following the transaction, AKPS holds a total of 9,785 own shares, constituting approximately 0.08% of the Company's shares and votes. Reference is made to Aker Philadelphia Shipyard ASA's (the "Company") (Oslo: AKPS) stock exchange notice of 17 July 2014 where AKPS announced a buyback program for up to 10% of the Company's share capital. The buyback program is carried out in accordance with an authorization granted by the Annual General Meeting of the Company held on 9 April 2014.
Aker Philadelphia Shipyard ASA : Purchase of own shares
Aker Philadelphia Shipyard ASA (the "Company") (Oslo: AKPS) has on 21 July 2014 purchased 2,155 shares in the Company on Oslo Axess at an average price of NOK 160.64 per share with a total consideration of NOK 346,190. Following the transaction, AKPS holds a total of 2,155 own shares, constituting approximately 0.02% of the Company's shares and votes. Reference is made to the stock exchange notice of 17 July 2014 where AKPS announced a buyback program for up to 10% of the Company's share capital. The buyback program is carried out in accordance with an authorization granted by the Annual General Meeting of the Company held on 9 April 2014.
Havyard Group – Launch Of IPO & Prospectus Publication
Havyard Group ASA submitted an updated application for listing of its shares on Oslo Børs, alternatively Oslo Axess, on 6 June 2014. It is expected that the stock exchange will consider the application in a meeting of its board of directors on 18 June 2014. Subject to approval of the application and compliance with the listing criteria, the first day of trading is expected to be 26 June 2014. Havyard Group has gone through a significant growth and has established itself as one of the key providers of maritime technologies, with focus on advanced vessels and associated technologies for the oil service, fishing and aquaculture businesses. A listing of the Company’s shares will strengthen the opportunities for further growth and development.
