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Oslo Bourse News

27 Jan 2021

Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment

A Polarcus seismic vessel - Credit: Eburlid/Wikimedia - CC BY-SA 3.0

Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude."The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers…

19 Jun 2020

Aker BioMarine to Raise $225M Before Listing

Krill - RLS Photo/AdobeStock

Norway's Aker BioMarine plans to raise 2.15 billion Norwegian crowns ($225 million) in a private share sale valuing it at 8 billion crowns, followed by a listing of the company's stock, its owners Aker ASA and Aker Capital said on Friday.Aker BioMarine harvests off Antarctica small ocean crustaceans known as krill, rich in omega-3 fatty acids and eaten by whales, fish, seals and penguins, and turns it into food supplements and animal feed.Arctic Securities, DNB Markets, and Skandinaviska Enskilda Banken (SEB) were appointed joint bookmakers for the planned transaction and listing of shares on

08 Jun 2018

Sembmarine to Buy Sevan Marine’s IP

Sembcorp Marine (SembMarine) announced that its wholly-owned subsidiary, Sembcorp Marine Integrated Yard (SMIY) plans to buy the intellectual property (IP) of Norway’s Sevan Marine for US$28 million and bring an end to a long-standing intellectual property dispute between the two parties. SMIY will further undertake to take over some of Sevan Marine’s existing service contracts and provide engineering services to some of Sevan’s existing contract partners which have outstanding licence fees payable to Sevan Marine. The litigation between SCM Group and Sevan Marine in the US Courts over the infringement of intellectual property rights of SCM Group will be terminated subject to completion.

26 Nov 2017

Fredriksen Raises Stake in Debt Collector Axactor

Shipping and seafood billionaire John Fredriksen consolidated his position as the top shareholder in debt collector Axactor by buying more stock in the firm on Thursday, lifting the firm's share price. Through his family firm Geveran Trading, Fredriksen acquired 22.9 million shares in Axactor at a price of 2.65 crowns per share. Following the deal, Geveran will own 11.47 percent of the stock and remain the company's top shareholder, up from 9.96 percent. Fredriksen's business empire range from transporting oil with Frontline, dry bulk with Golden Ocean to salmon farming with Marine Harvest, among other interests. Shares in Axactor jumped on the news as much as much as six percent before retreating somewhat and closed up 2.6 percent at 2.75 crowns on the Oslo bourse.

06 Jul 2017

Stolt-Nielsen Aims to Cut Debt

Niels G. Stolt-Nielsen (Photo: Stolt-Nielsen)

Chemical tanker firm Stolt-Nielsen aims to cut debt, CEO Niels G. Stolt-Nielsen said on Thursday.

22 Aug 2016

Fred.Olsen Energy, Hyundai Settle Rig Dispute

Rig firm Fred. Olsen Energy and South Korean yard Hyundai Heavy Industries settle dispute over construction of semi-submersible rig Bollsta Dolphin. Shares in Fred. Olsen Energy up 17 percent at 0736 GMT on the news, after rising 37 percent at the opening of the Oslo bourse. Ownership of platform will be retained by Hyundai and arbitration proceedings associated with disputes have been terminated by consent. Fred. Olsen Energy's subsidiary firm Bollsta Dolphin will receive about $176.4 million from Hyundai of first installment paid by Bollsta. Reporting by Gwladys Fouche

01 Jul 2014

Havyard Rings Bell on Group's Oslo Bourse Listing

Norwegian shipbuilders, service providers & designers Havyard Group ASA inform that its listed stock has been traded on the Oslo Børs as President & CEO Geir Johan Bakke rang the ceremonial bell. Per Sævik, CEO of the family company Havila Holding said in connection with the planning of the IPO: “Our family has broad interests in the offshore supply industry. In light of this, and because we see that we need to optimise the conditions for continued growth for Havyard Group, both on technology and ship equipment, we choose to reduce our ownership. Havyard has a significant potential for growth, but the further development of the company requires more than we as a family company have the possibility to contribute”.

29 Apr 2014

Statoil Reports Robust Q1

Oseberg field centre - Photo Harald Pettersen - Statoil.

Norway's Statoil defied gloom in the oil sector by reporting first-quarter earnings above expectations on Tuesday due to higher prices and good results from shale gas activities in the United States, lifting its shares. Regarding new sanctions on Russia, Statoil's CEO told Reuters it was too early to say whether he would attend a high-profile St Petersburg economic forum in June as planned, as the firm had to assess the impact of the measures first. Oil firms have seen their profit margins decline due to a rise in costs as crude becomes more difficult to extract and several big projects…

22 Apr 2014

Fred. Olsen Rig Upgrade Delayed; Costs Eyed

Rig to cost $195 mln to upgrade vs earlier $125 mln; upgrade to be completed in June vs earlier view April. Firm's down 5.6 percent. Norwegian rig firm Fred. Olsen Energy said on Tuesday that an upgrade on one of its most important rigs would be more expensive and would take longer than earlier thought, sending its shares sharply lower. The Blackford Dolphin rig would cost $195 million to undergo "additional structural upgrades", which would be completed in June. In February the firm said the upgrade, part of a class renewal survey, would cost $125 million and would be completed in April. The rig is one of the firm's two rigs that can drill in deep waters of up to 7,000 feet (2,130 metres), currently in high demand from oil and gas firms. Fred.

12 Mar 2014

Gas tanker firm Avance announces Oslo IPO

Gas tanker operator Avance Gas Holding is planning an initial public offering (IPO) and aims to list its shares on the Oslo Bourse in April, one of its owners said on Wednesday, joining a flurry of Nordic firms planning stock market debuts. "As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities, and in addition, the three major shareholders are considering selling shares in order to facilitate sufficient share liquidity," Stolt-Nielsen Limited said. Avance Gas was formed by a merger of shipping assets from Stolt-Nielsen, Frontline 2012 and Sungas Holdings, and the fleet consists of six very large gas carriers (VLGC), with eight further new-buildings on order.

05 Mar 2014

Golden Ocean Sees 10% Growth

Reuters- Dry bulk carrier Golden Ocean Group Ltd expects double-digit growth in global iron ore trade in 2014, helping its markets pick up momentum and improving rates, the company's CEO Herman Billung said at a conference in Oslo on Wednesday. The dry bulk and tanker markets have experienced a severe downturn in recent years due to global economic turmoil and a slew of new vessels, but Golden Ocean has already detected signs of recovery, driven by increasing Chinese and Indian demand for iron ore and coal, in combination with scrapping of older vessels. Billung said he had had recent discussions in Singapore with major iron ore miners and one alone had indicated its shipping needs would rise to 100 cape-sized vessels…

15 Oct 2003

Stolt Offshore Reports 3Q Loss

Stolt Offshore reported a third-quarter loss on Wednesday and said again that its full-year loss could be deeper than previous guidance. Offshore, which specialises in deep-water engineering. million from $4.9 million a year earlier. fourth quarter. period from $1.8 billion a year earlier. of $334 million for the remainder of this year. because of exposure to the struggling unit. bourse, where the benchmark index was up one percent.

12 May 2000

Maritime Stocks Take A Dive On Oslo Bourse

The All Share Index in Oslo lost a further 4.2 percent in April, and as in March the main reason for the fall was international repricing of technology stocks. However, shipping and offshore companies were not providing any help for the market, as the Shipping Index fell a solid 5.8 percent during the month. Det Søndenfjeldske (SFJ), Ocean Rig (OCR) and Stolt Comex Seaway (SCS and SCSA) all fell between 14 and 19 percent, leading the way down for offshore stocks. The share price of Det Søndenfjeldske has dropped almost 25 percent during the last two months. Also Smedvig A (SME), Petroleum Geo-Services (PGS) and TGS Nopec (TGS) saw their market values fall in April. The three stocks fell 1.1, 5.4 and 5.7 percent respectively.

12 Jul 2000

Aker Takes Major Stake In Kvaerner

Aker Maritime has acquired control of about one fourth of Kvaerner for a reported $350 million (3 billion crowns). The purchase made the industrial holding firm, a group of companies operating in more than 20 countries with no previous Kvaerner ownership, the biggest shareholder in Kvaerner. "Aker Maritime ASA has today bought rights issues, shares and options in Kvaerner ASA which together amount to 26.39 percent of the company after the ongoing rights issue," Aker Maritime said in statement to the Oslo bourse. Kvaerner, which core activities include oil and gas, engineering and construction, announced in May a 2.5 billion crowns rights issue to exploit opportunities for growth and development. The subscription period ended on Wednesday.

31 Jul 2000

Frontline Reaches Agreement With Golden Ocean Creditors

Frontline has reportedly secured backing from major creditors of U.S. tanker group Golden Ocean for a takeover plan. Frontline has reached an agreement with creditors holding $101.1 million of Golden Ocean's 10 percent senior notes due 2001, it said in a statement to the Oslo bourse. The entire issue of Golden Ocean Bonds totaled $291 million. Accordingly, with this agreement, Frontline has the support of more than $210 million of the Golden Ocean Bonds. It said that Golden Ocean bond holders had agreed to vote for its plan for reorganization in the Golden Ocean bankruptcy case. In return, Frontline agreed to pay Golden Ocean's unsecured creditors Frontline common shares with a value of up to 20 percent of each allowed claim or cash in the amount of 17 percent of each allowed claim.

07 Aug 2000

Kvaerner Makes A Play For Aker Maritime

The Scandinavian drama between Kvaerner and Aker Maritime has escalated a notch, with Kvaerner making a bid to acquire Aker Maritime, a bid which was summarily classified as "too low." "Aker RGI believes that the bid does not reflect the values in Aker Maritime," the company said in a statement. Aker RGI, owned by Norwegian billionaire Kjell Inge Roekke, owns 63 percent of Aker Maritime. It said Kvaerner's share price on the Oslo bourse on Monday, of 113 crowns per Kvaerner A share, valued Aker Maritime at about 4.3 billion Norwegian crowns, or 75 crowns per share, and a 15 percent premium to Aker Maritime's close last Friday.

27 Sep 2000

Oslo Bourse Releases Halt On Aker Maritime

The Oslo bourse ended an automatic matching halt of shares in oil and gas services firm Aker Maritime on Tuesday after an investigation of a 13.4 percent rise in the share price. "The Oslo Stock Exchange has reviewed the price movements. Matching halt ends," it said after an about 30 minutes halt. It had ordered an automatic matching halt of the share to investigate a sharp 9 crowns rise to 76 in the stock price. It slipped slightly to 74.5 crowns just after automatic matching resumed.

13 Mar 2001

Oslo Bourse Limits Trading in Aker Maritime

The Oslo bourse suspended automatic matching in shares of Norwegian oil and gas services group Aker Maritime on March 13, saying it suspected that some investors had privileged information. "The Oslo Stock Exchange is investigating whether some participants have access to different information in relation to evaluating the value of the company's shares," a statement from the bourse said. - (Reuters)

01 Mar 2001

Aker, Kvaerner Merger Proposed

Norwegian industrialist Kjell Inge Roekke proposed merging his Aker firms with the shipbuilding and oil and gas divisions of Kvaerner on Wednesday to combat stiffening world competition. Aker forecast synergies from 2003 worth $89-$112 million, from the link-ups, the latest in a string of proposed ties between the two groups, which are struggling in a dwindling Norwegian oil and gas services market. "We expect that most of Kvaerner's shareholders will accept this," said Roekke, a billionaire investor whose interests range from fisheries to building oil platforms. Kvaerner welcomed proposed talks on shipbuilding but reacted frostily to the suggested tie-up in oil and gas, saying it would not help the company to meet future challenges. It said Aker over-estimated synergies.

06 Feb 2001

RCL Shares Jump In Oslo Following Report

Shares in Royal Caribbean Cruises leapt seven percent after positive broker analyses of the group and on hopes for positive news when corporate leaders visit Oslo on Wednesday, traders said. Shares in the Miami-based group were up 16 Norwegian crowns ($1.83) at 241 at about 1250 GMT on the Oslo bourse. The total share index of the Oslo bourse was up 1.1 percent. In just over a year, RCCL shares have ranged from a low of 152 in June to a high of 446 in January 2000. Analysts said that several recent "buy" recommendations for the stock were helping RCCL after the company reported last month that 2000 earnings per share rose 16 percent to a record $2.31.

25 Jan 2001

RCL Profits Rise, Shares Fall

Royal Caribbean Cruises Ltd (RCCL), the world's number two cruise group, said on Thursday that profits rose 16 percent to a record in 2000 but predicted stiff competition in 2001. RCCL shares dipped 13.5 Norwegian crowns ($1.50) to 239.5 on the Oslo bourse after trading around 250 just before the results, which were slightly below analysts' forecasts. The group said earnings per share rose to $2.31 in 2000 from $2.06 in 1999, or net earnings of $445 million from $384 million. But fourth quarter earnings per share fell to $0.16 from $0.19 on net earnings of $38 million versus $30 million. Revenues for the fourth quarter were up to $642 million from $584 million. The EPS for the full year was just below expectations in a Barra survey of 20.87 Norwegian crowns ($2.32) for 2000.

27 Oct 2000

Aker Maritime Reportedly To Sell Subsea Ops

Aker Maritime is reportedly set to sell its subsea operations for $620.7 million to France's Coflexip, Reuters reported Norway's NRK public radio as saying. It said Aker's board had unanimously approved the sale. The sale would cover Aker's most profitable businesses and exclude its Norwegian construction yards Aker Stord and Aker Verdal. But Aker Maritime, which offers services ranging from seismic surveys to decommissioning of ageing oil and gas installations, said the report was speculative. "We don't comment on this type of media speculation," Aker Maritime spokesman Torbjoern Andersen said. In Paris, Coflexip also declined comment. Coflexip shares were trading 2.5 percent weaker in Paris at 144.5 euros.

29 Sep 2000

Kvaerner Says It Won't Raise Takeover Bid

Anglo-Norwegian industry group Kvaerner said on Friday that it would not raise or extend its $725 million takeover bid for oil and gas services firm Aker Maritime Kvaerner's offer of 0.79 new Kvaerner shares for each Aker Maritime share expires today, at the close of the Oslo bourse. Aker Maritime has rejected the bid as too low. Kvaerner chairman Christian Bjelland reportedly told shareholders at a meeting today that the company's bid remained unchanged. The company had called the meeting for shareholders to vote over a controversial proposal to lower the threshold for mandatory offers to 30 percent from 40. A majority supported a lower threshold, company officials said after the meeting.