Owned Subsidiaries News

Norwegian Cruise Line Holdings (NCLH) has signed a partnership agreement with ABB to accelerate the decarbonization and digitalization of the Norwegian Cruise Line fleet.Targeting increased safety and efficiency, the agreement covers 14 existing ships and a further four vessels due for delivery from 2025 to 2028.The first phase of the partnership includes a 10-year Azipod propulsion service agreement for the fleet, providing efficient preventive maintenance to support safety and maximize vessel availability as well as fast turnaround for planned Azipod propulsion maintenance.In addition…

Keppel Offshore & Marine Ltd (Keppel O&M)’s wholly-owned subsidiaries, Keppel AmFELS in the U.S. and Keppel Shipyard in Singapore, have been awarded contracts worth around S$75 million (US$54.5 million) for the refurbishment and completion of two floating production units (FPU). The first contract is by Keppel AmFELS with Salamanca FPS Infra, LLC for the refurbishment of a floating production unit to be operated by LLOG Exploration Offshore, LLC, a private exploration and production company in the U.S.Keppel AmFELS’ scope of work on the production facility includes demolition…

Norwegian offshore vessel owner DOF has won a contract with the Petrobras-led Libra consortium to provide a multi-purpose support vessel for work at the Mero offshore oil field in Brazil.The Libra Consortium is led by Petrobras - with a 40% interest - in partnership with Shell Brasil (20%) ; Total (20%), CNODC (10%) and CNOOC Limited (10%). The contract for DOF is for three years, and DOF will deploy its Skandi Salvador vessel that will operate 2 x WROV for 24 hours providing inspection, maintenance, and subsea commissioning services in water depths of up to 2,500m, including shallow dive services with Oceânica. Since June 2020, DOF has been awarded contracts in Brazil worth USD 250 million…

Norwegian based fully integrated pure play LNG transportation provider Awilco LNG ASA has announced the successful closing and completion of a 10-year sale/leaseback facility with CCB Financial Leasing Co. Ltd. (CCBFL) for the WilForce and the WilPride LNG carriers.Both vessels have been sold for a gross consideration per vessel of USD 175.0 million including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel.The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years.Awilco LNG’s finance cost is initially expected to be reduced by about MUSD 7 annually subject to interest rate fluctuations compared to the previous financing arrangement.The bareboat rate…

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust  has announced that wholly-owned subsidiaries of the Trust have executed Memorandum of Agreements to sell LR2 product tankers, FSL Piraeus and FSL Perth (“Disposal”), to an unaffiliated third party and has received an initial 10% deposit in escrow.Roger Woods, Chief Executive Officer of FSLTM, said, “The disposal of the two Product Tankers is part of our ongoing effort to refresh our fleet. Completion of the disposal is scheduled to take place before the end of January 2020, at which time, the net proceeds will be utilized forpartial repayment of the Trust’s outstanding bank debt.

MISC Berhad (MISC) through its wholly-owned subsidiaries have secured agreements with Exxon Mobil Corporation’s wholly-owned subsidiary, SeaRiver Maritime LLC (SeaRiver) for the time charter contracts of two Liquefied Natural Gas (LNG) carriers.Each of the LNG carriers will respectively serve the transportation needs of ExxonMobil’s worldwide LNG portfolio on a 15-year charter contract.Prior to this, MISC, through the same subsidiaries have also signed an agreement with Samsung Heavy Industries Co., Ltd. (SHI) for the construction of the LNG carriers in Korea.

Castor Maritime, a global shipping company specializing in the ownership of dry-bulk vessels, announced that through one of its wholly-owned subsidiaries, took delivery of the M/V Magic Sun, a 2001 Korean built Panamax dry bulk carrier, from an unaffiliated seller.The Cyprus-based company said in a press release that the vessel is expected to commence its initial charter with Oldendorff Carriers GMBH & Co KG on or around September 7, 2019.The Magic Sun Initial Charter was fixed at a daily hire rate of $12,000 and has an expected term of minimum eight months up to maximum 12 months. The M/V Magic Sun acquisition was financed using Castor’s existing cash reserves and debt financing.In connection with the M/V Magic Sun acquisition…

A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp.A lawsuit filed by Maduro's representatives on Tuesday in Delaware Chancery Court seeks to reassert control over Citgo , along with other U.S. subsidiaries of PDVSA , the Venezuelan state-run oil company.Citgo, Venezuela's most important foreign asset, has been caught in a tug-of-war as U.S.

Malaysian integrated oil and gas services company Sapura Energy Berhad has been awarded five new contracts valued at approximately RM1.3 billion ($US311 million).All five contracts have been awarded to the Sapura’s wholly owned subsidiaries, with works to take place in Malaysia, Indonesia, Australia and the Gulf of Suez."The contract wins demonstrate Sapura Energy’s continued pursuit to deepen its presence in existing core markets, break into new markets and expand its scope of services," said a press release.The growing orderbook is expected to increase asset utilisation for the Group and contribute to improving its financial performance.

Singapore's Keppel Offshore & Marine Ltd (Keppel O&M) has through its wholly-owned subsidiaries, Keppel Shipyard Ltd (Keppel Shipyard) and Keppel FELS Limited (Keppel FELS), secured integration and upgrading contracts worth a combined value of about S$160mln (USD 118mln).Chris Ong, CEO, Keppel O&M, said, "These contracts from repeat customers are testament to Keppel O&M's strong customer service in delivering on time, within budget and safely as well as our extensive track record in modification and upgrading projects for a wide variety of products such as FPSOs and drilling rigs."With strong engineering expertise and project management capabilities…

Norway-based Saga Tankers ASA has completed its reorganization.It's 100% owned subsidiaries Strata Marine & Offshore AS, Saga Julie AS, Saga Unity AS and Saga Chelsea AS have completed the merger with Saga Tankers ASA, the company announced. As a result, all assets has been transferred to Saga Tankers ASA. This include, but are not limited to, shares in Vistin Pharma ASA.After the completion of the merger Saga Tankers ASA will only have Vallhall Fotballhall KS, Vallhall Fotball AS and Vallhall Fotballhall Drift AS as subsidiaries.

Diana Shipping announced that it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to sell to two affiliated parties, the m/v Danae and m/v Dione, each a 2001-built dry bulk vessel, for US$7.2 million each.The global shipping company specializing in the ownership of dry bulk vessels said in a press release that the sale of the Vessels was approved by disinterested directors of the Company and were sold at a price equal to the higher of two independent broker valuations.The Company expects the m/v Danae to be delivered to her buyers at the latest by June 28, 2019 and the m/v Dione to her buyers at the latest by April 15…

• Design and Build an ice-class LNG Bunker Vessel• Modification and upgrade of an FPSO• 65 Scrubber Retrofit Projects Keppel Offshore & Marine Ltd (Keppel O&M) has through its wholly-owned subsidiaries, Keppel Singmarine Pte Ltd (Keppel Singmarine) and Keppel Shipyard Ltd (Keppel Shipyard), clinched contracts worth a combined value of about $219 million for the design and construction of an ice-class LNG bunker vessel, refurbishment of a Floating Production Storage and Offloading vessel (FPSO), and 65 scrubber retrofit projects.

Paris-based Maurel & Prom announced that it has acquired Shell Exploration and Production Investments' 40% interest as Shareholder B in Petroregional del Lago Mixed Company, which operates the Urdaneta West field in Lake Maracaibo, Venezuela.Maurel & Prom said further that all condition precedents have been satisfied and that the acquisition has been completed.The total consideration for the acquisition of Shell's shares in the Mixed Company is EUR70 million, funded from Maurel & Prom's existing cash resources and composed as follows: EUR47 million which have been paid at closing of the transaction, and EUR23 million payable in December 2019…

German's MPC Maritime Investments, a wholly-owned subsidiary of MPC Capital, has acquired three Panamax-sized container vessels on behalf of an international investor. The transaction volume amounted to USD 42 million.In the current year, MPC Maritime has procured a total of 9 single and multi-asset deals with an investment volume of more than USD 110 million. The focus of the newly acquired vessels is on bigger container ships, supplemented by bulkers and one tanker.The majority of the vessels are technically managed by Ahrenkiel Steamship and commercially managed by Contchart. Both companies are wholly-owned subsidiaries of MPC Capital AG, an internationally active asset and investment manager specialising in real asset investments.

Twin Disc, Inc. a provider of power transmission technology and equipment for marine- and land-based applications, announced today that it has completed the €52.1 million (approximately $60.8 million), acquisition of Veth Propulsion Holding, B.V. and its wholly-owned subsidiaries (“Veth Propulsion”), a global supplier of main and auxiliary marine propulsion products. The closing price included net cash and working capital adjustments. The acquisition of Veth Propulsion establishes Twin Disc as a leading power control business for the global marine industry and expands Twin Disc’s presence in the market by adding complementary products and powerful new technologies. In addition, Veth Propulsion enhances Twin Disc’s engineering talent and product development capabilities.

Foss Maritime will centralize fleet management and operations with Helm CONNECT. The announcement comes as Foss progresses to better organize and streamline operations across core business units and wholly-owned subsidiaries along the U.S. West Coast, and in Hawaii and Alaska.As part of the agreement with Helm Operations, Foss will centralize its vessel dispatching, billing, maintenance, compliance and personnel management in the Helm CONNECT software platform.“At Foss, we’re constantly looking at new ways to improve our business.

Oil and gas equipment supplier Baker Technology on Thursday made a mandatory unconditional cash offer for all the shares in CH Offshore, a vessel chartering firm."BT Investment (BTI), a direct wholly-owned subsidiary Baker Technology, has announced that it has entered into (a) a sale and purchase agreement with Energian, a wholly-owned subsidiary of Falcon Energy Group, a company listed on the Singapore Exchange Securities Trading to acquire 217,800,000 issued and paid-up ordinary shares in the capital of CH Offshore, representing approximately 30.90% of the total Shares for a purchase consideration of S$0.115 per share," said a stock exchange announcement from the company.It has also entered into a sale and purchase agreement with SZ Offshore Investment to acquire 153…

U.S. based power transmission technology and equipment manufacturer Twin Disc, Inc. announced it has entered into a definitive agreement to acquire the Netherlands based marine propulsion products supplier Veth Propulsion Holding, B.V. and its wholly-owned subsidiaries.Twin Disc said the purchase price is approximately $58.6 million plus net cash, with potential adjustments based on Veth Propulsion’s working capital as of the closing date, and will be financed through a combination of cash and new debt facilities.

Norway-based owner of liquefied natural gas (LNG) carriers IM Skaugen has filed for restructuring in Singapore seeking court protection from its creditors. "We wish to announce that I.M. Skaugen SE (IMSSE), together with its wholly owned subsidiaries, SMIPL and IMSPL filed applications to the High Court of the Republic of Singapore on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies," said a press release from the company. With the filing of the Scheme Moratorium, the IMS Scheme Companies automatically qualify for protection from the Singapore Court under a 30-day moratorium that will apply against creditors' claims.

Diana Containerships announced that it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to sell to an unaffiliated third party the m/v Sagitta and the m/v Centaurus, each a 2010 built containership for $12.3M each. The Company expects the Vessels to be delivered to the buyer at the latest by April 27, 2018. Upon completion of the aforementioned sale and the previously announced sales of two Post-Panamax container vessels and one Panamax container vessel, Diana Containerships Inc.’s fleet will consist of 6 container vessels (4 Post-Panamax and 2 Panamax). Last month, Diana Containerships sold the 2006-built vessel “New Jersey” for demolition…

Houston-headquartered Oceaneering International has, through one of its wholly-owned subsidiaries, acquired the Aberdeen-based Ecosse Subsea Limited for approximately GBP 50 million (US$69 Million). Headquartered in Aberdeen, Scotland, Ecosse builds and operates seabed preparation, route clearance and trenching tools for submarine cables and pipelines on an integrated basis that includes vessels, ROVs and survey services. Enabling technologies acquired in the transaction include Ecosse's modular SCAR Seabed System, capable of completing the entire trenching work scope (route preparation, boulder clearance, trenching and backfill), and its newly developed SCARJet trenching system.

Oslo based MPC Container Ships ASA said it has reached a deal to acquire five feeder containerships presently managed and operated by Simatech Shipping & Forwarding L.L.C., Dubai for a total purchase price of $41.9 million in cash.    MPC said it will establish wholly-owned subsidiaries to take over the five vessels, which include Sima Pride (1,201 TEU, built 2004), Sima Perfect (1,221 TEU, built 2005), Sima Prestige (1,221 TEU, built 2005), Sima Sapphire (1,440 TEU, built 2006) and Sima Sadaf (1,440 TEU, built 2007).   Physical takeover is expected in the first half of 2018, lifting the MPC Container Ships fleet to 64 feeder units.   MPC Container Ships was formed in April 2017 and owns and operates a portfolio of containerships between 1,000 and 3,000 TEU.