Prospectus News

The United States on Tuesday imposed sanctions on a ship involved in building the Nord Stream 2 pipeline to take Russian natural gas to Europe, as the Trump administration sought to raise pressure on the project on its last full day in office.The U.S. Treasury Department said it imposed the sanctions on the Russian pipe-laying ship "Fortuna" and its owner, KVT-RUS, under the Countering America's Adversaries Through Sanctions Act (CAATSA).Nord Stream 2, designed to double the capacity of the existing Nord Stream undersea gas pipeline, would take gas to Europe via Germany, bypassing Ukraine, which would deprive Kiev of lucrative transit fees.The project is a rising point of contention between Moscow and Washington.

United Kingdom-based closed-ended investment company Tufton Oceanic (SHIP) has reached an agreement to acquire a container ship for $28.6m. The new ship will take the company’s fleet size to 15 vessels.The new ship has a time charter of approximately 5.5 years to a major container line and SHIP says it is going to invest $4.7m to upgrade the in accordance with this charter.SHIP says that the yield from the new vessel exceeds the targets expressed in its prospectus dated 25 September 2018.This is the third investment made from the proceeds of the placing announced on 11 March 2019 and, following completion of this acquisition and taking account of the required investment to upgrade the vessel, the company will have invested approximately 85% of the net proceeds from the placing.

Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) has concluded the sale of gas pipeline system Transportadora Associada de Gás S.A. (TAG) to a group led by France'sEngie SA and Canada'sCaisse De Depot Et Placement Du Quebec (CDPQ).According to a stock exchange annoucement, Petrobras received a total of 33.5 billion reais ($8.69 billion) from buyers on Thursday for the 90 percent stake it had in TAG.Petrobras will continue to use natural gas transportation services rendered by TAG, through contracts already in force between the two companies, with no impacts on its operations and the delivery of natural gas to its clients.This operation is in line with the company's portfolio optimization and improvement of its capital allocation…

United Kingdom-based petroleum exploration and production company Enquest said it had completed the acquisition of the remaining 75% stake in Magnus, an additional 9.0% stake in the Sullom Voe Oil terminal and supply facility and additional interests in associated infrastructure from BP.The Magnus transaction, as previously announced, is expected to add approximately 60 MMboe of 2P reserves (equating to approximately 30 percent of the Group’s reserve base) as at 1 January 2018 and approximately 10 MMboe of 2C resources (equating to approximately 6 per cent of the Group’s resource base) as at 1 January 2018.The  oil and gas production…

The fund management firm for the maritime Tufton Oceanic Assets has agreed to acquire a container ship for $13mln.The London-listed specialist fund said that the containership is designed to haul fresh fruit all over the globe. "The ship is being lent on a two year charter to a leading private operator of containerships in the fresh fruit transportation sector," it said.According to a stock exchange annoucement, the yield is in line with the targets expressed in the Company’s C Share prospectus.This is the second investment made from the C Share proceeds announced on 11 October 2018. This acquisition will take the Company’s fleet to eight vessels…

Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.

Parties say transaction could close on or about November 15, 2018.Offshore services providers Tidewater and GulfMark Offshore announced today the filing of the joint definitive proxy statement and prospectus with the U.S. Securities and Exchange Commission (SEC) regarding the pending business combination pursuant to which Tidewater has agreed to acquire all of GulfMark's outstanding shares in a stock for stock exchange. Both companies’ Boards of Directors continue to unanimously…

Kongsberg Gruppen ASA (KONGSBERG) today entered into agreement with Rolls-Royce plc to acquire Rolls-Royce Commercial Marine, a world leading technology business within maritime operations. The transaction is structured as an acquisition by KONGSBERG of the marine products, systems and aftermarket services businesses carried out by subsidiaries of Rolls-Royce plc. The transaction does not include Bergen Engines nor Rolls-Royce's Naval Business. The parties have agreed a value for Rolls-Royce Commercial Marine of GBP 500 million (on a cash and debt free basis and with working capital at an agreed level). The final purchase price, will be determined based on Rolls-Royce Commercial Marine's cash, debt and working capital at time of completion of the transaction.

Danish shipping and logistics company DFDS has agreed to buy Turkish freight shipping operator U.N. Ro-Ro from Turkish private equity firms Actera Group and Esas Holdings for 950 million euros ($1.17 billion) on a debt-free basis. It marks a change of course for the Turkish company, which had planned an initial public offering for up to 57.7 percent of the company, a draft prospectus showed last month. U.N. Ro-Ro operates five freight shipping routes between Turkey, Italy and France. DFDS said U.N.

Bjørnar Iversen, CEO of Songa Offshore SE, has resigned effective 6 March 2018 said a single sentence press statement from the company. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, said the statement. Before joining the company in June 2013, Iversen was a member of the executive leadership team at Odfjell Drilling AS. During his 17 year's tenure at Odfjell Drilling, he has been executive vice president for Corporate Business Development, Odfjell Drilling Technology and Odfjell Well Services. His latest position was President and CEO of Odfjell Galvao Ltda in Brazil.

Hapag-Lloyd AG will now carry out the capital increase that was agreed upon as part of the merger of Hapag-Lloyd and UASC. The gross proceeds are expected to amount to approx. EUR 352 million (approx. USD 414 million). The official merger of the two companies occurred on 24 May 2017. At the Annual General Meeting on 29 May 2017, the shareholders approved new authorised share capital for a capital increase. The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia for a total of approx. EUR 352 million. They have committed to exercise their subscription rights and to acquire new shares that are not acquired by other shareholders.

A group of 24 Danish institutional investors in OW Bunker has decided to issue a writ against Carnegie and Morgan Stanley, accusing them of misleading investors ahead of the 2014 listing of the now bankrupt marine fuel oil supplier.   The investors, which include two of the largest pension funds in Denmark, ATP and PFA, claim they have suffered a loss of 767 million crowns ($123 million) following investment in OW Bunker shares "on the basis of a prospectus which was insufficient in material aspects".   Morgan Stanley declined to comment, while Carnegie said it did not know the details of the alleged claim.   Reporting by Stine Jacobsen

Institutional investors to sue Morgan Stanley, Carnegie. A group of institutional investors in OW Bunker said they plan to sue Morgan Stanley and Carnegie for about $80 million, accusing the two investment banks of misleading them ahead of the 2014 listing of the now bankrupt marine fuel oil supplier. Denmark's OW Bunker was valued at $1 billion when it floated in March 2014, but the company filed for bankruptcy in November that year after suffering hedging losses of almost $300 million, sending shockwaves through the global shipping and oil trading industry. "We are planning a lawsuit against the two investment banks involved in the OW Bunker IPO," Erik Bomans, partner in Deminor Recovery Services representing 30 institutional investors, told Reuters on Thursday.

Cochin Shipyard Ltd (CSL),  India's largest public sector shipyard, has filed  initial public offering (IPO)document with  the market regulator Securities and Exchange Board of India (SEBI)  to go public. The government approved a stake sale of up to 25 percent. Cochin Shipyard IPO will consist of 34 million shares to raise about INR 1,400-1,500 crore (USD 214 - 229 million). On completion of a successful IPO, CSL will become the first of five state-owned shipbuilding companies to be publicly listed. It has filed a draft red herring prospectus (DRHP) with SEBI. The company, which built India’s first indigenous aircraft carrier, the INS Vikrant, is looking to raise funds to set up new construction and repair facilities.

DryShips Inc. has successfully completed the previously announced $200 million common stock offering, in which the Company raised net proceeds of $198 million, pursuant to the prospectus supplement filed on February 17, 2017. Following the completion of the offering, the Company has approximately 152,055,576 common shares outstanding. George Economou, Chairman and CEO commented: "We are very pleased to have successfully raised an additional $198 million of equity, which will increase our total available liquidity to about $455 million. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of (i) 13 Panamax drybulk carriers…

USA subsea equipment firm FMC Technologies and French engineering company Technip have jointly announced that they expect their merger to be formally complete by January 16. Houston-based FMC and Paris-based Technip will form a new entity called TechnipFMC. Their planned amalgamation was first announced in May. The parties also announced the filing of a Delaware certificate of merger pursuant to which FMC Technologies and a subsidiary of TechnipFMC will merge effective immediately after the merger between Technip and TechnipFMC on January 16, 2017, which will complete the business combination between FMC Technologies and Technip. Trading of the TechnipFMC shares is expected to begin on January 17, 2017, on Euronext Paris at 9:00 a.m. (Paris time) and on the NYSE at 9:30 a.m.

DryShips Inc.announced that it has completed the previously announced registered direct offering of 100,000 newly designated Series E-1 and E-2 Convertible Preferred Shares and Warrants, in which the Company raised gross proceeds of approximately $100.0 million since commencing the offering, pursuant to the prospectus supplement filed on November 17, 2016. Following the completion of the offering, the Company has approximately 33,806,733 common shares outstanding.

Seanergy Maritime Holdings Corp. announced today the pricing of its $15 million public offering of 10,000,000 common shares and class A warrants, at a combined price to the public of $1.50 per common share and class A warrant. The offering is expected to close on or about December 13, 2016. The Company estimates that the net proceeds from the offering, after deducting the underwriting discount and offering expenses, will be approximately $13,380,000. The net proceeds of the offering are expected to be used for debt repayment, vessel acquisitions in accordance with the Company’s growth strategy and general corporate purposes. Maxim Group LLC is acting as sole manager for the offering.

A group of 26 institutional investors has issued a summons against bankrupt Danish ship fuel supplier OW Bunker in the latest stage of a legal campaign for allegedly misleading them in its 2014 initial public offer (IPO). The investors had said last year they would sue Bunker, private equity fund Altor and the company's board over their responsibility for the company's flotation prospectus, after the company filed for bankruptcy just months after listing. The investors, which include two of the largest pension funds in Denmark…

Danish wind farm developer DONG Energy, which analysts value as high as $13 billion, said on Thursday it plans to list its shares on the Copenhagen stock exchange this summer. Having built more than a quarter of the world's offshore wind farms, the company is a major player in Britain and Germany and has recently opened offices in the United States and Taiwan to cater for new growth markets. With a potential valuation as high as 85 billion Danish crowns (11.4 billion euros), Dong…

Russia’s Pella Shipyard advertises a range of five ASD tugs. Their model 90600 has proven popular with customers returning for sister ships. Currently the yards has one of these handy-sized 25.4 by 8.8-meter tugs under construction for the ship and submarine builder JSC Admiralteiskie Verfi. With a long list of design features, including fi-fi capabilities, centralized controls in the wheelhouse and operational reliability in severe ice conditions. This latter provision is enhanced…

India’s biggest shipbuilder under state control, Cochin Shipyard Ltd (CSL) is looking to file documents for its initial public offering (IPO) with the markets regulator by the end of this month, reports Live Mint. According to sources, CSL is all set to file documents for its IPO of Rs 600 crores ($90 million) with the Securities and Exchange Board of India (SEBI). The plan is part of its effort to expand and construct larger vessels and also undertake ship repair and fabrication. In addition, the government will sell 10% of its stake through the IPO. The work on the DRHP (draft red herring prospectus) is almost complete and it is expected to be filed before the end of this month.

Hunter Maritime Acquisition Corp. announced the commencement of its initial public offering of 15,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A common share of the company and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one Class A common share of the company. The company will grant the underwriters a 45-day option to purchase up to 2,250,000 additional units. The units are expected to be listed on the NASDAQ Capital Market (“NASDAQ”) and trade under the ticker symbol “HUNTU”. Once the securities composing the units begin separate trading, the Class A common shares and warrants are expected to be listed and trade on NASDAQ under the symbols “HUNT” and “HUNTW,” respectively.