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Lehman Brothers News

12 Apr 2023

DSME Honors John Angelicoussis

Daewoo Shipbuilding & Marine Engineering CEO Park Doo-seon (front right) and Marangas site manager Panos Nikolaidis (front left) are attending a ceremony to commemorate the late John Angelicoussis.

Daewoo Shipbuilding & Marine Engineering (DSME) has held a tree planting ceremony in honor of the late John Angelicoussis who passed away in 2021.The ceremony included the unveiling ceremony of a plaque engraved with the picture of the former of Angelicoussis Group who is held in high regard by the shipyard particularly because he offered support whenever DSME was in need. This included support through the dissolution of Daewoo Group in 1998, the Lehman Brothers financial crisis in 2008, and the liquidity crisis that continued from 2015.Angelicoussis was born in Piraeus in 1948.

15 Jun 2021

Odyssey Marine Exploration Appoints Jones as CFO

U.S.-based subsea mining company Odyssey Marine Exploration, Inc. announced it has expanded its executive and legal teams. On Monday, the firm's Board of Directors appointed Christopher "Chris" E. Jones as Chief Financial Officer and reappointed Jay Nudi as the company’s Principal Accounting Officer and Treasurer.“As we evaluated our strategic plans and every part of our business over the past year, it became clear that we needed to add specific expertise to our executive team to allow Odyssey to execute on its strategic plan,” commented Mark D. Gordon, Chairman and CEO of Odyssey. “Chris brings extensive experience in international business development…

26 Aug 2019

NBP Orders 2 Heavy Lift Vessels at CSC Jinling

The NYK group company, NYK Bulk & Projects Carriers Ltd. (NBP) has signed the contract with Nanjing Jinling Shipyard (CSC Jinling), which is part of the China Merchants Group, to build two next-generation energy-saving heavy-lift vessels.Each vessel will be equipped with two 400-ton cranes; cargo up to 800 tons will be able to be loaded through tandem operation.The  vessel will have one hatch and one hold, and the hold shape will be an open-hatch type, making the vessels very efficient for cargo handling and reducing cargo damage.The on-deck length will be about 110 meters, and the in-hold length will be about 95 meters at a maximum.

28 Jun 2018

Shipping Industry Confidence Holds Firm: Moore Stephens

Shipping confidence held steady in the three months to end-May 2018 according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was unchanged at the four-year high of 6.4 out of 10.0 recorded in February 2018. Confidence on the part of owners was also sustained at a four-year high, of 6.6, while managers’ confidence was up from 6.4 to 6.7. The rating for charterers was up to 6.7 from 5.0 and confidence in the broking sector was up from 6.1 to 6.3. The survey was launched in May 2008 with an overall rating for all respondents of 6.8.

24 Apr 2018

Interview: Bourbon CEO Gael Bodénès

Bourbon Corporation CEO Gael Bodénès (Photo: Bourbon)

Bourbon Corporation CEO Gael Bodénès & his team plot a bold new course for this offshore industry stalwart.Your career with Bourbon has traversed many industry fluctuations. Looking back to when you joined the company, how is Bourbon today most the same, and most different?Bourbon has transformed from a small regional company to a world recognized leader in offshore marine services. It has seen its teams grow from a 3,000 to more than 8,000 employees of 88 nationalities, the fleet has grown to more than 500 units…

14 Sep 2016

Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

Seaspan Corp  chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg. “The fallout of Hanjin Shipping is like Lehman Brothers to the financial markets,” Wang said. “It’s a huge, huge nuclear bomb. In an interview on Bloomberg TV Wang, who is founder of Seaspan, the Hong Kong-based container-ship leasing company that has three vessels chartered to the distressed line, likened the impact to shipping and supply chain to that of a nuclear bomb. In June, Wang had rejected Hanjin’s requests for charter-rate cuts before the shipping line filed for court receivership last month.

16 Dec 2011

Shipping Confidence Builds Despite Eurozone Fears

Moore Stephens shipping partner, Richard Greiner

Overall confidence levels and the likelihood of major new investments in the shipping industry in the next 12 months picked up marginally in the quarter ended November 2011, according to the latest Shipping Confidence Survey from leading accountant and shipping adviser Moore Stephens. This was tempered by an expectation of a rise in finance costs. Respondents also continued to exhibit a high level of concern about the negative impact of overtonnaging on the market amid continuing fears about the global economic climate, and the eurozone crisis in particular.

14 Nov 2011

Horizon Lines Expands Board of Directors

Board to expand to eleven from eight; seven New Board Members Join Four Existing Directors; Four Directors Retire. Horizon Lines, a domestic ocean shipping company, today announced that it will expand its Board of Directors to 11 members from eight, effective November 25, 2011. In conjunction with the expansion, seven new directors will be appointed and four of the existing eight directors will retire. • Jeffrey A. Brodsky, Kurt M. Cellar, Carol B. Hallett, James LaChance, Steven L. Rubin, Martin Tuchman and David N. Weinstein will join the board as independent directors.

03 Nov 2009

Dawkins Joins Iridium Board of Directors

Iridium Communications Inc. (NASDAQ: IRDM) announced that Peter M. Dawkins, founder and principal of ShiningStar Capital LLC, and Brigadier General, U.S. Army (Retired), joined its Board of Directors. The appointment brings Iridium’s Board to ten members. Prior to founding his current firm, Gen. Dawkins was vice chairman of Global Wealth Management for Citigroup, vice chairman of the Citigroup Private Bank, and executive vice president and vice chairman of Travelers Insurance during an eleven-year tenure with the firm. Previously, from 1991-1996, he served as chairman and CEO of Primerica Financial Services, and earlier served as head of the U.S. consulting practice of Bain & Company. During his military career, Gen.

12 Dec 2008

Rowan - Ralls CEO, Lentz COB

Rowan Companies, Inc. (NYSE: RDC) announced that, effective January 1, 2009, its Board of Directors has named W. Matt Ralls as the company's new President, Chief Executive Officer and member of the Board of Directors, succeeding D.F. McNease, who announced his retirement in late October 2008. Mr. Ralls, 59, most recently served as Executive Vice President and Chief Operating Officer of GlobalSantaFe Corporation, an international contract drilling company, from June 2005 until the completion of the merger of GlobalSantaFe with Transocean, Inc. in November 2007. Prior to that time Mr. Ralls served as Senior Vice President and CFO of GlobalSantaFe. He joined Global Marine, Inc.

21 Nov 2008

Aegean Appoints New Director

Marine Petroleum Network Inc. (NYSE:ANW) announced that it has named George J. Konomos to its Board of Directors. With the appointment of Mr. Konomos, who will serve as Chairman of the Company's Audit Committee, Aegean will have a total of seven Directors, of which the majority remain independent. Mr. Konomos, 69, has approximately 35 years of financial experience. Currently, he is a Senior Advisor with Latigo Partners L.P., an alternative asset manager and serves on the Board of Directors for General Maritime Corporation. From 2000 to 2005, Mr. Konomos was the Co-Portfolio Manager at Mellon-HBV Rediscovered Opportunities Fund. Mr. Konomos' experience prior to joining Mellon-HBV includes 11 years as an Investment Manager at Baker Nye Investments…

23 Apr 2001

Venture Capital Group Eyes Cammell Laird

Venture capital group Patron Capital has approached the receivers of Cammell Laird about buying parts of the failed British shipbuilder, Reuters reported. Former Lehman Brothers banker Keith Breslauer who runs Patron was quoted as saying he had "expressed an interest in the U.K. business" to receivers PriceWaterhouseCoopers, but "we're not so keen on the international businesses." Last week the Independent newspaper said a private equity group owned by the Royal Bank of Scotland was considering a bid for Cammell Laird just days after the bank withdrew support from the shipbuilder and sent it into receivership. - (Reuters)

28 Aug 2003

GlobalSantaFe to Present at CEO Energy/Power Conference

GlobalSantaFe Corporation Chief Executive Officer Jon Marshall will present at 8:40 a.m. CDT in New York on Thursday, September 4, 2003, at the Lehman Brothers Seventeenth Annual CEO Energy/Power Conference. Interested parties may listen to the presentation live over the Internet at http://www.lehman.com/conferences/200309ceo-energy-power/presenters.htm# . To listen to the live presentation, please go to the Web site at least 15 minutes early to register and to download and install any necessary audio software. A replay of the presentation will be available shortly after the conclusion of the presentation through GlobalSantaFe's Web site (http://www.gsfdrill.com/ ) until 5 p.m. CDT September 15, 2003.

27 Mar 2002

USMR Files Registration Statement For Initial Public Offering

United States Marine Repair, Inc. (USMR) announced that it filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock. The shares will be offered by an underwriting group led by Lehman Brothers Inc., Credit Suisse First Boston Corporation, Bear, Stearns & Co. Inc. and Credit Lyonnais Securities (USA) Inc.

08 Nov 2000

Oil Instability, Consolidation Muddy Offshore E&P Picture

The cyclical nature of the oil business has blossomed into full bloom during the latter part of 2000, as a host of political power plays have sent oil prices on a virtual rollercoaster, albeit mostly up, helping to send it soaring as high as $37/barrel at the time of this writing. The business of accurately predicting the direction in which oil pricing will go has seemingly become less of a science and more of a speculative game. While it was the Asian financial crisis which led prices to the cellar in 1997, it is another crisis — the potential advancement of hostilities in the Middle East — which have helped to send the price back up to near decade (read: Gulf War) heights.

25 Jan 2001

Coverage of Exel Started

Lehman Brothers initiated coverage of British logistics group Exel Plc with a "market perform" recommendation and a target price of 1,090 pence. "While Exel remains one of our preferred stocks in the sector, our sum-of-the-parts analysis highlights only eight percent upside from current levels," Lehman said in a research note. – (Reuters)

05 Aug 2005

Dresser-Rand Prices IPO

Dresser-Rand Group Inc. has priced its initial public offering of 27,000,000 shares of common stock at $21.00 per share. All of the shares are being offered by Dresser-Rand Group Inc. Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as joint book-running managers of the offering. UBS Securities LLC is co-lead manager of the offering, and Bear, Stearns & Co. Inc., Goldman, Sachs & Co., Lehman Brothers Inc., Natexis Bleichroeder Inc., Simmons & Company International and Howard Weil Incorporated are co-managers of the offering. Dresser-Rand Group Inc. has granted the underwriters an option to purchase up to an additional 4,050,000 shares at the public offering price to cover over-allotments, if any.

23 Jul 2007

Transocean, GlobalSantaFe to Merge

Transocean Inc. and GlobalSantaFe Corporation said that their boards of directors have unanimously approved a definitive agreement for a merger of equals. Based upon closing prices for each company's ordinary shares as of July 20, 2007, the estimated enterprise value of the combined company would be approximately $53 billion. The combined company, to be known as Transocean Inc., will retain principal offices in Houston and trade on the New York Stock Exchange with the symbol RIG. Under the terms of the agreement, Transocean shareholders will receive $33.03 in cash and 0.6996 shares of the combined company for each share of Transocean they own. GlobalSantaFe shareholders will receive $22.46 in cash and 0.4757 shares of the combined company for each share of GlobalSantaFe they own.

05 Jun 2007

Irish Offshore Spending to Hit $134.6m

Up to $134.6m will be spent on the Irish offshore this year as part of the busiest drilling program offshore Ireland in decades, according to a report in the Independent. With the Corrib partners completing a total of five production wells on the Corrib gas find, the program is also scheduled to include drilling on the Old Head of Kinsale gas find by Island Oil and Gas, as well as the Hook Head prospect, where Providence is the operator. Providence is scheduled at the beginning of August to start a 50-day drilling program over Hook Head in the Celtic Sea, a drilling campaign designed to test a structure on which two previous wells have discovered hydrocarbon bearing sands.

02 May 2007

Dominion to Sell Offshore E&P Ops for $4.7B

Dominion agreed to sell its offshore natural gas and oil exploration and production operations to Eni Petroleum Co. Inc., a subsidiary of Italian energy company Eni, for approximately $4.76 billion. These operations include approximately 967 billion cubic feet equivalent of proved natural gas and oil reserves in the Gulf of Mexico shelf and deep water as of Dec. 31, 2006, with 2006 average daily production of approximately 503 million cubic feet equivalent. "Today’s announcement is a significant step in Dominion’s previously announced strategic plan to refocus on the power generation and energy distribution, transmission, storage and retail businesses," said Chairman, President and CEO Thomas F. Farrell II.

23 Apr 2001

Patron Capital Expresses Interest in Cammell Laird

Venture capital group Patron Capital reportedly has approached the receivers of Cammell Laird about buying parts of the failed British shipbuilder. Former Lehman Brothers banker Keith Breslauer who runs Patron was quoted as saying he had "expressed an interest in the U.K. business" to receivers PriceWaterhouseCoopers, but "we're not so keen on the international businesses."

08 Aug 2006

NASSCO, U.S. Shipping Partners Finalize Contract

General Dynamics NASSCO has finalized a $1b contract with U.S. Shipping Partners L.P. (USS) to build nine product carrier tankers. The contract includes options for five additional ships. Construction of the first tanker is scheduled to begin in the third quarter of 2007, with delivery to occur by the second quarter of 2009. The product carrier tankers or “PCs” will be 183 m in length and 32.2 m in beam, with a design draft of 11.8 m. The ships are to be double hulled, weighing 49,000 dead weight tons (DWT) and will have a cargo capacity of 331,000 barrels. USS operates a fleet of 10 deep sea vessels that carry refined petroleum and chemical products among customer facilities along the U.S. coast and has 5 double-hulled, articulated tug barges on order or under construction.

05 Sep 2006

Korean Shipyards Face Challenge

Korean shipbuilders' earnings are forecast to improve through 2008 and beyond as the tight supply and demand balance allows them to pass on rising costs, said investment bank Lehman Brothers in a report. Lehman's expects earnings at the shipyards to report a 64 percent growth over the 2006-2008 period as revived interest in container ship investment amid continued demand for tankers and gas carriers is increasingly making global shipbuilding a seller's market. "At the same time, Korean shipyards are more keen on managing risk and costs by hedging their foreign exchange exposure and procuring lower-cost steel plates from China," the report said.