Tsx News

Algoma Central Corporation (TSX: ALC), a provider of marine transportation services, announced that it has received full refund of all instalment payments made in connection with the now-cancelled shipbuilding contracts with Uljanik d.d. and 3Maj Shipyard of Croatia.Algoma entered into five shipbuilding contracts with 3Maj Shipyard, an operating unit of Uljanik d.d of Croatia. According to a press release from Algoma, after considerable delay, the first of the five vessels was delivered in 2018; however, Algoma cancelled the remaining four contracts as the shipyard’s financial difficulties led to a much-publicized attempt to refinance the company and shipyard management was unable to put forward a credible plan that would lead to completion of the remaining hulls.

North Africa-focused oil company SDX Energy has terminated talks for a potential acquisition of assets in Egypt from the oil giant BP.A press release from SDX announced that further to the announcement made on September 20, 2018, discussions regarding its proposed acquisition of a significant package of assets in Egypt from BP have been terminated by mutual agreement.As the acquisition is no longer proceeding, the suspension of the company’s shares from trading on AIM will be lifted from 7:30 a.m. on October 18, 2018.

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has announced it has lifted the notice to suspend operations for the SeaRose floating production, storage and offloading (FPSO) vessel and associated facilities. The January 17, 2018 C-NLOPB notice to suspend operations resulted from an incident in March 2017 where Husky Energy (TSX:HSE) departed from its agreed Ice Management Plan by not disconnecting the vessel and sailing away when an iceberg entered its quarter-mile exclusion zone. “We could have and should have responded differently according to the pre-existing plan, and have learned from this incident,” said CEO Rob Peabody. “We will apply these lessons and share the learnings broadly in the region and across the company.

The Board of Directors of Great Lakes Dredge & Dock Corporation the largest provider of dredging services in the United States and a major provider of environmental and remediation services, announced today that Ryan Levenson has been appointed to the Board of Directors, effective December 27, 2016. Mr. Levenson has also been appointed to the Nominating and Corporate Governance Committee. Concurrent with the 2017 Annual Meeting of Shareholders, the size of the class of directors of the Board with a term expiring at such meeting shall automatically decrease from three to two members. In addition, subject to certain exceptions, Great Lakes has agreed to include Mr. Levenson on the Company’s slate of nominees for the election of directors at the 2017 Annual Meeting.

BRP (TSX:DOO)announced today the release of the next generation of Evinrude E-TEC G2 models with horsepower ranging from 150 to 200, the E-TEC G2 150, 150 H.O., 175 and 200. Building on the success of the 200 High Output (H.O.) to 300 horsepower models launched in 2014,the introduction of the new mid-range models will usher ina new era of outboard engines to even more boaters. Combining thrilling performance with the most intelligent design and the cleanest outboard engine combustion technology available,the new Evinrude E-TEC G2 models deliver up to 30% more torque, up to 15% better fuel efficiency, and up to 75% fewer total regulated emissions compared to leading four-stroke outboard engines.

Fortis Inc. announced that holders of its 4% convertible unsecured subordinated debentures represented by instalment receipts  that the final instalment payment of $667 per $1,000 principal amount of Debentures is due by October 27, 2014. Payment must be submitted by holders through their broker, investment advisor or other intermediary using the electronic payment system maintained by CDS Clearing and Depository Services Inc. ("CDS"). Brokers, investment advisors or other intermediaries may have a payment processing deadline which is earlier than the Final Instalment Date. Holders who have not yet done so should contact their broker, investment advisor or other intermediary to ensure that the balance owed in respect of their Debentures is paid on time.

Maha Energy Inc. and Palliser Oil & Gas Corporation  are pleased to announce that they have entered into an amalgamation agreement pursuant to which Maha and Palliser will amalgamate to form a new corporation to be called "Maha Energy Inc.". Palliser has also closed a minor asset disposition with Maha and entered into two farmout arrangements with Maha. Pursuant to the Amalgamation, shareholders of Palliser will receive 0.1393 of a common share of New Maha for each common share of Palliser and shareholders of Maha will receive one New Maha Share for each common share of Maha. Based on the price of US$1.25 per Maha Share, being the price at which Maha recently raised US$10 million of gross proceeds in a private placement of Maha Shares…

Lundin Petroleum AB has commenced the fourth well in its 2012 Malaysian exploratory drilling campaign. Tembakau-1 exploration well in PM307 Block, offshore east coast Peninsula Malaysia, is a vertical well to be drilled by the jackup rig West Courageous to a depth of 1,650 metres in approximately 80 metres water depth. The drilling of the well is expected to take two to three weeks. Lundin Petroleum holds 75 percent interest in PM307 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with 25 percent interest. Lundin Malaysia BV operates six blocks in Malaysia, namely PM307, PM308A, PM308B, SB303, SB307 & SB308.

Acquisition combines leaders in marine radar signal processing. Rutter Inc. (TSX: RUT) is pleased to announce it has acquired OceanWaveS GmbH of Lüneburg, Germany, a recognized industry leader in the development and supply of radar-based wave and surface current measurement technology. Rutter’s sigma S6 and OceanWaveS’ WaMoS are respected within the industry for discrimination of ice, oil, small targets, waves, currents and bathymetry from conventional navigational X-band radar. Combining OceanWaveS’ wave and current measuring capabilities with Rutter’s sigma S6 Ice Navigator will give Rutter a competitive edge in a growing offshore and coastal monitoring market.

CNOOC Limited (SEHK: 00883, NYSE: CEO) and Nexen Inc. (TSX: NXY, NYSE: NXY) announced today that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for $27.50 per share in cash. The purchase price represents a premium of 61% to the closing price of Nexen's common shares on the NYSE on July 20, 2012, and a premium of 66% to Nexen's 20 trading-day volume-weighted average share price. Total cash consideration of approximately US$15.1 billion will be paid for Nexen's common and preferred shares, and Nexen's current debt of approximately US$4.3 billion will remain outstanding. The transaction, which will be completed by way of a plan of arrangement, is expected to close in the fourth quarter of 2012.

Descartes Systems Group (TSX:DSG) (Nasdaq:DSGX), the global leader in uniting logistics-intensive businesses in commerce, acquired Infodis B.V., a Netherlands-based provider of software-as-a-service (SaaS) transportation management solutions. Infodis provides a rich, functional transportation management network-based solution that handles specific European logistics requirements. The solution manages both inbound and outbound purchased transportation for more than 5 million shipments per year to and from Europe, with particular strength in Europe/Asia Pacific shipping. "Logistics is a global business where local considerations play a key role in the efficiency of logistics operations," said Edward Ryan, Chief Commercial Officer at Descartes.

Algoma Central Corporation expects to invest close to $400m in Great Lakes shipping as it takes bold steps for the future, Algoma President and Chief Executive Officer Greg Wight said during his keynote address at the Top Hat ceremony marking the 182nd opening of the Welland Canal. “This level of commitment to this industry is unprecedented,” Mr. Wight said. Algoma’s fleet renewal program is starting with the purchase of five new state-of-the-art Equinox Class vessels, with the hope to expand this order. The new Equinox Class was developed in St. Catharines, Ontario by a team of designers at Algoma’s downtown headquarters in partnership with engineers from around the world. Equinox Class ships are the next generation of bulk carriers on the Great Lakes.

Canadian based Rutter Technologies, a division of Rutter Inc. (TSX:RUT), and its Norwegian partner, Aptomar AS, announced orders for six Integrated Oil Spill Response and Management Systems. This comes on the heels of the recent certification of the technology by the Norwegian Clean Seas Association (NOFO) following the conclusion of trials in June. The Integrated Oil Spill Response and Management System provides operators with real-time information about the volume and thickest areas of an oil slick in order to maximize recovery efforts. It combines Rutter’s Sigma S6 radar processor and display with the Aptomar SECurus system. This integration gives the operator the ability make immediate decisions on oil slick detection both onboard vessels and onshore.

Rutter Inc. (TSX: RUT) announced that Canadian based Rutter Technologies, a division of Rutter Inc. (TSX:RUT), has now received official notification from the Norwegian Clean Seas Association (NOFO) confirming that its Sigma S6 Oil Spill Response Radar is compliant with the NOFO standard. The NOFO Standard applies to the design of and the equipment carriage requirements for oil spill response vessels operating on the Norwegian Continental shelf. Carriage of oil spill detection radar having particular performance characteristics is one of these requirements. Representing the culmination of a two year development program, the successful implementation and testing of the automatic detection, outlining, and tracking algorithm was the final step in achieving NOFO compliance.

Davie Yards Inc. (TSX:DAV) announced that Alain Tanguay has tendered his resignation as Chief Financial Officer of the Corporation, effective February 26, 2010, to pursue other career opportunities. The Corporation has begun a search for a new CFO. Marc Veilleux, Davie's Vice President, Finance, will act as interim CFO until a successor is identified. (www.davie.ca)

Davie Yards Inc. (TSX:DAV) announced that Gustav Johan Nydal will be joining the corporation as President and CEO. Nydal-who has extensive experience in the marine industry-is taking over for Steinar Kulen, who will become Chairman of the Board of Davie. Both appointments are effective as of February 15, 2010. Over the last two years, Kulen has built up Davie's shipbuilding activities and has taken Davie through a financial and organizational restructuring. The corporation has five ships under construction and around 1,800 employees at the yard. Davie's team has also been strengthened with experienced senior management as well as qualified shipbuilding specialists. Davie is now well positioned for new contracts.

Davie Yards (TSX:DAV) received confirmation that its client Ocean Hotels has finalized a $100m loan agreement with Export Development Canada (EDC) for the financing of two Multipurpose Accommodation Vessels contracted at Davie. “Now that our client has secured its financing with EDC, we will be able to restart construction of the Ocean Hotels vessels, which has been suspended for a long period” said Steinar Kulen, President and Chief Executive Officer at Davie, and he continued; “Those newbuilding projects are important to maintain a good level of activity at the yard, and this is good news for our employees and their families. I am glad that they will have a much better Christmas than last year when we were forced to lay off people temporary”.

Logistec Corporation (TSX:LGT.A)(TSX:LGT.B), a diversified cargo handler in eastern Canadian and U.S. ports, announced that it has acquired, through its wholly-owned subsidiary, Logistec Stevedoring Inc., 100% of the issued and outstanding shares of Les Terminaux Rideau Bulk Terminals Inc. Rideau Bulk operates in four ports along the St. Lawrence Seaway located between Montreal (QC) and Toronto (ON). It also operates two inland terminals in the Ottawa (ON) region. Its main activity is to receive road salt from self-unloaders, and occasionally from bulkers, and do the stockpiling, storage and truck loading for the three major salt companies serving eastern Canada. (www.logistec.com)

Davie Yards Inc. (TSX:DAV) announced that it has reached agreements with its clients for new price increases of $35m on its existing contracts. In addition Davie's largest client, Cecon ASA has informed that it has received a $200m loan offer replacing the lost loan facility with the Norwegian bank DnB Nor. While Cecon completes the loan documentation, Davie has negotiated a $20m prefunding facility which will enable it to gradually resume its operations. Davie Yards has agreed to amendments to the shipbuilding contracts for Cecon's three vessels and Ocean Hotels' two vessels under construction. Under the terms of the amendments, the clients have accepted price increases totaling $35m in addition to the $60m that were agreed upon in September last year.

Genoil Inc. (TSX.V: GNO) (OTCBB: GNOLF.OB) has signed a memorandum of understanding with Tianjin Port, one of China’s major shipping harbors. The MOU with Tianjin Port is for the introduction and implementation of Genoil’s oil-water separation system to treat and clean bilge water of oil, contaminants, chemicals and pathogens. This is the second Chinese port to sign an agreement with Genoil to use its oil-water separation technology. Tianjin Port is located 170 km south east of Beijing and east of Tianjin city – China’s third largest city. During 2007, Tianjin Port was the fourth largest port in China and sixth largest in the world with over 300 million tons of annual throughput.

OSI Geospatial Inc. (TSX:OSI) announced that its International Systems Operations has signed a contract with the Australian Navy valued at approximately $1.3m. Under the terms of the contract, the company will provide a software upgrade and 12 months of software support. OSI Geospatial Inc. delivers advanced geospatial systems and software that enable shared real-time situational awareness for military and security applications. OSI products and services enable customers to integrate and visualize live data with any combination of sensor data, imagery, maps and charts. (www.osigeospatial.com)

Davie Yards Inc. (TSX:DAV) introduced its proposal for the implementation of a National Shipbuilding Procurement Strategy aimed at renewing the federal fleet and building world-class shipbuilding capability in Canada, while providing more predictable work for the maritime industry. "Davie's proposal is based on our belief that Canadian yards can achieve a competitive position vis-à-vis European yards in building complex ships. In order to create such competitiveness, we are proposing that major federal shipbuilding projects be allocated to a select number of yards that will develop expertise and thus make it possible to secure the right costs and prices for the fleet renewal program," explained Steinar Kulen, President and Chief Executive Officer at Davie.

Davie Yards Inc. (TSX:DAV) announced the appointment of Alain Tanguay as Chief Financial Officer of the company effective immediately. Tanguay comes to Davie Yards from the position of Vice President and CFO of Mega Brands Inc. He holds a Bachelor degree in Business Administration is a chartered accountant (CA) and is a member of OCAQ. Mr. Tanguay has held top financial positions and been a part of the North American/Canadian business environment for close to 15 years. In addition to his recent experience at Mega Brands Inc., he has extensive experience in managerial financial positions within corporations like; National-State Group, CBCI Telcom, ISM Information Systems, Hostess Frito-Lay and Le Groupe Videotron Ltee. (www.davie.ca)