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Silja Oyj Abp News

27 Oct 2003

Aker Finnyards to Convert Finnjet

Aker Finnyards and Silja Oyj Abp signed on October 23 a LOI on the docking and conversion of GTS Finnjet. The work will commence in May 2004 and means 100 man years of work for the yard. There will be considerable technical modernisation and improvement onboard, according to Central European trends. The plan for renewing the passenger spaces has been made by Partner Ship Design architects, specialised on cruise vessels. Aker Finnyards has in the recent years made conversions of Silja´s other vessels, too: Wasa Queen, Silja Europa, Silja Festival. The conversion work is estimated to six weeks. GTS Finnjet will start sailing on route Rostock-Tallinn-StPetersburg in June 2004.

18 Dec 2003

News: Aker Finnyards Will Convert Finnjet

Aker Finnyards and Silja Oyj Abp signed a letter of intent on the docking and conversion of GTS Finnjet. The work will commence in May 2004. There will be considerable technical modernization and improvement onboard. The plan for renewing the passenger spaces has been made by Partner Ship Design architects, specialized on cruise vessels. Aker Finnyards has in the recent years made conversions of Silja´s other vessels, too: Wasa Queen, Silja Europa, Silja Festival. The conversion work is estimated to six weeks. GTS Finnjet will start sailing on route Rostock-Tallinn-StPetersburg in June 2004.

07 May 2002

Sea Containers to Increase Its Shareholding in Silja

Sea Containers Ltd., passenger transport operator, marine container lessor and leisure industry investor, announced today that various Finnish and Swedish leading companies had exercised their option to require Sea Containers to purchase 26 percent of the shares of Silja Oyj Abp at $36 million. This will bring Sea Containers' shareholding to 76 percent of Silja. Completion of the purchase is required by June 20, 2002. Sea Containers intends to acquire the balance of Silja's shares by tender offer to the remaining shareholders for cash or common shares in Sea Containers. Lazard AB, Stockholm has been engaged to advise the company on these transactions.

03 Jul 2002

Sea Containers Acquires Part of Silja

Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, today announced that it has increased its shareholding in Silja Oyj Abp from 50 percent to 75.32 percent effective June 20, 2002 through the issue of 2,474,196 Sea Containers Class A common shares in payment for the Silja shares acquired. The increase in share capital is expected to be anti-dilutive. On June 25, 2002 a Sea Containers subsidiary, Silja Holdings Ltd., announced that it had launched a tender offer for the remaining shares in Silja Oyj Abp as well as for Silja’s outstanding Convertible Bonds which have a par value of Euro 55.5 million. The offer is Euro 2.25 for each common share and 92.4% of the par value of the bonds.

07 Aug 2002

Sea Containers Acquires 92 Percent of Silja

Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, announced that its wholly-owned subsidiary, Silja Holdings Ltd., had received acceptances of its tender offer to acquire all the outstanding common stock of Silja Oyj Abp, bringing its total shareholding in Silja to 92 percent. The significance of the 90 percent threshold is that Silja Holdings may now compulsorily acquire all the remaining shares in Silja in accordance with Finnish law. Sea Containers shareholding in Silja was increased to 75% in the second quarter of 2002 which will result in consolidation of Silja's assets and liabilities with those of Sea Containers at June 30th.

14 May 2003

Sea Containers Announce First Quarter Results

Sea Containers marine container lessor, passenger and freight transport operator, and leisure industry investor, today announced its results for the first quarter ended March 31, 2003. Net earnings for the period were a loss of $10.3 million (loss of $0.49 per common share) on revenue of $351 million, compared with a loss of $6 million (loss of $0.32 per common share) on revenue of $218 million in the prior year period. The first quarter is traditionally loss making because of the seasonality of the company's passenger and freight transport business. It is also the weakest period for marine container leasing because of reduced consumer purchasing post Christmas and Asian holidays which cause factory closures.