Marine Link
Saturday, October 21, 2017

General Meeting

Aker Philadelphia Shipyard : Buyback Program of Own Shares

 Aker Philadelphia Shipyard

The Board of Directors of Aker Philadelphia Shipyard ASA has resolved to initiate a buyback program for up to 10% of the Company's share capital. The decision reflects the Company's focus on maximizing shareholder returns over time, its strong financial position, its confidence in its ability to deliver on its operational commitments, and a reflection of the opportunities it sees to further develop its shipping investments. The buyback program will be continuously evaluated to maximize its value to the Company's shareholders, including price at which buybacks are executed. The buyback program will be conducted in accordance with the authorization granted to the Board of Directors by the Annual General Meeting on 9 April 2014. The buyback will be executed at prevailing market prices on the Oslo Stock Exchange. The buyback program will take effect on 21 July 2014 and terminate by the Annual General Meeting in 2015, but no later than 30 June 2015. The Company has entered into an agreement with Pareto Securities AS to carry out the repurchase of the shares on behalf of the Company and within the framework set by the Company with regard to amount, price and timeframe.

Rolls-Royce Holdings' Voting Rights and Capital

  In accordance with DTR 5.6.1 of the FCA's Disclosure and Transparency Rules (DTR), the Company is required to notify the market of its total number of voting rights and capital as at the end of each calendar month.   The issued share capital of the Company is comprised of the following:- 1,886,395,243 ordinary shares of 20p each with voting rights. 1 Special Rights non-voting share of £1 with no voting rights.

Ferry Guru joins Carus Board

At Carus' Annual General Meeting of Shareholders on the 29th of April, Ove Johan Solem was appointed Non-Executive Director of the Board. Ove has 30 years of experience in shipping and offshore industries. He was MD of Fjord Line and Executive VP of Color Line before changing direction to bring his knowledge to the offshore industry. Most recently Ove has held senior management and board positions within the First Olsen group of companies. He holds an MBA in International Shipping.

Poulsson Appointed ICS Vice Chairman

Esben Poulsson

Singapore Shipping Association Honorary Secretary and International Committee Chairman Esben Poulsson has been elected as a Vice Chairman of the International Chamber of Shipping (ICS). His election took place at the ICS’s recent Annual General Meeting in Oslo. He joins three other Vice Chairmen for 2013-2015: John C Lyras (Greece), Karin Orsel (Netherlands) and Gerardo Borromeo (Philippines). The SSA is an active member of the ICS and Mr

Golden Ocean, Knightsbridge Set for Merger

Pic by Knightsbridge Shipping Limited

 Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping have chosen March 26 to hold a special general meeting and finalize the merger talks.   If the shareholders approve the plan, the companies expect to conclude the merger by the end of March 2015, subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals.  

Huat Retires as Non-Ex Dir. of ST Engineering

Quek Poh Huat

  Singapore Technologies Engineering Ltd (ST Engineering) today announced the retirement of Mr Quek Poh Huat as non-executive Director of the Company at its Annual General Meeting on 23 April 2015.  Mr Quek has decided not to seek re-election. The Board of Directors wishes to thank Mr Quek for his commitment and invaluable contributions to the Board and the board committees over the past 13 years since 2002

Shareholders Approve Transocean Merger

At its extraordinary general meeting held Dec. 12, 2000 in Houston, Texas, holders of ordinary shares of Transocean Sedco Forex Inc. approved all proposals presented at the meeting, including those relating to the company's pending merger transaction with R&B Falcon Corporation. Shareholders approved an increase in authorized ordinary share capital, the issuance of ordinary shares in the merger, anincrease in the maximum size of the company's board of directors to 13 persons and an increase

Golar 2010 AGM Results

Golar LNG Limited advised that the 2010 Annual General Meeting of the company was held on September 24, 2010 at 10:30 a.m. at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda.  The following resolutions were passed:   1) To re-elect John Fredriksen as a Director of the company. 2) To re-elect Kate Blankenship as a Director of the company. 3) To re-elect Hans Petter Aas as a Director of the company. 4) To re-elect Kathrine Fredriksen as a Director of the company.

Greece's Dryships AGM Appoints Directors, Auditors

DryShips Inc. (NASDAQ:DRYS) provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore deepwater drilling services, announce the results of its 2013 Annual General Meeting of Shareholders. The following proposals were approved and adopted at the AGM: 1. The election of Ms. Chryssoula Kandylidis and Mr. George Demathas as Class C Directors to serve until the 2016 Annual General Meeting of

Ensco Completes Acquisition of Atwood Oceanics

Photo: Ensco

Ensco plc announced today that Ensco shareholders voted to approve the allotment and issuance of Ensco Class A ordinary shares to shareholders of Atwood Oceanics in connection with the all-stock acquisition of Atwood at the Company’s general meeting of shareholders on 5 October 2017.    The final results of the general meeting of shareholders held today indicate that 65% of the shares cast at the meeting voted in favor of this proposal.  

Skuld Announces Positive Half Year Results

Logo: Skuld

 Skuld announced a positive bottom-line result of USD 8 million for the six months ending 20 August 2017, compared with USD 29 million at the half year in 2016.   The period has been marked by a small number of substantial claims. However, the cost of these claims has been partly offset by the positive contribution from commercial operations which continue to produce a surplus. The technical result at the half year shows a negative outcome of USD 22 million and an overall combined

Hapag-Lloyd to Raise Capital Following Merger with UASC

Photo: Hapag-Lloyd

 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

Dong Energy Changes Name to Orsted

Photo: DONG Energy A/S

 Following the profound strategic transformation from black to green energy and the recent divestment of the upstream oil and gas production, the name DONG Energy does not fit the company anymore.   Consequently, DONG Energy has today called an Extraordinary General Meeting to ask the shareholders of the company to approve a change of the company name to Ørsted.   Thomas Thune Andersen, Chairman of the Board of Directors

BP Chairman to Retire

Carl-Henric Svanberg. Photo: BP p.l.c.

 BP has announced that Carl-Henric Svanberg has informed the company’s board of directors of his intention to retire as chairman.    Svanberg will chair the annual general meeting to be held in May 2018 and will remain in position until a successor is in post.   Ian Davis, the BP board’s senior independent director, will now lead the process to identify and appoint BP’s next chairman.  

Cruising for a Better and Equal World

 The cruiseship MS Koningsdam, will be the backdrop of the Women’s InternationalShipping and Trading Association’s Annual General Meeting (9-13 November).    Departing in Port Everglades with stops in Miami and the Bahamas, this unusual meeting location will see participants discuss topics around the theme: "Always in Motion: Ever Changing".    The conference will examine the changing regulatory landscape and its impact on maritime safety

Clean Arctic Alliance Response to Arctic HFO Ban

Image Courtesy Clean Arctic Alliance

Responding to reports that the Association of Arctic Expedition Cruise Operators (AECO) had reconfirmed its support of a ban on heavy fuel oil (HFO) from Arctic shipping during its annual general meeting, Clean Arctic Alliance advisor Dr Sian Prior said:   “The Clean Arctic Alliance welcomes AECO’s reconfirmation of its support for an international ban on heavy fuel oil in Arctic waters. AECO’s decision demonstrates the growing conviction within the shipping industry

FORAN Design Wins Korean Universities' First Prize

FORAN Design Awarded First Prize in Korean Universities Contest Photo FORAN

Hae-Jun Ji and his team of other sophomores and juniors at the Naval Architecture and Ocean Systems Engineering department of the Busan-based Korea Maritime and Ocean University (KMOU) won the first prize in the 25th National Ship Design Contest for University Students organized by the Society of Naval Architects of Korea (SNAK). The award ceremony was held within SNAK’s 2016 General Meeting & Annual Autumn Conference on 3 November in Changwon

Wilhelmsen, Wallenius One Step Closer to Merger

Thomas Wilhelmsen, group CEO Photo Wilhelmsen

Wilhelmsen and Wallenius have signed an agreement leading to a new ownership structure for their jointly owned investments in Wallenius Wilhelmsen Logistics, EUKOR Car Carriers and American Roll on Roll off Carrier. Signing the transaction agreement is an important milestone in the merger as announced in September,” says Jan Eyvin Wang, president and CEO of Wilh. Wilhelmsen ASA. “The final go ahead is pending approval from competition authorities and the respective

Maersk Chairman Rasmussen Steps Down

Michael Pram Rasmussen (Photo: A. P. Moller-Maersk)

A.P. Møller - Maersk’s chairman of the board will step down at the end of March as the group missed fourth-quarter profit expectations amid low prices and oversupply in the oil and freight sectors.   Michael Pram Rasmussen said he will not stand for reelection as chairman of the board of directors, opting to stand down when his election period expires March 28, 2017, the date of group’s annual general meeting

Hathon is Director Exploration, Cairn

Simon Thomson, Chief Executive Photo Cairn

Cairn announced the appointment of Eric Hathon as Director of Exploration. Dr Hathon, who has more than 25 years experience in the international oil and gas industry, will join Cairn from Marathon Oil Corporation where he held the position of Director Conventional Exploration, based at the company’s Headquarters in Houston, USA. Dr Hathon will succeed Richard Heaton, currently Cairn’s Director of Exploration, who is retiring after 23 years service with the company

MOL Okays Dividend and Share Split

Photo: MOL Group

 MOL Shareholders in the Annual General Meeting have accepted the Board’s proposal for HUF 58 bn dividend payment, which was set to allow the Dividend Per Share (DPS) to grow by 10.2% to HUF 625 from last year’s HUF 567.    This represents the continuation of the last years’ gradually increasing trend of the regular dividend payment.   Shareholders also approved the proposal of the Board of Directors for an 8 for 1 stock split

Vartdal Wins WISTA LeaderShip Award

Birgitte Ringstad Vartdal (Photo: WISTA)

Birgitte Ringstad Vartdal, CEO of Golden Ocean, has been awarded the WISTA LeaderShip Award 2017 by WISTA Norway as recognition of her contribution to the maritime industry, her competency and leadership skills within the traditionally male dominated role of CEO. The award will be presented at Nor-Shipping’s Waves of Change Conference on May 30. “Birgitte Ringstad Vartdal has lived up to WISTA’s core values

Hapag-Lloyd Stakeholders Okay Capital Increase

Hapag-Lloyd

 Hapag-Lloyd shareholders approved all items on the agenda at today’s Annual General Meeting. In particular, the shareholders approved the creation of new authorised share capital.    This is to be used for a planned capital increase of USD 400 million, which is scheduled to take place within six month after the closing of the merger with the Arabian liner shipping company UASC.    The closing took place on May 24

Swissco Liquidates Scott And English Energy

Swissco Searcher. Photo:  Swissco Holdings Limited

 Bankrupt Swissco Holdings has announced the provisional liquidation of its wholly-owned Scott and English Energy (S&E).   The board of directors of S&E made a statutory declaration on 11 August that S&E “cannot by reason of its liabilities continue its business.”   A statement from the company said that Aaron Loh Cheng Lee and Lee Meng Yen Angela, both care of Ernst & Young solutions

Nordic American Appoints New CFO

Photo: Nordic American Offshore Ltd

 Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO).    He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway.    This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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