Active Portfolio Management News

Bulk shipping companies Torvald Klaveness and Lauritzen Bulkers are collaborating, with Lauritzen Bulkers testing Market Manager by Klaveness for better decision-making.The software-as-a-service (SaaS) platform developed by Klaveness Chartering enables customers to be better informed about shipping markets.Niels Josefsen, CEO at Lauritzen, said: “Over the past four years, Lauritzen Bulkers has transformed from a traditional shipowner and operator to a company with increasing focus on active portfolio management.

ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7, 2022.“After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders…

Bermuda-based owner and operator of dry bulk vessels GoodBulk entered into an agreement to sell the M/V Aquapride, a 2012 built Supramax vessel of 61,465 dwt built by Imabari, JPN at $20.0 million to Suisse Bulkers, an unrelated party.The vessel is expected to be delivered to its new owner between September and November 2018. The M/V Aquapride was acquired by GoodBulk, for a total consideration of $17.0 million and is expected to contribute net profit of approximately $2.3 million between being delivered into the Company’s fleet on 1 June 2017 and assuming delivery to the vessel’s new owners on 30 September 2018, resulting in a levered IRR of 51.0%.Separately…

ABB has launched Stage 3 of its so-called “Next Level” strategy which aims to drive company-wide growth via four entrepreneurial divisions, while realizing the group’s full digital potential and improving operational efficiencies. “Over the last two years, ABB has become faster, leaner and more efficient. We have continuously improved margins and further strengthened our cash generation,” said ABB CEO Ulrich Spiesshofer. Effective January 1, 2017, ABB will shape its divisional structure into four divisions: Electrification Products…

Keppel DC REIT Management Pte. Ltd., a wholly-owned subsidiary of Keppel Telecommunications & Transportation Ltd has received overwhelming demand from institutional and retail investors for its initial public offering of 261,138,000 Units. The Offering comprised an international placement of 207,375,000 Units1 to investors, including institutional and other investors in Singapore (the "Placement Tranche"), and an offering of 53,763,000 Units to the public in Singapore (the "Public Offer"). Due to strong demand from institutional investors during the book-building process, the Units were priced at the top end of the offering price range at S$0.93 per Unit.

Total today signed an agreement to sell its 10% interest in the Shah Deniz field and the South Caucasus Pipeline to TPAO, the Turkish state-owned E&P company. The transaction is valued at $1.5 billion and is subject to customary approvals. “The sale of our interest in Shah Deniz is in line with Total’s active portfolio management and the focus of its investment capability on more strategic assets,” said Michael Borrell, Senior Vice-President Continental Europe and Central Asia at Total’s Exploration and Production. “This sale is another step forward in achieving our asset sale program. In Azerbaidjan, Total remains operator of the Absheron offshore field with a 40% share.

Statoil's third quarter 2013 net operating income was NOK 39.3 billion. Adjusted earnings were NOK 40.4 billion. "Statoil delivered strong strategic progress in the third quarter. We added high-value barrels through the Bay du Nord discovery offshore Canada, the world's largest oil discovery this year. We also announced a major divestment to capture value created through asset development and unlock capital for investment in high return projects. Our operational performance is good and we delivered solid earnings in the period," said Helge Lund, Statoil's president and CEO. Statoil's net operating income of NOK 39.3 billion in the third quarter was positively impacted by gain from sale of assets. Refinery impairments and commercial provisions impacted the financial result negatively.

Statoil ASA has signed an agreement to divest minority interests in the Gullfaks and Gudrun fields offshore Norway and exit the non-core, non-operated Schiehallion and Rosebank fields, West of Shetlands. In addition to the cash consideration of USD 2.65 billion, the transaction with Austrian oil and gas company OMV includes a contingent payment and involves a partnership between the two companies. Statoil reduces its ownership share in Gullfaks from 70 % to 51 % and from 75 % to 51 % in Gudrun, and retains its operatorships on both fields. "Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high return projects in core areas. This includes our recent discoveries on the Norwegian continental shelf.

Statoil ASA (OSE: STL, NYSE: STO) has signed an agreement to exit the Brage licences, farm down in Gjøa and Vega and acquire a 15 % stake in the Edvard Grieg licence near the Johan Sverdrup field in the North Sea. This transaction with the German oil and gas company Wintershall gives Statoil net proceeds of USD 1.45 billion, and begins a strategic partnership between Statoil and Wintershall. The consideration to be paid by Wintershall includes a contingent consideration of USD 100 million relating to the production on Vega. "This transaction realizes significant value for our shareholders, demonstrates the value of our NCS portfolio, and further enhances the financial flexibility of Statoil.

Today, Statoil (OSE: STL, NYSE: STO) presented its long term growth outlook. The company expects to raise production from around 1,9 million barrels in 2010 to above 2.5 million barrels of oil equivalents per day in 2020. With premium positions on a revitalised Norwegian Continental Shelf (NCS) and a world class project portfolio, Statoil is positioned to deliver strong shareholder returns. Celebrating its ten years anniversary as a publicly listed company, Statoil expands on its outlook for the coming years at the Capital Markets Day at the New York Stock Exchange.