Marine Link
Monday, January 22, 2018

Announces Completion News

TOP Tankers Announces Completion of Follow-On Offering

TOP Tankers Inc announced the completion of its follow-on offering of 8,306,452 common shares, as well as 1,245,968 shares purchased by the underwriters to cover over-allotments. The net proceeds for the Company were approximately $141.6 million, a portion of which will be used for the acquisition of five double-hull Suezmax tankers from an unrelated third party.

Hornbeck-Leevac Announces Completion of Equity Offering

Hornbeck-Leevac Marine Services, Inc. announced that it has completed the purchase of all of its outstanding warrants for an aggregate purchase price of $14.5 million. The repurchase of the warrants was financed through the successful offering of $14.6 million of the Company's common stock. In addition, the Company announced that Jesse E. "Jempy" Neyman, Vice-President of Enron Principal Investments and board designee of the warrantholders, resigned from the Company's board of directors effective with the repurchase of the warrants.

This Day in U.S. Naval History – December 14

1814 - British squadron captures U.S. gunboats in Battle of Lake Borgne, LA. 1944 - Rank of Fleet Admiral, U.S. Navy (five star admiral) is established. 1945 - Captain Sue S. Dauser receives the first Distinguished Service Medal awarded to a nurse. 1965 - Navy announces completion of 1,272 ft. radio tower at North West Cape, Australia, highest manmade structure in the Southern Hemisphere at that time, as a link in fleet communications. (Source: Navy News Service)

This Day in Naval History – Dec. 14

1814 - British squadron captures U.S. gunboats in Battle of Lake Borgne, LA. 1944 - Rank of Fleet Admiral, U.S. Navy (five star admiral) is established. 1945 - Captain Sue S. Dauser receives the first Distinguished Service Medal awarded to a nurse. 1965 - Navy announces completion of 1,272 ft. radio tower at North West Cape, Australia, highest manmade structure in the Southern Hemisphere at that time, as a link in fleet communications. (Source: Navy News Service)

Govan Yard Under The Gun

BAE Systems Plc warned that future employment prospects at its Govan shipyard near Glasgow are wholly dependent on new orders being won. The group was announcing completion of the $3.6 million rescue acquisition of Govan from Norway's Kvaerner agreed in July. BAE has agreed a 20 year lease of the land and buildings in a joint deal with port services group Clydeport Plc, which will own the site.

ExxonMobil Announces Completion of $2-Billion Sable Gas Project

Exxon Mobil Corporation announced the completion of the $2-billion Sable Offshore Energy Project off the coast of Nova Scotia, Canada, with the delivery of the first sales gas into the Maritimes & Northeast Pipeline. The project consists of three offshore platforms, a 125-mile subsea pipeline, natural gas-processing and fractionation plants and a 650-mile gas sales pipeline to New England, and is consistent with ExxonMobil's strategy of increasing gas and liquids production and expanding opportunities in key markets. Initial production to the project's newly-constructed gas plant in Goldboro, Nova Scotia, commenced in mid-December and has averaged approximately 100 mcfd.

This Day in Naval History

From the Navy News Service:   1814 - A British squadron captures U.S. gunboats in Battle of Lake Borgne, La. 1944 - The rank of fleet admiral (five star admiral) is established. 1945 - Capt. Sue S. Dauser receives the first Distinguished Service Medal awarded to a nurse. 1965 - The Navy announces completion of 1,272-ft. radio tower at North West Cape, Australia. It is the highest manmade structure in the Southern Hemisphere at the time.   For more information about Naval history, visit the Naval Historical Center Web site at www.history.navy.mil.

Ionada Completes Membrane Scrubber Sea Trials

Photo: Ionada

Ionada has announced completion of Membrane Scrubber Sea Trials on Bulk Carrier. "The initial results from our successful sea trials exceeded our target performance objectives, with our SO2/CO2 ratio ten times lower than the 0.1% S equivalent regulatory standard. We have completed a major milestone in our commercial development - demonstrating the performance and seaworthiness of our Membrane Scrubber. Ionada offer shipowners a simple solution, an add-on piece of equipment, that can be plugged in-line with their exhaust systems to meet the ECA regulations.

NIL Supplies GenSet for FDNY Fireboat

Photo: NIL

A marine power generation and climate control products manufacturer Northern Lights, Inc. (NLI) has  announced  completion of a 235kW Commercial Series generator set for the Fire Department of New York. The unit – M235C13.11NYFD – was built with a number of specifications unique to the requirements of metropolitan fire-fighting, including a nonstandard base pan, shutdown switches and USCG fuel lines plumbed to the base frame. The unit was completed to ABS and USCG standards and included a special “fire engine” red paint scheme.

Iron Ore Carrier Ore Salvador Completed

Photo: Mitsui O.S.K. Lines

Ore Salvador will Sail under long-term transport contract with Vale International S.A. Mitsui O.S.K. Lines, Ltd. (MOL) announced completion of the 297,000-ton iron ore carrier Ore Salvador at Japan Marine United Corporation’s Ariake Shipyard. MOL will operate the ship under a long-term contract, transporting ore from Vale S.A. of Brazil. Among those on hand for the naming and delivery ceremonies were Vale International Director Gurinder Singh, who named the vessel, Japan Marine United Corporation President Shinjiro Mishima and MOL President Koichi Muto.

Cavotec MSL Announces Completion of Secondary Share Placement

Cavotec MSL Holdings Limited said that an $18m secondary share placement to institutional and other habitual investors was executed on April 19. The placement was sole lead managed and underwritten by the investment banking firm Goldman Sachs JBWere. Thirteen current shareholders of Cavotec MSL participated in the transaction, including certain managers, directors and founding shareholders of the company. On average, these shareholders sold approximately 5% of their holdings. Each selling manager shareholder is subject to a standstill on further sales for a minimum period of 6 months.

Wrecked LPG Freighter Removed from Taiwan Strait

Photo: the wreck removal of  the freighter LPG OBERON  from the Taiwan Strait.

Following four months  of challenging operations and weather delays, RESOLVE Salvage & Fire, (ASIA) Pte Ltd. has announced completion of the wreck removal of  the freighter LPG OBERON  from the Taiwan Strait. The Oberon, loaded with volatile Liquid Petroleum Gas (LPG) 1- Butene,  had grounded and sustained extensive hull damage early this year, seven miles from the Penghu archipelago and 30 miles northwest of Kaohsiung, Taiwan. RESOLVE’s salvage plan was favored by the owners and underwriters because the wreck removal proposal included the task of first removing the hazardous LPG cargo…

Litton Announces Completion of Avondale Acquisition

Litton Industries, Inc. announced the completion of its acquisition of Avondale Industries, Inc. for $39.50 per share in an all cash transaction valued at approximately $529 million in the aggregate. Avondale, based in New Orleans, designs, builds and overhauls ships for the U.S. Navy, the USCG and commercial customers. Avondale had revenues of approximately $750 million for the year ended December 31, 1998, and employs almost 6,000 people. "We are delighted to welcome Avondale and its employees to Litton," said Michael R. Brown, Litton chairman, president and CEO. "The merger with Avondale significantly broadens Litton's market coverage in both military surface combatants and commercial ships.

MOL Installs Ballast Water Treatment System on VLCC

In front of the VLCC Libra Trader, which recently had a new ballast water treatment system installed, representatives of the vessel’s management company, MOL Tankship Management (Asia) Pte Ltd., and the shipyard pose for a commemorative shot.

Mitsui O.S.K. Lines, Ltd. announced completion of work to install a ballast water treatment system on the very large crude oil carrier (VLCC) Libra Trader at Keppel Shipyard in Singapore. On January 10, the company announced plans to install the system on a VLCC ahead of IMO installation compulsion. MOL is the first Japanese shipping company to install such a system for existing VLCC. Keppel Shipyard has timely delivered the vessel as committed and Libra Trader has already returned to service, and the ballast water treatment system will be tested and adjusted during operation.

Glosten Completes Study for WSF

Washington State Ferry Depiction

The Glosten Associates announces completion of a feasibility study for Washington State Ferries (WSF) on converting its 144-car ferry design to liquefied natural gas (LNG) propulsion. Glosten’s study, which investigated design, economic, regulatory, and environmental issues, concluded that the conversion is both technically feasible and cost effective, although technical and regulatory challenges remain. To support the study, Glosten developed a preliminary design for both dual fuel and single fuel (LNG only) engines.

WSS Completed Integration with Nalfleet

Wilhelmsen Ships Service (WSS) has announced completion of the first phase of integration of the Nalfleet marine chemicals business. Nalfleet marine chemicals production has now been transferred from Nalco UK to the Wilhelmsen Chemicals manufacturing plant in Tonsberg, Norway and Nalfleet Customer Services and logistics operations have been integrated into the WSS network. As a result, Nalfleet customers can now take advantage of Wilhelmsen Ships Service’s extensive customer service operation. Over the coming months, WSS will carry out a review of the Nalfleet offering and look to consolidate product lines to further improve technical and logistics offerings and continue to strengthen its marine chemicals portfolio.

Middle East Port Upgrade

DP World, UAE Region announce  completion of the first phase of the Al Hamriya port development plans aimed at modernising and upgrading the port to meet customers and fishermen’s growing needs. The first phase now opened includes the upgrading of 1 million square feet of yard, which has been paved, metal fenced, and gated. These open yards  are now available for lease for traders and logistics companies. The second phase includes a modern facility for the exclusive use of the fishing industry at the port. Construction work has already begun on the facility and is due to be completed this year. The development will create a new 1,650-metre long wharf with a capacity to accommodate 190 fishing boats.

MTN Acquired by Perseus

Maritime Telecommunications Network (MTN), of Miramar, Fla., a provider of satellite-based communications, networking and other services to the cruise and offshore oil and gas industries, announced completion of its acquisition by an affiliate of Perseus, L.L.C. Perseus is a merchant bank and private equity fund management company with offices in Washington, D.C. and New York City. Financial terms of the transaction were not disclosed. Over the past year, MTN has significantly expanded in its core markets and made significant inroads in its military business. In March 2004, MTN launched a joint venture with Cingular Wireless (formerly AT&T Wireless) to give passengers on North American cruises the ability to use their own mobile phones at sea for the first time.

Ingalls-built LPD 23 Completes Acceptance Trials

Photo credit HII

The amphibious transport dock Anchorage (LPD 23) currently under construction at Ingalls' Avondale facility has returned from a three-day testing voyage in the Gulf of Mexico following rigorous testing of most of the ship's systems. The ship is  the seventh in the  LPD 17 class. During the five-day acceptance trial evolution on land and at sea, the U.S. Navy's Board of Inspection and Survey (INSURV) observed more than 220 test events demonstrated on the ship by Ingalls' test and trials team.

Supreme Group Acquires EMS Seven Seas

Supply chain solutions provider in challenging environments, Supreme Group (Supreme), says it has completed its purchase of EMS Seven Seas ASA. Headquartered in Norway and listed on the Oslo Stock Exchange, EMS Seven Seas is a global maritime services group serving merchant marine, offshore and defense customers. The company supplies general ship supplies, provisions, stores, spare parts and leading technical maritime brands through its extensive network of some 600 ports. Supreme now owns 90.04% of the total outstanding shares in EMS and says it will make a mandatory offer to the remaining shareholders in the company in due course.

Govan Shipyard Warned That Future Depends On New Orders

BAE Systems Plc warned that future employment prospects at its Govan shipyard near Glasgow are wholly dependent on new orders being won. The group was announcing completion of the $3.6 million rescue acquisition of Govan from Norway's Kvaerner agreed in July. BAE has agreed a 20 year lease of the land and buildings in a joint deal with port services group Clydeport Plc, which will own the site. "The Govan yard is helping already with an important order and we know from previous co-operative working arrangements the high quality of output," said BAE Group Managing Director, Operations Rod Leggetter. "However, nobody is under any illusions that a critical factor in the shipyard's future is winning new business, in particular the roll-on-roll-off vessels contract for the U.K.

Trico Announces Completion of New Senior Secured Credit Facility

Trico Marine Services, Inc. refinancing of its existing U.S. revolving credit facility ("U.S. Facility"). The Company refinanced the U.S. add operating flexibility. credit facility ("New Credit Facility") is secured by 43 supply vessels. original issue discount of 2.0% and is subject to incurrence-based covenants. offering expenses. U.S. general corporate purposes. February 2009 and will have two years of call protection. also provide incremental available liquidity.

STELLA B1 Well Flow Test Completed

04 Stella North Drill Centre Manifold Installation Operations (149)

Ithaca Energy Inc. announced completion of flow test operations on the third development well on the Stella field, with the well achieving a flow rate of 12,492 barrels of oil equivalent per day. Well 30/6a-B1Z (“B1”) is the third development well drilled on the Stella field. The well was drilled to a total measured depth subsea of 16,185 feet, with a 2,147 foot gross horizontal reservoir section completed in the Palaeocene Andrew sandstone reservoir. The well intersected high quality sands across a net reservoir interval of 2,034 feet, equating to 95% net pay.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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