Team Tankers International Acquires Two Firms
Team Tankers International announced that the acquisitions of Laurin Shipping AB and Anglo-Atlantic Steamship Company have been completed. The Bermuda-based chemical tanker company on 28 February 2018 and 23 March 2018 regarding its agreements to acquire all of the outstanding shares in each of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. The preliminary purchase prices payable at closing for the shares in Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. have been estimated to USD 10.4 million and USD 55.3 million respectively. The preliminary subscription price for the shares in the Company has been estimated at USD 2.00 per share (approximately NOK 15.70 at current exchange rates) and a total of 21…
McDermott, Bay Begin Alliance at Harbor Island Facility
J. Ray McDermott, Inc., a subsidiary of McDermott International, Inc., and Bay Ltd. have formed a strategic alliance to pursue fabrication projects in the offshore oil and gas industry, using McDermott's Harbor Island facility near Corpus Christi, Texas. Under the alliance, J. Ray McDermott will provide overall project management, engineering and procurement services, as well as the assembly areas, lifting equipment dredged slip and bulkhead at Harbor Island. Bay, which is the largest non-government employer of skilled craftspeople in the Coastal Bend area of Texas, will provide fabrication and construction services, labor, and equipment to support fabrication of large platform topsides at Harbor Island. Both companies are recognized as safety leaders in the construction industry.
McDermott Awarded EPCI Contract for Spar Project
J. Ray McDermott, Inc., a subsidiary of McDermott International, Inc., has been awarded a turnkey engineer-procure-construct-install contract to provide a spar platform for the Medusa Field Development Project, a deepwater development for Murphy Oil Corp. in the Gulf of Mexico. Financial terms of the contract are not being disclosed. SparTEC, Inc., a subsidiary of J. Ray McDermott, will act as the general contractor and overall project manager for the design engineering, procurement, fabrication, installation and commissioning of the Medusa offshore production facility, which will be located in 2,223 ft. of water in Mississippi Canyon Block 582. “We are extremely honored and excited to be selected by Murphy to bring Medusa to fruition,” said Bobby Rawle, president of J. Ray McDermott.
