SMIT Completes Acquisition of URS
Smit Internationale N.V. announced that it has completed the acquisition of the remaining 50 percent interest from Fairplay Towage in URS. All conditions as mentioned in the press release of December 31, 2007 have been fulfilled. With the URS operation SMIT further strengthens its leading position in the Belgium towage market. Further information will follow with the 2007 year results, which will be published on March 6.
U.S. Shipping Partners Completes Acquisition
U.S. Shipping Partners announced has completed its recently announced acquisition of the Sea Venture, a 19,000 dwt double-bottomed chemical/product tanker. The vessel was re-built in 1983 and is capable of carrying twenty different grades of product in independent cargo tanks. The vessel is being placed in drydock and will be available for trading in April 2006. The transaction was financed utilizing available cash.
Statoil Buys into Brazil’s Santos Basin
Statoil completes acquisition and takes over operatorship of Brazilian offshore licence BM-S-8 Statoil and Petrobras have completed their previously announced transaction, whereby Statoil has acquired Petrobras’ 66 percent operated interest of the BM-S-8 offshore license in Brazil’s Santos basin. BM-S-8 contains a substantial part of the Carcará pre-salt oil discovery. On the completion of the transaction, Statoil has paid Petrobras $1.25 billion, half of the total consideration. The remainder will be paid at the passage of certain future milestones, mainly relating to the future unitization of Carcará.
Chemoil Completes Acquisition
Chemoil has fully acquired Allround Fuel Trading Chemoil B.V. (AFT). Chemoil had previously acquired a fifty percent stake in AFT during 1998 and recently announced that it has entered into an agreement to acquire another 50 percent stake in AFT. Following this acquisition, AFT will become a wholly owned subsidiary of Chemoil and will be renamed as Chemoil Europe BV.
Spectrum Sciences & Software Completes Acquisition
Spectrum Sciences & Software Holdings Corp., focused on homeland security completed the acquisition of Coast Engine and Equipment Company, Inc. (CEECO), a Florida based company. CEECO is a profitable operation, which provides a diversified array of ship repair, metal fabrication, and design services to both commercial and governmental clients. be better positioned to pursue more contracts." Ham continued, "This acquisition is a positive step for Spectrum, as we continue to execute our stated business objectives. management in place and that was accomplished. We will enhance and aggressively expand on what CEECO has already accomplished, with clients such as the U.S. Navy, Disney Cruise Lines, the U.S. Guard and Rinker Cement.
CP Ships Completes Acquisition
CP Ships Limited completed its acquisition of all issued and outstanding shares in Italia di Navigazione from d'Amico Societa di Navigazione S.p.A. for $40 million in cash. The acquisition was announced on May 30, 2002. As previously announced, the purchase is being paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares and private placement of $200 million of senior unsecured notes. "We are pleased to welcome Italia as CP Ships' seventh brand," commented CP Ships' CEO Ray Miles. "By purchasing Italia CP Ships continues its strategy of making acquisitions to reinforce our regional leadership position, build trade lane economies of scale and create new opportunities for growth.
K-Sea Completes Acquisition of Smith Maritime and Sirius Maritime
K-Sea Transportation Partners L.P. has completed the acquisition of Smith Maritime, Ltd. of Honolulu, Hawaii and Sirius Maritime, LLC of Seattle, Wash. President and CEO Timothy J. Casey said: “We are very excited about welcoming the Smith and Sirius operating teams to K-Sea. This acquisition immediately increases our barrel-carrying capacity by 770,000 barrels, or 22% of our capacity of 3.5 million barrels at June 30, 2007. In addition, our ongoing vessel newbuilding program, under which we have ten new tank barges under construction, will add 524,000 barrels over the next three and one-half years. “These transactions strengthen our operations on the West Coast and also expand our geographical presence to Hawaii, thus providing a further platform for future growth.
H.I.G. Capital Completes Acquisition of PetroCom
PetroCom LLC announced that an affiliate of H.I.G. Capital, a Miami-based private investment firm, has completed the previously announced acquisition of PetroCom. Headquartered in New Orleans, PetroCom is a leading cellular carrier in the Gulf of Mexico and a full-service telecommunications solutions provider for the offshore industry. Last year H.I.G., through its Bayside Capital affiliate, acquired Sola Communications, a leader in the delivery of telecommunications related services for the offshore oil and gas and emergency services markets. In connection with its acquisition of PetroCom, H.I.G. also obtained regulatory approval to combine the PetroCom and Sola businesses. PetroCom is the fifth Gulf area company in which H.I.G. has invested in the past few years.
Teekay and TORM Complete Acquisition of OMI
Teekay Corporation A/S Dampskibsselskabet TORM and OMI Corporation announced the completion of Teekay and TORM's acquisition of OMI through their jointly owned subsidiary, Omaha, Inc. (Omaha). As a result of the acquisition, all the remaining outstanding OMI shares (other than shares owned by Teekay, TORM or Omaha, or any of their respective subsidiaries) were cancelled and converted into the right to receive $29.25 per share, net to the seller in cash without interest, less any required withholding taxes. Effective as of the close of business today, OMI's shares are no longer traded on the New York Stock Exchange. As a result of the acquisition, the previously announced annual meeting of OMI shareholders, scheduled to be held on June 28, 2007, has been cancelled.
Baltic Trading to Buy Two More Ultramax Bulkers
Baltic Trading Limited continues to execute its growth strategy with the exercise of its option to acquire two additional Ultramax newbuildings. The two option vessels, which will have the same specifications and purchase price as the Ultramax newbuildings Baltic Trading previously agreed to acquire, are expected to be delivered to Baltic Trading during the second and third quarters of 2015. John C. Wobensmith, President and Chief Financial Officer, commented, "Management's strategic…
W&O Supply Completes Acquisition of A-T Controls
W&O Supply a distributor of marine valves, pipe, fittings, engineered and automated valve systems, has completed the acquisition of A-T Controls Inc., a ball valve and automation supplier. Based in Cincinnati, Ohio, A-T Controls designs, develops and manufactures valves, actuators and valve control products including manual ball valves and automated ball valve packages; actuators for the automation of all forms of valves; positioners for precise modulating control; and valve control accessories including gearboxes and overrides, block and bleed valves, dribble control systems, lock-up valves, flow and speed control, dome indicators, filter/regulators and more. A-T Controls is Certified to ANSI / ISO / ASQ Q9001 - 2000.
Keppel O&M Completes Acquisition
Keppel Offshore & Marine Ltd (Keppel O&M), the wholly owned subsidiary of Keppel Corporation Limited, has acquired from the PEM Setal Group the latter’s entire 17.25% interest in FELS Setal S.A. The cash consideration for the purchase is US$5 million. This was arrived at on a willing buyer and willing seller basis taking into account the net assets of the company and existing contracts. With the acquisition, FELS Setal will become a wholly owned subsidiary of Keppel O&M, and will be renamed Keppel FELS Brazil SA. The sale by PEM Setal is due to PEM Setal’s restructuring programme for its group of companies. Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialised shipbuilder.
Brunswick Acquires Lankhorst Taselaar
Brunswick Corporation said it has completed its acquisition of Lankhorst Taselaar, a marine parts and accessories distribution company based in the Netherlands and Germany. Lankhorst Taselaar will be integrated into Mercury Marine to augment the engine maker’s P&A business in Europe. “Lankhorst Taselaar bolsters and solidifies the distribution arm of our marine P&A business in Europe,” said Brunswick Chairman and Chief Executive Officer, Mark Schwabero. “As we have done in recent years with BLA in Australia and Payne’s Marine in Canada, Lankhorst Taselaar expands our reach and customer responsiveness in the global marine marketplace and offers us a larger footprint upon which to build in Europe.
Baltic Trading Snaps Up Bargain Price Capesize Bulkers
Baltic Trading Limited has has agreed to acquire two 179,185 dwt Capesize vessels for an aggregate purchase price of $103.0 million. The two vessels, built in 2012 and 2011 by Hyundai Heavy Industries, are expected to be delivered to Baltic Trading by the end of the fourth quarter of 2013. Upon completion of the acquisition, which is subject to the completion of customary documentation and closing conditions, Baltic Trading will own 13 drybulk vessels, consisting of four Capesize vessels, four Supramax vessels and five Handysize vessels with a total carrying capacity of approximately 1,095,000 dwt and an average age of approximately 3.6 years.
Nexans Acquires BE CableCon
French company Nexans has acquired a controlling interest in Denmark-based BE CableCon, which supplies cable kits to wind turbine companies. The acquisition is part of Nexans’ strategy aimed at reinforcing the Group’s portfolio of activities and accelerating its growth in the renewable energy segment. The acquisition is an illustration of the recently-announced “Paced for Growth” strategy aimed at developing Nexans’ business beyond manufacturing cables to provide customers with complete, fully-integrated cable services.
United Defense Completes Acquisition of United States Marine Repair
United Defense Industries announced that it has completed its acquisition of United States Marine Repair, Inc. for $316 million to expand its services for the U.S. Navy. United Defense financed the acquisition by amending its existing credit facility to borrow an additional $300 million, and using cash on hand for the balance. "This acquisition expands our vital mission to support the U.S. Navy with superior technology and services. It's also a strategic growth platform because Naval ship modernization is a national defense priority," said United Defense President and Chief Executive Officer Tom Rabaut. Rabaut reiterated that he expects the acquisition to be accretive to earnings in the second half of 2002 in the range of approximately 5 to 10 percent annually.
Wärtsilä Acquires L-3 MSI
Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems International (MSI) has been finalized and control of the company will be transferred to Wärtsilä with effect from June 1, 2015. In December 2014, Wärtsilä announced that agreement had been reached to acquire MSI from NYSE-listed L-3 Communications Holdings Inc. using financing from existing cash resources and credit facilities. The transaction is valued at MEUR 285 (enterprise value). After estimated adjustments of cash, working capital, and pension liabilities, the purchase price is estimated to be MEUR 295. The final purchase price will be determined based on closing accounts. The acquisition received Korean merger control clearance in March and EU clearance in April.
Clarksons Post Robust 2H Performance
Clarkson PLC, world’s leading shipping services group, reported robust performance during the six months ended 30th June 2015. Andi Case, Chief executive, commented, “The multi-cyclical and volatile nature of our markets has once again been demonstrated by the sudden shift in oil and other commodity prices, giving rise to a consequential change in the demand supply balance in many markets. Across our broking and banking businesses, this backdrop has created both opportunities and challenges.
Acteon Completes Acquisitions
Acteon has completed the acquisition of three companies from the Aberdeen-based Craig Group. They are Seatronics, International Mooring Systems (IMS) and Chain Corporation International (ChainCo). David Currie will continue to lead Seatronics; and Alan Duncan will head IMS and ChainCo. Both will report to Acteon Vice President Bernhard Bruggaier. The activities of IMS and ChainCo are very much in line with existing Acteon companies InterMoor and Trident – the two new companies will considerably improve Acteon’s overall offering in the moorings market. As a whole, InterMoor and IMS together will possess the world’s largest inventory of mooring equipment available for rental. The acquisition of Seatronics provides an entry for Acteon into the advanced marine survey sector.
Cal Dive Completes Acquisition of Horizon
Cal Dive International, Inc. announced has completed its acquisition of Horizon Offshore following approval by Horizon's shareholders on December 10, 2007. As a result of the acquisition, each share of Horizon common stock has been converted into the right to receive $9.25 in cash and 0.625 shares of Cal Dive common stock. Information regarding the exchange of share certificates will be sent to Horizon shareholders as soon as practicable. The cash portion of the acquisition is being funded through a $375msenior secured term loan A facility which amortizes $20 million per quarter commencing on June 30, 2008. Interest floats at LIBOR plus 225 basis points and the facility is prepayable without penalty.
Nordic American Tankers Acquires Scandic American Shares
Nordic American Tankers Ltd. ("NAT") Completes Acquisition of Scandic American Shipping Ltd., the Business Manager of NAT. On December 17, 2012 NAT (NYSE: NAT) announced that it had acquired 100% of the shares of Scandic American Shipping Ltd. ("Scandic"), its management company since 2004. This transaction has now been completed. The Company acquired Scandic from a company controlled by Herbjørn Hansson, NAT's Chairman and CEO, and his closest family. As part of the consideration payable to the seller, the Company issued an aggregate of 1,910,112 common shares of the Company, which are subject to a one-year lock up agreement. Following this transaction, Mr. Hansson and members of his family own about 5.6% or 3.1 million shares of the Company's outstanding shares. Mr.
Northstar Electronics Finalises Echotec Takeover
Northstar Electronics, Inc is announcing today that they have completed the acquisition of Echotec Sonar, which is now a wholly owned subsidiary of the company. Terms of the deal fall in line with previous announcements and will be fully disclosed in regulatory filings. With Echotec now being the cornerstone entity of Northstar Electronics, the company plans to aggressively develop sonar systems needed by the defense, Homeland Security, commercial shipping, cruise ship and commercial fishing sectors. As well, Echotec will pursue contract opportunities to design, develop and build systems for particular projects in North America and internationally. Northstar will now be seeking new partners for joint developments, projects and for funding.
GMMOS Stanford Marine Acquires MMPL
UAE based GMMOS Group, backed by Abraaj Capital and Waha Capital, has acquired 100% of the share capital of Minnow Marine Projects Limited (MMPL) through its newly formed Singapore based division Stanford Asia. MMPL founder and CEO Robin Reeves will remain actively involved in the further development of the combined group as head of Stanford Asia. According to Elias Nassif, CEO of GMMOS Group, Stanford plans to make additional acquisitions in the OSV sector while expanding its geographic presence in 2010 with new regional offices in India and West Africa. MMPL's fleet of offshore support vessels (OSV) comprising four Platform Supply Vessels (PSV) and six Multirole Utility Vessels (MUV) valued in excess of $200m…