Ernst Young News

Indian Ports Association (IPA) has appointed Tech Mahindra as the Managed Service Provider for five major ports. This is the first such outsourcing deal in the major ports.Tech Mahindra will build and maintain an enterprise business system (EBS) to modernise and automate port processes at five Central government-owned port  at Mumbai ,Kolkata, Chennai, Deendayal Port  and Paradip Port Trust.This initiative is a major step towards integrating the maritime sector and fostering growth and development of major public sector ports in the country.Tech Mahindra is partnering with world class leading players like SAP, Envision, CISCO, Dell, RTCom and other major players.

Jesper Ridder Olsen is appointed new CFO of Maersk Drilling. The appointment follows the announce-ment of A.P. Moller – Maersk’s intention to pursue a demerger of Maersk Drilling via a listing on Nasdaq Copenhagen in 2019.With a long career in KPMG and Ernst & Young, Jesper Ridder Olsen has been involved in a number of capital market transactions, including IPOs, in addition to serving as auditor and advisor for large Danish companies, such as A.P. Moller – Maersk, ISS, Carlsberg and Danske Bank.As member of the Nordic Leadership in Ernst & Young from 2014 to 2016, Jesper Ridder Olsen was responsible for Strategic Growth Markets comprising among others Nordic IPO services.“Jesper brings with him in-depth knowledge of Maersk Drilling and more than 25 years of experience…

French offshore services provider Bourbon Corporation announced Thierry Hochoa has been appointed as Chief Financial Officer effective as of August 6. He reports directly to Gaël Bodénès, Chief Executive Officer of Bourbon Corporation.Hochoa replaces Astrid de Bréon who resigned from her position as Chief Financial Officer from July 11.A graduate of IAE Paris, ESCP Business School and also CPA, Hochoa began his career in 1994 as an external auditor at Arthur Andersen, then Ernst & Young (EY).

Diana Shipping announced that, effective August 1, 2018, the Company increased the size of its Board of Directors from nine to eleven members.The global shipping company specializing in the ownership of dry bulk vessels appointed Christos Glavanis to serve as a Class I Director and appointed Mr. Andreas Michalopoulos, the Company’s Chief Financial Officer and Treasurer, to serve as a Class III director, in each case effective August 1, 2018.The Board has determined that Glavanis is an “independent director” as such term is defined under the Securities Exchange Act of 1934, as amended, and the New York Stock Exchange Listing Manual.Christos Glavanis has over 30 years of experience in the audit profession…

BMT has appointed Anup Vittal as Managing Director in India.An aerospace and defense industry veteran, Anup has over 28 years’ experience working in both the private and government sectors. He joins BMT following his most recent role as an industry expert and external consultant with Ernst & Young and prior to this, as Managing Director and Member of the Board at Safran Engineering Services India.

Subsea services provider Bibby Offshore Holdings Limited said it has completed the recapitalization of its balance sheet announced on December 5, 2017. The agreement to recapitalize the balance sheet was approved January 10 by 98.7 percent of noteholders of the £175 million (approximately $243 million) 7.5 percent senior secured notes, and makes noteholders the new owners of the group. “The completion of the recapitalization will be transformational for Bibby Offshore and is a major milestone for our business,” said Howard Woodcock, chief executive of Bibby Offshore.

Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.

Roughly one in two Greek shipping companies (56 percent) would consider relocating their administrative bases abroad, according to the findings of an Ernst & Young study. The results of the study titled “Repositioning Greece as a Global Maritime Capital” warn of a possible exodus by the country’s shipping enterprises at a time when global maritime centers are interested in attracting Greek shipowners. The Greek shipping industry has weathered the storm and the Greek-owned fleet, with over than 5,272 vessels and a value approaching USD 86 billion, remains the largest in the world, in terms of tonnage capacity and has enhanced its dominant position in terms of value, in many of the sector’s segments. The shipping industry is by far the most extrovert sector of the Greek economy.

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, were appointed as joint and several provisional liquidators of S&E effect from 11 August.   An Extraordinary General Meeting of S&E and a meeting of the creditors of S&E are to be convened on 23 August 2017 to consider various matters relating to the liquidation of S&E, said a stock exchange annoucement.   Scott and English Energy Pte. Ltd. became a wholly-owned subsidiary of Swissco in July 2014.

UK Industry trade body Mersey Maritime has announced a new trade agreement with the Isle of Man Shipping Association (IOMSA) which aims to supercharge bilateral trade, particularly among small to medium sized businesses. The agreement was announced at a special reception during the International Festival of Business in Liverpool UK and has resulted from a series of discussions facilitated by the Isle of Man Ship Registry, which is an Executive Club member of Mersey Maritime, and other IoM based companies such as software engineer PDMS, both of which are also involved with IOMSA.

Project, breakbulk and heavylift cargo transporter Intermarine, LLC reports it has promoted Chad Call to Director of Corporate Finance. Call will continue to report to Michael Dumas, Executive Vice President and Chief Financial Officer. In this new role, Call will be responsible for managing the company’s banking relationships, corporate financial analysis, forecasting and financial reporting. Call joined Intermarine in 2010, where he previously served as Intermarine’s Manager of Financial Planning and Analysis.

UK offshore vessel owner  Subsea contractor Ceona has gone into administration, with the loss of 102 jobs. Ceona and Ceona Services (UK) Ltd have been hit by the depressed subsea market caused by the low price of Brent crude oil. The group – a heavy subsea engineering contractor operating in the deep water oil and gas market –  has ceased trading and 102 employees will be made redundant from the firm, which was headquartered in London but had offices in Aberdeen and Houston. Ceona provided engineering and project management services to deliver complex subsea construction and pipe laying projects, utilising a fleet of ships. The administrators now intend to take steps to market for sale the assets of the group, including the state-of-the-art flagship Ceona Amazon.

Banks sell Imtech Traffic & Infra; sale of Imtech Germany launched. The administrators and creditors of collapsed Dutch engineering services firm Royal Imtech pressed on with the forced sale of its businesses to raise funds to settle its bills. The sale of the German unit started on Tuesday, with insolvency administrator Peter-Alexander Borchardt saying he had already received more than 40 expressions of interest. Imtech Germany filed for insolvency on Aug. 6, and the parent company followed suit a week later, capping a long slide that began in 2013 after accounting irregularities were uncovered at its Polish and German operations. The group has since hastily sold operations representing 43 percent of its revenues.

Cost-cutting in Britain's North Sea oil and gas sector could lead to more acute skills shortages in future, industry experts have warned, with some expressing concerns that safety could be compromised. A plunge in crude prices over the last 12 months has prompted oil majors such as Royal Dutch Shell, BP , Chevron and ConocoPhillips to lay off hundreds of workers. Oil field services groups such as Amec Foster Wheeler , Wood Group and Petrofac are also in consultation with employees over job cuts.

The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term. Taylor and McEvoy assumed their positions at the NOIA Annual Meeting today in Washington, DC. Since 2007, Cindy has served as President and Chief Executive Officer of Oil States International, Inc., a publicly traded diversified oilfield services company headquartered in Houston. She also serves on the company’s board of directors, and has been NOIA’s Vice Chair for the 2014 -2015 term. “The oil and natural gas industry is tough and resilient. Since I first joined NOIA…

Wind power companies such as Vestas, Siemens and Dong need Europe's installed offshore capacity to more than double and costs to be cut by a fifth within five years to compete with other fuels, an industry report said on Tuesday. The Ernst & Young report described 2020 as a make-or-break year for the offshore wind power industry, which must install more than 20 gigawatts (GW) of capacity generating electricty for about 100 euros ($107) per megawatt-hour (MWh), against 140 euros now. "Failure to meet both these criteria will not see the offshore wind industry advance into 2030 and beyond," said the report issued on the first day of Europe's largest offshore wind conference in Copenhagen.

GAC Bahrain has secured the coveted FAIMplus certification for its international moving operations, after completing what is considered the most strenuous quality assessment in the industry. FAIM is an industry-leading standard for the logistics business, developed by FIDI Global Alliance. By assessing the international moving activities of logistics companies, the FIDI-FAIM accreditation provides a globally recognised common standard for service delivery. The 3.0 version of FAIMplus is the strictest yet - treating quality as a living platform that requires constant self-assessment. Verifiers Ernst & Young awarded the certification after a series of evaluations that were part of a three-year audit cycle that covered the fulfilment of prerequisites…

National Response Corporation (NRC) announced the completion of a deal which sees U.K.-based Sureclean Limited become part of the NRC group. NRC is a global provider of diversified environmental, industrial and emergency response solutions. Headquartered in Great River, New York, with regional offices throughout the U.S. and internationally, NRC has approximately 800 employees. Operating both in the U.K and internationally, Sureclean is a provider of specialty industrial and environmental solutions to the oil and gas, petrochemical, renewables, utilities, civil engineering and construction sectors. The company is headquartered in Alness, Scotland with additional offices in the Aberdeen area and employs a permanent staff of 135.

Teekay Corporation and Teekay Tankers Ltd. announced that Bruce Chan, Chief Executive Officer of Teekay Tankers and President of Teekay Tanker Services, has informed the Company of his intention to resign from his position effective June 20, 2014 after more than 18 years of service with the Company. Peter Evensen, Teekay's President and Chief Executive Officer stated, "Bruce Chan has been a dynamic contributor to Teekay's growth and evolution over the past 18 years. He led our conventional tanker business through one of the toughest periods in its history and positioned it for a strong recovery. We appreciate the work he has done to lead this business. Bruce Chan said, "I have truly enjoyed working as part of the executive team at Teekay during its many years of growth.

Maui Acquisition Corp, the parent corporation of The Safariland Group, has  announced the appointment of Christopher E. Kubasik to its Board of Directors effective immediately. In addition to serving on the Board, Mr. Kubasik will also serve as the Chairman of the Company’s Audit Committee. “We are pleased and excited to welcome someone of Chris’ caliber to our Board of Directors,” said Warren Kanders, Chairman and CEO of the Company. Mr. Kubasik added, “I am excited to join this…

Maui Acquisition Corp, the parent corporation of The Safariland Group, a global provider of a diverse range of safety and survivability products designed for the public safety, military, professional and outdoor markets has announced the appointment of Christopher E. Kubasik to its Board of Directors effective immediately. In addition to serving on the Board, Mr. Kubasik will also serve as the Chairman of the Company’s Audit Committee. “We are pleased and excited to welcome someone of Chris’ caliber to our Board of Directors,” said Warren Kanders, Chairman and CEO of the Company. Mr.

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced  the results of its 2013 Annual General Meeting of Shareholders. The following proposals were approved and adopted at the meeting:    The election of Messrs. Savvas D. Georghiades and Kyros Melas as Class C Directors to serve until the 2016 Annual General Meeting of Shareholders; and  the ratification of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2013.

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. 1. The election of Ms. Chryssoula Kandylidis and Mr. 2. the ratification of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2013. DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary…