Cairncross Shipyard Taken Over
Ernst and Young reported that Cairncross Shipyard in Brisbane - reportedly the largest ship repair facility in the Southern Hemisphere - was taken control of by unlisted Australian company Forgacs Engineering Pty Ltd.
Foss Names Sumner CFO
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.
European Offshore Wind: Financiers Can Invest, But ...
The offshore wind industry needs between EUR90 and EUR123 billion by 2020 to meet its 40 GW target , and equity and debt providers are willing to invest, but they fear regulatory instability considers the the European Wind Energy Association (EWEA). What's blocking the needed investment is the uncertainty caused by changing regulatory frameworks, not least in the two largest markets, the UK and Germany, an independent survey of the financial community shows. By undermining investment stability…
Bibby Offshore Recapitalization Completed
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.
Stelmar Selects Ernst & Young as Auditor
Stelmar Shipping Ltd. announced that the Company's Audit Committee, in consultation with the Board of Directors, has selected Ernst & Young as its new independent auditor. Stelmar does not expect this change to affect the filing of any of the Company's financial statements. Peter R. Goodfellow, CEO and president commented, "The selection of Ernst & Young follows a thorough search and evaluation process of several independent auditing firms. The audit committee, which consists of three non-executive directors, concluded that Ernst & Young LLP would bring the appropriate combination of skill and attention to the auditing effort. In keeping with best practices in corporate governance, Ernst & Young will only provide auditing related services to Stelmar."
Fleet Advantage CEO Finalist for Entrepreneur Award
Ernst & Young LLP has announced that Fleet Advantage's CEO John Flynn is a finalist in the "Emerging" category of the company's awards competition, Ernst & Young Entrepreneur Of The Year® 2011. The program recognizes entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. According to Ernst & Young, Flynn was selected as a finalist from nearly 100 nominations by a panel of independent judges.
Vallianz Acquires OER Holdings for $28m
Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte. Ltd. for $27.7 million (USD). Headquartered in Singapore, OER is a provider of manpower services to the offshore industry and has been supplying professional crew with proven experience in offshore work and related hospitality services to clients worldwide including Brunei, Indonesia, Malaysia, Vietnam, Thailand, India and Mexico.
Cape Town Venue for Recent ICOMIA Congress
After registration, delegates were taken on industry site visits to view rig designers, Southern Spars; large sailing-yacht builders, Southern Wind Shipyard, and the state-of-the-art facilities at Quantum Sails, which produce sails for multihulls and keelboats. Two more industry visits followed at catamaran builders Robertson and Caine and Two Oceans Marine. Congress commenced on Wednesday 18 April, and consisted of various committee meetings and the annual ICOMIA/IFBSO Joint Session was held on the Friday. The key note speakers were Michael Lalor of Ernst and Young, who spoke about the African market; Liesl Nel of Moorings, who gave a presentation on the global charter market…
MRG Promotes Sandaas to CFO
Marine Resources Group announced that Kirstin Sandaas has been promoted to Chief Financial Officer and Kevin Orstad has joined the company in the position of Group Controller. Sandaas joined MRG in the spring of 2004, and since that time has worked closely with the financial and operating divisions at the MRG group of companies. Her contributions include assisting in two corporate acquisitions, implementing an MRG-wide 401(k) program and assessing enterprise-wide systems solutions. Prior to joining MRG she held the position of Director of Finance at Sea Coast Towing. She served as Finance Manager at Optiva, makers of the sonicare toothbrush, working as an integral part of the team that helped sell the company to Philips Electronics.
TT Club Appoints Lewin as COO
TT Club, the transport and logistics industry's provider of insurance and related risk management services has appointed Colin Lewin as Chief Operating Officer, effective October 1, 2002. Lewin, currently Asia Pacific regional manager for TT Club, will take over the operational management of underwriting and claims in order to leave CEO Paul Neagle free to manage the strategic development of the business following its extensive planning initiative last year with Ernst and Young. Lewin has been involved in the insurance and transport industry for more than 20 years, joining TT managers Thomas Miller in 1986 after six years in various operational roles in the transport sector.
Cyberhawk CEO Shortlisted for EY Entrepreneur Award
Chief executive of Livingston-based Cyberhawk Innovations, Craig Roberts, has been shortlisted as a regional finalist in the 2016 EY (Ernst and Young) Entrepreneur of the Year Awards for Scotland. Formed in 2008, Cyberhawk has grown significantly to become the world leader in unmanned aerial vehicle (UAV) inspection and survey and in the conversion of drone captured data into powerful asset management information in the cloud. Craig was appointed in 2012 when the company decided an experienced CEO was required to build on its progress to date…
Ellicott Dredges Receives Four Awards
Ellicott Dredges, LLC-a unit of Ellicott Dredge Enterprises, LLC-and its management have recently received multiple awards from international and national organizations for its technical innovations, leadership in the dredging industry, organizational growth, and community contributions. Ernst & Young, one of the "Big Four" accounting firms, has announced that Ellicott Dredges' President Peter Bowe is the recipient of its 2009 "Entrepreneur of the Year" award for Maryland in the manufacturing category. An independent panel of seven judges selected Bowe from the nominee pool.
DP World Santos Appoints Dallas Hampton as New CEO
The Brazilian terminal DP World Santos will now be run by the new CEO Dallas Hampton, , an Australian executive with degrees in Business Administration, Logistics and Occupational Safety and with vast experience in the ports and logistics sectors. The modern private port terminals, situated on the left bank of the Port of Santos, announced that Ernst Schulze, who served as Chief Executive Officer for nearly six years, is stepping down to assume another opportunity at the DP World group.
Horizon Lines Elects New Directors
Horizon Lines, Inc. (NYSE: HRZ) announced that shareholders at the company's annual meeting yesterday elected three Class II directors and ratified the appointment of Horizon Lines' public accounting firm Ernst & Young LLP. Additionally, the Board of Directors re-elected Chief Executive Officer Charles G. Raymond as its Chairman. During the annual meeting, shareholders re-elected Class II directors Vern Clark and William J. Flynn, and elected Stephen H. Fraser as a new Class II director to succeed Dan A. Colussy, who retired from the board.
Ocean Rig Announces 2013 Shareholders Meeting Results
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.
Horizon Lines AGM Results
Horizon Lines, Inc. (NYSE: HRZ) announced that shareholders at the company's annual meeting today re-elected two Class III directors and ratified the appointment of Horizon Lines' public accounting firm Ernst & Young LLP. During the annual meeting, shareholders re-elected Class III directors Thomas P. Storrs and Bobby J. Griffin. Mr. Storrs has served as a director for the company since June 2007, and Mr. Griffin has served since June 2010. Additionally, shareholders ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 25, 2011. Shareholders also provided a non-binding…
Ceona Ship Goes to Court Appointed Administrator
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…
Ernst Russ Acquires Ships Financed by ABN AMRO
The Ernst Russ Group has successfully completed another transaction and acquired two container ships with capacities of 2,450 TEU and 2,785 TEU and an average age of just under 12 years. Global Transportation & Logistics provided financing to Ernst Russ. Purchase price for the two container ships is undisclosed. The transaction was structured and carried out by Ernst Russ Maritime Management GmbH & Co. KG as the maritime asset manager of the Ernst Russ Group. A company within the northern German maritime cluster has been given responsibility for the technical management of the ships.
HCI Capital Acquires Ernst Russ GmbH
HCI Capital AG acquires the long-established Hamburg shipping company Ernst Russ GmbH & Co. KG. The HCI Group, which early in 2016 already the majority of the shares of König & Cie. Group had taken, thus expanding again the controlled fleet and strengthen its maritime services division. This HCI consistently pursued the strategic positioning as an asset and investment manager with a maritime focus. The Ernst Russ GmbH & Co. KG is one of the oldest, internationally known Hamburg shipping companies and has existed since 1893.
GAC Bahrain now FAIMplus Certified
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.
Star Bulk Carriers AGM Approves Directorships, Auditors
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, held its Annual Meeting of Shareholders in Singapore recently. 1.The re-election of Mr. Petros Pappas and Mr. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK". Currently, Star Bulk has an operating fleet of thirteen dry bulk carriers.
Superior Energy President/CEO Wins Entrepreneurial Award
Superior Energy Services’ (Superior) President and CEO, David D. Dunlap, was honored as the 2013 Transformational CEO at the recent Ernst & Young Entrepreneur of the Year Awards Gala for the Gulf Coast Area. Dunlap joined Superior in 2010 and has helped to position the company for long-term growthby focusing on U.S. land expansion and international growth. Under Dunlap’s leadership, Superiorhas grown exponentially through a focus on exceeding customers’ expectations and strategic acquisitions…
Transocean Names Tonnel SVP & Controller
David A. Tonnel has been named Senior Vice President, Finance and Controller, and Principal Accounting Officer, effective March 1, 2012. Mr. Tonnel currently serves as the Senior Vice President of the Europe and Africa Unit. Prior to assuming this role in June 2009, Mr. Tonnel served as Vice President of Global Supply Chain since November 2008. Previously, Mr. Tonnel served in management and financial positions including Vice President of Integration and Process Improvement since 2007, Vice President and Controller since 2005 and Assistant Controller the prior two years. Mr. Tonnel served as Finance Manager, Asia and Australia Region, from 2000 to 2003 and as Controller, Nigeria, from 1999 to 2000. Prior to joining the company in 1996, Mr.