Forest to Acquire Houston Exploration in $1.5b Deal
Forest Oil Corporation has entered into a definitive agreement to acquire 100 percent of the outstanding stock of The Houston Exploration Company in a stock and cash transaction totaling approximately $1.5 billion plus the assumption of net debt estimated to be $100 million at December 31, 2006. Forest Oil worked with JANA Partners LLC (JANA), the holder of 14.7% of the outstanding shares of Houston Ex, with the result that JANA on Sunday agreed to vote in favor of the transaction. JANA has also agreed not to propose any extraordinary transactions with Forest or to seek to influence the management or control of Forest for a year following the close of the transaction. The transaction positions Forest as one of the top independent onshore North American exploration and production companies.
Coalition Seeks to Block Alaska Oil, Gas Permit
A coalition of Native tribal governments, commercial fisherman and environmentalists has filed an administrative appeal to block a wastewater discharge permit for oil and gas operators in southern Alaska's Cook Inlet, Reuters reported. The appeal, filed in the Ninth Circuit Court of Appeals, challenges a general permit issued by the Environmental Protection Agency that allows established oil and gas production facilities to discharge wastes directly into the inlet's marine waters. The new permit, scheduled to go into effect on July 2, covers 16 offshore oil and gas platforms and three onshore facilities in Cook Inlet, said Dianne Soderlund, communications coordinator for EPA's Alaska oil and gas section.
ENSCO Rig Damaged in Blowout
ENSCO International Incorporated and Forest Oil Corporation reported that one of ENSCO's jackup rigs sustained extensive damage while operating in the Gulf of Mexico. ENSCO 51 was on location in Eugene Island Block 273 drilling a development well over a platform (the ``A'' platform) for its customer, Forest, the operator of the block. Eugene Island Block 273 is located approximately 75 miles offshore. Shortly after midnight on Thursday, March 1, approximately fifteen hours after running and cementing a third casing string at approximately 1650 feet, an annular flow was detected. The volume of the gas discharge continued to increase. All personnel were safely evacuated from the rig. Offshore supply vessels equipped with water cannons were dispatched and began to deluge the platform.
ENSCO Jackup Rig Damaged in Gas Blowout, Fire
ENSCO International Incorporated and Forest Oil Corporation reported that one of ENSCO’s jackup rigs sustained extensive damage while operating in the Gulf of Mexico. ENSCO 51 was on location in Eugene Island Block 273 drilling a development well over a platform (the “A” platform) for its customer, Forest, the operator of the block. Eugene Island Block 273 is located approximately 75 miles offshore. Shortly after midnight on Thursday, March 1, approximately 15 hours after running and cementing a third casing string at approximately 1,650 ft., an annular flow was detected. The volume of the gas discharge continued to increase. All personnel were safely evacuated from the rig. Offshore supply vessels equipped with water cannons were dispatched and began to deluge the platform.
India on Alert After Oil Spill in Sundarbans
Authorities on India's eastern coast are on alert after a tanker and another vessel collided, spilling more than 350,000 litres of furnace oil into the waters of the Sundarban tidal mangrove forests in neighbouring Bangladesh. "We are taking all precautionary measures," Pradeep Vyas, additional director of India's Sundarban Biosphere Reserve, told Reuters on Friday. The Indian Coast Guard and Border Security Force are both monitoring the situation, and boats are patrolling the rivers that connect the Sundarban region, which straddles the border between India and Bangladesh, he said. On Tuesday, an oil tanker carrying 358,000 litres of furnace oil and another vehicle crashed together.
Nigeria to Pursue peace in restive Oil-producing Delta Region
Nigeria's government will seek a lasting peace settlement with militants in the oil-producing southern Niger Delta region in 2017, President Muhammadu Buhari said in a New Year's message on Saturday. Attacks on oil facilities in Nigeria's energy hub, coupled with low oil prices, helped push Africa's biggest economy into recession - the first in 25 years - in the second quarter. Crude oil sales account for two-thirds of government revenue in the OPEC member country. Attacks by militants…
Forest Lines Names New Execs
Trans-Atlantic ocean vessel operator Forest Lines has elected James M. Baldwin, Jr. as executive vice president and named Ronald M. Ackerman assistant vice president, sales and marketing. Baldwin is a former chairman of the Board of Commissioners of the Port of New Orleans and President of the New Orleans Board of Trade. He currently serves on the board of the New Orleans Public Belt Railroad Commission. Ackerman joined Forest Lines in 1996 as assistant pricing manager and has served as marketing manager since 1997.
Investors Gamble Forest Preservation Will Pay Off in Carbon Markets
Some private investment companies are looking to profit from preserving forests in developing countries, betting that the emissions reductions can be sold in future carbon markets. London-based Permian Global said on the sidelines of U.N. climate talks in Peru this week that it will invest $100 million in projects to avoid deforestation in Latin American countries. Permian and other investment companies, such as Hong Kong-based InfiniteEARTH and Brazil's Biofilica, are hoping that a new U.N. climate change deal, due to be agreed in a year's time, will let forest-based offsets be used in compliance markets and traded internationally. That means emissions reductions from a project that prevents deforestation in Indonesia, for example, could be sold in Europe or in the United States.
Forest Promoted to Senior VP at Matson
Ronald J. Forest has been promoted to senior vice president of Matson Navigation Company, Inc. (Matson). The appointment was approved yesterday by the company's Board of Directors and announced by Matson President and CEO James S. Andrasick."This promotion is in recognition of the consistently strong performance Ron has delivered for the company in a number of challenging executive assignments," Andrasick said. "These posts have included area manager of both Northern and Southern California; president and chief executive officer of Matson Intermodal System, Inc.; and his current assignment as head of Matson's operations division."Forest's career in the industry spans 25 years and has included eight years with Matson, eight years with APL and nine years with United States Lines.
Forest Promoted to Senior VP at Matson
Ronald J. Forest has been promoted to senior vice president of Matson Navigation Company, Inc. (Matson). The appointment was approved yesterday by the company’s Board of Directors and announced by Matson President and CEO James S. Andrasick. Forest’s career in the industry spans 25 years and has included eight years with Matson, eight years with APL and nine years with United States Lines. His Matson career began in 1995 as operations manager, Southern California. He was promoted in 1996 to area manager, Northern California, and was made a vice president of Matson Navigation Company in 1998. That same year he assumed the responsibility of overseeing the company's labor relations and was later promoted to vice president, area manager, Southern California.
Panama Canal Emission Reduction Plan
ACP has signed a Technical Cooperation Agreement with the National Environmental Authority (ANAM) and the German Agency for International Cooperation to apply mechanisms that will reduce emissions in the Canal Watershed. The agreement aims to establish the terms and conditions for the design and implementation of a pilot program in the Panama Canal Watershed, compensation mechanisms for the sustainable management of forest resources that can be replicated nationwide, under the parameters of Reducing Emissions from Deforestation and Forest Degradation (REDD +). The REDD+ program focuses on the conservation of carbon reserves and also on the sustainable management of forests.
Coastal Land Preserved, Anniversary of Oil Spill
On the 15th anniversary of a million gallon oil spill that damaged the coastline of Puerto Rico, NOAA and partner organizations are celebrating the purchase of 152 acres to expand a coastal reserve near one of the areas hardest hit by the spill. NOAA, the commonwealth of Puerto Rico, and the Trust for Public Land announced that 152 acres east of San Juan have been added to the San Miguel Natural Reserve to help compensate the public for lost recreational beach use and injured natural resources for an extended period after the Berman Oil Spill on Jan. 7, 1994.
NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands
The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically found in the vicinity of the Singapore Botanic Gardens. Located in the upcoming Learning Forest extension, the restored 1.8 hectare forest wetland will enhance the biodiversity found there, and for the very first time, provide educational opportunities for the public to access and experience a freshwater forest wetland habitat, right in the heart of the city.
Gorthon Lines Sells Forest Product Carrier
Gorthon Lines has sold the forest-product carrier Stig Gorthon on private terms. Built in Sweden 1979, the vessel, which was delivered to its new owners on September 10, 2003, has a dwt of 8,670 mton.
Ultrapetrol to Refinance, Sells 7 Barges
In related recent announcements Ultrapetrol (Bahamas) says it intends to offer secured Notes, & has completed the sale of 7 barges. Business and Ocean Business), announced today its intention to offer to sell, subject to market and other conditions, $200.0 million aggregate principal amount of its senior secured notes due 2021. The company plans to use the net proceeds of the offering to fully refinance its existing $180 million aggregate principal amount of its senior notes due 2014, as well as for general corporate purposes. Secondly, the company announce the sale of of a further seven tank barges to a third party in Colombia who have exercised their option for these additional barges. The barges are scheduled for delivery at the end of 2013.
Ultrapetrol Regains Nasdaq Compliance
Transportation company Ultrapetrol (Bahamas) Ltd. regains compliance with the Nasdaq $1.00 per share minimum bid price requirement. Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for containers, grain and soya bean products, forest products, minerals, crude oil, petroleum, and refined petroleum products, as well as the offshore oil platform supply market with its extensive and diverse fleet of vessels. These include river barges and pushboats, platform supply vessels, tankers and two container feeder vessels.
d'Amico shipping Receives RINA Integrated Approval
Italian shipping group d'Amico di Navigazione has been awarded RINA's integrated environmental and business standards certification. The Italy-based classification society issued d'Amico with certifications of compliance to the ISO 9001:2000 and ISO 14001:1996 standards, in addition to the ISM certification granted by RINA in 1997. The certificate of compliance to the ISO 9001:2000 standard covers carriage of forest products, containers, solid bulk cargoes, liquid cargoes (oil and chemicals) with ships owned or chartered, and covers all the companies controlled by d'Amico. The environmental certification ISO 14001 applies to the oil tankers owned by the company.
News: Sarawak: Taking a Global Position
To many westerners the names Borneo and Sarawak conjure up images of jungle rivers and dugout canoes. While the jungle rivers remain, the dug out canoes have largely been replaced by modern steel ferries and tugs. The Malaysian province of Sarawak has gained considerable affluence over the past half century from its strong forest industry, but as is the case throughout much of the world, this is now in decline. But the forest industry created a maritime legacy in the many small shipyards that developed to build work boats for moving the logs and lumber to market. The skills and resources built up during the boom times in the forest industry have funded a number of newer shipyards and provided updated equipment to established yards.
Sinking Pacific Cargo Ship Crew Transferred to CG Cutter
Survivors of the sinking cargo ship 'Rich Forest' have been transferred safely from the AMVER rescuing ship 'C.S. Sunshine' to Coast Guard Cutter 'Sequoia'. The 500-foot cargo ship Rich Forest was abandoned by its 24 crew-members after the engine room flooded and were picked up from their liferaft by the AMVER participating vessel, C.S Sunshine. The US Coast Guard report that the C.S. Sunshine has now been released from the case and will continue its voyage to Japan. The Sequoia and the Coast Guard Cutter Assateague conducted a final visual assessment of the Rich Forest…
Gorthon Lines sells Forest Product Carrier
Gorthon Shipping International Bermuda, a wholly-owned subsidiary of Gorthon Lines AB, has sold the forest product carrier Humber Arm on private terms, after a crankshaft breakdown in the main engine. The vessel was built by Schichau Unterweser AG in 1976 and has a DWT of 7650 mton. The vessel was delivered to the new owners on July 6, 2004. For further information please contact CEO Lars Petersson, phn +46-42 172700. This press release was brought to you by Hugin Online, distributor of electronic press releases for companies listed on selected European stock exchanges. Address: http://www.huginonline.com/Sweden/GORTB
Old Navy Yard Revitalization Begins
Forest City Washington broke ground recently on The Yards, a 42-acre redevelopment on property that used be part of the Washington Navy Yard. The area, formerly called Southeast Federal Center, will be home to 2,700 residential units, 1.8 million square feet of office and retail space. D.C. officials estimate that the project will have 3,700 residents and add 7,700 jobs, which would generate $450 million in annual paychecks. The project will create a $42m public park on 5.5 acres fronting the Anacostia River. Forest City will construct the park, designed by M. Paul Friedberg and Partners. The park will be dedicated to the District upon completion. [Source: Washington Business Journal]
US Agents Move against Illegal Timber Imports from Amazon
U.S. agents searched the offices of a California-based wood importer this week as part of a broadening government crackdown on imports of illegally harvested timber, according to a previously unreported federal search warrant seen by Reuters. The Department of Homeland Security agents are probing whether privately held Global Plywood & Lumber Inc violated U.S. and Peruvian law by importing wood that officials say was taken from the Amazon without proper permits, according to the warrant filed in U.S. District Court for the Southern District of California in San Diego on Monday and executed on Tuesday. No charges have been brought against the company. A Homeland Security spokesman in Houston said the investigation was ongoing.
Chilean Wood Products Export to Shrink in 2016
Chilean forestry exports will total $5.3 billion by value in 2016, 3 percent less than last year, as supply has increased and the economies of key export markets remain sluggish, an industry body said on Tuesday. The Chilean Wood Corporation (Corma) said in a statement that exports in 2017 would remain steady or rise slightly to the $5.3 billion to $5.4 billion range. "The 3 percent fall in the total amount is due principally to declines in international prices for the principal forest products, while there has been an increase in exported volumes," Corma President Fernando Raga said in a statement. Corma predicted prices for long fiber products would begin to rise in the second half of 2017.