Seadrill Bondholders Propose Alternative Debt Restructuring
An unofficial committee of Seadrill's unsecured bondholders has submitted a binding alternative proposal for the company's restructuring, two sources familiar with the proposal told Reuters on Tuesday. Norwegian-born billionaire John Fredriksen and a group of hedge funds proposed on Sept. 12 to invest $1.06 billion via new equity and secured debt to restructure indebted Seadrill, once the largest drilling rig operator by market value. "Total investments (in the alternative plan) are on par with the official restructuring proposal, but it's not a copy paste.
NAT Announces Public Offering of USD 100mln
Nordic American Tankers (NAT) announced an underwritten public offering of $100 million of its common shares pursuant to the Company’s effective shelf registration statement. At the Company’s request, the underwriters have reserved for sale an aggregate of approximately $1.2 million of its common shares for certain members of the Company’s board of directors, management and advisors, which includes approximately $1.0 million to be purchased by the Company’s Chairman and Chief Executive Officer and his immediate family.
Eagle Bulk Completes $265 Mln Refinancing
Eagle Bulk Shipping, through its wholly-owned subsidiaries Eagle Bulk Shipco and Eagle Shipping LLC, has entered into a series of refinancing transactions, including the repayment in full of Eagle Shipping’s outstanding first and second lien credit facilities, each dated as of March 30, 2016. As a result of these transactions, the company has extended the maturities of the outstanding debt of its subsidiaries through 2022 and achieved additional financial flexibility with respect to its free cash flow.
New CEO Takes the Helm at Intermarine
Project, breakbulk and heavylift cargo transporter Intermarine, LLC said its president and CEO, Al Stanley, has stepped down to pursue other opportunities. Stanley was succeeded by Andre Grikitis, who assumed the role of President & CEO of Intermarine, LLC and Industrial Maritime Carriers, LLC and is responsible for the international flag services. Additionally, Will Terrill has assumed the role of president and CEO of US Ocean, LLC and is responsible for the company’s U.S. Flag services.
Frasher Takes Head of Helm at American Commercial
Stephen A. Frasher has been appointed president and CEO of American Commercial Barge Line LLC as well as CEO of Jeffboat LLC, Louisiana Dock Company LLC and American Commercial Terminals LLC. With 31 years of experience in the transportation industry, most recently as president and CEO of Tidewater Holdings, Frasher’s hiring is part of a management transition plan for the retirement of Michael C. Hagen, who plans to step down at the end of October.
Bollinger Gets Safety Awards from SCA & NSC
Bollinger Shipyards, Inc. has received awards for Excellence in Safety, Improvements in Safety, and Occupational Safety awards from two industry groups. The Award for Excellence in Safety and the Award for Improvement in Safety for 2009 were presented to Bollinger by the Shipbuilders Council of America (SCA). The awards were received during the association’s April 26-28, 2010 general membership meeting held in Washington, D.C. The Award for Excellence in Safety is given to member companies who have an end-of-year Total Recordable Incident Rate (TRIR) that is below the average SCA rate.
Intelsat Proposes Public Offering of Common Shares
Intelsat Global Holdings S.A. announced that it has commenced the distribution of preliminary prospectuses in anticipation of its proposed initial public offering of 21,739,130 common shares and proposed concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the "Series A preferred shares"). The offerings are being made pursuant to a registration statement on Form F-1 filed with the Securities and Exchange Commission. The company has granted the underwriters in the initial public offering of common shares a 30-day option to purchase up to an additional 3,260,869 common shares. The company has granted the underwriters in the public offering of Series A preferred shares a 30-day option to purchase up to an additional 450…
Maritime Safety Awards Announced
On July 29, 2013, The American Equity Underwriters, Inc. (AEU) presented the 2012 Safety Awards at the annual American Longshore Mutual Association (ALMA) Conference in Punta Cana, Dominican Republic, where Coach Gene Stallings was the keynote speaker. The awards are given each year to the best performing ALMA members nationwide and are based on the number of accidents and the severity of accidents for the calendar year. The award is an acknowledgement that these companies are leaders in the most important aspect of business operations - protecting employees from injury or death.
ABS Elects New Council and Committee Members
• Angeliki N. • Michael Wyllie, Offshore Energy Development Corporation/SBM Offshore N.V. • William T. • Capt. • Dr. Bo Cerup-Simonsen, A.P. • Joseph J. • Soli Engineer, Executive Director, Great Offshore Ltd. • RADM Philip H. Greene, Jr., Superintendent, U.S. • Hiroshi Kato, President, Toyo Shipping Line Co., Ltd. • Naresh Kumar, Chairman & Managing Director, Deepwater Drilling & Industries Ltd. • Lee, Jai-Seong, President & CEO, Hyundai Heavy Industries Co., Ltd. • VADM H. S. Malhi, AVSM, VSM, Chairman & Managing Director, Mazagon Dock Ltd. • John “Jack” D. • Ted C. • Capt.
Babcock & Brown to Acquire Bluewater Wind
International investment firm Babcock & Brown (ASX: BNB - News), announced it has entered into a definitive agreement to acquire Bluewater Wind Delaware LLC and its parent holding companies, including Bluewater Offshore Holdings LLC and Bluewater Wind Holdings, LLC, in an effort to expand its portfolio of wind energy projects and contribute to its goal of developing offshore wind. Hunter Armistead, head of Babcock & Brown's North American Energy Development Group added that Bluewater will continue with negotiations with Delmarva Power toward executing a Power Purchase Agreement (PPA), in a process that is being overseen by the Delaware Public Service Commission and three state agencies. [Source: PRNewswire]
GEA Westfalia Separator Signs With Separator Spares & Equipment, LLC
Separator Spares & Equipment, LLC announced an authorized distributor agreement with GEA Mechanical Equipment US, Inc. (GEA Westfalia Separator Division) for the Gulf Coast region. Effective immediately, Separator Spares & Equipment, LLC will be providing GEA Westfalia high-speed separator equipment, spare parts, and support throughout the Gulf Coast region. This strategic alliance will provide GEA Westfalia Separator’s customers a local representative on the Gulf Coast. “I’m extremely excited about working with GEA Westfalia. This agreement gives us a solid partner in providing solutions for our customer’s purification needs.” said Mervyn LeBlanc, Director of Separator Spares & Equipment, LLC.
The Return of U.S. Underwater Services
Benford Capital Partners LLC and Coppermine Capital LLC acquired the assets of Neptune Underwater Services (USA) LLC, the U.S. diving business of Neptune Marine Services Limited (“Neptune”), in a newly-formed entity, called U.S. Benford Capital and Coppermine, in partnership with the Company’s management team, are acquiring the business for the second time, after selling it to Neptune in 2007. The name U.S. Underwater Services, the Company’s brand prior to Neptune’s involvement, was chosen to capitalize on its t reputation for quality, service and reliability. Based in Mansfield, Texas, and operating out of a 50,000 square-foot facility, U.S.
Hercules Offshore Acquires Two Jack-up Rigs
Hercules Offshore, LLC, a leading jack-up drilling and liftboat contractor in the Gulf of Mexico, announced today the acquisition of two jack-up rigs in separate transactions. On January 4, 2005, Hercules Drilling Company LLC, a subsidiary of Hercules Offshore, LLC, completed the acquisition of Rig 25J from Parker Drilling Offshore USA, LLC, a subsidiary of Parker Drilling Company. Rig 25J is an independent leg cantilever jack-up capable working in water depths of 200 feet. On January 13, 2005, Hercules Drilling Company completed the acquisition of the Odin Victory from Porterhouse Offshore L.P. The Odin Victory is a mat- supported jack-up capable of working in water depths of 250 feet.
TY President John Dane lll Workboat Show 2012 Keynote Speaker
John Dane III, President and CEO of TY Offshore, LLC & Trinity Yachts, LLC delivers 'Shipyard Day' show keynote speach. The show's 'Shipyard Day' keynote address is from John Dane III, President and CEO of TY Offshore, LLC and Trinity Yachts, LLC, during the 2012 International Workboat Show in New Orleans, Louisiana. John Dane's TY Offshore, currently builds offshore supply vessels, patrol craft, tug boats, oil skimmers and inland oil tank barges, while Trinity Yachts is one of the world's leading builders of megayachts to 330 feet. Both Trinity companies share two shipyards—in Gulfport, Mississippi and New Orleans, Louisiana—and employ 650 personnel and 200 subcontractors.
Horizon Lines of Guam to Begin Micronesia Service
Horizon Lines, LLC initiated a new service to the Federated States of Micronesia and the Republic of Palau under the carrier's subsidiary company, Horizon Lines of Guam, LLC. The new service starts January 15th. Horizon Lines of Guam offers through bills of lading for service between Chuuk, Pohnpei, Kosrae, Yap and Palau and the United States. Shipments between the U.S. and Guam, Tinian and Rota will continue to be booked with Horizon Lines, LLC. The new offering will utilize Horizon Lines, LLC vessels for service between U.S. mainland ports and Guam. FSM Line will provide service between Guam and Chuuk, Pohnpei and Kosrae and Western Pacific Shipping for service between Guam and Yap and Palau.
ZF Marine Names New Segment Manger
ZF Marine has appointed Tim McFarland as Aftermarket Segment Manager. McFarland joined ZF Marine LLC in 1997 as an Inside Technical Representative and most recently was Senior Aftermarket Center Manager. In his new position McFarland will have full responsibility for ZF Marine LLC’s parts and service business in North and Central America, and the . He will also oversee the operation of ZF Marine LLC’s nine wholly owned service facilities that provide ZF component factory support for vessel operators throughout the , including and . McFarland replaces Gary Nelson, who will retire from ZF Marine LLC at the end of 2008. Currently based at ZF Marine’s , , service facility, McFarland will relocate to the headquarters.
Terra-Marine Security Ops from Yemen
In late January of 2009, HP Terra-Marine International, LLC, sister company of HollowPoint Protective Services, LLC, successfully established a firm agreement and licensing from the Yemen government. As a result, HP Terra-Marine International, LLC, is now operating from several strategic Yemeni ports along the Gulf of Aden and Red Sea. These bases in Yemen allow the company to provide professional armed security personnel for onboard vessel security through the east-west route in the Gulf of Aden. HP Terra-Marine International, LLC, now provides transport by boat of security personnel to and from the client’s vessel offshore from the company’s ports of operation. (www.hollowpointprotection.com)
Amsec Wins Navy Contract
Northrop Grumman Corporation (NYSE:NOC) subsidiary Amsec LLC has been awarded a contract by the U.S. Navy for Shipyard, Ship Alteration Installation and Marine/Mechanical Engineering Design Services. Amsec LLC, a wholly-owned subsidiary of Northrop Grumman Shipbuilding sector, is a full-service provider of engineering, logistics and technical support services to the U.S. Navy and maritime industry. "This contract is an important win for Amsec LLC and continues 28 years of ship alteration and engineering support with Norfolk Naval Shipyard," said Harris Leonard, vice president of Northrop Grumman Shipbuilding. Amsec LLC was one of several contractors awarded an indefinite-delivery, indefinite-quantity, cost plus fixed fee contract with provisions for firm fixed pricing.
NAO Exercises Option to Purchase Shares
Nordic American Offshore Ltd. additional 882,352 common shares. The sale of these common shares isexpected to close on June 26, 2014. After the exercise of the overallotment option, there are 23,431,370 shares in issue in NAO. The total capital inflow into NAO from the Initial Public Offering and the exercise of the overallotment is in total about $100m. The company intends to use the net proceeds of this offering for acquisitions and general corporate purposes, including working capital. Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and DNB Markets, Inc. are acting as joint book-running managers. In addition, Global Hunter Securities, LLC is acting as a co-manager for the initial public offering.
GIA Wins in Admiralty Proceedings
Clasis LLC has successfully gained costs for the arrest, appraisement and sale of a vessel for client GOH IGS Automation Pte Ltd (GIA). GIA was being represented by Clasis LLC in relation to monies due and owing to them in the High Court of Singapore. GIA supplied materials to Varada One Pte Ltd vessel, Varada Lalima, for its operation and maintenance and as a result of the Defendant's failure to reply to GIA's demand for payment, GIA instructed Clasis LLC to commence admiralty proceedings.
14 Appointed to NOIA Board
The National Ocean Industries Association (NOIA) elected 14 industry leaders to its Board of Directors on April 21, 2016 during its Annual Meeting in Washington, DC. Gary Luquette, President and Chief Executive Officer, Franks International, N.V. Kirk Meche, President and Chief Executive Officer, Gulf Island Fabrication, Inc. Richard Morrison, Regional President Gulf of Mexico, BP America, Inc. W. Matt Ralls, Executive Chairman, Rowan Companies, Inc. Jeff Platt, President and Chief Executive Officer, Tidewater, Inc.
ZF Marine LLC Announces Personnel Changes
Roland “Bubba” Benoit – Account Manager, Commercial Craft. Roland’s years of experience as a technician with ZF Marine at our St. Rose, La. facility will serve him well as he works with fleet operators to expand ZF’s presence into the Texas Gulf and Inland River territories. Roland’s appointment reinforces ZF’s commitment to the workboat propulsion market in this region. Jay Denckla – Account Manager, West Coast. Jay, a long time Mathers and ZF Marine Electronics employee moves over to ZF Marine LLC. Jay’s intimate knowledge of electronic controls and thruster systems is going to be a great asset in working with Pleasure Craft customers on complete propulsion system solutions from ZF Marine. Josh Foster – Technical Representative.
MARAD: $10m in Small Shipyard Grants Awarded
U.S. Transportation Secretary Ray LaHood announced $9.98 million in grants to 13 small shipyards throughout the United States to help modernize facilities, increase productivity, and help make the country’s small shipyards more competitive in the global marketplace. “These grants will help improve our ability to build and repair ships in the United States, strengthening our economy and helping position these small businesses and shipyard workers to be better prepared to win the future,” said Secretary LaHood. The U.S Maritime Administration’s (MARAD) Small Shipyard Grants Program provides money to help this vital segment of America’s maritime industry invest in production equipment…