OMP Acquires Stake in TEN
The maritime and offshore energy institutional investor OMP is acquitting of US$35m of Series G Redeemable Convertible Perpetual Preferred Shares of the Greek shipping company Tsakos Energy Navigation (TEN) in a private placement.Watson Farley & Williams (WFW) is advising OMP in preferred stock transaction.The Series G Preferred Shares will participate on an as-converted basis in any dividends declared and paid on TEN’s common shares and will be convertible at any time on a three and one-third-for-one basis into TEN common shares.Within the first quarter of 2021…
Goliat Supply Vessel Connected to Shore Power
Vår Energi (formerly Eni Norge) and Norwegian shipowner Simon Møkster Shipping have completed the first phase of hybrid power conversion of the Stril Barents vessel, currently working as a supply vessel on the Goliat field in the Barents Sea offshore Norway.Stril Barents is a supply vessel for the Goliat platform in the Barents Sea, one of the oil fields on the Norwegian shelf with the lowest CO2 emissions."Through efficient and good cooperation, the first phase has been completed. The shore power connection has been tested and is now operational.
Aker Solutions Wins Jotun FEED Contract
The newly formed exploration and production (E&P) company Vår Energi is progressing the redevelopment of the Balder and Ringhorne area offshore Norway and a FEED contract for the Jotun FPSO life extension has now been signed with Aker Solutions.In total, about 20 billion NOK ($2.3 billion) will be invested in the redevelopment of the area, which includes the first NCS license area, PL 001 from 1965, said the largest independent E&P company on the Norwegian continental shelf (NCS).Part of the redevelopment, is the Balder X Project.
Verus Petroleum Mulls 12-Fold Production Growth
Aberdeen, UK-based Verus Petroleum has secured a 12-fold increase in its production – from 1,500 to 18,000 barrels per day in less than a year – with the closing of three recent acquisitions on the UK Continental Shelf.A press release from the petroleum exploration and production services provider said that it has recently completed three significant acquisitions; an interest in the Babbage gas field acquired from Premier Oil on 6th December, on the back of completing transactions…
Prosafe Appoints Interim Chairman of the Board
Prosafe, owner and operator of semi-submersible accommodation vessels, informs that its Chairman, Harald Espedal, has notified the company that he will step down from his position as Chairman and Director of the Board “for work load reasons”. Prosafe’s board has accepted the resignation and appointed Glen O. Rødland as interim Chairman of the Board. Rødland, currently a senior partner at HitecVision, has 25 years experience in shipping, oil and gas and other industries, with extensive experience as an analyst and in corporate finance.
Denmark's Promising Future
One of the world’s leading seafaring nations, Denmark has maritime roots stretching back more than 1,000 years. While its history is strong, the Danish market has its collective eyes squarely on the future. In its quest for continued relevance, it seeks to continue delivering innovative technologies, as well as championing green shipping and offshore initiatives. Denmark’s maritime sector fosters engineering expertise within shipping and offshore industries, as well as maritime and technological services.
Sortland Named CEO of Global Maritime Group
Global Maritime Group has appointed Peder Sortland as its first CEO. Sortland comes from the post of CEO at Apply ASA, and knows part of the group well from holding the position as chair of Global Maritime AS since April 2014. Before joining Apply in 2012, Sortland was chief executive of Ross Offshore and Subsea Technology Group. He has also managed the Norwegian unit of Subsea 7, and held the position as chair in Ocean Installer. He held a number of leading posts in the Statoil group from 1992-2010, covering upstream and downstream oil and gas activities both in Norway and internationally.
Norwegian Private Equity Firms Target North Sea
Cash-rich Norwegian private equity firms are eyeing up potential North Sea acquisitions, encouraged by proven management teams and reasonable market prices, claims a leading energy expert. Rosalie Chadwick, a partner in legal firm Pinsent Masons, believes the Scots-Nordic alliance will be strengthened in 2014, echoing a number of investments in recent months, but it won’t be one-way traffic. “There is an increased confidence by Norwegian investors in U.K. oil and gas assets,” explained Chadwick.
Reef Subsea Headed by New CEO
Reef Subsea today announced that it will undergo a strategic group-wide restructure. Duncan Macpherson, who previously held the role of Managing Director of Reef Subsea Norway, has been promoted as the CEO of Reef Subseawith the responsibility of implementing the new strategy. Reef Subsea offers a powerful combination of integrated subsea services to the oil and gas and offshore renewables markets. Over the past six months, Reef Subsea has launched a project based operation in West Africa, with two vessels now operating in the region.
Tidewater to Acquire Troms Offshore Supply
US Firm, Tidewater, agrees with HitecVision to purchase Norway's Troms offshore, including 5 large PSV's. Tidewater say that the acquisition of Troms Offshore, headquartered in Tromsø, Norway, will expand their global footprint into the Norwegian sector of the North Sea and supplement their experience and vessel fleet operating in harsh environments, including cold climates. The Troms Offshore-owned fleet is expected to include five large, modern and technically-advanced deepwater Platform Supply Vessels (PSVs) at closing. In addition, Troms Offshore has one additional deepwater PSV under construction at the VARD Aukra yard in Møre og Romsdal, Norway and an option to build a seventh vessel.
Deep Sea Mooring Acquired by HitecVision
HitecVision acquires 100% of Deep Sea Mooring, a subsidiary of Odfjell Drilling, a privately owned international drilling contractor. Deep Sea Mooring is a significant provider of rented mooring equipment, pre-lay mooring solutions and ancillary services to E&P companies and drilling rig operators on the Norwegian Continental Shelf. The company was established by Odfjell in 2008 as an in-house mooring service company and has become one of three providers of mooring rental equipment, pre-lay mooring solutions and ancillary services to E&P companies and drilling contractors operating on the Norwegian Continental Shelf. Deep Sea Mooring has an estimated 25 market share of the NCS mooring equipment rentals market, serving it through their locations in Mongstad and Kristiansund, Norway.
Freudenberg acquires Vector Technology Group
Freudenberg Oil & Gas expands its position and expertise in the upstream segment of the oil and gas market with innovator in offshore sealing solutions. Freudenberg Oil & Gas announced that on January 11, 2013, 100% of the shares of Vector Technology Group, a major global supplier of high integrity sealing solutions for the oil and gas industry, were acquired by parent company Freudenberg Group, headquartered in Weinheim, Germany. The shares were acquired from the private equity firm HitecVision headquartered in Stavanger, Norway.
COSCO Singapore Doubles Chinese Yard Investment
Singapore-listed Cosco Corporation subsidiary Cosco Shipyard Group increases its investment in the registered capital of 60%-owned Cosco Qidong Offshore, China. Cosco has increased its investment by RMB300-million to RMB600-million. The other investors in the yard have also doubled their investment at the fast growing offshore complex so the shareholding structure remains the same, reports SinoShip News. Eight days ago Cosco Qidong announced it had won a contract for a harsh environment semi-sub rig from Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is paying $200m for the rig for delivery in Q1 of 2015. Source: SinoShip News
Offshore Accommodation Rig Order for COSCO
COSCO Corp. (Singapore} subsidiary COSCO Qidong Offshore Co to build the accommodation rig for European joint venture company. The contract, valued at US$200-million.is for the construction of a harsh environment semi-submersible accommodation rig for Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision. Signatory of the contract was COSCO Qidong Offshore Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd Delivery is scheduled for the first quarter of 2015.
Semi-submersible Accommodation Rig Order for COSCO
COSCO Singapore Chinese subsidiary COSCO Qidong Offshore wins contract from Axis Offshore. The contract valued over US$200-million from Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is to build a harsh environment semi-submersible accommodation vessel. This rig will be built to Global Maritime’s design, GM500A and will provide accommodation for 500 persons. It will be equipped with a DP3 dynamic positioning system and is designed to operate in the harsh environment in the North Sea. The rig is scheduled for delivery in Q1 2015. The parties intend that the contract will be made effective within 3 months from the date of signing.
HitecVision Acquires Tampnet from Statoil
Statoil and HitecVision have signed an agreement under which HitecVision will acquire Statoil’s subsidiary Tampnet AS. Tampnet operates a large high capacity communication network between offshore installations. Established by Statoil in 2001, Tampnet has since grown to serve 34 oil and gas fields and carrying traffic for over 60 platforms operated by a multitude of oil companies. Pioneering the industry, Tampnet has developed a high capacity, resilient and low latency communication network of fibre backbone cables and radio links, serving both the Norwegian and the UK sector of the North Sea. Statoil’s core business is oil and gas production…
New Int’l Valve Group Created
Valco Group announced its entrance into the market for industrial valves. The new group, with revenues of about $100m in 2008, currently operates in the oil & gas, marine and energy & industry sectors. Valco Group has been formed from the Norwegian and French valve operations of the former Flowtech division of Technor Group. Valco Group, with its head office in Stavanger (Norway), has five operational units: The factory Westad Industri in Norway, the two French factories: Malbranque and SNRI…
Noble Denton Honored
Noble Denton Group has joined an elite group of British businesses as it secured 59th place in this year’s Sunday Times Deloitte Buyout Track 100 list. Now in its second year, the prestigious league table ranks Britain’s top 100 private equity-backed mid-market companies with the fastest growing profits (EBITDA) over two years. The research analyses the profit performance of private equity-backed companies, rather than just the buyout deals. Noble Denton is one of 12 energy firms on the list and achieved 39.9% annual profit growth in 2006. The company joined forces with two Norwegian private equity firms, HitecVision and Ferncliff TIH in the same year.