Indirect Subsidiary News

04 Feb 2020

Kongsberg Sells Subsidiary Hydroid to HII

Image: Kongsberg Maritime

Kongsberg Maritime AS has signed an agreement to sell its underwater technology subsidiary company Hydroid, Inc. for $350 million to shipbuilder Huntington Ingalls Industries (HII). In conjunction with the transaction, HII and Kongsberg Maritime are also establishing a strategic alliance to jointly market naval and maritime products and services to the U.S. government market and potentially to global markets.Kongsberg Maritime acquired Hydroid for USD 80 million in 2007 and is…

02 Feb 2020

Fugro, HC2 Divest Global Marine Group Stake

Image: Fugro

US-based financial services company HC2 Holdings and the Dutch multinational provider of geo-intelligence Fugro have sold offshore engineering specialist Global Marine Group (GMG) to private equity firm J.F. Lehman & Company for a sum of USD 250 million.HC2 holds 73% of Global Marine Group’s shares, while Fugro holds 23.6% of the shares. Through its ownership of 23.6% in GMG, Fugro will monetize the remainder of its non-core interest in GMG, which is expected to result in proceeds for Fugro of close to USD 40 million.Global Marine Group is made up of the three business units Global Marine…

01 Mar 2019

Yinson, First E&P in $902 Mln FPSO Deal

Image: Yinson Holdings Berhad

Malaysia’s floating production storage and offloading (FPSO) operator Yinson and Nigerian oil company First Exploration & Petroleum Development Company Ltd (First E&P) have executed a contract for an FPSO to be deployed offshore Nigeria.The contracts worth $901.79 million were entered into via its wholly-owned subsidiary Yinson Nepeta Production Ltd (YNPL) and indirect subsidiary Yinson Operations & Production West Africa Ltd (YOPWAL).The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised…

21 May 2017

Pacific Radiance, Allianz JV in Middle East

Photo: Pacific Radiance Group

Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement  with Allianz Offshore Middle East (AOME). According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz Radiance (ARPL). ARPL has been incorporated on the same date. AOME is a company incorporated in Saint Vincent and The Grenadines. Under the terms of the JV Agreement, COM and AOME respectively will hold 51% and 49% equity interest in ARPL, making ARPL as indirect subsidiary of the Company.

29 Nov 2016

ICTSI Opens Georgia-Ukraine Feeder Service

Photo:  ICTSI

Mediterranean Shipping Company (MSC) made its first port call in Batumi International Container Terminal (BICT) in Batumi, Georgia, marking the launch of Gioia-Ukraine & Georgia feeder service, says International Container Terminal Services, Inc.(ICTSI). “M/V Max Carrier made its first call to Batumi International Container Terminal (BICT) in Batumi, Georgia, marking the launch of the Mediterranean Shipping Company’s (MSC) Gioia -- Ukraine & Georgia feeder service,” ICTSI said in a statement.

05 Aug 2016

Vard Takes Control of Vard Promar, Brazil

Vard Production of hull sections for FINCANTIERI at Vard Tulcea. d Promar in Brazil. Photo Vaard

Vard Holdings Limited (VARD) has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15%. Vard Promar, previously held 50.5% by VARD’s wholly-owned subsidiary, Vard Group AS, and 49.5% by a local partner, PJMR Empreendimentos Ltda. (“PJMR”), is the newest shipyard asset in the VARD portfolio. Following the recent closure of the Vard Niterói shipyard, the Group will concentrate all its Brazilian shipbuilding activities on the new yard, located in the Suape industrial area, in the state of Pernambuco.

11 Nov 2015

Investment in Vard Tulcea SA

Photo Vard Tulcea SA

The Board of Directors of Vard Holdings Limited would like to announce that the Company has invested a total of NOK 0.027 million in its indirectly held subsidiary, Vard Tulcea SA (“Tulcea”), thereby increasing the shareholding in Tulcea to 100%. 99.996% of the shares in Tulcea are held by the Company’s indirect subsidiary, Vard RO Holding SRL, and 0.004% are held by its direct subsidiary, Vard Group AS. The investment marks the conclusion of a process started in 2011 whereby the Company over time has bought out minority interest in Tulcea.

04 Jul 2014

Moody's Rates Sovcomflot Ba2: Negative Financial Outlook

Tankship bridgefront: Photo courtesy of SCF

Moody's Investors Service says it has confirmed the Ba2 corporate family rating (CFR) and the Ba2-PD probability of default rating (PDR) of Sovcomflot JSC with $800 million of rated debt affected. Concurrently, Moody's has confirmed Sovcomflot's Ba3 senior unsecured issuer rating and the Ba3 senior unsecured rating assigned to the $800 million Eurobond issued by SCF Capital Limited, which is a 100% indirect subsidiary of Sovcomflot (Sovcomflot guarantees the Eurobond). The outlook on all ratings is negative.

03 Dec 2013

ARO and Foss Begin Joint Venture

AES' Nikiski Marine Terminal

ASRC Energy Services Response Operations, LLC, a leading offshore spill response operator in Alaska, and Foss Maritime Company, one of the nation's largest coastal tug and barge operators, have formed a joint venture to together pursue marine services opportunities throughout Alaska. The joint venture, called AES-Foss Marine, LLC, will be headquartered in Anchorage, Alaska. The venture will build upon the strengths of each company to provide marine services throughout the state.

19 Sep 2013

New Colombia Container Port to be Developed

Photo courtesy of Port of Aguadulce

International Container Terminal Services, Inc. ("ICTSI") and PSA International Pte. Ltd. ("PSA"), through their  subsidiaries, have signed an agreement to jointly develop, construct and operate the container port terminal and ancillary facilities located in the Peninsula of Aguadulce, Buenaventura, Valle del Cauca, Colombia. The agreement involves PSA´s investment in Sociedad Puerto Industrial Aguadulce S.A., an indirect subsidiary of ICTSI, which holds the 30-year concession for the Aguadulce Port Project granted by the Agencia Nacional de Infraestructura of Colombia.

23 May 2002

Rowan, El Paso and Canadian Superior Announce Contracting of Rowan Gorilla V

Rowan Companies, Inc., El Paso Oil & Gas Canada, Inc., an indirect subsidiary of El Paso Corporation, and Canadian Superior Energy Inc. announced the contracting of the Rowan Gorilla V for the initial drilling of El Paso's and Canadian Superior's Marquis Natural Gas Project Offshore Nova Scotia. "The Rowan Gorilla V is one of the largest jack-up drilling rigs operating in the world and in association with Canadian Superior, we are very pleased to see this contract awarded to Rowan," said Harvey Klingensmith, President of El Paso Canada. The Gorilla V is the first of a series of Super Gorilla class jack-ups capable of drilling and producing simultaneously in water depths up to 400 feet in harsh environments like offshore Eastern Canada.

17 Apr 2000

Calling All Mariners

Globalstar, L.P. brought its next-generation strategizing to fruition with the release of full commercial access of its mobile satellite service in the U.S. through its distributor Globalstar U.S.A. With the recent demise of Iridium, and ICO Global Communications' ongoing recovery from bankruptcy, Globalstar's entry into the market is seemingly ideal. Vessel owner/operators increasingly rely on state-of-the-art communication tools to ensure safe, efficient operations. Much as has transpired in consumer markets, the wider availability of communication technology — and subsequent drive-down of equipment and airtime pricing — fuels airtime usage.

01 Oct 1999

World's First Floating Resort Scheduled To Set Sail In 2001

The world's first ocean-going luxury resort is scheduled to be afloat late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder, company officials said. The vessel for the rich, dubbed The World of ResidenSea, was conceived four years ago by Norwegian cruise magnate Knut Kloster Jr. "After four years of an uphill struggle...we have finally made it," Henning Oeglaend, chairman of the board of ResidenSea, said at a ceremonial contract signing in Oslo with the ship's Norwegian-based builder, Fosen Mek. Verksteder AS. Flagging cruise line share prices, coupled with turmoil in the world financial market over the past few years prompted the firm to cut the size and cost of the ship to 40,000 tons at $350 million from an initial 86,000 tons at $545 million.

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