Rolls-Royce Shares Jump as Commercial Marine Unit Sale Mulled
Britain's Rolls-Royce said on Wednesday it was considering the sale of its commercial marine business, which has been hit by weak demand in offshore oil and gas markets, as part of a restructuring of the company into three core units. Shares in the company jumped after it said the loss-making unit could be sold. They were trading up 7.2 percent at 1330 GMT. The announcement came as part of a restructuring of the aero-engine maker into civil aerospace, defence and power systems units, with naval marine and nuclear submarines consolidated into defence and civil nuclear into power systems.
Wheelabrator Group Announces New Ownership
Wheelabrator Group has announced new ownership. Mid Europa Partners (MEP), through its Emerging Europe Convergence Fund II, L.P. has completed the acquisition of all outstanding WG equity from an investment group led by Bard & Company. The Group will continue to pursue the action plan it developed over the last three years following its spin off from Veolia Environment. As a result of the new investment, Wheelabrator Group’s corporate functions (currently located in Golden, Colorado, USA), will transition to Altrincham over the course of the coming year.
New Owners for PD Ports
PD Ports, a UK ports & logistics business based in Middlesbrough, confirmed that it is under new ownership, following the sale of 100% of its equity to Canadian-based Brookfield Asset Management. The sale was part of a broader transaction with Babcock & Brown Infrastructure (BBI) in which Brookfield, as the cornerstone investor, led a recapitalisation of BBI. Brookfield has formed a new holding company Brookfield Ports (UK) Ltd to complete the purchase of PD Ports. BBI was the previous owner of PD Ports from early 2006 until now. (www.pdports.co.uk)
Aker Yards ASA International Financial Advisor Engaged
Following the announcement on October 23 regarding the new ownership situation in Aker Yards ASA the Board of Directors has decided to explore the company's strategic options. The Board has earlier announced that it has engaged Arctic Securities ASA as financial advisors, and has further engaged JP Morgan as the international financial advisor.
Aker Yards Sells Part of Merchant Biz
Aker Yards ASA sold 70 percent of the ownership in three of the yards within its business area Merchant Vessels to FLC West, a Russian owned investment company. When the deal is approved an consummated, Aker Yards will receive EUR 291.9 million from FLC West. Aker Yards ASA has three business areas; Cruise & Ferries, Offshore & Specialized Vessels and Merchant Vessels. The business area Merchant Vessels has shipyards in Florø, Norway, Nikolaev in Ukraine, and in Wismar and Warnemünde in Germany.
Mainstay Marine Looks Ahead Following Rebrand
South Wales maritime engineering company Mustang Marine has rebranded as Mainstay Marine Solutions. The Pembroke Dock based workboat, marine energy device and waterside infrastructure specialist has adopted a new name and corporate image following its first year under new ownership. The company, which was bought out of administration in May 2014 by a group of nine investors, said it has thrived under its new ownership and is on course to double its workforce compared to 12 months ago, increasing from 27 employees in June 2014 to 60 today.
KMY Wins Two-Ship Order From RCL
Kvaerner Masa Yards won a $1.09 billion contract to build two ships for Royal Caribbean Cruises (RCL). The Eagle-type cruise ships are scheduled to be ready for delivery in 2002 and 2003. "The intentional agreement has been signed under the conditions that the yard can finance construction of the ships," Kvaerner said. "Even though Kvaerner has decided to pull out of shipbuilding and concentrate its operations in other fields -- and the process to find a new ownership structure for Kvaerner Masa Yards is ongoing-- we welcome the deal," Kvaerner Chief Executive Kjell Almskog said. Almskog said the deal boosted the yard's current order book to 19.9 billion crowns from 10.8 billion crowns.
ENC Production Fast & Easy Way Demo at HYDRO 12
Germany's SevenCs to demonstrate Electronic Navigational Chart production & distribution at upcoming Rotterdam expo. The features of the product mainly focus on easy data production and effective validation of ENCs for Hydrographic Offices, Waterway Authorities, Ports, Pilots or Navies. With its new ENC Encryptor SevenCs is taking the usability of ENC data to the next level. Local ENC data can be safely distributed via permit protection without the need to provide data via a RENC. This way sensitive information can be protected and the use of up-to-date data is assured. During the workshop (November 12, 2012 at 15:00 in the Sun Room of the "SS ROTTERDAM") SevenCs will demonstrate the products; attendants will be given the opportunity to directly contact the SevenCs product experts.
Premier's S.S. OceanBreeze Sold To Imperial
Imperial Majesty Cruise Line purchased the S.S. OceanBreeze from Premier Cruise Lines, said President Arthur M. Pollack. The total value of the deal, including the purchase price and planned upgrades to the vessel, is in excess of $16 million. "The purchase of the OceanBreeze reaffirms our commitment to the short-term cruise concept and the South Florida market," said Pollack. The OceanBreeze began to sail under its new ownership on May 20. As soon as practical, Imperial Majesty plans to redesign the hotel, including all cabins and public areas, and will be upgrading all onboard services and activities to further enhance the guest experience. Upgrades will take place this fall, during the vessel's regularly scheduled annual maintenance.
FLC West Awaits Ukraine Approval
Aker Yards has not yet received confirmation from FLC West that they have received approval from Ukraine competition authorities for FLC's acquisition from Aker Yards of 70 percent of the shares in the subsidiary Aker Yards Ukraine Holding. Under the agreement which the two companies announced 25 March 2008, FLC West has the responsibility to apply for the necessary approvals for their new ownership. Based on the information Aker Yards has received in respect of FLC's applications, Aker Yards had expected clearance to be obtained and information to be received by now. Aker Yards has no knowledge of the reason for the apparent delay. Apart from the anti-trust clearance in Ukraine, all other preparations for closing are complete.
ChartCo Acquires Marine Position
ChartCo, a global supplier of maritime digital data and compliance services, has announced its acquisition of the Swedish environmental shipping technology expert business Marine Position. The transaction extends ChartCo's core product strategy of providing a centralized digital platform on board vessels which is linked to key shoreside activities. Marine Position AB is a global specialist provider of maritime environmental regulations and compliance covering international, national and local requirements.
MacGregor Acquires Rapp Marine
MacGregor, part of Cargotec, has signed an agreement to acquire Rapp Marine Group (RMG) in order to strengthen its offering for the fishery and research vessel segment. The enterprise value of the acquisition was approximately €16 million ($19 million). With RMG, MacGregor is able to expand upon its existing portfolio which already includes various deck handling equipment, such as cranes and booms, to now offer complete solutions with advanced winches and related control systems.
FGH’s Newfoundland Sector Under New Ownership
Friede Goldman Halter, Inc. (FGH) announced today it has sold the assets of Friede Goldman Newfoundland, the company’s Canadian subsidiary located in the province of Newfoundland and Labrador Canada, to Peter Kiewit Sons Co. Ltd.The transaction is part of the continuing effort to restructure the company and facilitate its emergence from Chapter 11 bankruptcy. Bob Shepherd, Executive vice president, administration of FGH, commented, “ The sale of the assets of FGN is in the best interests of the company as it emerges from Chapter 11 bankruptcy protection. The transaction allows the company to reduce outstanding obligations.”
Wilhelmsen and Wallenius to Merge
Wilhelmsen and Wallenius have signed a letter of intent to establish a new ownership structure for their jointly owned investments. The new entity, Wallenius Wilhelmsen Logistics ASA, will form a more efficient management structure and enable further synergies between the joint ventures. “The markets in which the jointly owned entities operate are going through rapid change and require a more agile and efficient business model. In addition to establishing a common owner and governance structure…
Genting HK to Buy Lloyd Werft Shipyard
Genting Hong Kong has agreed to acquire the Lloyd Werft shipyard in Bremerhaven, Germany, in a deal that will see the company invest €17.5 million for a 50 percent ownership of the land and 70 percent of the new build business. The acquisition remains subject to final purchase conditions. Genting, a corporation primarily involved in the cruise, hospitality, leisure and entertainment businesses, is the owner Star Cruises and a major shareholder in Norwegian Cruise Line. Earlier this year, the company spent $550 million to acquire Crystal Cruises from Nippon Yusen Kabushiki Kaisha.
Kockum Sonics Acquires LMI
Loadmaster International Inc. (LMI) announced a new ownership structure. LMI, with offices in both California and Malmö Sweden, was formerly owned jointly by Herbert Engineering Corp.(HEC) of Alameda, California and Xantic BV of The Hague Netherlands. to sole ownership as a subsidiary of Herbert Engineering Corp. Kockum Sonics Marine productlines consist of acoustic signal systems Tyfon“,levelgauging systems Levelmaster“, and LoadRite“ loading computer, all with strong positions on the market. Through the acquisition Kockum Sonics will be able to provide another very strong brand, LOADMASTER“ to the market and will fortify its position as a leading supplier of marine components and systems worldwide.
Marcon Sells 3,900BHP Tug Overseas
Marcon International, Inc. of Coupeville, Washington announced the sale of the 3,900BHP, U.S. flag twin screw tug Maria Brusco (ex-Ocean Service) from a U.S. owner to private overseas buyers for transfer to registry under foreign flag. The 127’ x 32’ x 14’ depth tug was originally built in 1967 by Burton Shipyard Inc. in Port Arthur, Texas as Hull 404 for International Bulk Transport of Wilmington, Delaware and operated for Sonat Marine of Philadelphia towing petroleum barges coastwise. The tug underwent a major reconstruction in 1987 under her previous ownership.
QE2 to Hoist Blue Peter Again
Dubai's QE 2 Holdings Ltd. chairman, His Excellency Khamis Juma Buamim, sets out his company's vision of a new life for the veteran cruise liner – as a hotel ship – in his speech to dignitories. Outlining the work that has been completed, the chairman provided details of the transfer of ownership of the vessel to a new entity called QE2 Shipping LLC, based out of & owned by Dubai & that all necessary registry documentation with the flag state on the ownership of the vessel had been completed.
AVIC International will Acquire Deltamarin
The majority of the shares of Deltamarin Ltd are to be sold to AVIC International Investments Limited, a publicly listed company on the Singapore Stock Exchange. After the closing of the acquisition, Deltamarin’s existing operations will continue as they are and the business will remain independent keeping the name and the brand of Deltamarin unchanged. The aim of the intended new ownership structure is to enable Deltamarin’s solid growth in the marine and offshore oil and gas markets. The new owner to be, AVIC International Investments Limited, is a part of the AVIC Group. Its parent company AVIC is a global Fortune 500 company with approximately 500,000 employees.
Wilhelmsen, Wallenius One Step Closer to Merger
Wilhelmsen and Wallenius have signed an agreement leading to a new ownership structure for their jointly owned investments in Wallenius Wilhelmsen Logistics, EUKOR Car Carriers and American Roll on Roll off Carrier. Signing the transaction agreement is an important milestone in the merger as announced in September,” says Jan Eyvin Wang, president and CEO of Wilh. Wilhelmsen ASA. “The final go ahead is pending approval from competition authorities and the respective entities’ shareholders.” Wilh.
Buyers Reach Agreement on Imtech Takeover
Pon Holdings and Parcom Capital announced they have agreed to buy Imtech Marine, the marine division of Dutch engineering services company Royal Imtech who has been declared bankrupt. No monetary figures have been shared. The final details of the takeover are yet to be worked out. Pon Holdings and Parcom Capital claim their advent as the new shareholders guarantees the continuity of Imtech Marine while also allowing the company to realize its growth ambition. The takeover creates peace of mind and security among employees, customers and suppliers, the buyers said in a press release. “We are extremely happy with Pon Holdings and Parcom Capital as the new ‘owners’ of Imtech Marine,” said René ten Brinke, Director Global Services of Imtech Marine.
Meercat Delivers First Workboat Under New Ownership
Meercat Workboats have delivered its first vessel under the umbrella of new owners Burgess Marine with the hand-over of a 14m. workboat to Scottish fish farming specialists Dawnfresh Farming. Meercat completed the steel build, named the Falls of Lora, at its facilities in Portchester, Hampshire, and the vessel is now in operation at Dawnfresh’s trout farming operation on Loch Etive, where it is being used for general fish farm maintenance with a particular focus on feeding operations.
Roekke Loses Bid To Win Full Control Of Aker
Norwegian billionaire Kjell Inge Roekke failed to win full control of industrial holding firm Aker RGI after a controversial buyout bid valuing the group at $1.16 billion. Roekke, who is chairman of Aker RGI and who already held two-thirds of the group after a raid last year, controlled almost 88 percent of Aker under a new buyout bid that expired on Sept. 10. The figure leaves Roekke just short of his goal of 90 percent control, the minimum needed under Norwegian law to force remaining shareholders to sell their stakes and delist the company from the Oslo bourse. Roekke, who made a fortune from fisheries and has extended his empire to Aker RGI…