Private Equity News

10 Jul 2019

Maersk Firm to Buy Wind Turbine Supplier

file Image: an offshore wind farm (CREDIT Seimens)

A.P. Moller Holding, which controls Danish shipping giant A.P. Moller-Maersk will acquire Danish wind turbine supplier KK Group, it said on Wednesday, in a first step into the renewable energy industry.The acquisition marks a new direction for the family-owned company, which has built its business on the shipping and oil industry.The parties declined to disclose the price of the deal. A.P. Moller Holding will buy KK Group, whose main activities are through KK Wind Solutions, from…

24 Jun 2019

OP/ED: A Reassessment of the U.S. Marine Salvage Posture

Jim Elliott is President of the American Salvage Association and Chief Operating Officer of the Teichman Group of Companies.

It has been ten years since the U.S. Salvage and Marine Firefighting Regulations were published: Is it time for a reassessment of the U.S. marine salvage posture?In 1982, the National Research Council’s Committee on the National Salvage Posture prepared a study entitled, “Marine Salvage in the United States.” The goal of the report was “to assess the present national posture for coping with ship rescue salvage and towing situations for time-critical offshore salvage in general.”…

05 Jun 2019

Sentinel Secures Commitments for Offshore Crude Terminal

Adobestock / © Jose Gill

Sentinel Midstream LLC has secured shipper commitments needed to move forward on a proposed $1 billion crude export terminal off the Texas coast, the company's chief executive said on Wednesday.The firm's Texas GulfLink project is one of eight proposed U.S. deepwater export projects seeking to load supertankers that carry up to 2 million barrels of crude. Sentinel last week became the fifth to apply for federal permits.Sentinel's offshore facility could begin operations in early 2020 and load up to 2 million bpd from single-point mooring buoys in deepwaters 30 miles off Freeport…

21 May 2019

DSD Sells its Green Ferry to PE Consortium

Photo: Norled

The private Norwegian transport and shipping company Det Stavangerske Dampskibsselskap AS (DSD) has entered into an agreement to sell its ferry- and expressboat company Norled to a  private equity (PE) consortium owned jointly by the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management."In recent years, Norled has made significant improvements in many areas. The company has succeeded in combining good and stable operations with success in tender biddings and record-high financial results…

13 May 2019

Oakley Buys Two Maritime e-Learning Biz

Peter Dubens. Photo: Oakley Capital

Oakley Capital Investments Ltd has acquired majority stakes in two maritime e-learning providers from Norwegian private equity firm Herkules Private Equity Fund IV and US satellite company KVH Industries.Oakley, the private equity investment company contributed GBP25 million, through its Oakley Capital IV fund to buy the stakes in SG MidCo AS, also known as Seagull, and Videotel Marine Asia Ltd and Super Dragon Ltd, collectively known as Videotel.Over the past 40 years, Videotel…

06 May 2019

Interview: Dan Skjeldam, CEO, Hurtigruten

Hurtigruten’s CEO Dan Skjeldam: “bullish” about the expedition cruise sector’s prospects. Photo courtesy of Hurtigruten

Building on its 125-year heritage, Norwegian shipowner Hurtigruten has become a leader in exploration travel offering voyages to more than 200 unique destinations in more than 30 countries ranging across the globe from the Arctic to the Antarctic and including cruises in Norway, Greenland, Svalbard, Iceland, Western Europe, and the Americas. In an interview with Maritime Reporter and Engineering News, Dan Skjeldam, the company’s CEO, emphasizes the need for the cruise industry…

22 Apr 2019

BSOG Gets Approval in Offshore Romania

Image: Black Sea Oil & Gas

Romanian-based Black Sea Oil & Gas (BSOG), controlled by private equity firm Carlyle Group, said that it received approval from the Romanian government for the field development plan (FDP) for the Ana and Doina gas fields.The Ana and Doina gas fields make up the Midia Gas Development (MGD) Project, offshore Black Sea.The MGD Project, which is the 1st new offshore gas development project in the Romanian Black Sea to be built after 1989, consists of 5 offshore production wells (1…

16 Apr 2019

Ferretti's Owner Aims to List Yacht Maker

Photo courtesy of Ferretti Yachts

Chinese conglomerate Weichai Group, which owns a near 87 percent stake in Ferretti, plans to list the luxury yacht maker but has still to decide a timetable for the deal, the Italian firm's chief executive said on Tuesday."The listing is an opportunity," Ferretti CEO Alberto Galassi said. "Our Chinese investor sees it as a natural evolution of its investment."He added that the formal process for the initial public offering had not yet started, and that it could be difficult to complete the deal by year-end."It is up to shareholders to decide…

22 Mar 2019

Diamond S Shipping Taps Kilcullen as CFO

US-based tanker owner Diamond S Shipping Inc. said it has appointed Kevin M. Kilcullen as its new Chief Financial Officer.Kilcullen comes to Diamond S from Oslo-listed chemical and product tanker owner/operator Team Tankers International Ltd., where he served as CFO for three years. Prior to that, he was CFO at Principal Maritime LLC, a private equity backed owner of crude and chemical tankers.Diamond S Shipping Inc. expects to become an NYSE-listed company with the closing of its combination with the crude and product tanker business of Capital Product Partners L.P. later this month. The firm will own 16 crude and 52 refined product tankers.“The company is listing in the public market at a cyclically opportune time and is well positioned for future industry consolidation,” Kilcullen said.

05 Mar 2019

DFDS CEO Steps Down

(L-R) Niels Smedegaard, Torben Carlsen. Photos: DFDS

Danish international shipping and logistics company DFDS said that Niels Smedegaard, longtime CEO, will step down by the end of April. Current CFO Torben Carlsen will take over as new CEO.In close partnership with Niels Smedegaard, Torben Carlsen has been in-strumental in making DFDS a larger, stronger and more profitable company and will thus contribute to ensuring continuity in the development and op-eration of the company.Niels Smedegaard has been CEO of DFDS since 1 January 2007.Niels said: “My time at DFDS has been a fantastic journey…

26 Feb 2019

WiseTech Global Acquires Containerchain

Pic: WiseTech Global

Logistics software company WiseTech Global has announced its acquisition of Singaporean supply chain tracking and management software firm Containerchain.Based in Singapore, Containerchain provides optimization services such as real-time tracking, operational planning and automation to logistics communities in Europe, the US and the Asia-Pacific region.Containerchain serves the container community of empty container depots, road transporters, container terminals, warehouses, shipping lines and cargo owners.

25 Feb 2019

Adnoc Signs USD4bln Pipeline Deal

Photo: Abu Dhabi National Oil Company

Abu Dhabi State-Owned Oil Company Adnoc has sealed a $4 billion midstream pipeline infrastructure deal with BlackRock, the world's largest asset manager, and private equity firm KKR & Co.The Middle East national oil company said that the transaction includes the creation of Adnoc Oil Pipelines, which will lease Adnoc's interest in 18 pipelines and give rights to transport crude and condensates from Adnoc's onshore and offshore concessions over 23 years.BlackRock and KKR will form a consortium to hold a 40% stake in Adnoc Oil Pipelines…

20 Feb 2019

Hedge Funds Hunt for Shipping Debt

Image CREDIT: AdobeStock / © Kasto

A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping sector, which has struggled with tough markets for a decade.Meanwhile European banks, particularly German lenders, are trying to offload distressed and performing loans…

30 Jan 2019

HMM Becomes Co-owner of Pusan New Port

The signing ceremony: (From left to right) Ho Seon Hwang (President of KOBC), Roger Tan Keh Chai (PSA Regional CEO Northeast Asia), Young-Choon Kim (Minister of Oceans & Fisheries of Korea), C.K. Yoo (President & CEO of HMM), and Myungsuk Suh (CEO of Yuanta Securities). Photo: HMM

South Korean carrier  Hyundai Merchant Marine (HMM) announced that it has acquired joint ownership of PSA Hyundai Pusan New-port Terminal (PHPNT) in Busan.Yuanta HPNT, a company jointly established by the shipping liner and Singaporean shipping company PSA, signed a contract to purchase Waska, which holds a 50-percent stake in the terminal at a a ceremony attended by Young-Choon Kim (Minister of Oceans and Fisheries). With the acquisition, HMM regains operational control over the terminal."This sales contract includes that the private equity fund, Yuanta-HPNT will acquire stakes of Waska Inc.

27 Jan 2019

Goliat Supply Vessel Connected to Shore Power

Battery hybrid Stril Barents in the Barents Sea- Supply vessel with shore power cuts CO2 emissions for Goliat. Image: VĂĄr Energi

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.

24 Jan 2019

Offshore Terminal Plan Slowed by U.S. Shutdown

© freshidea/AdobeStock

The U.S. government shutdown has delayed Enterprise Products Partners LP's plan to build a major U.S. crude export terminal off Houston, blocking the pipeline operator from filing paperwork with U.S. regulators, an executive said on Wednesday.Enterprise plans to file a 10,000-page permit application with the U.S. Maritime Administration and the U.S. Coast Guard as soon as the U.S. government reopens. It takes about a year for regulators to process an application for a deep-water terminal."Tell me when the government opens and I'll tell you when it happens…

09 Jan 2019

BP Energy Partners Acquires Cryopeak LNG Solutions

Image: Cryopeak

The private equity firm focused on the energy industry BP Energy Partners (BPEP), LLC announced it has purchased a controlling interest in Cryopeak LNG Solutions Corp, a customer-centric liquified natural gas (LNG) solutions company.Cryopeak will become a portfolio company in BPEP's second private equity fund, BP Natural Gas Opportunity Partners II, LP. In addition to the controlling interest acquisition, BPEP will also commit additional capital to Cryopeak to support its continued…

21 Dec 2018

Aker Solutions Wins Jotun FEED Contract

Jotun. Photo: VĂĄr Energi AS

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.

19 Dec 2018

HMM to Take Control of Busan Terminal

Image: Hyundai Pusan New-Port Terminal

The number one Korean national containers carrier Hyundai Merchant Marine (HMM) and Singapore-based terminal operator PSA International have secured complete ownership of the Hyundai Pusan New-Port Terminal (Pier 4) in the Port of Busan, South Korea.The container carrier sold off its majority ownership in PSA Hyundai Pusan New-Port Terminal Co in 2016 due to liquidity trouble.According to a report in Pulse, HMM will acquire 50 percent plus one share in PSA Hyundai Pusan New-Port Terminal through a private equity fund…

11 Dec 2018

Verus Petroleum Mulls 12-Fold Production Growth

Alan Curran. Photo: Verus Petroleum

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…

16 Nov 2018

BP to Supply Crude to St. Croix Refinery

(Photo: BP)

BP Plc's trading arm on Friday entered a tolling agreement with the owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, cementing plans to bring the plant back online six years after it was idled by previous owners, the company said.Under BP's tolling agreement with Limetree Bay Refining LLC, owner of the idled Hovensa refinery, BP will supply the facility with crude and sell its products, low-sulfur fuels that will meet an International Maritime Organization mandate in 2020, it said in a statement.BP declined to comment further.

30 Oct 2018

Gastar Exploration Files for Bankruptcy

Image: Gastar

The pure play Mid-continent energy company Gastar Exploration will file for bankruptcy with support from the company's largest creditor and shareholder, the Los Angeles private equity group Ares Management.The financially struggling Houston company said the prepackaged bankruptcy plan will eliminate more than $300 million in debt but give controlling ownership of the company to Ares.Gastar said the restructuring was developed after marketing efforts failed to yield any viable…

23 Oct 2018

Kvaerner Eyes Growth, Mergers as Profits Decline

Kvaerner, a Norwegian builder of oil platforms, aims to increase its revenue by some 40 percent by 2022 by expanding abroad, the company said on Tuesday after reporting a sharp decline in third-quarter earnings that drove down its shares.Kvaerner's quarterly earnings before interest, tax, depreciation and amortization (EBITDA) fell to 76 million crowns ($9.19 million) from 245 million crowns a year ago."In a period where some recently awarded projects are not yet recognising margin and with less effects from milestones and incentives in other projects, this influences EBITDA and margins, as ex

Maritime Reporter Magazine Cover Jul 2019 - Cruise Vessel Design & Outfit

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News