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Sunday, February 25, 2018

Svein Engh News

CIT Launch Maritime Finance Business, Appoint MD

Mr. Svein Engh: Photo credit CIT

The new company, CIT Maritime Finance will originate & underwrite blue water vessel financing & its managing director is Svein Engh. CIT Maritime Finance will offer senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. It will offer financing solutions that will help add value and drive business for customers. “The…

Alterna Product Tankship Purchases Financed by CIT

Svein Engh: Photo credit CIT

CIT provides $61.8-million financing to Alterna Capital Partners’ Portfolio Company to acquire three ‘ECO-Design’ product tankers. CIT Maritime Finance provided a $61.8 million senior secured credit facility to a portfolio company of Alterna Capital Partners, a private equity firm based in Wilton, CT, to finance the acquisition of three 50,000 DWT ECO-design Medium Range (MR) IMO II/III product/chemical tankers from STX Offshore & Shipbuilding Co., Ltd. The tankers are owned by Sterling Ocean Shipping…

Product Tanker Purchase Assisted by CIT Group Financing

CIT Group Inc has provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management, to support the purchase of 'MT Pike' (formerly the 'M/T Starling'), a 73,700 DWT LR1 product tanker built in 2008. The financiers say that the vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.

PST Get CIT 8-Tankship Buying Credit

CIT Maritime Finance has provided a $83.7 million senior secured credit facility to PST Tankers LLC, to finance the acquisition of a fleet of 8 product tankers managed by Product Shipping & Trading S.A., a company controlled by Pappas family interests. The fleet includes two Handysize (MRs) and six Long Range (LR1s) tankers originally belonging to Omega Navigation. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed. “This transaction represents our first financing of a fleet of modern product tankers acquired in the secondary market,” said Svein Engh , Managing Director and Group Head of CIT Maritime Finance.

Epic Gas Secures Tankship Fleet Expansion Credit

Image courtesy of Epic Gas

CITIC Maritime Finance says it has provided a $46.4 million senior secured credit facility to Epic Gas Ltd. headquartered in Singapore, which operates a fleet of  40 LPG and petrochemicals tankships. CITIC add that the facility was used to partially finance the acquisition of a fleet of five LPG tankers that includes three newbuildings and two modern gas carriers acquired in the secondary market. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

Bergesen To Replace Staff, Cut Costs

Norwegian shipping company Bergesen plans to replace around 600 European staff members by the end of 2002 to create cost savings worth about $22.4 million a year, company officials said. Bergesen Managing Director Svein Erik Amundsen said despite recent efforts by Norwegian politicians to encourage recruitment to the shipping industry, the company was struggling to find qualified Norwegian seafarers. He said the company was in talks with unions to arrange wage packages to employees who would be forced to quit. Union officials said Bergesen workers had not yet accepted the company's proposal. They said the union had offered its members legal assistance in an effort to fight for improved wage packages. About 3,800 seafarers currently work onboard Bergesen vessels.

Ringbakken Managing Director at DNK

Svein Ringbakken has been appointed by the DNK Board to take over the mantle as Managing Director upon Bjørn Eidem’s retirement. Before joining DNK in 2004 Svein Ringbakken had a 14 year-long career with INTERTANKO, based in London, Washington DC and Oslo, where his last position was Deputy Managing Director and General Counsel. Current Managing Director, Bjørn Eidem, has held a number of key positions in both Norwegian and international business including the chairmanship of Scandinavian Airlines Systems, media and yard groups in addition to serving as director and counsel of Fred Olsen & Co. Bjørn Eidem will maintain contact with business life as a part-time arbitrator in commercial disputes and resuming board work.

KNOT Name New Shuttle Tankship

Naming ceremony: Photo credit NYK

Knutsen NYK Offshore Tankers AS (KNOT) name their new tankship 'Ingrid Knutsen' in a ceremony in Hyundai Heavy Industries' shipyard. The ceremony was attended by KNOT president Trygve Seglem, NYK senior managing corporate officer Hitoshi Nagasawa, and NYK corporate officer Svein Steimler, among others. The 112,000 dwt shuttle tanker, which is equipped with a class II dynamic positioning system and a bow-loading system, was named Ingrid Knutsen, and will be used to transport North Sea crude oil to shore.

DHT Announces Co-CEOs

Svein Moxnes Harfjeld, (right) and Trygve P. Munthe (left). (Photo courtesy of DHT Holdings)

DHT Holdings, Inc. announced the appointment of Svein Moxnes Harfjeld and Trygve P. Munthe as co-CEOs of DHT. Munthe will no longer hold the position as President of DHT. Harfjeld and Munthe have been CEO and President of DHT respectively, since joining DHT in 2010. Chairman of the Board, Erik A. Lind commented, "Svein and Trygve have since they joined the company in 2010 for all practical purposes functioned as a management team of equals.

Veiseth appointed CFO of EMG

Courtesy EMGS

  Electromagnetic Geoservices ASA (EMGS) has appointed Hege A. Veiseth (38) as acting CFO of the company effective from 1 January 2016, following the resignation of Svein Knudsen.   Hege has worked for EMGS since 2007 and is currently the Group Finance Manager of the company. Prior to joining EMGS, she worked as an auditor for EY for 7 years, including as auditor for EMGS. Hege has a MSc in Economics and Business Administration from the Norwegian School of Economics (NHH) and a MSc in Accounting and Auditing from the Norwegian Business School (BI).

New CEO for Aker Yards

Torstein Dale Sjøtveit has been appointed new president and CEO for Aker Yards ASA. Sjøtveit comes from the global industrial company Norsk Hydro, and brings a strong international top management experience. He will start in his new position with Aker Yards at the latest 1 September 2008.In March 2008, Aker Yards announced the start of a recruitment process for a new CEO. In the intermediate period, the chairman of the board of directors, Svein Sivertsen, has acted as CEO.

Coflexip Unit Wins Pipeline Contract In GOM

Coflexip Stena Offshore Inc. was awarded by Williams Energy Services a large EPCI contract for the design, procurement, installation and commissioning of two 18-in. export pipelines, totalling 160 miles from the Devils Tower field development, located in 5,700 ft water depth in Block 773 of the Gulf of Mexico, to shallow water tie-in locations at the shelf edge. The contract work scope comprises project management, engineering, procurement and installation of two export pipelines consisting of 160 miles of 18-in. pipeline, 12 miles of 14-in. pipeline and two 14-in. steel catenary risers (SCR). CSO will also be responsible for hooking up of the SCRs to the new-built Dominion Exploration Devils Tower Spar…

INTERTANKO sets up Latin American Panel

INTERTANKO, the International Association of Independent Tanker Owners which represents some 240 members in 54 countries operating over 2,100 tankers has set up a Latin American Panel of members. Petrobras Transporte - Transpetro. the Association. (PMI Trading) and Elizio Araujo Neto (Transpetro). between the Association and its members in this region. communication with existing members. American Panel, Asian Panel and Hellenic Forum of INTERTANKO members. INTERTANKO's Managing Director comments: "The creation of the Latin American Panel and the strong support shown for it by the INTERTANKO membership is an acknowledgement of the growing importance of oil transportation in the region.

New LNG Vessel to Serve Tractebel's Atlantic Basin Customers

Tractebel LNG North America LLC, operator of the United States' first LNG import terminal in Everett, Massachusetts, and Bergesen, based in Oslo, Norway, announced the launch of Berge Everett, a new 138,000 cubic meter liquefied natural gas (LNG) carrier that will begin making deliveries for Tractebel under an exclusive, long-term charter. Tractebel LNG North America ("TLNGNA") will use the vessel to transport LNG primarily from Trinidad to the company's Everett LNG receiving terminal, to the EcoElectrica facility in Puerto Rico, and to other LNG facilities in the Atlantic Basin. Constructed at the Daewoo Shipbuilding Yard in South Korea, the Berge Everett is 100% owned by Bergesen.

Yara Names Brandtzæg New CEO

The board of directors of Yara International today announced the appointment of Svein Richard Brandtzæg as the company's new President and Chief Executive Officer. He will succeed Jørgen Ole Haslestad by February 2015. Brandtzæg currently serves as President and CEO of Norsk Hydro ASA, a position he has held since 2009. Prior to this, he has held a number of management positions in Norsk Hydro. Born in Norway in 1957, Brandtzæg graduated from the Norwegian University of Science and Technology (NTNU). He holds an economics degree from the Norwegian School of Management and a PhD from NTNU. "In preparation for the retirement of Jørgen Ole Haslestad at the age of 65, the Yara Board of Directors initiated a thorough process to identify his successor.

Bergesen Board Recommendation Shareholders to Accept World Nordic Offer

accept the offer from World Nordic Aps to buy all shares of Bergesen. registered as shareholders as of 24 April 2003. paid on May 14 2003. On 7 April 2003 World Nordic ApS, a Danish limited company controlled by the Sohmen family, announced a mandatory cash offer for the A- and B-shares of Bergesen d.y. ASA (“Bergesen”). On 6 April 2003, World Nordic ApS entered into an agreement with Petter C. G. Sundt and Morten Sig. Bergesen to acquire their shares in Bergesen, in aggregate 16,575,106 A-shares. The price was NOK 180 per share, and included the proposed dividend of NOK 7 per share. capital of Bergesen. Pursuant to the Securities Trading Act Section 4-16, the Board of Directors of Bergesen shall make a statement regarding the offer.

Statoil - Offshore Canada Licenses

StatoilHydro was awarded an interest in two licenses off the coast of Newfoundland, Canada, in a land sale award announced 17 November 2008. The company will operate one of the licenses. "We are pleased with the results of this license round. It shows our commitment to the region and our ambition to explore the offshore areas of the east coast of Canada," said Svein Ivar Leivestad, head of offshore exploration in StatoilHydro Canada. The first license is in the Flemish Pass Basin, close to StatoilHydro's Mizzen well that will be drilled this winter. StatoilHydro is the operator with a 65% working interest, with Husky as the partner with 35%. The second license is in the Jeanne d’Arc Basin, with a 50% StatoilHydro interest. Petro-Canada is the operator.

Subsea Umbilical Frame Agreement

Aker Solutions has signed a frame agreement with Shell Norway and Shell U.K. Limited for the supply of subsea umbilicals. The contract is awarded for one year with an option to extend it an additional 12 months. The award means that Aker Solutions will be the preferred supplier of steel tube umbilicals for projects in the North Sea that are managed by Shell's Norwegian and UK operations. Aker Solutions has held similar frame agreements with Shell UK since 2001. "We have delivered several well-functioning umbilical systems to Shell already. We are therefore in a position where we can look at re-using previous solutions. This can both reduce risk and speed up delivery time…

New Wave Piercing Design for Offshore

In at Norshipping 2009 Roll-Royce debuted an innovative wave piercing design for the offshore market, the new UT 790 CD vessel design. “With the UT 790 CD, we can support offshore exploration and production further and deeper while at the same time improving safety and minimizing the impact on the environment,” said Svein Kleven, Rolls-Royce Chief Design Manager – Offshore. The unique hull piercing design is designed to allow the vessel to run continuously at service speeds regardless of the sea state reducing fuel consumption and improving crew comfort.

Noah Ship Management Controls its Growth

Svein Elof Pedersen

So where do you turn when you would like to start your own ship management company, but you need a million dollars and the worst financial crisis of a lifetime has rendered traditional sources moot? In the case of Dubai, UAE-based Noah Ship Management’s Svein Elof Pedersen and Thomas Chacko Arakal, the core tenants of the real estate business – Location, Location, Location – applied to their vision of creating a small, efficient ship management company. “The banks would not even let us in” the front door, said Pedersen.

New Navigation Bridge Design by Havyard

'Concept Bridge': Photo credit Havyard

Project Manager Svein Olav Tørresdal of Havyard Power & Systems has been heading the design and the development of this modern bridge concept, which has been done in close cooperation with the Nomek company , in Stryn, Norway. “Concept Bridge ™” is developed for all types of vessels within offshore, fishing, seismology, cargo vessels and also for passenger ships. We have spent one year developing this system and now we are finally there. The bridge concept is all about a more open…

EMGS - New Contract In Norwegian Sea

Electromagnetic Geoservices ASA (EMGS), the marine EM market leader, has received a signed contract from a customer worth USD 2.3 million (NOK 13.5 million) for 3D EM data acquisition in the Norwegian Sea. The survey is expected to commence in June, using the vessel BOA Thalassa. According to Svein Knudsen, EMGS chief financial officer: EMGS, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface.

Resolve to Provide Training for Norwegian Cruise Line

Denise Johnston, Director, Resolve Maritime Academy (left) and Svein Sleipnes, Senior Vice President, Marine Operations at Norwegian Cruise Line (right) at Resolve Maritime Academy’s Simulation Training Center

Resolve Maritime Academy announced  that Norwegian Cruise Line has selected Resolve to be their preferred provider of all simulator-based training courses, along with additional safety courses, which are set to begin in February at Resolve Maritime Academy’s Simulation Training Center in Fort Lauderdale. Resolve offers customized simulation courses and emergency response and safety training programs for all sectors of the maritime industry. “Resolve’s state of the art facility utilizes the same equipment as we have on our ships…

Maritime Reporter Magazine Cover Feb 2018 - Cruise Ship Annual

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