The ruling clears the way for Malaysia's Star Cruises to vote its 47% holding in NCL at a key shareholders' meeting Friday.
sale of Mandal Shipyard
The Aberdeen based business will now trade as INVSAT Ltd, a subsidiary of Inmarsat Holdings Ltd.
The operation acquired by Inmarsat provides
integrated telecommunications systems and services including
satellite systems, radio systems
The acquisition is Inmarsat's first venture outside mobile satellite communications, its traditional area of operations, into the complementary world of VSAT technology.
Commenting on the purchase Michael Storey,
Inmarsat's president and CEO said: "Without over playing
it this deal is the first step in fulfilling our strategy
"Importantly, with EAE, we are acquiring expertise in the area of VSAT technology which will add to the range of satellite communications solutions that we are able to offer our customers. VSAT is particularly effective for broadband applications which require rich-content material to be delivered live and on-line or downloaded for later use. This is a perfect extension to Inmarsat's current portfolio.''
Bob Buskie, EAE Limited Managing Director,
will become Managing Director of Invsat Ltd and report to Robert
Johnson, General Manager Maritime at
``Inmarsat will provide international sales and marketing drive to our business,'' said Invsat's Bob Buskie, ``which, when combined with our expertise and technology, will allow us to rapidly expand and exploit the potential in the total VSAT market.''
Marine Transport completes
The company currently has 6,205,000 common shares outstanding.
Mark Filanowski, MTC's CFO, said: "One of our financial goals was to leverage a substantial portion of the extended charter's cash flow and put this cash on the balance sheet now for use in strategic pursuits, rather than wait until charter payments accumulate. This financing is a key step toward implementing the next phase of our business plan.''
Richard du Moulin, MTC's Chairman, said
several uses of the funds were being considered. "MTC has
an excellent customer list and a committed cargo
"Our strategic growth areas have excellent
potential," continued Du Moulin. "MTC's chemical transportation
business can grow substantially through joint projects with our
Network Alliance partner Stolt-Nielsen. Indicative of this potential
was the acquisition of two U.S.-flag chemical parcel tankers
from Occidental Petroleum by Stolt Marine Tankers, our joint
venture company with Stolt-Nielsen. This non-cash transaction,
which involved the assumption of outstanding mortgage debt on
Marine Transport Corporation is a U.S.-based
supplier of marine transportation services, and owns and/or manages
35 ships, six work boats and five chartered-in vessels, making
it one of the largest U.S. based fleets of ocean going vessels.
MTC's core business is industrial shipping based on long-term
alliances, some as long as 50 years, with leading chemical and
energy customers. MTC's Houston-based operation, MTL Petrolink,
provides crude oil lightering services in the Gulf of Mexico.
seeks Oslo listing
"The Oslo Stock Exchange is one of
the world's leading exchanges for shipping companies, including
cruise lines," said Jeffrey I. Binder, Commodore's chairman.
"We believe that the listng will assist the Company in its
goal of enhancing shareholder value due to the knowledge of the
shipping industry and appreciation of our business that the participants