Deep Sea Supply ups 2015 loss by $31 million
APRIL 26, 2015 — First the good news, now the not so. Yesterday, John Fredriksen controlled Deep Sea Supply (DESS) reported that four of its platform supply vessels had found work. Today,
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Deep Sea Supply PSVs find work
APRIL 25, 2016 — John Fredriksen controlled Deep Sea Supply has been awarded a clutch of platform supply vessel contracts. They include a contract for two years firm, plus three yearly options,
Golden Ocean unveils plan to boost balance sheet
FEBRUARY 18, 2016 — The oceans have been less than golden for bulk carrier owners lately, and that’s certainly been the case for Oslo listed Golden Ocean Group. Today it reported a
Euronav CEO Paddy Rodgers to be 2016 CMA Commodore
DECEMBER 10, 2015 — Euronav CEO Paddy Rodgers has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2016. The award will be presented on March 23, 2016 at
LNG: Frederiksen and Exmar call off the wedding
Today, Flex LNG Ltd. noted that completion of the transaction had been subject to, among other things, satisfactory due diligence and agreement on definitive transaction documents.
“The parties have failed to agree on the definitive transaction documents and the previously announced transaction will not be completed,” said Flex LNG, adding that it and Geveran Trading, will continue with the construction of the two 174 cu.m Panamax LNG carriers it has under construction at shipbuilder Samsung Heavy Industries for 2018.
Flex LNG said that it will also “examine other strategic alternatives to add value to the company and its shareholders, including considerations of opportunities across the LNG value chain. The current condition of the LNG market could give interesting consolidation and growth opportunities for the company.”
Exmar said: “The parties have failed to agree on the terms. The previously announced transaction will not be completed.”Exmar will continue focusing on LNG infrastructure and pursue its strategy of barge based FLNG and FSRU projects.”
Seadrill cancels rig order at Hyundai Heavy
The unit was ordered during the second quarter of 2012 and the delivery date stated in the construction contract was by December 31, 2014.
“Due to the shipyard’s inability to deliver the unit within the timeframe required under the contract, the company has exercised its cancelation rights,” says Seadrill, which notes that, under the contract terms, it has the ability to recoup its $168 million in pre-delivery installments to the shipyard, plus accrued interest.
In fourth quarter 2012, Seadrill was awarded a five year contract for the West Mira with Husky Oil Operations for operations in Canada and Greenland.
In its second quarter earnings report, Seadrill reported that, due to the late delivery of West Mira, the company had tentatively agreed with Husky to reduce the dayrate of the West Mira drilling contract.
Seadrill says it remains in discussions with Husky to find an alternative solution to meet its drilling requirements.
Frederiksen puts Frontline together again
JULY 2, 2015 — Billionaire John Fredriksen is putting his two tanker operations, Frontline Ltd. (NYSE/OSE/LSE: FRO) and Frontline 2012 Ltd. (NOTC: FRNT) back together again. The move comes four years after
Frederiksen and Exmar create Exmar LNG
JULY 1, 2015 — Antwerp, Belgium, headquartered Exmar has agreed a deal with John Frederiksen controlled Flex LNG and Geveran Trading Co. Ltd, which is indirectly controlled by trusts established by John
CMA names Panagiotis N. Tsakos its 2015 Commodore
JANUARY 5, 2015 — The Connecticut Maritime Association (CMA) has named Captain Panagiotis N. Tsakos, founder of the Tsakos Group, its Commodore for the year 2015. Captain Tsakos follows a long succession
Frontline in debt-for-equity swap
DECEMBER 16, 2014 — John Fredriksen’s Frontline Ltd. (NYSE:FRO) looks to be taking advantage of stronger share prices to knock down the size of its bond repayment bill through swaps. On Friday,