STX Group poised for STX Europe IPO

February 28, 2009

Seoul: STX Group, which owns the world’s fifth largest shipyard, will go ahead with an initial public offering for STX Europe this year.

“The venue could be anywhere; the United Kingdom, Singapore, even Korea, but not before July,” Group vc Lee Jong-chul said in an interview with the paper. Lee also swept away liquidity concerns, explaining that it recently boosted cash and “liquidatable” assets to over three trillion won by successfully issuing 270bn won in corporate bonds. The company’s planned listing of its Norwegian unit will add to its liquidity reserve. He said the offshore-focused Norwegian yard was likely to be the first consideration to go public if the group decides to conduct separate listings of its Europe’s units. “Once market conditions show a clear sign of turnaround and investor confidence revives, we will push for the plan,” Lee said. Earlier, the group said it was planning to recover its investment in STX Europe by listing shares on a third market or selling a minority stake. Norway-based STX Europe, formerly known as Aker Yards, was delisted after STX bought Europe’s biggest shipbuilder last year. “We expect new ship orders to be possible in the second half of the year,” the STX vice chairman said. “Currently, our shipbuilding unit has had some measure of difficulty in terms of liquidity. But time will act as a ‘buffer’ to offset it,” he said.

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Indonesian group looks to build new Indian port

February 28, 2009

Mumbai: Indonesia-based Salim group has expressed an interest in the construction of deep river port near Haldia in West Bengal.

The firm is part of a consortium with Indian developer Unitech and Indonesia’s Universal Success building a chemical hub at Nayachar island, close to the proposed site of the new port which would service the hub with crude oil imports. The Indian government holds a 49% stake in the chemical hub joint venture with the consortium members in possession of the controlling stake. “They (Salim group) want to build a deep water port, they will give us a detailed proposal, which we will examine and then seek the central government’s clearance,” Principal Industry Secretary Sabyasachi Sen is reported as saying. “The port will facilitate movement of bigger-sized vessels.” The group expects to start construction on the refinery within the next three years.

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Organizational changes in Brostrom

February 28, 2009

The board of Broström has proposed a new organisational structure for the Swedish-based tanker company, in connection with the merger of the activities with the Maersk Tankers activities.

The new setup means that all vessels in the segment below 25,000DWT from both companies will trade under the Broström name, commercially managed from Gothenburg, Sweden. All vessels above 25,000DWT, except for tonnage managed out of Broström’s Paris office, are intended to be integrated into handytankers, which is Maersk Tankers’ commercial vehicle in this segment. The handytanker pool is managed from Copenhagen, Denmark. All technical and support functions in Broström and handytankers are intended to be integrated with Maersk Tankers’ central organization in order to have a cost-effective organization. “With this business model we will create two leading brands within the product tanker industry and have a lean organizational structure strengthening our competitiveness”, says Kristian Mørch, Chief Operating Officer of Maersk Tankers. The proposed new joint organization means that some of Broström’s current offices will close or be scaled down. The offices in Larvik and Holbæk are planned to close while Broström’s office in Singapore will reorganise and scale down.

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Poland to sell massive shipyards in March

February 28, 2009

Poland will open tenders to sell off shipyards employing thousands of people in Szczecin and Gdynia on March 9 and 16 respectively.

After a four-year dispute between Warsaw and Brussels over public aid for Poland’s heavily indebted shipyards, Poland agreed last year to a European Commission proposal to sell off the yards. The sell-off is open to all bidders including real estate developers.

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Strategic Marine Opens Shipyard in Vietnam

February 27, 2009

Western Australian shipbuilder Strategic Marine officially opened its $16.3m (USD) shipyard in Vietnam, demonstrating that the company is confident it can ride out the current global economic turmoil.

Strategic Marine Chairman Mark Newbold told several hundred dignitaries and guests attending the grand opening that the Vietnamese yard had already won more than $61.8m in orders. Newbold said with three other yards in Australia, Singapore and Mexico, the company was currently constructing 63 fully-financed vessels with an order book value of $164.2m, with an additional 77 vessels already contracted by international clients valued at $80m. He also announced the company had pioneered and funded an apprenticeship scheme which would see 55 Vietnamese undertake a two-year course in a range of specialized shipbuilding skills. “This scheme is expected to boost the National government’s plans to expand and modernize its shipbuilding industry, while helping us to upgrade skill levels,” Newbold said. With its newest facility, Strategic Marine has transformed 136,000sqm of vacant land at Dong Xuyen Industrial Zone in Ba Ria Vung Tau province into a fully functioning shipyard with the capability to construct large steel and aluminium vessels.

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Abu Dhabi wins contract for 34 interceptor craft

February 27, 2009

Abu Dhabi Shipbuilding (ADSB) has won a contract to supply 34 interceptors to a security firm in Abu Dhabi.

The new 16-metre vessels will be designed by Yonca-Onuk of Turkey and co-produced by the International Golden Group of Abu Dhabi. William Saltzer, CEO of ADSB said that the first vessel would be delivered in twelve months’ time.

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Petrobras spuds well in Iracema prospect

February 27, 2009

Petrobras has spudded a first well with the newbuild Seadrill semi-submersible West Taurus, targeting the Iracema prospect on the pre-salt Tupi trend.

The drilling operation was reported on the website of Brazilian hydrocarbon regulator ANP. The well is at a water depth of 2210 metres on Block BM-S-11. It is pursuing a prospect that block partners have described as a sub-structure of the giant Tupi find, where Petrobras has estimated recoverable light oil and gas resources at between 5 billion and 8 billion barrels (oil equivalent). The West Taurus arrived in Brazil recently and is chasing a pre-salt target depth of 6275 metres with its first operation for Petrobras. The Brazilian company is partnered by BG and Galp Energia on this block. Petrobras is also drilling an exploration well on the Iguacu North prospect on Block BM-S-9. This area forms part of the giant Sugarloaf structure, where expert opinion suggests that tens of billions of barrels may be accessible. Diamond Offshore’s Ocean Clipper is being used on this operation.

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