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UK oil and gas player Serica Energy has struck a deal to acquire Pharos Energy, outbidding Ratio Petroleum Energy. The offer values Pharos’ issued and to be issued share capital at approximately £145.7m ($194m). The proposal represents a 20.7% premium to the combined cash and special dividend offered by Ratio and a 28.6% premium to …
https://splash247.com/pharos-drops-ratio-deal-for-sericas-higher-offer/
https://splash247.com/pharos-drops-ratio-deal-for-sericas-higher-offer/Italian energy services contractor Saipem has been awarded two new contracts, one offshore in Ivory Coast and one onshore in Italy, for a total value of approximately €800m ($913m). The first contract, awarded by Eni Côte d’Ivoire and its partners, refers to the Baleine Phase 3 project, the third development phase of the Baleine oil …
https://splash247.com/saipem-lands-913m-ivory-coast-and-italy-contract-double/
https://splash247.com/saipem-lands-913m-ivory-coast-and-italy-contract-double/Only managers that use technology to combine scale, flexibility and dedicated service will break through the industry’s long-standing 20% market ceiling, writes Mark O’Neil. During my time as president and CEO of the Columbia Group, I instilled in my colleagues the belief that to be successful and to grow the business we had to be …
https://splash247.com/the-race-to-reinvent-shipmanagement/
https://splash247.com/the-race-to-reinvent-shipmanagement/The wars in Ukraine and the Middle East collided at sea over the weekend after a Ukrainian long-range drone strike hit an Iranian vessel in the Caspian Sea, prompting Tehran to warn that the attack would not go unanswered. Iran said the unidentified commercial ship was struck early on Saturday, triggering an explosion that killed …
https://splash247.com/ukraine-strike-on-iranian-ship-ties-wars-together/
https://splash247.com/ukraine-strike-on-iranian-ship-ties-wars-together/A multinational rescue operation is underway in the South China Sea after the Vietnamese general cargo ship Khoi Nguyen 18 sank in severe weather near Fiery Cross Reef. Chinese maritime authorities said 47 Vietnamese nationals had been rescued by Chinese units by Monday morning, with one more picked up by the Vietnamese side. The latest …
https://splash247.com/rescuers-scour-south-china-sea-for-survivors-after-vietnamese-ship-sinks/
https://splash247.com/rescuers-scour-south-china-sea-for-survivors-after-vietnamese-ship-sinks/The Strait of Hormuz experienced its quietest weekend in nearly two weeks after the US and Iran paused their attacks, but commercial shipping remained close to paralysis and tensions continued to spread towards the Red Sea. The Pentagon halted its bombing campaign late on Friday after 13 consecutive nights of strikes. No fresh US or …
https://splash247.com/weekend-lull-fails-to-unlock-hormuz-shipping/
https://splash247.com/weekend-lull-fails-to-unlock-hormuz-shipping/Nasdaq-listed Rubico is lining up its third MR tanker newbuilding through another related-party deal with Top Ships. The Athens-based owner has signed a letter of intent to acquire a special-purpose company holding a contract for an MR product and chemical tanker at Guangzhou Shipyard International. The vessel is scheduled for delivery in the second quarter …
https://splash247.com/rubico-lines-up-third-gsi-mr-with-trafigura-charter/
https://splash247.com/rubico-lines-up-third-gsi-mr-with-trafigura-charter/Buyers are refusing to go on summer holidays in the dry cargo sale and purchase market, with ultramaxes emerging as the standout assets as buyers chase modern Japanese-built tonnage. According to Lion Shipbrokers, five ultramaxes changed hands over the past week, with four selling for more than $35m.The highest-priced deal saw Seacon dispose of the …
https://splash247.com/bangladesh-leads-ultramax-buying-spree/
https://splash247.com/bangladesh-leads-ultramax-buying-spree/Britain’s Supreme Court has ruled that buyers can recover loss-of-bargain damages when seller negligence delays delivery under the Norwegian Saleform 2012, even where the breach is not serious enough to be considered repudiatory. The unanimous judgment stems from the failed $15m sale of the capsize bulker Lila Lisbon by Orion Shipping and Trading to Great …
https://splash247.com/uk-supreme-court-strengthens-shipbuyer-rights/
https://splash247.com/uk-supreme-court-strengthens-shipbuyer-rights/Sinotrans Container Lines is moving to double its feeder programme at China Merchants’ revived Qingshan Shipyard with a second batch of four 1,800 teu vessels. The carrier’s Hong Kong subsidiary issued a direct procurement invitation to Qingshan this month covering construction of the quartet. The latest move follows a contract signed in May for an …
https://splash247.com/sinotrans-lines-up-second-qingshan-feeder-quartet/
https://splash247.com/sinotrans-lines-up-second-qingshan-feeder-quartet/