• 2018 February 9 12:31

    TTS sells major part of its activities to MacGregor

    Norwegian-headquartered TTS Group ASA has entered into a sales agreement with MacGregor, a subsidiary of Cargotec Oyj listed on Nasdaq Helsinki Stock Exchange in Finland. The agreement implies a takeover by MacGregor of all TTS’ assets except for TTS Group ASA and its Syncrolift business, the Group said in a press release.
     
    Agreed purchase price is MNOK 840 on an enterprise value basis. Final pricing is therefore subject to working capital and net debt adjustments at closing. Based on 3Q 2017 financials the transaction will be equivalent to NOK 7.0 per share and NOK 6.6 per share on a fully diluted basis.

    Both companies are global providers of handling solutions and access systems and services for the marine and offshore industries. TTS has approximately 930 employees, while MacGregor activities counts approximately 2,000 employees.

    "The ships equipment industry is moving towards larger, integrated units with global presence, offering a broader scope of products and services. In order to meet this challenge a combination of TTS's marine and offshore activities with MacGregor will be an important step in the consolidation of the industry, and is expected to be favorable to all TTS stakeholders in the long term," says TTS Group CEO Toril Eidesvik.

    The Board of Directors will propose a significant dividend to the shareholders when the transaction is completed.

    The new TTS – Nekkar ASA
    TTS, proposed to be renamed Nekkar, will build its future operation around Business Unit Shipyard Solutions with its Syncrolift brand, and additionally seek new investment opportunities.

    "We are proud of the business we are handing over to MacGregor, with its skilled workforce, products, solutions and services. The divestment demonstrates the value of TTS’s contribution to the global marine and offshore industry for more than 50 years,” says Toril Eidesvik.

    "Looking forward this event creates an excellent opportunity to build a new TTS based on our heritage, access to exciting technology and knowledge clusters in Norway, together with a strong and committed management team," she continues.

    The remaining subsidiary, TTS Syncrolift has been a major supplier to shipyards worldwide during the last thirty years, with state of the art products for handling, launching and docking, and provides a solid basis on which to build the new TTS.

    Conditions and formalities
    The transaction is subject to approvals from relevant competition authorities. The approval process will start immediately. All approvals are expected within the third quarter of 2018.

    TTS will summon an extraordinary general meeting in order to approve the transaction. Undertakings from more than two-thirds of the company’s shareholders and bondholders are confirmed as of today.

    The extraordinary general meeting in TTS shall also approve change of the Company's name from TTS Group ASA to Nekkar ASA, subject to closing of the transaction. The meeting is scheduled to be held on 12 March 2018.

    About TTS
    TTS Group ASA, headquartered in Bergen, Norway, is a global provider of handling solutions and access systems and services for the marine and offshore industries. TTS is one of the top three largest suppliers in the market segments. TTS has approximately 930 employees worldwide with subsidiaries based in Belgium, Brazil, China, Germany, Greece, Italy, Korea, Norway, Poland, Singapore, Sweden, UAE, USA and Vietnam. The Group specializes primarily in the design, assembly and testing of equipment. Apart from the manufacture of certain key components, a global network of subcontractors undertakes production.

    About Cargotec/MacGregor
    Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas are Kalmar, Hiab and MacGregor. MacGregor shapes the offshore and marine industries by offering world-leading engineering solutions and services. MacGregor operates in 32 countries and employs approximately 2,000 people. Cargotec employs over 11,000 people.




2018 February 20

18:37 Time is running out to register for the Moscow conference on dangerous goods, March 1st
18:31 Russian association of fishery businesses call to revise a 'fishing quotas per a keel' terms
18:06 AVANZA completes a successful trial with Daikin Reefer
17:38 The Maritime CIO Forume Cyprus 2018 to be held in Limassol, March 27
17:03 DNV GL issues over 50,000 electronic certificates
16:55 RIMS secured a further class approval from Korean Register of Shipping for the use of drones during surveys
16:39 Taganrog Commercial Sea Port spent $156 000 on environment protection in 2017
16:34 Wärtsilä and Maersk Drilling create a joint 25-year strategy for thruster services to increase uptime and reduce costs
16:04 Post-Brexit port health border disruption still a major concern for British ports
15:34 Goltens teams up with Yara Marine on SOx scrubbers
15:21 Taganrog Sea Commercial Port earmarked $74,4 to support social programmes in 2017
15:04 US Navy awards concept design contract to Fincantieri to evolve FREMM into FFG(X)
14:32 Port of Marseille Fos traffic up 8% in 2017
14:02 The largest vessel enters Busan Port since its opening
13:32 Carnival Fascination resumes year-round service from San Juan
13:20 Port of Kavkaz sees a 50% spike in freight volumes, to 1.98 million tonnes
13:09 Rosterminalugol coal exports reach 150-millionth tonne milestone
13:02 Partners start financing waste-to-chemistry project in Rotterdam
12:35 First foundation for the offshore wind farm Kriegers Flak installed in Denmark
12:18 Bunker fuel prices in the Far East ports remain firm
12:07 United Shipbuilding Corp: the floating co-generation plant Akademik Lomonosov is 96% complete
11:32 Rotterdam port diminishes the sale of bunker oil to 9.9 million m3 in 2017
11:27 APM Terminals Itajaí to double monthly volume
10:44 Crude oil futures price slides 0.29% to $65,48 in London, in New York gains 1.17% to $62,27
10:36 Sevastopol to host 6th Business Forum SIMBF 2018, June 6-7
09:49 Russian M100 product spot price gains last week to RUB 5,594/mt
09:30 Baltic Dry Index gains to 1087 points

2018 February 19

18:52 Russia’s Glavgosexpertiza gives nod to new phases of ZVEZDA Shipyard construction
18:05 Maersk Line increases FAK rates from Europe to West Coast South America, Caribbean and Middle America
17:05 Hapag-Lloyd introduces Asia – Middle East – New Asia Red Sea Service (AR1)
16:05 Maersk Line increases Reefer FAK rates from North Europe to Far East Asia
15:49 Iskes Towage & Salvage adds two more Damen ASD Tugs 2810 to its fleet
15:25 Maersk Line increases DRY rates from Russia to Far East Asia
15:02 The Russian Register of Seaports updates Port of Tuapse details
14:53 Nevsky Shipyard prepares the Akademik Pashin to test underway replenishment capabilities
14:26 Xeneta increases its data coverage by 161% in 2017
13:49 Rosmorport’s icebreakers assist shipping in the Gulf of Finland, escorted 17 vessels
13:12 GasLog reports financial results for 2017
12:01 GoodBulk announces delivery of Capesize vessel
11:46 Port of Mariupol freight volumes soar 32.3% to 455,860 tonnes
11:08 APL expands Eagle GO. Guaranteed service to 29 Asian port origins
10:48 NOVATEK inks cooperation MoU with Saudi Aramco
10:34 Crude oil futures price grows by 0.85% to $65,39 in London, in New York - by 1.25% to $62,45
09:08 Baltic Dry Index edges down 0.46% to 1084 points

2018 February 18

09:24 Hapag-Lloyd increases rates from Finland, Russia, Baltic States, Sweden, UK to East Asia (incl. Japan)
09:21 Preparing to define the Baltic Sea’s significant marine areas
09:19 Prime Minister Shri Narendra Modi inaugurates the Fourth Container Terminal of JNPT in Mumbai
09:14 Holland America Line to launch New EXC In-Depth Voyages

2018 February 16

18:06 CMA CGM announces FAK rates from the Indian Subcontinent to North Europe and the Mediterranean
17:54 Future Outlook Forum will take place on 20 March as part of Intermodal Asia 2018
17:36 Global Container Terminals orders 10 more Konecranes RTGs for its terminals in British Columbia
17:09 University of Kent partnership helps the Port of Dover cut queues and boost efficiency
17:06 Port of Oakland reports 2.1 percent increase in export volume in January 2017
16:58 Container throughput of port Hong Kong (China) up 9.2% to 1.81 million TEUs in January 2018
16:35 Royal Vopak expands Vopak tank terminal (JTT) in the Port of Jakarta - Indonesia
16:05 DP World signs agreement with government of Jammu and Kashmir at World Government Summit
15:53 Murmansk Sea Fishing Port handled 11,600 t of fish in January 2018, up 26.1% Y-o-Y (photo)
15:26 Cargo traffic through NSR in 2017 grew by 36% Y-o-Y to 9.9 mln t
15:25 PPR 5 agrees on the outline of IMO draft guidelines for implementation of the 2020 sulphur limit
15:01 NOVATEK to invest USD 1.5 billion in construction of LNG terminal at Kamchatka