• 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 August 17

10:45 Crude oil futures price edges down to $71.38 in London, in New York to $65.44
10:07 Latest Sanmar tugboat under trials
10:02 Gazprom Neft 1H 2018 net profit soars 1.5-fold
09:41 Baltic Dry Index adds 2 pts to 1727 points
09:37 Diana Shipping announces time charter contract for m/v Coronis
09:32 Port of St. Petersburg bunker prices close the week on a down note
09:06 Gulftainer invests AED11 mln in road extension
08:27 CMA CGM implements new FAK rates from North Europe and Mediterranean to Australia

2018 August 16

18:45 Kalashnikov Concern’s Vympel Shipyard lays freezer trawler of Project T30
18:06 Port of Dover awarded contract to Solent Marine Ltd to design and fit-out Dover's new marina
17:32 Maersk Line announces rates from Far East Asia to West Africa
17:06 Hapag-Lloyd increases reefer fleet by 11,100 containers
16:56 DFDS orders additional freight ferry (ro-ro) newbuilding from the Chinese Jinling Shipyard
16:52 Sovcomflot’s shuttle tanker Governor Farkhutdinov ships 600th crude oil cargo for Sakhalin-2
16:03 CMA CGM announces GRR from Asia to Mozambique
15:47 Taganrog Sea Commercial Port's H1 2018 employee benefits and rewards programme totals RUB 2.2 million
15:31 Melbourne port operator ICTSI may be investigated by State and Federal authorities
15:09 Bunker prices at Far Eastern ports remain flat
14:33 CMA CGM announces GRR from Asia to Indian Ocean
14:27 MABUX: Bunker prices may change irregular next week
14:13 Maersk Line announces rates from Far East to North Europe
13:42 First ever S-T-S loading of 70000dwt Panamax coal carrier performed at Shakhtersk harbour transshipment location in Sakhalin
13:32 More investment contracts at the Port of Gdansk
13:02 Wärtsilä equipped Canadian ferry will have minimal environmental impact
12:16 Damen Shipyards Galati celebrates 125 years
12:09 Okskaya Sudoverf Shipyard launches 6th serial barge of Project ROB20
12:03 Boskalis presents half-year results and terminates loss-making low-end transport activities
11:59 Port of Oakland container volume up 3.6 percent in July 2018
11:45 Rolls-Royce launches new battery system for ships
10:58 DP World revenue up 14.4% in H1 2018
10:57 VARD secures contract for one autonomous and electric-driven container vessel for YARA
09:39 EU NAVFOR mission operation commander visits Spanish MPRA in Djibouti
09:21 Baltic Dry Index gains to 1725 points

2018 August 15

18:33 Equinor extends partnership with The Arctic Race of Norway
17:56 Port Kavkaz seven-month volumes soar 30% Y/Y to 25.21 million tonnes
17:36 Russian Gov't to allocate RUB 500 million in subsidies to support small-tonnage fishing ships construction, Rosrybolovstvo says
17:34 Maersk Line to rise rates from Far East to East Coast South America
17:30 Yang Ming orders ten 2,800 TEU containerships
17:19 Nor-Shipping 2019 takes place in Oslo and Lillestrøm, Norway, from 04 to 07 June 2019
16:05 New Times Shipbuilding announces delivery of oil tanker
15:04 Rosrybolovstvo looks into building a series of three RVs as from 2020
15:04 Concordia Maritime AB announces interim report for H1 2018
14:12 Multipurpose Reloading Complex spends over RUB 600,000 on employee benefits and rewards programme
13:20 Konecranes to deliver more electric RTGs to Luka Koper in Slovenia
13:02 Join Marinet Conference at SMM 2018, Hamburg
12:32 Prime Minister Dmitry Medvedev gives green light to NLR construction project
12:01 WW Ocean presents new-look trade maps resembling public transit maps
11:15 Port of Vancouver posts H1 2018 results
10:41 Aker Solutions wins orders for Liuhua power umbilical systems in China
10:21 Nor-Shipping 2019 devotes entire hall to new focus on Blue Economy
10:05 Crude oil futures drop 0.22% to $72.3 in London and 0.48% to $66.72 in New York
09:29 Bunker prices at Port of St. Petersburg show mixed movements

2018 August 14

18:30 Hapag-Lloyd annonces General Rate Increase from East Asia to USA and Canada
18:12 FE Railways' loaded freight in Jan-Jul up 2% to 28.2 million tonnes
18:07 Hapag-Lloyd changes terminals at Genoa on its MPS service
17:47 British Ports Association launch Sustainable Development Resolution
17:45 Euro Tank Terminal extends jetty at the port of Rotterdam
17:31 MEYER WERFT holds float out procedure for cruise ship for AIDA Cruises
17:29 APM Terminals launches online customer platform in Bahrain
17:27 MED MARINE delivers a 24m ASD Tug from Turkey to Estonia