• 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.




2019 January 18

15:03 Panama Direct service CMA CGM to resume weekly rotations
14:47 Throughput of port Vysotsk in 2018 climbed by 7% Y-o-Y to 18.79 million tonnes
14:33 GranIHC appointed contractor for Equinor’s Peregrino Phase II Project
14:19 Port of Ust-Luga handled 98.72 million tonnes in 2018, down 4% Y-o-Y
14:03 Algoma Central Corporation increases its interest in ocean self-unloader Pool
13:50 18 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 17-18
13:35 Throughput of the Port of St. Petersburg in 2018 up 11% Y-o-Y to 59.32 million tonnes
13:18 CMA CGM unites its Containerships and MacAndrews brands
13:11 Vladimir Putin supports Government’s proposal on expanding Far East Ministry’s functions with Arctic issues
12:49 Throughput of port Kavkaz in 2018 grew by 11% Y-o-Y to 49.276 million tonnes
12:26 MV Werften purchases Neptun Ship Design
12:08 Sakaide shipyard holds naming ceremony for new LNG carrier jointly owned by NYK and JERA
11:38 PGNiG SA signs agreement for oil and gas exploration and production in UAE
11:14 Remote pilotage to be allowed in Finland
10:47 Free zone status is a crucial advantage for the future development of the Freeport of Riga
10:06 Ice restrictions at the port of Ust-Luga come into effect on January 31
09:42 Brent Crude futures price up 0.9% to $61.73, Light Sweet Crude – up 1.09% to $52.64
09:20 Baltic Dry Index is up to 1,077 points

2019 January 17

18:13 PORT OF KIEL presents annual results 2018
17:51 Ice restrictions at the port of Primorsk come into effect on January 25
17:28 Global Ports sets up a common service call centre
17:09 EFIP welcomes and supports the European Parliament position on the Connecting Europe Facility for 2021-2027
17:05 North Sea Port monitoring the Brexit closely
16:44 ABP invests £700K to boost storage at Port of Ipswich
16:27 Global fuel market: still many uncertainties in both demand and supply
16:22 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:05 OCEAN Alliance extends duration of OCEAN Alliance to ten years
15:42 COSCO SHIPPING Ports signs agreement with PSA to add two new berths at the terminal in Boao, Hainan
15:31 Liebherr supports the 6th International Forum of Dredging Companies as its Sponsor
15:02 Ocean Yield ASA agrees to acquire a modern Suezmax tanker for a consideration of USD 56.0 mln
14:02 SEACOR Marine enters agreement to acquire three additional platform supply vessels from affiliates of COSCO Shipping Group
13:49 Throughput of Chinese ports grew by 4.2% to 9.22 billion tonnes in 2018
13:32 Jensen Maritime provides design for Shaver Transportation’s new tugboat
13:14 OOCL rolls out third phase of Ocean Alliance product refinements
12:50 Baltic Ports Organization’s schedule for 2019 is set
12:38 Port of Los Angeles breaks all-time cargo record in 2018
12:26 Qatar accedes to load lines convention
12:01 Sunseeker International and Rolls-Royce to present first production yacht with MTU hybrid power in 2020
11:51 Bunker prices continue going down at the Far East ports of Russia (graph)
11:38 Port of Zeebrugge handled 40.1 million tonnes in 2018
11:25 Nor-Shipping reveals stellar line-up for Ocean Leadership Conference
10:52 10 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 16-17
10:28 NOVATEK’s hydrocarbon production totaled 548.4 million boe in 2018, up 6.9% Y-o-Y
10:03 Brent Crude futures price down 0.34% to $61.11, Light Sweet Crude – down 0.54% to $52.03
09:39 Tallink and Taltech to collaborate on developing smart ship solutions
09:17 Baltic Dry Index is down to 1,055 points

2019 January 16

18:36 Kongsberg Gruppen enters into an agreement with Rome AS to divest Kongsberg Evotec
18:06 Seaspan Corporation announces the closing of the second tranche of the $1 billion aggregate investment commitment by Fairfax
17:55 INEOS, Europe’s largest petrochemicals company, announces Antwerp as the location for its new ground breaking 3 billion Euro petrochemical investment
17:50 Throughput of Rostov-on-Don port in 2018 grew by 11.5% Y-o-Y to 24.1 million tonnes
17:36 Rolf A. Sandvik resigns as CEO of The Fjords
17:06 Digging begins in construction of new Antarctic wharf
16:52 Throughput of Russian seaports in 2018 grew by 3.8% Y-o-Y to 816.5 million tonnes (detalization)
16:31 IMO’s polar communication and navigation equipment guidance to be finalized
16:14 COSCO Shipping Lines launches Ocean Alliance 2019 service products
16:10 Ice restrictions at Passenger Port of Saint-Petersburg come into effect on January 25
16:05 Realogis publishes market report on the letting of logistics properties and industrial sites in the greater Hamburg area for 2018
15:46 Ice restrictions at Big Port of St. Petersburg come into effect on January 25
15:33 Verifavia Shipping cements leadership position for EU MRV and IMO DCS IT system certification
15:22 Throughput of Makhachkala Commercial Sea Port almost doubled in 2018 to 2.5 million tonnes