• 2018 March 5 16:05

    KCA Deutag enters into a combination agreement with Dalma Energy

    KCA Deutag ("KCAD"), a leading global drilling and engineering contractor, has entered into an agreement with the shareholders of Dalma Energy LLC to combine their respective businesses through the acquisition by KCAD of Dalma’s Omani and Saudi Arabian businesses, the company said in its press release. Consideration for the acquisition, based upon an Enterprise Valuation of $660 million, will consist of $100 million of cash and shares to be issued to Dalma’s shareholders valued at $220 million.

    KCAD had revenue of over $1.16 billion1 and EBITDA of $219-224 million in the year ending 31 December 2017. The Dalma Business had revenue of $3122 million and EBITDA of $110 million in the year ending 31 December 2017.

    Upon completion, the KCAD group as enlarged by the Dalma Business (the "Enlarged KCAD Group") will continue to operate under the KCA Deutag brand name and will have approximately 9,700 employees.
     
    The acquisition is expected to generate more than $10m of run-rate cost savings synergies per annum for the Enlarged KCAD Group.

    Under the terms of the agreement, as consideration for the acquisition, Dalma’s shareholders will receive $100 million in cash and an equity shareholding of approximately 22 per cent. in the Enlarged KCAD Group, valued at $220 million. This will be subject to final adjustment on completion of the acquisition which is currently expected to occur in the second quarter of 2018, subject to the fulfillment of certain conditions precedent. The Enlarged KCAD Group expects to keep KCAD’s existing financing in place and finalise $425 million of financing for the acquisition, which may include raising new debt in the loan or bond markets and/or amendments/extensions to existing financing.

    KCAD is holding its Q4 2017 Earnings Call on Thursday 8 March when audited financial information for KCAD and the Dalma Business will be available. KCAD will provide further information regarding the key financial effects of the acquisition, which is expected to have a deleveraging effect, at that time. Such information will also be made available on the KCAD website.
     
    The combination of KCAD and the Dalma Business will join together two leading onshore drilling contractors with market leading knowledge and operational experience in the Middle East.

    Established in 1888 KCAD has a long history of operating both onshore and offshore in various locations around the world including Africa, Europe, Russia, The Caspian Sea and South East Asia.

    In all of these locations KCAD is committed to not only delivering value to local communities, but also developing local skills and providing employment opportunities.

    The KCAD group established its land drilling presence in Oman in 1964, and currently owns and operates eight rigs in the country, five of which were constructed between 2014 and 2015. The transaction will add 29 high quality land rigs to the group’s portfolio, twenty in Oman and nine in Saudi Arabia.

    As a result, the Enlarged KCAD Group will be one of the largest owners and operators of land rigs in the Middle East. This enhanced scale should enable the group to deliver operational gearing, as well as potential cost synergies that have been identified.

    KCAD’s drilling rig and oilfield equipment manufacturer, Bentec, has a substantial manufacturing facility located in Nizwa (operating as IDTEC), which can easily service the market in the Middle East, and in Oman in particular.
     




2019 June 15

15:44 Wight Shipyard rolls out its new windfarm support vessel concept at Seawork Int'l 2019
13:17 Malta Freeport hosts its first LNG-powered container ship
12:53 Petrobras closes the sale of TAG
11:41 USCG, local partners respond to sailing vessel aground off Magic Island
08:43 Vessel training simulation underway at Tema Port’s new Terminal 3

2019 June 14

18:05 Ole Martin Grimsrud appointed CFO of Aker Solutions
17:44 USCG Cordova FOL crew saves man stranded for three days on Montague Island
17:05 Knud E. Hansen wins two separate contracts for innovative large RoRo vessels
16:41 Hapag-Lloyd to increase rates from North East Asia to Australia
16:26 Murmansk Sea Fishing Port handled 90,300 tonnes of cargo in Jan-May’2019, down 38.7% Y-o-Y
16:05 CMA CGM announces GRR from Asia to South Africa
15:14 “K” Line receives recognition for vessel speed reduction programs in the West Coast of North America
15:00 UK maritime industry leaders debate decarbonization, digital technologies and the future of safety at the annual ABS UK National Committee meeting
14:00 China Railway Container Transport signs strategic cooperation agreement with SITC International Holdings
13:38 Container throughput of Vladivostok Sea Fishing Port in 5M’2019 up 39% YoY to 89,649 TEUs
13:09 Algoma increases its interest in in the CSL International Pool
12:41 Port of Klaipeda (Lithuania) handled 19.77 million tonnes of cargo in 5M’2019, up 8.5% Y-o-Y
12:09 Global Ship Lease announces new charter agreements
11:32 Bunker prices continue going down at the port of Saint-Petersburg, Russia (graph)
11:09 ECSA issues statement on suspected attack on two oil tankers in the Gulf of Oman
10:51 France signs up to fishing vessel training treaty
10:30 Zhatai Shipyard to let build up to 10 river ships and scrap at least two ships per year
10:07 Jan De Nul plans to reduce CO₂ emissions by 15% a year
09:49 Brent Crude futures price is up 0.64% to $61.69, Light Sweet Crude – up 0.36% to $52.47
09:30 MacGregor automated mooring solution specified for the world's first autonomous and zero-emission container ship, Yara Birkeland
09:16 Baltic Dry Index is up to 1,062 points
09:07 GTT receives an order from HHI to design the tanks of two new LNG carriers
08:53 MABUX: Bunker market this morning, June 14
08:00 Long Beach cargo volumes down 16.6% to 573,623 TEUs in May 2019
07:01 Port of Los Angeles volumes up 7.8 percent to 828,662 TEUs in May 2019
06:58 MPA publishes second edition of guides on IMO 2020

2019 June 13

18:26 Maritime Technology Framework strengthens ties between DSME and DNV GL
18:05 J-ENG presents the latest technologies about MGO mono-fuel engine (UEC-LSJ), together with UEC42LSH and LP-EGR at 29th CIMAC World Congress
17:49 Port of Gdansk delegation takes part in IAPH conference, Guangzhou
17:28 Throughput of port Kaliningrad in Jan-May’2019 fell by 18% Y-o-Y to 4.98 million tonnes
17:04 Throughput of port Vyborg in Jan-May’2019 fell by 39% Y-o-Y to 373,000 tonnes
16:45 MarineTraffic partners with exactEarth to deliver most comprehensive vessel tracking yet
16:23 Throughput of port Primorsk in Jan-May’2019 grew by 8% Y-o-Y to 24.43 million tonnes
16:04 MarineTraffic partners with satellite AIS data provider exactEarth
15:39 Freight turnover of Neva-Metal (Saint-Petersburg) in 5M’19 fell by 10% Y-o-Y to 1.18 million tonnes
14:42 Viking Line announces additional departures on Helsinki-Tallinn routes during summer season
14:21 Throughput of port Vysotsk in Jan-May'2019 climbed by 8% Y-o-Y to 8.06 million tonnes
14:03 Hunter Group chooses OSM for technical management of newbuild VLCC fleet
13:49 Palau is approved by IMO as STCW White List member state
13:48 Jotun signs agreement with Hyundai Heavy Industries for a new type of marine paint
13:32 Bunker prices continue going down at the Far East ports of Russia (graph)
13:14 J-ENG rolls out its latest engine technologies at 29th CIMAC World Congress
12:39 Port of Ust-Luga handled 45.24 million tonnes in 5M’19, up 9% Y-o-Y
12:04 Jumbo awarded transportation & installation contract for Yunlin WTG foundations offshore Taiwan
11:03 Damen Marine Components acquires WK Hydraulics
10:50 Throughput of Port St. Petersburg in Jan-May'2019 climbed by 1% Y-o-Y to 25.01 million tonnes
10:36 Oshima Shipbuilding and DNV GL sign strategic cooperation
10:26 Damen Anchor & Chain Factory inks agreement with Fendercare at Seawork
10:11 Throughput of port Helsinki (Finland) in Jan-May’19 fell by 6.5% to 6 million tonnes (table)
09:52 Brent Crude futures price is up 0.57% to $60.3, Light Sweet Crude – up 0.16% to $51.22
09:33 Bunker prices fall down at the port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index is down to 1,080 points
09:04 MABUX: Bunker Market this morning, June 13
08:56 Miros launches six-month project to test its new fuel efficiency technology

2019 June 12

19:57 T.Mariotti shipyard cuts steel for Seaborn's new expedition ship