• 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 August 23

09:19 Baltic Dry Index is up to 2,118 points
09:07 Damen wins UX Design Award for Human Machine Interface for Tugs
08:35 MABUX: Bunker Market this morning August, 23
08:07 World’s largest all-electric ferry completes its maiden trip

2019 August 22

18:04 Australian Maritime College and KONGSBERG eye potential for VR training with renewed support program
17:39 Nordic Engineering sponsors roundtable meeting “Import Substitution in Russian Shipbuilding: Ambition and Reality”
17:04 DOF Subsea issues Financial Report for 2nd quarter of 2019
16:47 Karelia proposed construction of deep-water freight and passenger port Kem’
16:25 Bunker prices go down at the Far East ports of Russia (graph)
16:04 Navios Acquisition reports results for H1 2019
15:53 PJSC TransContainer reports its Financial Results under IFRS for 6M'2019
15:12 ReCAAP ISC has released Guidance on Abduction of Crew in the Sulu-Celebes Seas and Waters off Eastern Sabah
15:04 Essar Ports expects to meet 60 MT target for FY20
14:31 Höegh LNG announces interim results for the quarter and half year ended 30 June 2019
14:14 Peel Ports takes important step towards being Brexit ready
13:56 Yamal LNG shipped twenty million tons
13:35 Arctic block of Far East Investment and Export Agency headed by Dmitry Fishkin
13:13 Sea Machines successfully deploys industry’s first autonomous spill-response vessel
12:28 Fire onboard MV Pyotr Tchaikovsky kills one in Saint-Petersburg
12:13 Frontera Offshore and DOF Subsea join forces for the Subsea Construction and IMR Mexican market
11:31 Kalmar to enhance STS crane capabilities at EUROGATE Tanger
11:21 HELCOM publishes report on noise sensitivity of animals in the Baltic Sea
10:59 HELCOM gets a new Executive Secretary
10:35 Caterpillar Eurasia and Admiral Makarov University agreed on establishing a brand new up-to-date training center
10:10 Steps towards new treaty to protect marine biodiversity
09:38 Brent Crude futures price is down 0.41% to $60.04, Light Sweet Crude – down 0.38% to $55.47
09:20 Hapag-Lloyd announces changes of North Europe Mediterranean Express Service
09:13 Baltic Dry Index is up to 2,061 points
08:44 MABUX: Bunker market this morning, Aug 22

2019 August 21

18:06 BBC Chartering appoints Ulrich Ulrichs as CEO
17:57 BPO joined World Ports Sustainability Program
17:36 Napier Port’s shares commence trading on the NZX
17:06 ZIM announces Q2 2019 results
16:41 Waterfront Shipping and Marinvest welcome second-generation low emission methanol-fuelled vessels
16:35 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:32 Grady-White Boats honors MaineMax Pensacola as the worldwide sales leader
16:05 Hapag-Lloyd launches new South East Asia to Australia Services // SEA and S2A to start in October
15:42 Ferry in Estonia upgraded to battery-hybrid by Norwegian Electric System
15:21 Organisations release Joint Industry Guidance on the supply and use of 0.50%-sulphur marine fuel
14:55 Multipurpose small-draft salvage ship of MPSV12 project left for sea trials
14:30 BC Ferries releases first quarter results
14:04 DOF awarded two AHTS contracts to support drilling operations in New Zealand
13:27 Vladivostok offers second venue of “Import Substitution in Russian Shipbuilding: Ambition and Reality” roundtable
13:03 Workshop in Malaysia to help bring into operation the Regional Oil Spill Contingency Plan in South East Asia
12:46 Rosneft BOD recommended 1H’19 dividends at RUB 15.34 per share
12:25 Registration is underway for “Development of Icebreaking and Support Fleet” conference to be held as part of Neva-2019 exhibition
12:03 Ocean Yield extends option with Aker Energy for long-term charter of the FPSO Dhirubhai-1
11:41 Rosneft reports 9-pct increase of its 1H 2019 net income to RUB 325 bln
11:24 Vasily Boitsov appointed as USC Vice-President for Technological Development
11:02 Jan De Nul completes installation of all twenty foundations on the 120MW Formosa 1 Phase 2 wind farm in Taiwan
10:45 RF Ministry of Industry and Trade to prevent outflow of shipbuilding contracts from Russian shipyards
10:17 Scotline orders newbuild vessel from Royal Bodewes
10:16 Brazil readies its biofouling task force
09:51 Clean Arctic Alliance calls on Nordic Prime Ministers to support a ban on heavy fuel oil
09:47 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:28 Brent Crude futures price is up 0.48% to $60.32, Light Sweet Crude – up 0.36% to $56.33
09:13 Baltic Dry Index is down to 2,059 points
09:00 MABUX: Bunker Market this morning August, 21

2019 August 20

18:40 ATON repair and maintenance shop to be built at navigation support post in Taganrog Bay
18:06 CMA CGM announces FAK rates from Asia to North Europe