• 2019 April 16 17:36

    Songa Bulk ASA to merge with Axxis Geo Solutions AS

    Songa Bulk ASA and Axxis Geo Solutions AS have entered into a joint merger plan , pursuant to which Songa Bulk will assume the assets, rights and obligations of AGS against issuance of shares in Songa Bulk to existing shareholders of AGS.

    Key terms of the Merger and timeline:

    The exchange ratio in the Merger is based on an equity value of Songa Bulk of NOK 17.93 million, corresponding to a price per share of NOK 0.5, and an equity value of AGS of NOK 514.82 million, corresponding to a price per share of NOK 0.7.

    The shareholders of AGS will receive 1.4 shares of Songa Bulk per one (1) share in AGS, meaning that the shareholders of AGS upon completion of the Merger will receive a total of 1,029,636,885 shares in Songa Bulk, representing 96.6% of all issued shares in Songa Bulk immediately following completion of the Merger. The consideration shares issued will be ordinary shares in Songa Bulk, and shall be equal to all other issued and outstanding shares in Songa Bulk. Further details regarding the valuations and the exchange ratio is included in the Merger Plan which will be attached to the notice for the extraordinary general meeting Songa Bulk, expected to be held on or about 16 May 2019 (the "EGM").

    Following completion of the Merger, AGS will constitute 96.6% of the combined company, implying that the combined entity will for all practical reasons be transformed into a pure play ocean bottom node seismic company. Songa Bulk proposes to change its name to Axxis Geo Solutions ASA upon completion of the Merger.

    The Merger Plan and the issuance of the consideration shares are subject to approval by the EGM with at least two-thirds majority of the votes cast and of the share capital represented at the EGM.

    The completion of the Merger is also conditional upon satisfaction of a number of closing conditions, including but not limited to approval by the general meetings in Songa Bulk and AGS, necessary consents from third parties, continued listing of Songa Bulk on Oslo Axess and expiry of the creditor notice period without any creditor claims being made.

    The completion of the Merger and the issuance of the consideration shares are expected to take place shortly after expiry of the creditor notice period in June 2019, subject to the abovementioned conditions being fulfilled.

    Following the issuance of the considerations shares, there will be 1,065,498,885 shares outstanding in Songa Bulk. Songa Bulk further proposes a 1:10 reverse share split, to be completed after issue of the consideration shares.

    About AGS

    AGS is a leading pure play ocean bottom node seismic company uniquely positioned to pursue both contract and multiclient seismic. The company specializes on delivering tailored seismic solutions and flexible hands-on project management and execution. Its operation is based on a scalable asset light strategy through chartering of vessels and nodes to complete seismic surveys. The management of the Company has completed more than 100 seismic acquisition projects in more than 20 countries totalling in excess of USD 1 billion in revenues over the last 10 years.

     




2019 April 22

18:29 President Vladimir Putin to kick off loading of an LNG cargo to Coral Anthelia in Vysotsk, April 24
18:04 Bahri explores maritime opportunities in Africa at Logismed
16:57 Federation Council approves the crab fishing quotas bill
14:45 Newspaper of Sea Port of St. Petersburg receives Best Corporate Edition 2018 Award
14:27 MOL to install AR navigation system on 21 VLCCs
14:26 Spot market price for Russian M100 product ended week lower at an average of RUB 19,431 pmt
13:07 Nobel Bros Shipyard re-launches refurbished pusher OTA-953
13:01 Seadrill Partners LLC receives early termination notice for the West Capricorn contract
12:06 Rosmorport invites to submit proposals for LS marine fuel supply at Sakhalin based Port of Shakhtersk
12:00 BP and partners sanction $6 billion Azeri Central East development offshore Azerbaijan
11:10 Int’l Neva 2019 Expo to present the hall of small crafts building achievements
11:00 Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture
10:26 Crude oil futures soar to $ 73,81 (Brent) and to $ 65,53 (WTI)
10:05 DEME Offshore announces Moray East wind farm Tier One suppliers
09:58 Eni, CDP, Fincantieri and Terna join forces to develop power plants on an industrial scale
08:25 Mitsubishi Shipbuilding holds christening ceremony for next-generation LNG carrier "Diamond Gas Sakura"

2019 April 21

15:38 WheelHouse names Ian Morris as Vice President of Operations
14:34 CMA CGM to implement FAK rates from West Med, Adriatic, Black Sea and East Med to Far East, Middle East Gulf and Red Sea
12:37 USCG offloads 970 pounds of cocaine and 550 pounds of marijuana
11:31 CMA CGM hikes rates on Asia to Kenya, Tanzania service
11:07 Kinder Morgan raises dividend by 25%, announces Q1 2019 results

2019 April 20

16:31 CMA CGM announces FAK rates for Asia - the Middle East Gulf trade
15:02 MOL pledges support for Mozambique in wake of devastating cyclone
14:42 USCG Cutter Waesche crew returns home after 95-day counter-narcotics patrol
13:27 CMA CGM announces FAK rates for Asia to Pakistan / India / Sri Lanka trade
13:12 Carnival Cruise Line, CFVI unveil revitalized Griffith Park in St. Thomas for local children
12:26 BC Ferries celebrates Earth Day with the return of the Spirit of Vancouver Island
11:04 Certification of Arkona offshore wind farm by DNV GL confirms safe and reliable power supply
10:49 Navios Maritime Acquisition Corporation announces $103.2 million sale and leaseback transaction
10:38 Boskalis acquires EUR 75M dredging contracts in Indonesia

2019 April 19

18:07 Keppel posts net profit of S$203M in 1Q 2019
17:28 Passenger Port of Saint-Petersburg to complete Phase 1 of Berth No7 reconstruction in summer 2019
17:04 Saudi Aramco partners with the Saudi Contractors Authority fostering collaboration at ‘Future Projects Forum’
16:57 BAE Systems Jacksonville secures Navy's conntract mod for DDG 117
15:04 Hyundai LNG Shipping announces order for one VLGC at HHI
14:55 Marina for 100 yachts to be built in Feodosia by Firm “TES” LLC
14:10 C-Fenna successfully completes Fugro 1200 jackup towing operations
13:32 ESPO congratulates Port of Huelva for renewing EcoPorts’ environmental management standard
13:07 Spirit of Vancouver Island vessel returns to service after mid-life upgrade including conversion to natural gas
12:44 New High Bay Container Storage system launched as “BOXBAY”
12:10 ABS teams with industry leaders to improve container vessel safety
11:39 Port Arthur LNG receives FERC authorization for export project in Texas
11:08 Dual-fuel AET tankers conduct maiden LNG bunkering
10:43 Largest barge of Azerbaijan Caspian Shipping Company undergone overhaul
10:19 Brent Crude futures price is down 0.04% to $71.95, Light Sweet Crude – up 0.38% to $64
09:56 Bunker prices are sable at the port of Saint-Petersburg, Russia (graph)
09:35 TransContainer’s transportation volumes in Q1’2019 increased by 7.7% Y-o-Y to 492,000 TEUs
09:17 Baltic Dry Index is up to 790 points
07:42 GTT receives an order from DSME for the tank design of a new LNG carrier

2019 April 18

18:36 South Stream Transport B.V. and Saipem announce the amicable settlement of mutual differences
18:06 Seaway 7 selected as partner to develop Hollandse Kust Zuid Offshore Wind Farm
17:36 WinGD reports strong first quarter 2019
17:11 Launching ceremony held for eighth shallow-draft barge of Project ROB20
17:05 SOFEC completes engineering, supply and delivery of mooring system
16:26 Port of Murmansk to welcome eight cruise liners in summer season of 2019
16:05 Cooperation agreement between Eimskip and Royal Arctic line approved by the Icelandic Competition Authority
15:44 Navios Acquisition announces $103.2 million sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers
15:12 Nefteflot laid down two barges of Project RDB12 ordered by STLC
15:10 MOL to acquire strategic stake in six group companies, each owning a Very Large Ethane Carrier
14:40 Port of Rotterdam freight throughput grows by 5.1% in first quarter of 2019