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DEFINITIVE

DryShips Ocean Rig Employment Updates

DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, has announced that Ocean Rig as signed definitive documentation with Total E&P Angola, following the previously announced Letter of Award, for its ultra deepwater drillship "Ocean Rig Skyros." The contract is for five wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013. The company said it has also received a Letter of Award for its ultra deepwater drillship "Ocean Rig Skyros," from a major oil company for a six-year contract for drilling offshore West Africa, with an estimated backlog of approximately $1.3 billion. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the previous contract before the first quarter of 2015. As a result of this LOA, as of today, Ocean Rig's total contracted backlog (including LOAs) stands at about $6.1 billion, primarily with investment grade or strong counterparties, the company said.


Genco Shipping & Trading Time Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to sign a time charter for the Genco Predator, a 2005-built Supramax vessel, with Pacific Basin Chartering Ltd. for approximately 11 to 13.5 months at a rate of $22,500 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about May 7, 2010 and is subject to the completion of definitive documentation


Tidewater Signs Agreement Of Intent

Tidewater, Inc. has signed an agreement of intent to acquire six newbuild vessels from Hvide Marine Incorporated, for an aggregate price of $22 million. Closing, which is expected sometime during July 1999, is subject to customary due diligence matters, including executing a definitive agreement and satisfactory inspections of the vessels by Tidewater.


Ambassadors International Acquires merican West Cruises

Ambassadors International, Inc., announced that its wholly-owned subsidiary, Ambassadors Cruise Group, LLC has completed its acquisition of American West Steamboat Company LLC and related entities ("American West Cruises"), one of North America's premier river and coastal cruise companies. The signing of a definitive agreement was previously announced on December 27, 2005.


Genmar Sells Hatteras Yachts to Brunswick

Genmar Holdings, Inc. announces that it has signed a definitive agreement to sell Hatteras Yachts, Inc. to Brunswick Corporation for approximately $80 million in cash. The agreement contains provisions allowing for an additional payment of up to $20 million based on Hatteras achieving certain financial targets over the next 20 months. Consistent with its June 27, 2001announcement, Genmar's Board of Directors considered all appropriate alternatives with respect to Hatteras and concluded a


Scorpio Sells Seven Tankers in Construction

Scorpio Tankers Inc. today announced that it has entered into an agreement whereby the company will sell its seven Very Large Crude Carriers (VLCCs) under construction for cash and record a gain of approximately $50 million. The transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close by the end March 2014. Subsequent to this transaction, the Company has 56 newbuilding product tanker orders with HMD, SPP


FastShip Signs With NASSCO For Construction Of Fleet

FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the first generation high-speed vessels comprised of the FastShip trans-Atlantic transportation fleet. Under the proposed agreement, NASSCO, designer and builder of new ships headquartered in San Diego, will construct four revolutionary vessels in the FastShip fleet


Grandunion Signs LOI for Aries

Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors.


DryShips Announces Signing of Drilling Contract

DryShips Inc. (NASDAQ: DRYS) announced that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contract signed with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately $77m


Ocean Rig Announces Financing, Contract Developments

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced:   $1.35 billion Bank Facility The Company announced that it has received firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. This facility has a 5 year term, and approximately an 11 year repayment profile


Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Photo: Odfjell

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced that the transaction with Breakwater Capital and Oak Hill Advisors, L.P. has been closed.


USS Princeton Wins CNRSW 'Good Neighbor' Award

Officers and crew of guided missile cruiser USS Princeton (CG 59) bestowed with the 2014 Navy Region Southwest Project Good Neighbor flagship award

  The officers and crew of guided missile cruiser USS Princeton (CG 59) were named as the recipients of the 2014 Navy Region Southwest "Project Good Neighbor" flagship award for medium-sized sea duty commands, Sept. 29. Princeton was one of eight Navy Region Southwest units


Petrobras Signs LoI for Libra FPSO

The extension of the Libra reservoir (blue) compared to Rio de Janeiro

  Libra Consortium has signed a letter of intent with Odebrecht/Teekay (OOG-Teekay), winner of a tender process, for the charter of a FPSO-type platform (floating production, storage and offloading) designed for the extended well test campaign of Libra, in the Santos Basin pre-salt deposits


New York, London Juxtaposed by New Maritime Event

On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA), the Maritime Law Association (MLA) and the Association of Shipbrokers and Agents (ASBA)


The Switch to Be Acquired by Yaskawa

Image courtesy of The Switch

Yaskawa Electric Corporation, a company in motion control and robotics, today announced that it has signed a definitive agreement to acquire The Switch, a supplier of megawatt-class permanent magnet generator and full-power converter packages for wind power and other renewable energy applications


Philly Tankers Step Closer to Its First Vessels

Philly Tankers Step Closer to Its First Vessels

  Following the announcement of 10 June 2014 by Aker Philadelphia Shipyard ASA  (AKPS) Philly Tankers had successfully secured equity commitments necessary to finance the purchase of two product tankers from AKPS with deliveries in 2016 and 2017.


Container Census & Container Equipment Insight Publication

Frontispiece: Image DMR

Described by publishers Drewry Maritime Research as the definitive Annual enhanced with quarterly updates released in July, October, January and April. Key areas of analysis in the Annual include:     •    Development of the global container fleet


Whiting Petroleum To Acquire Kodiak Oil & Gas At $6 Bln

Photo Courtesy Kodiak Oil & Gas Corp

  Whiting Petroleum Corporation (NYSE: WLL) (“Whiting”) and Kodiak Oil & Gas Corp. (NYSE: KOG) (“Kodiak”) today announced a definitive agreement pursuant to which Whiting will acquire Kodiak in an all-stock transaction valued at $6


Scorpio Bulkers Gets $540m Loan for Newbuilds

Photo courtesy of Scorpio Bulkers

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21, 2014, the company received a commitment from two European financial institutions for a loan facility of up to $540 million


Star Bulk Takes Delivery of First Capesize from JMU

Star Bulk ship: Photo credit Star Bulk

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the first of six similar vessels ordered at JMU, with expected deliveries until the 3rd quarter of 2015.


DRYSHIPS Financial & Operating Results for 2Q, 2014

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results


OneSubsea, Helix and Schlumberger to Form Alliance

  OneSubsea™, a Cameron and Schlumberger company, Helix Energy Solutions Group, Inc. and Schlumberger today announced that they have entered into a letter of intent to form an alliance to develop technologies and deliver services to optimize the cost and efficiency of subsea well


Star Bulk to Acquire 34 Drybulk Vessels

Photo: Star Bulk

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp


Joe Barton: Lift Oil Export Ban

A senior U.S. Congressman from Texas has come out in full support of the United States lifting the 40-year old ban on crude oil exports, putting him at odds with fellow House Republicans wary of weighing in on the controversial issue. Rep


Star Bulk Takes Delivery of M/V Leviathan

star bulk.jpg

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that on September 19, 2014 it has taken delivery of M/V Leviathan, a 182,000 dwt Capesize built by Japan Marine United (JMU).






 
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