Key Developments: Hurtigruten ASA (HURT.OL)

HURT.OL on Oslo Stock Exchange

4.16NOK
16 Apr 2014
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Latest Key Developments (Source: Significant Developments)

Hurtigruten announces acting CFO
Friday, 4 Apr 2014 02:02am EDT 

Hurtigruten ASA:Announces Erik Hansen acting Chief Financial Officer (CFO), effective June 2, 2014 - Feb. 28, 2015.He replaces Asta Lassesen during her maternity leave.  Full Article

Hurtigruten proposes no dividend for FY 2013
Thursday, 3 Apr 2014 04:13am EDT 

Hurtigruten ASA:Proposes no dividend distribution for FY 2013.Paid no dividend for FY 2012.  Full Article

Hurtigruten ASA Establishes New Subsidiary in Kirkenes
Friday, 24 May 2013 03:12am EDT 

Hurtigruten ASA announced that a wholly-owned subsidiary of Hurtigruten ASA will be established in Kirkenes. This will be a crew center that will provide support for shipping management, particularly with regard to recruiting and training crew. All maritime staff will be employed in the new company, and it is intended that the new company will have tasks connected with managing ship charter traffic and also support Hurtigruten's product and marketing organization in developing marketing potential in the northern regions. Some functions that are currently managed in Tromso will be transferred to Kirkenes. The employee unions have been involved in the process and they stand behind the decision.  Full Article

Hurtigruten ASA Announces Reorganization
Monday, 28 Jan 2013 02:59am EST 

Hurtigruten ASA announced that it reorganizing and streamlining its corporate and Sales Nordic operations. Annual savings of over NOK 60 million is expected, with full effect from 2014. Several changes in the overall structure and working methods will take place: general staff reductions within administrative functions; centralizing activities to a new corporate center in Tromso and phasing out of the current operations in Narvik, transfer of duties and personnel to the corporate center; organization designed to give much more focus to the Company's commercial operation increased focus and commitment to hotel and restaurant operations by competence development and improved service, establishment of a dedicated manning company for crew. Proposed change of the Company's head office address is submitted for decision by the Annual General Meeting on April 17, 2013. Hurtigruten's new organization is planned for implementation on March 31, 2013, and results in a general downsizing of between 25% and 30%. The Company will ensure continuity with respect to safe operations and emergency preparedness, and business-critical functions when implementing the new structure. The Company will continue the efficiency efforts initiated outside the Nordic countries, including the Svalbard operations. Hurtigruten is also in the process of selling non-strategic assets. Financial effects of these processes will come in addition.  Full Article

Hurtigruten ASA Announces Settlement in Arbitration in Australia-Reuters
Friday, 21 Dec 2012 03:00am EST 

Reuters reported that Hurtigruten ASA's Australian subsidiary Hurtigruten Pty Ltd filed primo 2012 arbitration case against contractual partner regarding outstanding claims. The outstanding claim amounts to NOK 370 million. The Company has for precautionary reasons selected to make an accounting provision of NOK 46 million as of December 31, 2011. Hurtigruten has entered into a conciliation agreement with the contractual partner with respect to the payment of the net amount due. This will provide a positive cash flow for the Company of AUD 38 million (approximately NOK 221 million) and a loss in income of AUD 17 million (approximately NOK 99 million). After the contract has been entered into, the Company has no longer any requirements to balance related to charter operations in Australia.  Full Article

Hurtigruten ASA Plans Sale of Real Estate
Thursday, 6 Dec 2012 02:59am EST 

Hurtigruten ASA announced that it has decided to establish an efficiency program to ensure adequate profitability. The program shall ensure the establishment of a new and more cost-optimal structure for staff and support functions, including Nordic marketing- and sales organization. As part of this Hurtigruten will move its headquarters from Narvik and establish a new corporate center in a new facility in Tromso. The measures of the program are to be implemented during the first quarter of 2013. In order to free up capital, the program shall also facilitate the sale of non-strategic assets, with first phase focus on real estate in Narvik and Tromso.  Full Article

Hurtigruten ASA Announces EFTA Court Upholds ESA's Decision against State Regarding Unlawful State Aid for Company
Monday, 8 Oct 2012 05:54am EDT 

Hurtigruten ASA announced that in 2008, the Norwegian Ministry of Transport and Communications and Hurtigruten ASA entered into an agreement regarding supplementary compensation under the former coastal service agreement of 2004. The total supplementary compensation constituted around NOK 405 million. At that time, the state believed that the supplementary compensation was in line with the regulations governing state aid. In a decision of June 29, 2011, the EFTA Surveillance Authority (ESA) concluded that the supplementary compensation was in violation of the EEA agreement's rules governing state aid. In the process leading up to the judgment, ESA prepared its own decision in June 2011, and determined that an estimated NOK 145 million constituted unlawful aid. The state stopped making payments in the summer of 2010, and NOK 235 million remains payable to Hurtigruten ASA under the agreement. Even under the ESA's assessment, Hurtigruten ASA is entitled to approximately NOK 90 million in further payments. The entire amount has been recognized as income for accounting purposes, with a subsequent provision of NOK 35 million. Hurtigruten ASA and the state brought the ESA's decision before the EFTA Court, and on October 8, 2012 the EFTA Court has upheld ESA's decision. The judgment cannot be appealed. Hurtigruten ASA will now analyze the judgment in order to assess the next steps.  Full Article

Hurtigruten ASA Announces Listing of New Loan
Tuesday, 5 Jun 2012 02:20am EDT 

Hurtigruten ASA announced listing of its new NOK 500 million open loan (ISIN: NO0010638133) under name Hurtigruten ASA 12/17 FRN on June 5, 2012. The loan matures on April 20, 2017. The interest is 9.44% per year (three-month NIBOR + 7.00%), and the loan is interest-bearing as of March 20, 2012. Danske Markets, DNB Markets, DVB Bank SE / Fearnley Fonds ASA, Nordea Markets, Sparebank 1 Markets & Swedbank First Securities act as facilitators. DOL Classification Group is Major Bonds Sector.  Full Article

Hurtigruten ASA Announces Listing of New Loan
Monday, 4 Jun 2012 09:00am EDT 

Hurtigruten ASA announced listing of its new NOK 500 million open loan (ISIN: NO0010638133) on June 5, 2012. The loan matures on April 20, 2017. The interest is 9.44% per year (3-month NIBOR + 7.00%), and the loan is interest-bearing as of March 20, 2012. Danske Markets, DNB Markets, DVB Bank SE / Fearnley Fonds ASA, Nordea Markets, Sparebank 1 Markets & Swedbank First Securities act as facilitators.  Full Article

Hurtigruten ASA Appoints Daniel Skjeldam as New CEO
Thursday, 31 May 2012 05:31am EDT 

Hurtigruten ASA announced that Daniel Skjeldam has been appointed its new Chief Executive Officer (CEO). He will take on his new position on October 1, 2012 at the latest.  Full Article

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