Oil / Gas Transportation Services
Inter Pipeline Fund Announces Corporate Restructuring And Distribution Increase
Inter Pipeline Fund announced that it has completed several internal transactions related to the restructuring of its current limited partnership structure to position the business for a planned conversion to a corporate form. Inter Pipeline has indirectly purchased Pipeline Management Inc, its General Partner, for initial consideration valued at $170 million, plus adjustments, and a future second instalment valued at $170 million which is partly contingent on the outcome of certain organic growth projects currently under development. These transactions (the Internalization Transactions) have been designed to eliminate all future management, acquisition, divestiture and incentive fees payable to an external manager. In conjunction with the Internalization Transactions, Inter Pipeline has announced a distribution increase of $0.03 per unit on an annualized basis. Unitholders of record as of June 21, 2013 will be eligible for Inter Pipeline's new, higher level of cash distributions with initial payment on or about July 15, 2013. This increase will result in annual distribution payments of $1.14 per unit.
Great Eastern Shipping Company Limited Strikes Off Indirect Wholly Owned Subsidiary
Great Eastern Shipping Company Limited announced that Greatship DOF Subsea Projects Private Limited, a wholly owned subsidiary of Greatship (India) Limited has been struck off from the Register of Companies under the Fast Track Exit Mode. Further, Greatship (India) Limited is a subsidiary of the Company.
Frontline Ltd. Completes Restructuring
Frontline Ltd. announced that the restructuring of the Company has been completed. Frontline Ltd. has completed the sale of five VLCC newbuilding contracts, six modern VLCCs, including one time charter agreement and four Suezmax tankers to Frontline 2012 Ltd. (Frontline 2012) at a market value of USD 1,121 million. In addition, Frontline 2012 has assumed USD 666 million in bank debt attached to the vessels and newbuilding contracts, and USD 325.5 million in remaining newbuilding commitments. Furthermore, Frontline Ltd. will receive payment for working capital related to the assets sold. The estimated book value of the assets sold, including the remaining newbuilding commitments, at December 31, 2011 is USD 1,428 million. The assets have been sold at market values assessed by three independent appraisals. On December 16, 2011, Frontline 2012 completed a private placement of 100,000,000 new ordinary shares of USD 2.00 par value at a subscription price of USD 2.85, raising USD 285 million in gross proceeds, subject to certain closing conditions. These conditions have now been fulfilled and Frontline 2012 was registered on the NOTC list in Oslo December 30, 2011. As a consequence of the restructuring, the Company's sailing fleet, excluding the non recourse subsidiary ITCL, is reduced from 50 units to 40 units. The cash proceeds for Frontline Ltd. following the completion of the transaction are approximately USD 70 million.
Frontline Ltd. Updates on Restructuring
Frontline Ltd. (Frontline) announced that it has concluded a number of elements from its restructuring plan. Frontline 2012 Ltd. (Frontline 2012) has within a group of large institutional investors, completed a private placement of 100,000,000 new ordinary shares of USD 2.00 par value at a subscription price of USD 2.85, raising USD 285 million in gross proceeds to Frontline 2012. The private placement is subject to certain closing conditions expected to be lifted by December 29, 2011. Frontline has been allocated 8,771,000 shares at a subscription price of USD 2.85, representing approximately 8.8% of Frontline 2012. When the private placement and restructuring is closed, Frontline will seek to give Frontline's shareholders the possibility to participate in Frontline 2012. This possibility represents no instant value. It might include a sale of Frontline's holding in Frontline 2012 to its shareholders at the issue price. If the proposed restructuring of Frontline is consummated, Frontline will receive USD 1,121 million in consideration for the sale of assets to Frontline 2012. The book value of the assets to be sold, including the remaining newbuilding commitments, was as of September 30, 2011 USD 1,433 million. Frontline is still negotiating with its banks and counterparts with the target to complete the restructuring prior to December 31, 2011.
Oceanteam Shipping ASA Completes Merger of Oceanteam Shipping 101 and 104 AS and Oceanteam Shipping 102 and 105 AS into OTS ASA
Oceanteam Shipping ASA (OTS ASA) announced that the Board of Directors of the Company resolved a merger with Oceanteam Shipping ASA as the transferee company and its wholly-owned subsidiaries Oceanteam Shipping 101 and 104 AS and Oceanteam Shipping 102 and 105 AS as the transferor companies. Oceanteam Shipping 101 and 104 AS’ and Oceanteam Shipping 102 and 105 AS’ assets, rights and obligations as a whole are transferred to OTS ASA without consideration. Oceanteam Shipping 101 and 104 AS and Oceanteam Shipping 102 and 105 AS are dissolved as a result of the merger.
Saga Tankers ASA Announces Reorganization of Activities; Chief Executive Officer Resigns
Saga Tankers ASA announced that as part of the plan to scale down the Company's activities, there will be some changes made to the organization. Firstly, the Company's Chief Executive Officer (CEO), Mr. Jon Christian Syvertsen, will resign and will serve through his notice period of six months until June 30, 2012 at which time Mr. Fredrik Platou, the Company's current Chief Financial Officer (CFO), will succeed his position as both CEO and CFO. In addition, the Company will seek to scale down various outsourcing agreements during the first and second quarters of 2012 in order to reflect the Company's reduced level of activities and to reduce overhead costs where possible.
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+246.24Analyst Research
| Report Title | Price |
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Provider: Bohai Securities Co.,Ltd.
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$161.00
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Provider: Thomson Reuters StreetEvents
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$39.00
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Provider: Bohai Securities Co.,Ltd.
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$23.00
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Provider: Thomson Reuters StreetEvents
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$39.00
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Provider: Wright Reports
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$35.00
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