Aker Philadelphia Shipyard ASA says that its joint venture with Crowley Maritime Corp. has secured a US $325 million credit facility to help pay for a quartet of newbuild product tankers to ply the Jones Act market. Aker says that the firm USD 325 million senior secured term loan facility was underwritten by a group of banks and financial institutions and that the facility … [Read more...]
Teekay LNG and EXMAR Form LPG Joint Venture
Teekay LNG (NYSE:TGP) and Antwerp-based EXMAR (EXM:BB) announced Wednesday plans to create a new 50/50 joint venture that will operate in the midsized LPG Carrier segment in a bid to take advantage of the current and future demand for liquefied petroleum gas (LPG) and ammonia (NH3). Under the deal, EXMAR will contribute 16 owned LPG carriers to the new joint venture company, … [Read more...]
New Subsea Joint Venture Hailed as “Game-Changing”
Cameron International Corp. and Schlumberger Ltd. will join forces to develop and manufacture products for the subsea oil and gas market. Schlumberger, the world's largest oilfield services company, will pay Cameron $600 million for contributing its subsea division to the new venture, called OneSubsea. Schlumberger will contribute some of its businesses, including Framo, an … [Read more...]
FMC Technologies and Edison Chouest Offshore Form Subsea Joint Venture
FMC Technologies, Inc. (NYSE: FTI) announced today that it has formed a joint venture with Louisiana-based Edison Chouest Offshore that will provide vessel-based subsea services for the oil and gas industry. The new joint venture will service clients utilizing the subsea technologies, tooling and expertise of FMC Technologies, and the vessel, port logistics and ROV … [Read more...]
SAAM and SMIT Team Up – Joint Venture Likely to Create Leading U.S. Tug Operation
SANTIAGO (Dow Jones)--Chilean shipping company Compania Sud Americana de Vapores SA's (VAPORES.SN) logistics SAAM business and Dutch dredging and maritime services company Koninklijke Boskalis Westminster NV's (BOKA.AE) SMIT unit signed a memorandum of understanding to join the units' respective tugboat businesses. Vapores, which has been weighed down by hefty ship and … [Read more...]