Canadian investment firm Brookfield Business Partners announced plans to acquire 60% of Teekay Offshore Partners, a leading global provider of marine services and solutions focused on production and logistics to the offshore oil industry. Teekay Offshore is a publicly traded subsidiary of Teekay Corporation (NYSE:TK), one of the world's largest marine energy transportation, … [Read more...]
Hurtigruten Attracts Private Equity
Norwegian cruise operator Hurtigruten ASA has attracted interest from buyout firms EQT Partners AB, Bain Capital and TPG, according to people familiar with the situation. The company’s owner, TDR Capital, is working with Goldman Sachs Group Inc. and ABG Sundal Collier Holding ASA to find a buyer, the people said, asking not to be named as the talks are private. The … [Read more...]
Private Equity Turning Its Back on Shipping
By Nicholas Brautlecht (Bloomberg) -- Private equity is turning its back on shipping after a glut of funding over the last five years contributed to overcapacity in the industry, according to Andrian Dacy, the head of JPMorgan Asset Management’s Global Maritime business. While private-equity firms enjoy returns of as much as 20 percent in the tanker market, bulk-carrier … [Read more...]
Shipping Industry Faces Shake Up as Private Equity Unwinds Bets
By Keith Wallis SINGAPORE, March 4 (Reuters) - As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial crisis, but weaker Chinese demand and an … [Read more...]
Venari Raises Additional $1.3 Billion to Bolster Deepwater Gulf of Mexico Inventory
Gulf of Mexico-focused deepwater exploration and production company Venari Resources says it has raised an additional $1.3 billion in equity commitments bringing the total raised to $2.4 billion less than two and a half years after the company was formed. Dallas, TX-based Venari said in a statement Wednesday that it has received the additional investments from … [Read more...]