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News
Shuaa Capital buys out Dubai-based Stanford Marine Group's Dh1.13 billion debt
Dubai: Shuaa Capital on Sunday announced that it has successfully completed a debt buyout of Stanford Marine Group's (SMG) Dh1.13 billion ($308 million) facility, resulting in a successful outcome for all parties involved, including the participating banks.
SMG is one of the most prominent and diversifi read more
January,11th 2021
McDermott restructures debt and files Chapter 11 bankruptcy
McDermott has finalised a pre-packaged restructuring of its estimated $9.86bn in debt, and will file for Chapter 11 bankruptcy protection.
The restructuring will be financed by a debtor-in-possession (DIP) financing facility of $2.81bn. McDermott will also sell Lummus Technology for $2.73bn. It said the restructuring read more
February,4th 2020
Topaz and P&O merger forms new brand
Topaz Energy and Marine has been merged into P&O Maritime to form new brand P&O Maritime Logistics (POML) following its acquisition by Dubai terminal operator DP World in July.
“Through the synergies created by the merger of the two companies, under the DP World umbrella, the POML business is well read more
December,17th 2019
SEACOR Marine : Innovation and aggressive cost-cutting measures are helping transform the Louisiana-based OSV owner
When it announced its Q3 2019 earnings, US-based SEACOR Marine did something it had not done in five years; it generated its highest ‘direct vessel profit’ and utilisation from continuing operations since Q4 2014.
“This improved margin reflects the strategic positioning and high grading of our fleet read more
December,13th 2019
Nam Cheong secures three vessel contracts
Malaysian OSV operator Nam Cheong has entered into three chartering contracts worth a total of RM54.8m ($17.9m).
The contracts, awarded by foreign oil majors, are for one AHTS and two PSVs and also include options to extend. The new contracts have increased the company’s total orderbook to RM290m.
The vesse read more
December,12th 2019
Aramco awards EPC ...
Aramco has awarded an engineering, procurement, construction and install... read more