The Poseidon Principles: De-carbonizing Global Shipping
Maritime Forum, added: “The Poseidon Principles are a mechanism to try and incorporate long-term risk within the shorter-term time frame in which mortgages and loans are established and reviewed by financiers.”The founding signatories of the Poseidon Principles include Citi, Societe Generale, DNB, Amsterdam Trade Bank, and Danske Bank
Shearwater to Buy Schlumberger’s Seismic Business
be funded by $325 million in new cash equity and $325 million in debt financing. RASMUSSENGRUPPEN AS has fully underwritten the equity issue and GC Rieber Shipping ASA intends to subscribe for approximately $28 million (of the total of $325 million) before closing. The debt financing will be provided by DNB Bank ASA and Sparebank 1 SR-Bank ASA.Carnegie and DNB Markets has acted as financial advisor to Shearwater in connection with the transaction and Arntzen de Besche acted as legal advisor. Pareto Securities has acted as financial advisor and Advokat firmaet Schjødt AS as legal advisors for Schlumberg
$475 mi Committed Financing for Ocean Rig Apollo
the construction costs of the Ocean Rig Apollo. The facility amount is for the lesser of $475 million and 70% of the fair market value of the drillship. This facility has a 5 year term, and approximate 12 year repayment profile, and bears interest at LIBOR plus a margin. This financing is led by DNB and the lending syndicate consists of DVB Bank and potentially other commercial lenders as well as the Import-Export Bank of Korea (KEXIM). This agreement is subject to definitive documentation which Ocean Rig expects to complete in the following weeks
Ezra to Consolidate EMAS Marine into EOC
secondary sale of shares of up to $20 million in the Norwegian market directed at EOC’s existing shareholders in the Norwegian Central Securities Depository (VPS), at the same price as the proposed offering. The proposed secondary listing is led by DBS Bank Ltd, one of Asia’s largest banks. DNB Bank ASA, Norway's largest financial services group, has been appointed as financial adviser to EOC for the transaction. The proposed secondary listing will allow EOC to leverage the EMAS branding in Asia for greater access to competitive sources of debt and equity and is expected to improve the
Norway to Retain Statoil Stake
company with stakes in most oil and gas licenses on the Norwegian continental shelf. Norway is the world's seventh-biggest oil exporter and the second-biggest supplier of natural gas to Europe after Russia. The government said in a white paper published on Friday it also intended to keep stakes in bank DNB, fertilizers producer Yara and aluminium producer Norsk Hydro at the current levels. The government - with a budget surplus exceeding 10 percent of GDP and a rainy day cash pile worth $880 billion - is under no pressure to raise money. Even in case of shares in Telenor, the government was under no
SE Asia Oilfield Service Minnows Must Acquire or Expire
boys. And as expenses rise, they may have no choice but to seek outside capital or lease their equipment and ships to other operators. "We have seen a fairly active market, and it will be a natural progression to see more M&As," said Joachim Skorge, the Asia head of investment banking at DNB Bank. "What we often see is when the market is improving, people looking for exit will be more open to sell." Drawn by the promising Southeast Asia market, Australia's Mermaid Marine Australia Ltd bought Jaya Holdings Ltd for A$550 million ($510.48 million) in February. The purchase of
Offshore Norway Exploration Plan Gets Funding
Atlantic Petroleum Norge AS has entered into a NOK 300-million bank credit facility with DnB to finance its growth plans in Norway. The 3 year facility is put in place to finance Atlantic Petroleum’s planned Norwegian exploration and appraisal programme on the offshore Norwegian Continental Shelf Under the terms of the credit facility, approx. 74% of all the Company’s exploration, appraisal and supporting expenditure in Norway will be met by DnB, thereby substantially increasing the Company's capital available for investment in Norway activity. The facility will be fully repaid by
February 2024
