Jp Morgan News

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Singapore's Offshore Industry Recovering

and production clients to have the confidence to turn enquiries into actual orders."While we may be at the bottom of the cycle, we view the recovery as more gradual with risk of most new order wins being low or zero-margin jobs," said Ajay Mirchandani, head of research for ASEAN at JP Morgan. "We won't be anywhere near the glory days for the foreseeable future."Take Kim Heng Offshore and Marine Holdings, a firm which provides rig services and owns shipyards. During the downturn, it slashed its workforce by a third, cut salaries by 10-20 percent, and sold around seven

DONG Energy to Exit O&G Business

a clearer focus on renewables such as Britain's SSE, Portugal's EDP Renovaveis SA and Germany's Innogy, which was split off from RWE last month. DONG, which has built more than a quarter of the world's offshore wind farms and is a major operator in Britain and Germany, said last month it had hired JP Morgan to review its oil and gas assets with a view to possible sale. Analysts at Sydbank said DONG's oil and gas assets could be worth up to 14 billion Danish crowns ($2.1 billion). DONG produced 89,000 barrels of oil and gas per day this year, down from 115,000 barrels of oil and gas daily last year

Photo: DONG Energy

DONG Energy Shares Jump after European IPO

and the technology improves.   DONG said more than 36,000 new investors had been allocated shares in the flotation. Private Danish investors were assigned about 10 percent of the 72.8 million shares sold, with the rest bought by Danish and international institutional investors.   JP Morgan, Morgan Stanley and Nordea were global coordinators for the listing. Citigroup, Danske Bank, UBS, RBC, Rabobank and ABG Sundal Collier and Lazard were also involved.|     ($1 = 6.5311 Danish crowns) (By Jacob Gronholt-Pedersen, Ole Mikkelsen and Nikolaj Skydsgaard; Additional

Justh Appointed to Odyssey Board of Directors

a company in the field of deep-ocean shipwreck and offshore mineral exploration, appointed Mark B. Justh to its board of directors. The appointment adds a seat to the board, bringing the total number of directors to seven, including five independent directors. Justh previously served for 12 years at JP Morgan. There he was a managing director and head of Pan Asian Equities Distribution in Hong Kong. During his tenure at JP Morgan he was also responsible for Cash Equities Distribution in the Americas. Prior to JP Morgan, he was a partner at a startup fund in the media space, HPJ Media Ventures/DeNovo

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