Nordea to Boost Finance for LNG Shipping
Nordea Bank aims to increase shipping finance activities to the growing liquefied natural gas (LNG) industry, executives at one of the world's biggest shipping financiers said.China's crackdown on pollution and its growing demand for more environmentally friendly sources of power, such as LNG, are boosting demand for ships to transport the fuel."We would like to expand the portfolio and there are certain segments that we would like to expand in.
Fredriksen's Northern Drilling raises $246 mln
The drilling rig company says raised NOK 2 billion Norwegian crowns ($245.91 million) via private placement of 31.75 mln new shares at a subscription price of NOK 64 per share. The firm says that private placement was substantially over-subscribed. Following the issuance, the company will have an issued share capital of $77.75 million divided into 77.75 million common shares, each with a nominal value of $1.00.
Offshore Rig Firms See End to Historic Downturn
Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves.
U.S. Oil & Gas Lenders Demand Liquidity Floors
Banks are increasingly requiring U.S. oil and gas companies to maintain minimum levels of liquidity, an unusual step that could help reduce the risk of being exposed to companies struggling to maintain operations and repay debt. One of the energy companies hardest-hit by so-called minimum liquidity covenants is Chesapeake Energy Corp, according to a Reuters review of regulatory filings.
Dryships Achieves Refinance of 5% Convertible Notes
DryShips Inc. * The Company has repurchased on the open market and cancelled $191,090,000 principal amount of its 5% convertible notes. No other repurchases are planned and therefore the outstanding principal balance of the 5% convertible notes due on December 1 is $508,910,000. * On October 29, 2014, the Company signed definitive documentation for the Nordea $170 million senior secured credit facility.
Sanctions Bite Russian Arctic Oil Shippers
Shipping services that support Russia's attempts to extract oil from remote parts of the Arctic will run into difficulties as banks scale back energy financing due to Western sanctions, increasing transport costs for the frontier sector. Sanctions imposed on Russia by the United States and European Union over Ukraine have targeted the delivery of oil technology, goods and services, aiming to make it impossible for Moscow to access new oil sources.
Russian Oil Prices Below $100/Barrel
Russian Urals crude weakened for an eight straight trading day on Monday due to weak European refining demand, falling well below $100 a barrel for the first time in a year in a move to increase the pain for Russian state finances amid Western sanctions. Russia has balanced its budget at $114 a barrel this year as President Vladimir Putin is ramping up social military spending amid a conflict in Ukraine…
OW Bunker Offering Of Employee Shares
As announced in the Prospectus published on 13 March 2014, OW Bunker A/S ("OW Bunker") expects to make a one-time offer to its employees to buy shares in the company at a favourable price. Now, the Board of Directors for OW Bunker has resolved to make a global offering of shares to OW Bunker's employees (the "Employee Share Offering"). Nordea Bank Danmark A/S will act as coordinator…
