Hints and tips:
...A company called Met Ocean appears in the Panama Papers leak of millions of files from Mossack Fonseca, one of the largest offshore law firms....
...“The LNG tanker boom is helping boost our profitability,” said Ka Sam-hyun, chief executive of Korea Shipbuilding & Offshore Engineering, the world’s largest shipbuilder and the holding company of Hyundai...
...Suisse found ex-investment bank chief violated code of conduct (WSJ) Amazon inks deals to send its internet satellites into space (FT) Channel 4 sale leaves potential buyers in a quandary (FT) Tokio Marine...
...marine and offshore engineering group....
...The Brazilian bribery scheme was linked to a case against Keppel Offshore & Marine, a Singaporean shipyard operator that agreed to pay $422m in a similar settlement with US, Brazilian and Singaporean authorities...
...South Korean policymakers have been keen to consolidate the country’s overcrowded shipbuilding industry ever since they began rescuing troubled manufacturers, including Daewoo Shipbuilding & Marine Engineering...
...The Asian country is home to the world’s three biggest shipbuilders — Hyundai Heavy, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries....
...As signs of a global recovery emerge, the country’s big three shipbuilders — Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries — have also cleaned up their balance...
...Samsung Heavy Industries slid 2.4 per cent and Daewoo Shipbuilding and Marine Engineering shed 4.1 per cent, underperforming a 0.5 per cent gain for the benchmark Kospi Composite index....
...In a synchronised response, offshore mega-deals by the country’s insurers have continued one after the other, highlighted by the $7.5bn acquisition of HCC by Tokio Marine three years ago....
...We will have zero offshore energy projects in a few months.”...
...Hong-Kong listed Swire Pacific said there was likely to be a “material adverse effect” on underlying profits after downgrading the value of its offshore marine fleet and suffering a writedown by its majority-owned...
...Samsung Heavy forecast an operating loss of Won490bn ($449m) for this year and Won240bn next year amid shrinking demand for its new vessels and offshore energy projects....
...“This project was consented by Scottish Ministers in October 2014 on the advice of Scottish Natural Heritage and Marine Scotland....
...They posted a combined operating loss of Won8.5tn ($7.6bn) in 2015 following a failed foray into costly offshore energy projects....
...Among the major players, Sembcorp Industries was down 1.2 per cent, the index’s fourth-worst performer, and Keppel Corporation was off 0.6 per cent....
...It is struggling to pay back Won940bn in maturing bonds this year including Won440bn next month amid a dearth of new orders and delayed deliveries of offshore oil rigs....
...The offshore drilling business is in such distress that Transocean just sold at a steep discount a dozen rigs it does not need to a small Norwegian group....
...The company’s finances deteriorated in recent years after a failed foray into expensive offshore energy projects, with costs for building oil rigs and production facilities ballooning as crude oil prices...
...South Korea’s National Pension Service has agreed to a debt restructuring plan for struggling Daewoo Shipbuilding & Marine Engineering, smoothing the way for a fresh $2.6bn bailout for the world’s second-largest...
...South Korea’s government has offered a fresh Won2.9tn ($2.6bn) bailout for cash-strapped Daewoo Shipbuilding and Marine Engineering as the world’s second-largest shipbuilder continues to suffer huge losses...
...“Several offshore and marine companies were making investments for future growth during 2014 and were caught when energy prices took a steep dive in [the fourth quarter of] 2014,” said Nick Wong, credit...
...Keppel's net profit fell by nearly half on the year to 783.9m Singapore dollars ($542m). The company laid off about 10,000 workers at its offshore and marine unit last year....
...Keppel’s shares have dropped 41 per cent over the past year, while Sembcorp Marine’s stock has fallen 46 per cent. The industry’s immediate prospects are grim....
...The Japan-based offshore marine division has become the target for change, even though the unit’s drag on profits is small. Decade-high profits in shipbuilding evaporated in 2013....
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