Deep Sea Supply Expands Fleet with 10 PSVs

October 24, 2019

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first_imgPress Release, June 26, 2014 zoom Deep Sea Supply Plc today entered into an agreement to acquire 10 PSVs. The total price paid for the 10 vessels including remaining CAPEX is USD 366 million, the total broker value for the vessels is USD 419 million.Deep Sea Supply will raise approximately USD 200 million through a Private Placement to partly finance the acquisition of the vessels.This move will increase the current fleet of the company from 30 to 40 vessels and the company’s market capitalization from approximately USD 200 million to USD 400 million.The 10 PSVs are bought through the acquisition of 100% of the shares in PSV Holding Inc. PSV Holding is owned by Greenwich Holdings Ltd, an affiliated company of Hemen Holding.Through the acquisition of PSV Holding, Deep Sea Supply will assume ownership of five PSVs; “Sea Tantalus”, “Sea Titus”, “Sea Tortuga”, “Sea Falcon” and “Sea Flyer”, all of which were delivered from Cochin shipyard in India and Sinopacific shipyard in China during 2013 and 1Q 2014.All five vessels are operational. “Sea Falcon” and “Sea Flyer” are on 5-year contracts (plus options) with Apache in the UK sector of the North Sea. “Sea Tantalus” was recently awarded 2 years (plus options) with Nexen in the UK sector of the North Sea. “Sea Tortuga” has a contract for 13 months (plus options) with ENI North East Africa. “Sea Titus” is currently mobilizing to West Africa. Day rates are in the range of approximately USD 23,000 to USD 26,000.Furthermore, PSV Holding has five vessels under construction, one 4,100 dwt PSV of STX 05-L CD design at Cochin Shipyard Limited in India and four 4,600 dwt PSV of Ulstein PX 105 design at Sinopacific in China. These newbuilds are expected to be delivered during 3Q and 4Q 2014. The vessels are state of the art PSVs of Norwegian design with good cargo capacities, low fuel consumption, clean design and well equipped.PSV Holding’s sole activity consists of owning these five PSVs and being ultimate buyer under five PSV newbuilding contracts. PSV Holding has no employees.The total consideration to be paid by Deep Sea Supply for all the shares in PSV Holding is based on an Enterprise Value of USD 366 million, including capital expenditure commitments of USD 136 million. Fair market value of the vessels and newbuilding contracts is USD 419 million based on the average of broker values from two recognized ship brokers per 31 March 2014.Deep Sea Supply intends to secure bank financing in the amount of approximately USD 200 million towards the 10 vessels and newbuilding contracts, which combined with the proceeds from the announced private placement of new shares in the company will fully fund the Transaction. The Transaction is expected to close during June 2014.last_img read more


Tanzania Expresses Support for Moroccos Decision to Rejoin African Union

October 12, 2019

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Dar es Salaam – Tanzanian President, John Pombe Joseph Magufuli, expressed his country’s support for Morocco’s decision to rejoin the African Union (AU) and find its rightful place, said a joint statement issued after the official visit paid by HM King Mohammed VI to the United Republic of Tanzania on October 23-25.Magufuli also expressed his willingness to support Morocco’s admission to its institutional pan-African family as of the next Summit, the joint statement added.During the royal visit, the two leaders, who discussed the decision of Morocco to rejoin the AU, expressed their hope to see the return of Morocco to the African Union pave the way to tackling unresolved political and diplomatic issues that are a concern for Morocco, the same source said. The King and the Tanzanian President share the same ambitious vision for an African continent that must take charge of its own destiny and development, the statement said, adding that the two Heads of State stressed, in this regard, the need to strengthen South-South and triangular cooperation to promote a continuous and sustainable development. read more


Call to end corporal punishment in Sri Lanka by 2020

October 8, 2019

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The Stop Child Cruelty oraganisation including an Alliance of Professionals and a group of Religious Dignitaries today launched a programme to seek an end to corporal punishment in schools permanently by 2020.For decades the problem has been escalating steadily in most schools, and attempts taken to eliminate this scourge from the education system have failed. Globally, 131 countries including Sri Lanka have taken an enlightened stand and taken significant steps to ban CP due to the serious negative impact CP has on the minds of children in their formative years and on society. Violent physical harm inflicted upon children leads to major emotional and psychological scars with consequences which manifest in adulthood. Bullying, aggressive behavior and ragging in universities are few detrimental after effects which have been proven scientifically through credible research. ECP 2020 is a unique initiative, which commenced taking all these factors into consideration. This Campaign is unique in that, it is designed by a civil society organization, Stop Child Cruelty but is partnered by the Presidential Secretariat (Daruwan Surakimu) and the Sri Lanka Foundation, two leading Institutions of the Government of Sri Lanka.ECP 2020 aim is to present a Petition signed by over 2000 committed enthusiasts who want to see Sri Lanka as a nation free from CP. The Pentagon Proposal which has been developed giving the five overarching key components that are essential to make this a reality. These five components refer to the main arms of the government that are responsible for implementation. Details of the Pentagon Proposal will be made public at the ‘Walk for Real Change’ scheduled on 30th September at 3pm at Independence Square.The Pentagon Proposal will describe how ECP 2020 can be implemented stage by stage between now and 2020. read more