Israel-based international defense electronics company Elbit Systems has signed an agreement to buy maritime defense contractor Sparton for $380 million. Elbit said Wednesday that its U.S. subsidiary Elbit Systems of America had signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton. Sparton Parent, Inc.
Scott Theriot has been named president and CEO of Southwest Shipyard L.P., effective August 12, 2020.Theriot takes over from Read Boles who has served as interim president and CEO since February, following the passing of the shipyard's previous president and CEO Martin DeCamp.Boles has returned to his advisory role on the company's board of directors.
Edward Schwarz, Vice President for ABB Marine and Ports, received the United States Merchant Marine Academy’s Rear Admiral Lauren S. McCready Award as the 51st recipient.Edward A. Waryas, Jr., Board Member for NYSE-traded KNOT Offshore Partners, LP as the 43rd recipient of the award and co-chair of the award’s committee made the announcement.The Lauren S.
Operational trials of unmanned equipment in Norway offered a glimpse of the UK Royal Navy's autonomous future. Royal Marines small boat specialists 47 Commando have been working alongside HMS Albion, the Royal Navy’s autonomous accelerator NavyX and the Office for the Chief Technology Officer to see how the kit can be put to use in real world situations.
Teekay Offshore Partners L.P., a provider of offshore oil production and storage vessels for the offshore oil and gas industry, has changed its name.The company announced Tuesday its name has changed to Altera Infrastructure L.P. effective March 24, 2020. The move comes following the recent acquisition of the company by Brookfield Business Partners L.P.
Norwegian offshore vessel operator Siem Offshore has seen a platform supply vessel contract in Canada terminated almost two years ahead of the expected contract expiration.The company said Friday that its Canadian subsidiary Secunda Canada had received a notice of early termination of the charter party for the vessel Siem Pilot."The original charter period expires in November 2022.
Finland-based technology group Wärtsilä said it has divested 100% of its shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital L.P., based in New York. The transaction was closed Thursday.“Wärtsilä is focusing on creating a stronger and simpler core whilst making sure the non-core businesses get an opportunity under a new ownership to be able to drive their business success and
The Shipbuilders Council of America (SCA), the national association representing the U.S. shipyard industry, today announced the 2020 annual shipyard safety awards. SCA honors shipbuilding and repair organizations with the “Excellence in Safety” Award and “Improvement in Safety” Award each year for enhancement of operations and promotion of safety and accident prevention.
The International Maritime Organization (IMO) has published its remote meetings calendar for the rest of 2020 after its initial agenda of IMO Council and Committees sessions was scrapped due to the coronavirus pandemic.The first scheduled meeting is set to be a simultaneous, remote extraordinary sessions of all Committees (expected to be held 16-18 September), to address procedural matters.
Bjorn Moller is retiring from Teekay Corporation’s Board of Directors, the shipowner announced Wednesday.Moller has more than 35 years of service with the Teekay, including 22 years as a board member and more than 20 years in senior management positions. He was Teekay’s President and Chief Executive Officer from 1998 to 2011.Moller also served as Vice Chairman of Teekay GP L.L.C.
Enterprise Products Partners LP said it would offer spot shipments of crude on an existing pipeline from the U.S. Gulf coast to Cushing, Oklahoma, the delivery point for benchmark U.S. crude futures, as demand to store oil inland surges.The move marks a sharp reversal from recent pipeline projects that were all built connecting inland markets to the Gulf Coast as U.S.
Enterprise Products Partners LP is working with U.S. officials to advance an offshore crude terminal project after the review schedule was suspended last week, the company said.Enterprise and Enbridge Inc agreed late last year to jointly develop a U.S. Gulf Coast crude export terminal known as Sea Port Oil Terminal (SPOT) that would load supertankers off Freeport, Texas.