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Accommodation rig company Prosafe experienced low utilization rates in 2016 and only realized a profit due to a restructuring of the company. The bottom of the rough market will be reached next year, according to the company.
Jesper Kragh Andresen will take over as new CEO of Prosafe, which owns the world's largest fleet of accommodation vessels for the oil sector. He previously headed Lauritzen's offshore company Axis Offshore, which was acquired by Prosafe in early January.
Axis Offshore, which until now been partially owned by Lauritzen Fonden, has now been sold to competitor Prosafe. The transaction was announced in November and means that Prosafe will take over three accommodation vessels for the oil sector.
The Norwegian capital fund manager Alfred Berg is pleased that the Oslo Stock Exchange has criticized Axis Offshore for forcing a bailout together with its owners Lauritzen Fonden and Hitec Vision.
The Oslo Stock Exchange criticizes Axis Offshore for unequal treatment of bondholders in favor of its owners, Lauritzen Fonden and Hitec Vision, in forcing the adoption of a rescue plan at a meeting this summer. The owners are now in the process of selling the company to Norwegian Prosafe.
The offshore drama is not over yet for Lauritzen, which through its subsidiary LF Invest has to inject upwards of USD 10 million into Axis Offshore in order to secure a rescue plan for the company.
Axis Offshore will be merged with Norway's Prosafe – and J. Lauritzen will thus go from being an active player in the offshore sector to serving merely as a financial investor. The downturn in the oil- and gas market makes the merger the only right move, Axis CEO Jesper Kragh Andresen tells ShippingWatch.
Axis Offshore skal fusioneres med norske Prosafe – og dermed går J. Lauritzen fra at være aktiv i offshoreindustrien til alene at være finansiel investor. Nedturen i olie- og gasmarkedet gør fusionen til det eneste rigtige, siger Axis' direktør Jesper Kragh Andresen til ShippingWatch.
Axis Offshore, owned by Lauritzen Fonden and equity fund Hitec Vision, has once again postponed the delivery of hotel vessel Axis Nova. The offshore company extended its original deal to August next year.
Axis Offshore, som er ejet af Lauritzen Fonden og kapitalfonden Hitec Vision, udskyder igen leveringen af hotelskibet Axis Nova. Offshoreselskabet har fået forlænget sin eksisterende aftale til august næste år.
Axis Offshore, in which J. Lauritzen recently sold its stake to the carrier's owner, Lauritzen Fonden, has again postponed delivery of the company's two hotel vessels from Chinese Cosco, according to Axis' latest financial report to the Oslo Stock Exchange.
The new hotel vessel for J. Lauritzen's joint venture with Norwegian HitecVision on hotel ships will stay in the orderbook. "Axis Offshore remains the best owner and operator of this vessel," the company's CEO tells ShippingWatch.
Det nye hotelskib til J. Lauritzens samarbejde med norske HitecVision om hotelskibe forbliver i bogen. "Axis Offshore er fortsat den rette ejer og operatør af riggen," siger CEO i en kommentar til ShippingWatch.
Axis Offshore, a joint venture between J. Lauritzen and Norwegian HitecVision, has postponed the delivery of an offshore accommodation vessel to July next year. The order could even be canceled, notes shipyard.
Axis Offshore, der er et joint venture mellem J. Lauritzen og norske HitecVision, har udskudt leveringen af et hotelskib til juli næste år. Ordren kan endda blive annulleret, lyder det.
Treasury Risk Manager with focus on financial risk management - Group Treasury, Bunker Holding
Executive, Operations - BW LPG
