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	<title>Marine Money Archives &#187; BW Offshore</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
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		<item>
		<title>Reverting to the Mean?</title>
		<link>http://www.marine-money.com/archive/reverting-to-the-mean</link>
		<comments>http://www.marine-money.com/archive/reverting-to-the-mean#comments</comments>
		<pubDate>Thu, 14 Jul 2011 15:14:33 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[Alpha Star Equities]]></category>
		<category><![CDATA[Axis Bank]]></category>
		<category><![CDATA[Bank of Taiwan]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[Carnival Cruise]]></category>
		<category><![CDATA[Carolina Marine]]></category>
		<category><![CDATA[Chinatrust Commercial Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[IDBI Bank]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Mega International Commercial Bank]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Mizuho]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Prosafe Production]]></category>
		<category><![CDATA[SBI Capital Markets]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Swedbank Markets]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10487</guid>
		<description><![CDATA[Last week, Dealogic published its Bookrunner and MLA Tables for Syndicated Marine Finance Loans for the first half of 2011 and while growth is clearly evident, there is a noticeable defining trend. The offshore services sector, given its strength and capital requirements, is taking on a far more meaningful role.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>On Hold</title>
		<link>http://www.marine-money.com/archive/on-hold-2</link>
		<comments>http://www.marine-money.com/archive/on-hold-2#comments</comments>
		<pubDate>Thu, 12 May 2011 15:48:02 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[National Oilwell Varco]]></category>
		<category><![CDATA[Prosafe Production]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10333</guid>
		<description><![CDATA[Yesterday, Prosafe Production extended its letter of intent to sell its turret and swivel business to National Oilwell Varco (“NOV”). As a consequence of BW Offshore’s voluntary offer to acquire all the outstanding shares of Prosafe, NOV had requested the extension until after the offer had been concluded and the future ownership structure clarified.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Big Squeeze – Dealing with Prosafe’s Recalcitrant Shareholders</title>
		<link>http://www.marine-money.com/archive/the-big-squeeze-%e2%80%93-dealing-with-prosafe%e2%80%99s-recalcitrant-shareholders</link>
		<comments>http://www.marine-money.com/archive/the-big-squeeze-%e2%80%93-dealing-with-prosafe%e2%80%99s-recalcitrant-shareholders#comments</comments>
		<pubDate>Thu, 04 Nov 2010 14:21:40 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[Prosafe Production]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9813</guid>
		<description><![CDATA[BW Offshore (“BWO”) last week received approval from the Cyprus Securities and Exchange Commission to acquire all the shares in the issued share capital of Prosafe Production.
]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/the-big-squeeze-%e2%80%93-dealing-with-prosafe%e2%80%99s-recalcitrant-shareholders/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Lots of Moving Parts, But a Pure Play at the End – BW Offshore to Merge and Divest</title>
		<link>http://www.marine-money.com/archive/lots-of-moving-parts-but-a-pure-play-at-the-end-%e2%80%93-bw-offshore-to-merge-and-divest</link>
		<comments>http://www.marine-money.com/archive/lots-of-moving-parts-but-a-pure-play-at-the-end-%e2%80%93-bw-offshore-to-merge-and-divest#comments</comments>
		<pubDate>Thu, 16 Sep 2010 19:09:39 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Advanced Production & Loading Plc]]></category>
		<category><![CDATA[BW Group]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[Carnegie]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Ingolf Gillesdal]]></category>
		<category><![CDATA[Lars-Daniel Westby]]></category>
		<category><![CDATA[National Oilwell Varco]]></category>
		<category><![CDATA[Nordea Markets]]></category>
		<category><![CDATA[Prosafe Production]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9631</guid>
		<description><![CDATA[The on-going saga of the merger between BW Offshore (“BWO”) and Prosafe Production  may have reached its denouement. Back in July, BWO made a voluntary exchange offer for all the shares of Prosafe it did not own. The offer was conditioned on the outcome of the sale of Prosafe’s turret and swivel business to National Oilwell Varco (“NOV”) for $165 million. If the business were unsold the BWO would offer 1.2 shares in BWO plus NOK 2 in cash for each share of Prosafe. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Maintaining Tradition</title>
		<link>http://www.marine-money.com/archive/maintaining-tradition</link>
		<comments>http://www.marine-money.com/archive/maintaining-tradition#comments</comments>
		<pubDate>Fri, 06 Aug 2010 01:18:22 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Arne Blystad]]></category>
		<category><![CDATA[BW Group]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[DHT Holdings]]></category>
		<category><![CDATA[I.M. Skaugen]]></category>
		<category><![CDATA[MMI]]></category>
		<category><![CDATA[Randee Day]]></category>
		<category><![CDATA[Skaugen Petrotrans]]></category>
		<category><![CDATA[Svein Moxnes Harfjeld]]></category>
		<category><![CDATA[Tom Kjeldsberg]]></category>
		<category><![CDATA[Trygve P. Munthe]]></category>
		<category><![CDATA[Western Bulk]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9522</guid>
		<description><![CDATA[We were disappointed to learn yesterday that Randee Day’s temporary stewardship of DHT Holdings was coming to an end, although she will retain her position as non-executive director. The new management team will consist of Svein Moxnes Harfjeld, as President and CEO and Trygve P. Munthe as COO. Women will jocularly note that it took two men to replace a woman.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>On Hold</title>
		<link>http://www.marine-money.com/archive/on-hold</link>
		<comments>http://www.marine-money.com/archive/on-hold#comments</comments>
		<pubDate>Thu, 01 Jul 2010 19:04:23 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[National Oilwell Varco]]></category>
		<category><![CDATA[Prosafe Production]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9371</guid>
		<description><![CDATA[Yesterday, Prosafe Production extended its letter of intent to sell its turret and swivel business to National Oilwell Varco (“NOV”). As a consequence of BW Offshore’s voluntary offer to acquire all the outstanding shares of Prosafe, NOV had requested the extension until after the offer had been concluded and the future ownership structure clarified.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/on-hold/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Wedding Season or Offshore Consolidation Takes Two Giant Steps</title>
		<link>http://www.marine-money.com/archive/wedding-season-or-offshore-consolidation-takes-two-giant-steps</link>
		<comments>http://www.marine-money.com/archive/wedding-season-or-offshore-consolidation-takes-two-giant-steps#comments</comments>
		<pubDate>Thu, 24 Jun 2010 21:27:32 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Acergy S.A.]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[Carnegie]]></category>
		<category><![CDATA[DnB]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[First Security]]></category>
		<category><![CDATA[Helge Andre Martinsen]]></category>
		<category><![CDATA[Ingolf Gillesdal]]></category>
		<category><![CDATA[Lars-Daniel Westby]]></category>
		<category><![CDATA[Modec]]></category>
		<category><![CDATA[Mr. Westby]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Pareto]]></category>
		<category><![CDATA[Pareto Securities]]></category>
		<category><![CDATA[Prosafe Production]]></category>
		<category><![CDATA[Prosafe Production Public Limited]]></category>
		<category><![CDATA[Saipem]]></category>
		<category><![CDATA[SBM]]></category>
		<category><![CDATA[Subsea 7 Inc.]]></category>
		<category><![CDATA[Technip]]></category>
		<category><![CDATA[Teekay]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9442</guid>
		<description><![CDATA[Monday was a big day in the offshore sector with two major transactions announced. First BW Offshore (“BWO”) made a voluntary exchange offer for all of the shares of Prosafe Production Public Limited it does not currently own. The company is offering 1.2 BWO shares and NOK 5.25 in cash for each share, which consideration equates to NOK 16.21 based upon Friday’s closing price, valuing Prosafe at approximately NOK 4.1 billion or a 17% premium to Prosafe’s closing price on Friday. BWO currently owns directly or indirectly 23.88% of the total outstanding shares with a wholly owned subsidiary owning a further 6.1%. Presently BW Group owns 66.95% of the total number of shares in BWO and will be diluted to approximately 47% to 49% shareholding in the combined company based upon an acceptance level of between 90% and 100%. The combination will create an FPSO company with the diversification, presence, resources and competence to meet the increasing requirements from both clients and regulators. ]]></description>
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		</item>
		<item>
		<title>Game Changers?</title>
		<link>http://www.marine-money.com/archive/game-changers</link>
		<comments>http://www.marine-money.com/archive/game-changers#comments</comments>
		<pubDate>Fri, 26 Feb 2010 09:24:45 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[East Meets West]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[ABG Sundal Collier]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[China Fishery]]></category>
		<category><![CDATA[DnB NOR Markets]]></category>
		<category><![CDATA[Golden Ocean Group]]></category>
		<category><![CDATA[Oslo Bors]]></category>
		<category><![CDATA[SEB Enskilda]]></category>
		<category><![CDATA[SGX]]></category>
		<category><![CDATA[Singapore Exchange]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8478</guid>
		<description><![CDATA[In their 4th quarter earnings release, Golden Ocean Group Limited announced that its application for a secondary listing in Singapore had been approved by the Singapore Exchange (“SGX”). The company already has an operational presence in Asia and saw the opportunity offered by the July 2009 Memorandum of Understanding between SGX and the Oslo Bors (“OSE”), which facilitated a simplified and accelerated dual listing process between the exchanges. This will be the first secondary listing by a Norwegian firm under the new accords.

From our perspective, this is an interesting transaction. Not only is this an example of a western company seeking equity capital in the East, it also raises the question of whether the market would follow the trendsetter, John Fredriksen, who was the first to bring his company to the U.S markets. The successful listing of Golden Ocean will blaze the trail for more to follow and strengthen Singapore’s position as a maritime and financial hub.
]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Nordea, DnB, ING Arrange $3 billion Facility for BW Group</title>
		<link>http://www.marine-money.com/archive/nordea-dnb-ing-arrange-3-billion-facility-for-bw-group</link>
		<comments>http://www.marine-money.com/archive/nordea-dnb-ing-arrange-3-billion-facility-for-bw-group#comments</comments>
		<pubDate>Fri, 16 May 2008 06:44:22 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[BW Gas]]></category>
		<category><![CDATA[BW Group]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[Clarence Lui]]></category>
		<category><![CDATA[Danske Bank]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB]]></category>
		<category><![CDATA[Fortis Singapore]]></category>
		<category><![CDATA[Helmut Sohmen]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[HSH Nordbank]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[OCBC]]></category>
		<category><![CDATA[Svenska Handelsbanken]]></category>
		<category><![CDATA[Swedbank]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=3522</guid>
		<description><![CDATA[Jumbo loans have officially returned with the announcement by BW Group that it has executed a 5-year $3 billion facility with a consortium of 11 banks, which committed a total sum of $5 billion against BW Group’s $3 billion requirement. Nordea, DnB and ING acted as bookrunners of the facility, and they were joined as mandat­ed lead arrangers and underwriters by Svenska Handelsbanken, Swedbank, HSH Nordbank, Danske Bank, Fortis Singapore, OCBC, Deutsche Bank and HSBC.]]></description>
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