Total petroleum products (POL) sales during 7MFY21 increased by 11% YoY to 11.27mn tons with growth seen across all major fuel segments. In the ongoing gas crisis, it is not surprising that the demand for Furnace Oil (FO) surged by an impressive 37% YoY during the period. This was followed by a 12% YoY increase…
Endúr ASA acquires Swedish marine infrastructure group Marcon
OSLO: Endúr ASA has entered into a share purchase agreement with Jörn Ryberg Holding AB og Cygnus Olor AB to acquire 100 percent of the shares in Marcon, a leading Swedish company engaged in marine infrastructure and civil engineering activities. “Marcon is a robust, fast-growing and highly profitable business. While Endúr holds a strong position…
Napatech partners Lenovo to improved data center performance for 5G providers
COPENHAGEN: Napatech AS, the leading provider of programmable Smart NICs, announced that Lenovo, a tier-1 global server manufacturer, has partnered with Napatech to deliver 25 and 100 gigabit Ethernet programmable Smart NICs to data centers. The solution is the result of joint product and technology development between Napatech and Lenovo to meet the most demanding…
Metro Bank acquires RateSetter portfolio of loans for £384 million
LONDON: Metro Bank PLC announced the acquisition of a portfolio of loans from peer-to-peer investors who have invested through the Retail Money Market Ltd (RateSetter) platform for a cash consideration of up to £384 million. The exact amount is expected to be less as the Portfolio will continue to amortise between announcement and expected completion…
PetroTal announces successful $100 million bond issue
HOUSTON: PetroTal Corp. has successfully completed the placement of a 3-year US $100 million senior secured bond (as announced on January 12, 2021) with a fixed coupon of 12% and a borrowing limit of $125 million. PetroTal intends to use the net proceeds from the Bond to repay all existing outstanding loans (in particular the…
FCA publishes review into unsecured credit market
LONDON: The Financial Conduct Authority (FCA) has published a report on change and innovation in the unsecured consumer credit market following a Review by its former Interim Chief Executive, Christopher Woolard CBE. The Woolard Review sets out how regulation can better support a healthy market for unsecured lending, taking into account the impact of the…
Weir Group completes sale of oil & gas to Caterpillar Inc.
LONDON: The Weir Group PLC has completed the sale of its Oil & Gas division to Caterpillar Inc., a news release said. The sale, for an enterprise value of $405m, subject to customary working capital and debt-like adjustments, was first announced on 5 October 2020 and approved by Weir Shareholders on 23 November 2020. Since…
Polypipe Group acquires Nu-Heat Holdings for £27 million
LONDON: Polypipe Group plc, the leading manufacturer of water management and climate management solutions, announce its acquisition of Nu-Heat (Holdings) Limited for a total consideration of £27 million on a cash-free, debt-free basis. Commenting on the acquisition, Martin Payne, Polypipe Chief Executive Officer, said: “I am delighted to announce the acquisition of Nu-Heat, which aligns…
OGDCL reports hydrocarbon discovery in Sindh
ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) as operator (95%) and Government Holdings (Pvt) Limited (5%) has discovered gas & condensate from its exploratory well Sial-1, which is located in district Hyderabad, Sindh Province. The structure of Sial-1 was drilled and tested using OGDCL’s in house expertise. The well was drilled down to the…
Magnora ASA makes strategic entry into Nordic solar PV market with 25% acquisition in Helios
OSLO: Magnora ASA has entered into an agreement to acquire a 25 percent ownership share in a share issue in Helios Nordic Energy AB, a Swedish solar PV company focusing on large-scale greenfield projects in the Nordics. Magnora has the option to acquire a further 15 percent ownership share of Helios. Through a highly experienced…
FIRB approves the $205 million Acacia Ridge Terminal sale
SYDNEY: The Foreign Investment Review Board (FIRB) approved Aurizon Holdings’ sale of the Acacia Ridge Terminal to Pacific National (PN). The FIRB approval means the sale contract for the Terminal between Aurizon and PN becomes unconditional, with an expected close date of 26 March 2021. The $205 million sale to PN includes a non-refundable payment…
Fitch revises Sabra’s outlook to stable; Fitch and S&P affirm Sabra’s credit ratings
IRVINE: Sabra Health Care REIT Inc. (Nasdaq: SBRA) announced today that Fitch Ratings has revised its rating outlook for Sabra to Stable from Negative and that both Fitch and S&P Global Ratings affirmed the ratings for Sabra’s debt as ‘BBB-‘. Fitch notes in its report that its affirmation of Sabra’s ratings and revision to Stable…