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2881-2900 of 5997
Game over? you mean shorties? lol... Do you believe it will still rebound up and break 2.01.... Enjoy
Don't think will pull down the price any further. This morning drop maybe is because of this
jasonwong75 ( Date: 27-May-2011 10:37) Posted:
Hi all.
Game Over for Cosco.... It is confirmed they are losing this big business from Sevan Drilling....
1 billion contract... better sell now ... Cosco going to $1.90
Sevan on the financial skids
The boss of Sevan Drilling quit today in a dramatic turn of events for the beleaguered Norwegian outfit as the threat of liquidation looms over its cash-strapped parent, floater player Sevan Marine.
Steve Marshall & News reports 26 May 2011 09:07 GMT
Jan Erik Tveteraas, who was named chief executive of the drilling subsidiary only two months ago having previously been at the helm of the main company, said he was stepping down for “personal reasons”.
Debt-laden Sevan Marine, which has seen its share price drop like a stone in recent days, now faces severe liquidity problems and a financial restructuring after it was forced to pull the plug on a planned rights issue aimed at raising $275 million.
The company said in a statement to the Oslo bourse that the issue, proposed by DnB NOR Markets, could not proceed in light of the fall in its share price,which was trading below Nkr0.50 earlier today after dropping nearly 65% over the past 24 hours.
The floating production player could now shortly be in “breach of a minimum liquidity requirement” under a financing agreement as it faces a cost overrun of $45 million related to the upgrade of the Sevan Voyageur FPSO for E.ON Ruhrgas’ Huntington field off the UK.
“Sevan Marine does not currently have sufficient funds to fullfill this requirement, the satisfaction of which will depend on a successful restructuring,” the statement read.
Chief executive Carl Lieungh, when questioned by TDN Finans on whether liquidation was an option for the company, responded: “It will always be an alternative under such a process.”
Tveteraas, who also resigned as a member of the Sevan Marine board, has been temporarily replaced as boss at Sevan Drilling by former Noreco chief executive Scott Kerr, who is chairman at the drilling outfit, according to Norwegian newspaper reports.
Tveteraas was one of the founders of Sevan and has been the driving force behind Sevan’s evolution as an innovative floating production contractor, with its trademark cylindrical units currently operating off the UK and Brazil.
He served as chief executive of Sevan Marine until recently when he took over the top job at the drilling outfit following its spin-off from the parent company.
“Given that I have been involved in Sevan Marine and Sevan Drilling all these years, I must take responsibility for all that has happened during this period. Against that background, I have agreed with Sevan Drilling that it is in the best interests of the company that I step down,” he told DN.no.
Published: 26 May 2011 09:07 GMT | Last updated: 26 May 2011 10:33 GMT. Source: Upstream
-------------------------------------------
UPDATE 2-
Sevan Marine seeks restructuring, cancels share issue
Thu May 26, 2011 4:15am EDT
* Says cannot fulfil liquidity, financing requirements
* Cancels $275 mln rights issue as stock falls below 1 NOK
* Board member, former CEO leaves
(Adds CEO, details)
By Victoria Klesty
OSLO, May 26 (Reuters) - Norwegian oil services group Sevan Marine (SEVAN.OL) said on Thursday it had cancelled its planned $275 million rights issue and was seeking restructuring as it could not meet its project liquidity and financing requirements.
Sevan Marine Chief Executive Carl Lieungh told Reuters the firm would together with its advisors seek constructive dialogue with its creditors.
Its shares have plummeted below 1 Norwegian crown this week on growing fears the company will not be able to finance its debt as well as projects.
" We were aiming at getting a fully underwritten rights issue in place, but the current development in the share price made that impossible," Lieungh said.
Sevan Marine said in a statement it anticipates that it will be in breach of a minimum liquidity requirement under one of its financing agreements by the end of May, 2011.
The financing agreement requires that an expected $45 million cost overrun relating to its floating production rig Sevan Voyageur can funded by injection of equity into the project, and the firm now don't have sufficient funds to fullfil this requirement.
" What we are seeking to do now is to enter into a process where we are talking to everybody about a restructuring of our financial situation, and the company," Lieungh said. " We don't have Chapter 11 in Norway, but if we did, we would have had Chapter 11."
Lieungh's predecessor, Jan Erik Tveteraas, has resigned from his role as board member for Sevan Marine and Chief Executive of the deepwater drilling spin-off Sevan Drilling (SEVDR.OL) " for personal reasons" , Sevan Marine Drilling said on Thursday.
Tveteraas was the instigator of the process in which Sevan Marine tried but failed to raise money for itself when it spun off its oil drilling unit last month after twice reducing the IPO price due to poor demand.
Sevan Marine holds about 28.5 percent of the shares in Sevan Drilling.
Lieungh said Sevan Marine could try to solve its financial problems by selling off more assets.
" I think that could be one of the options that should be addressed during this process," he said.
" It's early days and I expect this would take many weeks and we will at the same time start addressing internal issues -- we should obviously look at our internal cost structure."
Sevan Marine has engaged ABG Sundal Collier, DnB NOR Markets, Pareto Securities and SEB Enskilda as advisors on the financial and strategic restructuring.
Shares in the heavily indebted company, with a current market capitalisation of 200 million Norwegian crowns ($36 million) dropped to 0.38 crowns at 0807 GMT on Thursday, after closing at about 0.7 crowns on Wednesday.
Its share price is down 94 percent this year. (Reporting by Victoria Klesty Editing by Dan Lalor and Mike Nesbit) ($1=5.575 Norwegian Crown)
Source Reuters.
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Bro your news is yesterday 1.
jasonwong75 ( Date: 27-May-2011 10:37) Posted:
Hi all.
Game Over for Cosco.... It is confirmed they are losing this big business from Sevan Drilling....
1 billion contract... better sell now ... Cosco going to $1.90
Sevan on the financial skids
The boss of Sevan Drilling quit today in a dramatic turn of events for the beleaguered Norwegian outfit as the threat of liquidation looms over its cash-strapped parent, floater player Sevan Marine.
Steve Marshall & News reports 26 May 2011 09:07 GMT
Jan Erik Tveteraas, who was named chief executive of the drilling subsidiary only two months ago having previously been at the helm of the main company, said he was stepping down for “personal reasons”.
Debt-laden Sevan Marine, which has seen its share price drop like a stone in recent days, now faces severe liquidity problems and a financial restructuring after it was forced to pull the plug on a planned rights issue aimed at raising $275 million.
The company said in a statement to the Oslo bourse that the issue, proposed by DnB NOR Markets, could not proceed in light of the fall in its share price,which was trading below Nkr0.50 earlier today after dropping nearly 65% over the past 24 hours.
The floating production player could now shortly be in “breach of a minimum liquidity requirement” under a financing agreement as it faces a cost overrun of $45 million related to the upgrade of the Sevan Voyageur FPSO for E.ON Ruhrgas’ Huntington field off the UK.
“Sevan Marine does not currently have sufficient funds to fullfill this requirement, the satisfaction of which will depend on a successful restructuring,” the statement read.
Chief executive Carl Lieungh, when questioned by TDN Finans on whether liquidation was an option for the company, responded: “It will always be an alternative under such a process.”
Tveteraas, who also resigned as a member of the Sevan Marine board, has been temporarily replaced as boss at Sevan Drilling by former Noreco chief executive Scott Kerr, who is chairman at the drilling outfit, according to Norwegian newspaper reports.
Tveteraas was one of the founders of Sevan and has been the driving force behind Sevan’s evolution as an innovative floating production contractor, with its trademark cylindrical units currently operating off the UK and Brazil.
He served as chief executive of Sevan Marine until recently when he took over the top job at the drilling outfit following its spin-off from the parent company.
“Given that I have been involved in Sevan Marine and Sevan Drilling all these years, I must take responsibility for all that has happened during this period. Against that background, I have agreed with Sevan Drilling that it is in the best interests of the company that I step down,” he told DN.no.
Published: 26 May 2011 09:07 GMT | Last updated: 26 May 2011 10:33 GMT. Source: Upstream
-------------------------------------------
UPDATE 2-
Sevan Marine seeks restructuring, cancels share issue
Thu May 26, 2011 4:15am EDT
* Says cannot fulfil liquidity, financing requirements
* Cancels $275 mln rights issue as stock falls below 1 NOK
* Board member, former CEO leaves
(Adds CEO, details)
By Victoria Klesty
OSLO, May 26 (Reuters) - Norwegian oil services group Sevan Marine (SEVAN.OL) said on Thursday it had cancelled its planned $275 million rights issue and was seeking restructuring as it could not meet its project liquidity and financing requirements.
Sevan Marine Chief Executive Carl Lieungh told Reuters the firm would together with its advisors seek constructive dialogue with its creditors.
Its shares have plummeted below 1 Norwegian crown this week on growing fears the company will not be able to finance its debt as well as projects.
" We were aiming at getting a fully underwritten rights issue in place, but the current development in the share price made that impossible," Lieungh said.
Sevan Marine said in a statement it anticipates that it will be in breach of a minimum liquidity requirement under one of its financing agreements by the end of May, 2011.
The financing agreement requires that an expected $45 million cost overrun relating to its floating production rig Sevan Voyageur can funded by injection of equity into the project, and the firm now don't have sufficient funds to fullfil this requirement.
" What we are seeking to do now is to enter into a process where we are talking to everybody about a restructuring of our financial situation, and the company," Lieungh said. " We don't have Chapter 11 in Norway, but if we did, we would have had Chapter 11."
Lieungh's predecessor, Jan Erik Tveteraas, has resigned from his role as board member for Sevan Marine and Chief Executive of the deepwater drilling spin-off Sevan Drilling (SEVDR.OL) " for personal reasons" , Sevan Marine Drilling said on Thursday.
Tveteraas was the instigator of the process in which Sevan Marine tried but failed to raise money for itself when it spun off its oil drilling unit last month after twice reducing the IPO price due to poor demand.
Sevan Marine holds about 28.5 percent of the shares in Sevan Drilling.
Lieungh said Sevan Marine could try to solve its financial problems by selling off more assets.
" I think that could be one of the options that should be addressed during this process," he said.
" It's early days and I expect this would take many weeks and we will at the same time start addressing internal issues -- we should obviously look at our internal cost structure."
Sevan Marine has engaged ABG Sundal Collier, DnB NOR Markets, Pareto Securities and SEB Enskilda as advisors on the financial and strategic restructuring.
Shares in the heavily indebted company, with a current market capitalisation of 200 million Norwegian crowns ($36 million) dropped to 0.38 crowns at 0807 GMT on Thursday, after closing at about 0.7 crowns on Wednesday.
Its share price is down 94 percent this year. (Reporting by Victoria Klesty Editing by Dan Lalor and Mike Nesbit) ($1=5.575 Norwegian Crown)
Source Reuters.
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|
master isolator, wat do u think about GAR ?
Hi all.
Game Over for Cosco.... It is confirmed they are losing this big business from Sevan Drilling....
1 billion contract... better sell now ... Cosco going to $1.90
Sevan on the financial skids
The boss of Sevan Drilling quit today in a dramatic turn of events for the beleaguered Norwegian outfit as the threat of liquidation looms over its cash-strapped parent, floater player Sevan Marine.
Steve Marshall & News reports 26 May 2011 09:07 GMT
Jan Erik Tveteraas, who was named chief executive of the drilling subsidiary only two months ago having previously been at the helm of the main company, said he was stepping down for “personal reasons”.
Debt-laden Sevan Marine, which has seen its share price drop like a stone in recent days, now faces severe liquidity problems and a financial restructuring after it was forced to pull the plug on a planned rights issue aimed at raising $275 million.
The company said in a statement to the Oslo bourse that the issue, proposed by DnB NOR Markets, could not proceed in light of the fall in its share price,which was trading below Nkr0.50 earlier today after dropping nearly 65% over the past 24 hours.
The floating production player could now shortly be in “breach of a minimum liquidity requirement” under a financing agreement as it faces a cost overrun of $45 million related to the upgrade of the Sevan Voyageur FPSO for E.ON Ruhrgas’ Huntington field off the UK.
“Sevan Marine does not currently have sufficient funds to fullfill this requirement, the satisfaction of which will depend on a successful restructuring,” the statement read.
Chief executive Carl Lieungh, when questioned by TDN Finans on whether liquidation was an option for the company, responded: “It will always be an alternative under such a process.”
Tveteraas, who also resigned as a member of the Sevan Marine board, has been temporarily replaced as boss at Sevan Drilling by former Noreco chief executive Scott Kerr, who is chairman at the drilling outfit, according to Norwegian newspaper reports.
Tveteraas was one of the founders of Sevan and has been the driving force behind Sevan’s evolution as an innovative floating production contractor, with its trademark cylindrical units currently operating off the UK and Brazil.
He served as chief executive of Sevan Marine until recently when he took over the top job at the drilling outfit following its spin-off from the parent company.
“Given that I have been involved in Sevan Marine and Sevan Drilling all these years, I must take responsibility for all that has happened during this period. Against that background, I have agreed with Sevan Drilling that it is in the best interests of the company that I step down,” he told DN.no.
Published: 26 May 2011 09:07 GMT | Last updated: 26 May 2011 10:33 GMT. Source: Upstream
-------------------------------------------
UPDATE 2-
Sevan Marine seeks restructuring, cancels share issue
Thu May 26, 2011 4:15am EDT
* Says cannot fulfil liquidity, financing requirements
* Cancels $275 mln rights issue as stock falls below 1 NOK
* Board member, former CEO leaves
(Adds CEO, details)
By Victoria Klesty
OSLO, May 26 (Reuters) - Norwegian oil services group Sevan Marine (SEVAN.OL) said on Thursday it had cancelled its planned $275 million rights issue and was seeking restructuring as it could not meet its project liquidity and financing requirements.
Sevan Marine Chief Executive Carl Lieungh told Reuters the firm would together with its advisors seek constructive dialogue with its creditors.
Its shares have plummeted below 1 Norwegian crown this week on growing fears the company will not be able to finance its debt as well as projects.
" We were aiming at getting a fully underwritten rights issue in place, but the current development in the share price made that impossible," Lieungh said.
Sevan Marine said in a statement it anticipates that it will be in breach of a minimum liquidity requirement under one of its financing agreements by the end of May, 2011.
The financing agreement requires that an expected $45 million cost overrun relating to its floating production rig Sevan Voyageur can funded by injection of equity into the project, and the firm now don't have sufficient funds to fullfil this requirement.
" What we are seeking to do now is to enter into a process where we are talking to everybody about a restructuring of our financial situation, and the company," Lieungh said. " We don't have Chapter 11 in Norway, but if we did, we would have had Chapter 11."
Lieungh's predecessor, Jan Erik Tveteraas, has resigned from his role as board member for Sevan Marine and Chief Executive of the deepwater drilling spin-off Sevan Drilling (SEVDR.OL) " for personal reasons" , Sevan Marine Drilling said on Thursday.
Tveteraas was the instigator of the process in which Sevan Marine tried but failed to raise money for itself when it spun off its oil drilling unit last month after twice reducing the IPO price due to poor demand.
Sevan Marine holds about 28.5 percent of the shares in Sevan Drilling.
Lieungh said Sevan Marine could try to solve its financial problems by selling off more assets.
" I think that could be one of the options that should be addressed during this process," he said.
" It's early days and I expect this would take many weeks and we will at the same time start addressing internal issues -- we should obviously look at our internal cost structure."
Sevan Marine has engaged ABG Sundal Collier, DnB NOR Markets, Pareto Securities and SEB Enskilda as advisors on the financial and strategic restructuring.
Shares in the heavily indebted company, with a current market capitalisation of 200 million Norwegian crowns ($36 million) dropped to 0.38 crowns at 0807 GMT on Thursday, after closing at about 0.7 crowns on Wednesday.
Its share price is down 94 percent this year. (Reporting by Victoria Klesty Editing by Dan Lalor and Mike Nesbit) ($1=5.575 Norwegian Crown)
Source Reuters.
Queuing for some at 1.94
Good luck
Cosco will not break the long term uptrend... At least not for this qtr.... So longing Cosco now is still the best bet...Respect the markets...
Really??? Seem like a lot of investor interested of this counter....
It has retraced to 1.93 and rebound....It will be going to rebreak 2.01....
Relax...... Create opportunity to buy and also cover short again....
are u buying ?
Isolator ( Date: 27-May-2011 09:29) Posted:
Can buy again.... Enjoy.. |
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When it drop ppl panic then they sold too without knowing why. Then those BB start to buy up at lower price. Hold it dont fall into their trap.
Well said. Time to buybefore they accnouce new contractor again. STI up today will be up later.
chemster ( Date: 27-May-2011 09:47) Posted:
when it heads down... you don't wanna buy.
when it shoots up... you say that you've missed the boat. |
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strange
Somebody pushing down the price to buy at low price. No worries will be up
when it heads down... you don't wanna buy.
when it shoots up... you say that you've missed the boat.
looks more like its heading down...
IVANTAN75 ( Date: 27-May-2011 09:31) Posted:
| Yes before it start to shoot up again like yest. |
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Yes before it start to shoot up again like yest.
Can buy again.... Enjoy..
Will be up later cos large vol been brought
