Oil company to list in Kenya October 13, 2014 AFRICA Oilfield Logistics revealed yesterday that it intended to list on the Growth Enterprise Market Segment (Gems) of the Nairobi Securities Exchange, the first time an Aim-listed company had joined the Kenyan exchange. The firm plans to make a private placement of up to 10 per cent of its share capital, and said that any [...]
Money for old rope as Melrose pulls in £365m October 13, 2014 MELROSE Industries is selling its rope-manufacturing arm Bridon to the Ontario Teachers’ Pension Plan (OTPP) for £365m. As part of the deal, British investment company Melrose will contribute £6.7m towards the Bridon Group (2013) pension scheme, which will remain with Bridon on disposal. Melrose said it intends to use the proceeds of the sale to [...]
London Mining administration announcement expected today October 13, 2014 London Mining is expected to announce it is going into administration today, after revealing at the end of last week that it was temporarily suspending trading on the Aim “pending clarification of the company’s financial position”. A source told City A.M. that London Mining was in acquisition talks yesterday with Indian company JSW Steel, and [...]
Insurers should invest in tech, report warns October 12, 2014 INSURERS need to make significant investment in technology and improve how they analyse data in order to keep pace with newer entrants to the market, according to a new report from State Street. The report, Platforms for Growth: Technology Innovations in the Insurance Business, claims that although insurers show an appetite for change, they are [...]
GDF Suez considering new bid for Talisman’s North Sea assets October 12, 2014 FRANCE’S partially state-owned gas and electric utility GDF Suez has revived interest in buying some or all of Talisman Energy’s North Sea oil and gas assets. GDF Suez, which owns International Power, was reported to have approached Canadian firm Talisman towards the end of 2013, with market sources telling Reuters that GDF had offered a [...]
New Britain Palm Oil share price up 75pc as Sime Darby Plantation announce $1.1bn takeover bid October 9, 2014 London-listed New Britain Palm Oil (NBPOL) saw its share price shoot up by almost 75 per cent yesterday after Malaysian company Sime Darby Plantation announced a £1.1bn (£682m) takeover bid. NBPOL, which opened a refinery in Liverpool in 2010, is based in Papua New Guinea. Sime Darby stated last week that it would not [...]
Investment in North Sea oil on the backburner October 9, 2014 OIL AND gas operators may delay investing in North Sea operations until after the chancellor’s Autumn Statement, according to a new report from Deloitte. The report found that four deals were announced offshore UK in the third quarter of 2014, down slightly on the five transactions signed off in the second quarter, and significantly reduced from [...]
Rolls-Royce flying high after new $440m Norwegian deal October 9, 2014 ROLLS-Royce has been selected to supply Norwegian with Trent 1000 engines for nine additional Boeing 787-9 Dreamliner planes and has been signed up for a maintenance and servicing contract worth $440m (£272m). The deal will see Norwegian’s leased planes powered by the Trent 1000-TEN, which Rolls-Royce claims boasts the “best through-life fuel efficiency, lowest emissions [...]
Ithaca Energy production falls short after problem summer October 9, 2014 ITHACA Energy’s share price fell by almost seven per cent yesterday after a third-quarter trading update revealed that production had failed to meet the predicted level. The company reported average production of 11,600 barrels of oil equivalent per day (boepd) and said it now anticipated full-year production of 12,500 boepd for 2014, whereas guidance production [...]
Brent crude falls below June 2012 price ahead of Opec meeting October 9, 2014 BRENT crude oil prices continued to slide yesterday, dipping below $91 a barrel for the first time since June 2012. Despite unrest in many parts of the Middle East, prices have been falling for three months, with many experts blaming a combination of oversupply and unyielding US shale gas production. Michael Hewson, head analyst at [...]
