Sunday, February 16, 2020

Danske Bank News

SGRE Reaches $1.9Bn Green Guarantee Lines

Image: Siemens Gamesa Renewable Energy

Siemens Gamesa Renewable Energy (SGRE) has announced that in less than a year, and aligned to its commitment to sustainability it has accumulated €1.72 billion ($1.9Bn) in green guarantee lines."SGRE is moving forward in its strategy of making sustainability a key element of all aspects of its business, including its funding strategy," said a press statement.Siemens Gamesa recently extended a guarantee line from Danske Bank to €150 million from an initial €100 million and included Sustainable Development Goals (SDG) criteria.

Orsted Raises $660m Green Finance

Image: Ørsted

Denmark-based energy giant successfully issued green hybrid capital securities for €600m ($660m) to refinance existing securities issued in 2015.The latest issue will have a maturity in 3019 and first call option after eight years, the Danish energy company said.Investments undertaken by Ørsted A/S in green renewable energy projects will be allocated to the new issue corresponding to the amount issued in accordance with Ørsted’s Green Finance Framework, which has received a second opinion with a Dark Green shading from Cicero.Ørsted A/S is rated Baa1…

DNO Completes $400mln Bond Placement

Image: DNO ASA

The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.The bond placement received strong investor demand across international markets and was oversubscribed, said a press release from Norway's oldest oil company. The bond issue is expected to be settled on or about 29 May 2019, subject…

Aker Solutions' Shares Surge, Recovery in Sight

Shares of Norwegian oil services company Aker Solutions surged on Friday on higher than expected quarterly earnings, a better outlook and a new contract, signalling the end of a three-year downturn in its markets. The company, controlled by Norwegian billionaire investor Kjell Inge Roekke, said it saw signs of recovery, particularly offshore Norway and in so-called brownfield project portfolios, which aim to improve output from existing fields. "Clients are looking into their assets and projects to see that they can lower the break-even costs…

Borr Drilling Deal Could Lead to Mexico Contracts

Borr Drilling's acquisition of nine jack-up rigs from Singapore's PPL shipyard could provide it a competitive edge in seeking contracts off Mexico, Danske Bank analysts said. The company has successfully raised $650 million to partly finance the $1.3 billion deal with Sembcorp Marine Ltd , a unit of PPL Shipyard Pte, by issuing 162.5 million new shares via private placement, the company said on Monday. He added the company will consider acquiring more rigs, "if the price is good", but had no immediate plans to do so.

New Energy Investment to Sell 1.8% Stake in Dong Energy

(File photo: Dong Energy)

New Energy Investment, indirectly owned by investment bank Goldman Sachs, is selling a 1.78 percent stake in Danish utility and offshore wind farm developer Dong Energy. Goldman Sachs said on Wednesday it had launched the sale of the 7.5 million shares to institutional investors in a so-called accelerated bookbuild offering. Goldman Sachs, Nordea and Danske Bank are acting as joint global bookrunners for the offering. State-controlled Dong Energy became one of the biggest IPOs of last year when a group of investors including the Danish state…

Norway's Record July Gas Sales Could Lift Statoil Earnings

File Image: a typical offshore North Sea installation (Credit: Statoil)

Norwegian gas sales hit a record July high, boosted by maintenance at British North Sea fields and the need to restock gas storage in Europe, which analysts said would deliver strong quarterly earnings for top producer Statoil. Total gas sales from Norway, Europe's second-largest supplier, rose to 10.6 billion cubic metres from 8.6 bcm in June and were 18 percent above official forecasts, the Norwegian Petroleum Directorate (NPD) said on Friday. Preliminary gas sales figures were the highest ever recorded for the month of July, it added.

Goldman Sachs to Sell 2.1% of DONG Energy

Photo: Dong Energy

Goldman Sachs has launched an accelerated bookbuilt offering to institutional investors of 8.8 million existing shares in Danish utility and offshore wind farm developer Dong Energy, the U.S investment bank said on Monday. The shares are equivalent to 2.1 percent of the existing shares in Dong Energy and are owned by New Energy Investment, which is indirectly owned by Goldman Sachs. Goldman Sachs and Danske Bank are acting as joint global coordinators and reserve the right to close the books at any time. Dong will not receive any proceeds from the transaction.

Norway's Seadrill Warns of Share, Bond Wipe-Out

Drill rig operator Seadrill warned investors that its shares will lose almost all of their value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Shares in Seadrill, once the crown jewel in shipping tycoon John Fredriksen's empire, fell as much as 46 percent on Tuesday to a record low. The company has been hit by low oil prices, which have forced oil companies to cut costs, hammering rig rates.

Singapore’s Survivability

New business: Keppel has begun building dredgers like the Cristobal Colon, seen hear outside Rio de Janeiro. (Photo: copyright Jan de Nul Offshore)

Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the downturn, helped by their gas-hungry Australasian backyard and renewed ties with old charterer parties and suppliers. With drilling contractors unable to pay for the offshore rigs they’ve ordered, Singapore’s heavyweight yards have had to defer deliveries and become defacto rig owners.

Prosafe to Buy Newbuilds, 25 pct in Dan Swift for $70 mln

* Axis shareholders include HitecVision Fund VI and LF Investment ApS (a company owned by Lauritzen Fondet), who respectively own approx. * Danske Bank has delivered a fairness opinion on the terms of the transaction to the Board of Prosafe.

Vestas Sees US Slowdown in 2017

An array of Vestas Wind turbines (CREDIT: Vestas)

Q3 EBIT almost doubles, exceeds analyst expectations vastly. The world's biggest wind turbine maker Vestas warned on Tuesday that it expected a slowdown in its key U.S. market next year, overshadowing robust third-quarter results and an upgrade to its 2016 sales forecast. The Danish company and its peers are benefiting from a new focus on renewables, encouraged by the Paris Agreement on climate change last December and a five-year extension of a key U.S. Production Tax Credit (PTC).

DONG Energy Shares Jump after European IPO

Photo: DONG Energy

Shares in DONG Energy jumped more than 10 percent on Thursday after the Danish utility and wind farm developer pulled off Europe's biggest stock market flotation this year. Analysts said the strong debut, coupled with a move by shareholders in E.ON to back the German utility's retreat from fossil fuel, showed investors were growing in confidence about the future for renewable energy as technologies improve and governments commit to curbing carbon emissions.

DONG Energy Listing to Value Group at up to $16 Bln

Photo: DONG Energy

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but also into a business heavily reliant on government subsidies. State-controlled DONG Energy on Thursday set a price range for its initial public offering at 200 Danish crowns to 255 crowns per share. This would give the group a market value of 83.5 billion to 106.5 billion Danish crowns ($12.6-16.0 billion), potentially making it the Europe's biggest IPO this year.

DONG Energy Set for Europe's Biggest Share Float This Year

Photo: DONG Energy

Danish wind farm developer DONG Energy, which analysts value as high as $13 billion, said on Thursday it plans to list its shares on the Copenhagen stock exchange this summer. Having built more than a quarter of the world's offshore wind farms, the company is a major player in Britain and Germany and has recently opened offices in the United States and Taiwan to cater for new growth markets. With a potential valuation as high as 85 billion Danish crowns (11.4 billion euros)…

Vestas Inks Record U.S., China & Spanish Contracts

File Image: A Siemens offshore wind farm (Siemens)

Wind turbine maker Vestas has secured three turbine orders to bring this year's total intake to 1,806 megawatts (MW), the highest ever in a first quarter and continuing a strong trend from 2015. The Danish company is market leader in an industry benefiting from a new focus on renewable energy generation, encouraged by the Paris global climate summit last year, as well as the extension of a key U.S. tax credit. "We still expect an order intake of 7,500 MW this year…

Offshore Supply Ship Market Set for Consolidation

Photo: Farstad Shipping

A glut of offshore supply vessels and falling demand from oil firms will trigger a restructuring of the still-fragmented industry, two of the largest owners of the specialty ships told Reuters on Tuesday. With crude prices down more than 70 percent since mid-2014, energy firms have sharply cut their exploration spending, leaving a rising number of vessels to be mothballed. Norwegian supply vessel owners Farstad Shipping and Havila Shipping both said they expect to see mergers take place…

European Shares Drop as Oil Prices Fall, BP Reports Loss

European equities fell sharply on Tuesday as crude oil prices slipped again and companies like BP reported disappointing earnings. BP fell 8.7 percent, its biggest daily decline since mid-June 2010, after reporting its worst annual loss in more than 20 years in 2015 and announced thousands of job cuts. It maintained its dividend, but the weak results and outlook are likely to put pressure on the company, which has had to increase borrowing. The pan-European FTSEurofirst index dropped 2 percent, after closing 0.2 percent weaker on Monday.

Lead Plaintiff Selected for Petrobras Class-Action

A U.S. federal judge on Wednesday named a trustee of a British pension fund as the lead plaintiff in a class-action lawsuit against Brazil's state-run oil company Petroleo Brasileiro SA and its top executives. Universities Superannuation Scheme Ltd (USS) will represent people and companies that bought U.S.-listed securities in Petrobras, as the oil company is known. A corruption scheme has helped wiped about $90 billion of the value of the company in six months.

Smaller Oil Services Sector Players at Risk

Oilfield behemoths seek to emerge leaner and stronger; smaller, weaker firms vulnerable to acquisition. Slammed by plunging oil prices, oil services companies which supply rigs and carry out seismic surveys face a bleak outlook of cutbacks and contract cancellations. Peer through the gloom though and possible winners as well as losers emerge. Titans of the sector such as Schlumberger NV and Halliburton Co may have a chance to scoop up assets and know-how from rivals less able to weather the downturn, as their deeper pockets give them a major tactical advantage.