Monday, July 15, 2024

Industrial Conglomerate News

Baker Hughes Finalizes Name Change

© xmentoys / Adobe Stock

Baker Hughes has officially dropped GE from its name after the industrial conglomerate shed majority ownership in the oilfield services company in September.Formerly Baker Hughes, a GE company, the firm will now be known as Baker Hughes, and on Friday its Class A common stock will begin trading on the New York Stock Exchange under the symbol BKR, it said.Following the July 2017 merger between Baker Hughes and GE Oil & Gas, General Electric had owned 62.5% of the combined company.

GE to Shed Majority Control of Baker Hughes

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General Electric is looking to raise up to $3 billion in sale of majority-owned Baker Hughes shares, resulting in a reduction of the U.S industrial conglomerate's stake in the oilfield services provider to less than 50%, Baker Hughes said on Tuesday.Shares of Baker Hughes, in which GE owned an about 50.4% stake as of June 30, fell 3.7% to $23.20 in after hours trading, while GE's were marginally up at $9.15.GE had long planned to sell down its stake in Baker Hughes.But the issue…

GE to Sell Portion of Stake in Baker Hughes

Larry Culp (Photo: GE)

General Electric Co is selling a portion of its stake in oilfield services provider Baker Hughes, the U.S. industrial conglomerate said on Tuesday, its latest move to raise cash and repay debt.GE, which bought Baker Hughes in July 2017, has made organizational and financial changes to lower its debt and focus on its core businesses of jet engines, power plants and renewable energy.On Monday, GE Chief Executive Officer Larry Culp said the company will sell assets with "urgency" to reduce its high debt…

Sembcorp Marine Outlook Subdued on Q1 Profit Slump

(File photo: Sembcorp Marine)

Singaporean rig builder Sembcorp Marine Ltd said on Wednesday first-quarter profit fell 86 percent, and signaled a subdued outlook for orders and business volumes.Sembcorp Marine said profit came in at S$5.3 million ($4 million) for the three-month period ended March, compared with S$37 million in the same period a year ago.The year-ago profit was boosted by an one-off gain from the disposal of Sembcorp Marine's stake in Cosco Shipyard Co.Overall business volume has remained significantly below peak levels…

Koch Supply & Trading slashes Staff in Restructuring

Global commodity trader Koch Supply & Trading has cut dozens of workers across at least four offices worldwide, several sources said on Tuesday, as the firm restructures its business. The cuts at the unit of Koch Industries Inc, the industrial conglomerate of billionaire conservatives Charles and David Koch, affected traders and support staff in its United States, Switzerland, United Kingdom and Singapore offices. The positions involved were primarily in refined products and fuel oil trading and operations, according to the sources.

GE Mulls 12,000 global Job Cuts

General Electric Co is axing 12,000 jobs at its global power business, the struggling industrial conglomerate's latest effort to shrink itself into a more focused company. The U.S. company launched the cuts to save $1 billion in 2018, saying it expected dwindling demand for fossil fuel power plants to continue. "Traditional power markets including gas and coal have softened," GE said. Rumors of sweeping job cuts were confirmed by labour union sources on Wednesday, with staff in Switzerland and Germany among those badly hit.

GE's Chairman Jeff Immelt Retires

U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company. Baker Hughes' CEO Lorenzo Simonelli will succeed Immelt as chairman of the company's board.

Dover Mulls Upstream Energy Unit Sale

U.S. industrial conglomerate Dover Corp said on Monday it was exploring strategic alternatives, including a sale, for its upstream energy unit.   The company said the options also include a tax-free spinoff of the unit.   The upstream energy unit is part of Dover's overall energy business, which provides lift equipment services and diamond cutters used in oil and gas exploration and production.   Reporting by Ahmed Farhatha

Saudi Aramco taps JPMorgan, M.Stanley for IPO

Listing of Aramco could raise up to $100 billion. Oil giant Saudi Aramco has asked JPMorgan Chase & Co and Morgan Stanley to assist with its upcoming mammoth IPO and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said. The U.S. banks have joined boutique investment bank Moelis & Co in being tapped for coveted roles in what is expected to be the world's biggest intial public offering worth some $100 billion. HSBC Holdings…

Saudi Arabia Debating Shape of Aramco Ahead of IPO

Saudi Arabia is considering two options for the shape of Saudi Aramco when it sells shares in the national oil giant next year: a global industrial conglomerate, and a specialised international oil company, industry and banking sources said. The listing of Aramco <IPO-ARMO.SE>, expected to be the world's biggest initial public offer and raise tens of billions of dollars, is a centrepiece of the government's ambitious plan - known as Vision 2030 - to diversify the economy beyond oil.

Sembcorp Marine Swings to Loss in Q3

Photo: Sembcorp Marine

Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact. The company, majority-owned by industrial conglomerate Sembcorp Industries Ltd, said revenue dropped 21 percent.

GE to Buy Wind Turbine OEM

General Electric Co said it would buy LM Wind Power, a maker of rotor blades used in wind turbines, from private equity firm Doughty Hanson for $1.65 billion, as it looks to boost output in its renewable energy business. Denmark-based LM Wind Power is the largest supplier of rotor blades to GE, and the deal will help the U.S. industrial conglomerate in-source turbine blade design and manufacturing, the company said on Tuesday. GE said it intends to operate LM Wind Power as a standalone unit within its renewable energy operations.

Brazil Prosecutors Investigate Two Petrobras Pipe Suppliers

Brazilian police and prosecutors said they are investigating pipe suppliers Apolo Tubulars and Confab in the latest phase of a sweeping investigation of contracts with state-run oil company Petroleo Brasileiro SA, or Petrobras. Prosecutor Roberson Pozzobon said Jose Dirceu, the convicted former chief of staff of ex-president Luiz Inacio Lula da Silva, benefited from fraudulent contracts with Petrobras. Rio de Janeiro-based Confab is a shareholder of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais and part of Italian industrial conglomerate Techint Group.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy. Sembcorp Marine posted a profit of S$55 million ($41 million) for the three months ended March 31, compared with a profit of S$106 million a year ago. Sembcorp Marine and its cross-town rival Keppel Corp have been hit by slumping orders as oil prices dropped nearly 60 percent since mid-2014.

Siemens Wins $81 mln Wind Turbine Deal

Bosnia's power utility Elektroprivreda HZHB (EPHZHB) said on Friday it had awarded a 72 million euro ($81 million) deal to German industrial conglomerate Siemens to supply wind turbines for its future 44 megawatt (MW) wind farm. Located near the northwestern town of Tomislavgrad, the Mesihovina wind farm is aimed at improving the energy mix of the smallest of Bosnia's three state-run power utilities, which relies solely on hydro to produce electricity. The project, estimated at the total cost of 76 million euros…

Pacific Exploration Lenders Waive Net Worth Covenant

Canadian oil and gas producer Pacific Exploration and Production Corp said its lenders agreed to waive off a covenant that requires it to maintain above $1 billion in net worth, amid a slump in oil prices. The waivers are effective for about $1.43 billion in debt facility and will terminate on Dec. 28, the company said on Tuesday. The approval of the waivers were in the best interest of the company due to a sharp decline in crude oil prices, as it continues to reduce costs and sell non-core assets, CEO Ronald Pantin said.

GE to Move US Engine Plant to Canada

General Electric Co said on Monday it will move production of large, gas-powered engines to Canada from Waukesha, Wisconsin, along with 350 jobs, to access export financing no longer available in the United States. In its latest salvo aimed at persuading Congress to renew the U.S. Export-Import Bank's charter which expired in June, GE will invest $265 million in a new state-of-the-art manufacturing plant at a Canadian location yet to be determined. The facility, to open in about 20 months…

Pemex Pays $295 mln to Settle Siemens Dispute

Mexican state oil company Pemex reached a $295 million settlement with a group including German industrial conglomerate Siemens in a longstanding dispute over a refinery project, a person familiar with the matter said on Monday. The deal was originally announced in March but did not give details of the final settlement. A Mexican official close to the negotiations said that Pemex had agreed to settle for $295 million. Earlier in the day, Pemex said in a statement that the deal struck definitively ends the 14-year-long dispute, but it did not give a sum.

Chevron, SK LNG Trading Ink Deal for LNG Supply

Chevron Corporation today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4.15 million tons of LNG over a five-year period starting in 2017. During the time of this agreement, over 75 percent of Chevron’s equity LNG from Gorgon will be committed to customers in Asia. “This agreement is an important step in the commercialization of Chevron’s significant natural gas holdings in Australia…

Keppel Listed on Global Sustainability Indices

Driven by a firm commitment to continuously strengthen its environmental, social and governance (ESG) management and strategy, Keppel Corporation's sustainability efforts have gained momentum, affirmed by inclusion on several global sustainability benchmarks in recent months. Keppel Corporation has been included on the latest Euronext Vigeo World 120 index released 28 November 2014. The company has been listed among the top 120 companies in Europe, North America and Asia Pacific for control of corporate responsibility risk and contribution to sustainable development.