Great Portland eyes Eurohypo tie-in

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Lender and online auctioneer cement funding partnership

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

Uni-Select Announces Management Changes, Updated 2018 Guidance And A Review Of Strategic Alternatives

first_imgAdvertisementClick Here to Read MoreAdvertisementUni-Select Inc. announced today the departure of president and CEO Henry Buckley, effective immediately. Buckley also stepped down as a member of the board of directors of Uni-Select.André Courville, chair of the board, will serve as interim president and CEO, and therefore has stepped down as chair and as a member of all committees, but will remain a member of the board of directors. As a result, some board member roles and responsibilities will change, Uni-Select has reported: Michelle Cormier has been nominated chair of the board and has stepped down from her role as chair of the audit committee. In addition, Richard Roy has been nominated as chair of the audit committee.Uni-Select also announced the appointment of Chris Adams as president and chief operating officer of FinishMaster Inc., effective immediately, to replace Steven Arndt, who is leaving FinishMaster after more than 25 years of service.Since joining the FinishMaster team recently, Adams has been responsible for all U.S. branches and has led all sales and marketing efforts in the United States. Previously, Adams held senior positions at ABRA Auto Body & Glass LP, a major multi-shop operator in the collision repair industry. Prior to that, he was in senior executive roles at Pep Boys and Enterprise Rent-A-Car.Advertisement“We thank Henry for his years of service and loyalty to Uni-Select and wish him well in his future endeavors. In his long career at FinishMaster, Steve has had an undeniable contribution to the success of creating a market leader in the refinish market and we wish him all the best. Finally, we believe Chris is the right leader to drive FinishMaster forward,” said Courville.Chris Adams along with Brent Windom, president and chief operating officer, Canadian Automotive Group, and Peter Sephton, president and CEO, European Automotive Group, will continue to lead the day-to-day operations, reporting to the interim president and CEO, with the ongoing support of Eric Bussières, chief financial officer. Updated GuidanceUni-Select is revising its previously disclosed guidance as follows: While FinishMaster’s organic sales growth is trending positively, it is no longer expected to reach the level previously indicated for the full year. As a result, FinishMaster’s expected full year 2018 organic sales growth is revised down from 2 to 4 percent to 0.5 to 2 percent. The Canadian Automotive Group’s expected full year 2018 organic sales growth is revised down from 0 to 2 percent to 0.0 to 1.5 percent. The Parts Alliance UK’s expected full year 2018 organic sales growth is revised up from 5 to 7 percent to 6 to 8 percent. Consequently, the consolidated organic sales growth guidance is revised down from 2.25 percent to 4 percent to 0.8 to 2.6 percent and the consolidated EBITDA margin is revised down from 7.2 to 8.2 percent to 6.75 to 7.25 percent.AdvertisementStrategic Alternatives ReviewUni-Select also announced the formation of a special committee of independent members of the board of directors to oversee a review of strategic alternatives. The special committee has a mandate to work with the board and management to identify, review, analyze and evaluate strategic alternatives. J.P. Morgan Securities LLC and Fasken Martineau DuMoulin LLP have been engaged as financial adviser and legal counsel, respectively, to the board and the special committee in connection with this process.Uni-Select has not set a definitive schedule to complete the review of strategic alternatives. Given the nature of the process, the company says it does not intend to provide updates until the board has approved a definitive transaction or strategic alternative, or otherwise determines that further disclosure is appropriate.last_img read more

Worthington introduces Pro Grade products

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Messer forges on in Germany

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Delta Controls – Flameproof switches

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EMGS Conducts 3D EM Survey for Norske Shell in Barents Sea

first_imgElectromagnetic Geoservices ASA (EMGS) has received a contract from A/S Norske Shell and its partners in PL706 for 3D EM data acquisition in the Barents Sea.The survey will commence in July and has an expected duration of approximately 10 days using the vessel BOA Thalassa.BOA Thalassa is a purpose-built 3D EM vessel with the capacity to carry 200 receivers. It is equipped with parallel source systems, including winches, cranes and hydraulic feeds.EMGS uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation.Press Release, July 10, 2014last_img read more

Orion Marine Posts Second Quarter 2014 Results

first_imgOrion Marine Group Inc., a heavy civil marine contractor, today reported a net loss for the three months ended June 30, 2014, of $1.2 million ($0.04 diluted loss per share). These results compare to a net profit of $0.2 million ($0.01 diluted earnings per share) for the same period a year ago.“As we indicated, the mix of projects in the second quarter and the delay in the start dates for certain projects led to gaps in project schedules, which put pressure on margins during the second quarter due to idle labor and equipment,” said Mark Stauffer, Orion Marine Group’s President. “However, the delayed projects are now underway and we remain well positioned for a strong second half of the year as several large projects in backlog begin to execute. Additionally, we have had some positive industry catalysts move forward during the quarter, which bode well for our long term outlook.”Financial highlights of the Company’s second quarter 2014 include:Second Quarter 2014– Second quarter 2014 contract revenue was $90.3 million, an increase of 7.3%, as compared with second quarter 2013 contract revenue of $84.1 million;– The Company self-performed approximately 82% of its work as measured by cost during the second quarter 2014, which is comparable to the prior year period;– Gross profit for the quarter was $5.9 million, which represents a decrease of $1.9 million as compared with the second quarter of 2013. Gross profit margin for the quarter was 6.5%, which was lower than the prior year period of 9.3%. The decrease was a result of fluctuations in the mix of projects resulting in idle labor and equipment costs as start dates on certain projects were delayed, creating gaps in project schedules;– Selling, General, and Administrative expenses for the second quarter 2014 were $8.1 million as compared to $7.8 million in the prior year period;– The Company’s second quarter 2014 EBITDA was $4.0 million, representing a 4.4% EBITDA margin, which compares to second quarter 2013 EBITDA of $5.7 million, or a 6.7% EBITDA margin. Similar to gross margin, EBITDA margin for the second quarter was pressured by fluctuations in the mix of projects resulting in idle labor and equipment costs as start dates on certain projects were delayed, creating gaps in project schedules.Backlog of work under contract as of June 30, 2014, was a record $281.6 million, which compares with backlog under contract at June 30, 2013, of $243.9 million.Outlook“With a record backlog and positive industry catalysts, we remain pleased with our outlook for the remainder of 2014 and beyond,” said Mr. Stauffer. “Private sector demand, led by energy sector clients and recreational customers, continues to be a strong driver of bid opportunities. Additionally, we expect to see some lettings from the Corps of Engineers before the end of the Corps’ fiscal year, which ends on September 30, 2014. As a result, we expect to see improvement in the utilization of our assets as we move through the back half of the year. The second half of 2014 will also benefit from revenues generated from our Dredge Material Placement Area (DMPA) fees.“Overall, we are pleased with both the amount of work we bid on and the amount of work we won during the second quarter of 2014. During the second quarter, we bid on approximately $429 million worth of opportunities and were successful on approximately $117 million. This represents a 27% win rate and a book-to-bill ratio of 1.29 times for the quarter. Currently, we have over $205 million worth of bids outstanding, including approximately $27 million on which we are apparent low bidder.”“We look forward to the second half of 2014, which will have improved labor and equipment utilization along with solid bid opportunities, leading to profitable results for the full year,” said Chris DeAlmeida, Orion Marine Group’s Vice President and Chief Financial Officer. “As we look beyond 2014, we are seeing some positive industry catalysts, such as the recent passage of the Water Resource Development Act, which included language to rectify the Harbor Maintenance Trust Fund expenditures, and a previously passed federal budget framework for fiscal 2015. Additionally, we expect to continue to see strong demand for our services from the private sector and local port authorities as trade and recreational use of waterways continues to grow.”[mappress]Press Release, July 31, 2014last_img read more

Top News of the Week of Sep 01 – Sep 07, 2014

first_img1. Forum Bags VARD’s Order for Eight ROVsForum Energy Technologies today announced that it has received an order from Vard Holdings Limited (VARD) to supply eight Perry XLX 150HP work-class remotely operated vehicle (ROV) systems.2. Norwegian-Russian Experts to Examine Sunken Nuclear Submarine K-159A Norwegian-Russian Expert Group is underway to examine the radioactive contamination at the sunken Russian nuclear submarine K-159 in the Barents Sea.3. DOF Subsea Secures W. Africa Gig from SaipemDOF Subsea UK Limited has been awarded and started work on a multi-million dollar contract with Saipem S.A. The scope sees the provision of DOF Subsea’s DSV Skandi Singapore and project crew, to complete two key construction projects offshore West Africa.4. Reef Subsea Wraps Up Sierra L5 and Bøyla ProjectsReef Subsea has safely and successfully concluded the L5 Sierra Pipeline and Bøyla development projects, both delivered ahead of the schedule set by their clients Technip and GDF SUEZ.5. UDS Orders New Ultra-Deep Multipurpose DSCVUltra Deep Solutions (UDS) has entered a contract to build one Ultra Deep Installer – Multipurpose Diving Support Construction Vessel, with an option for second vessel with an established China-based shipbuilding company, Shanghai Zhenhua Heavy Industries (ZPMC).Related:Top News of the Week of Aug 25 – Aug 31, 2014Top News of the Week of Aug 18 – Aug 24, 2014last_img read more

CPS lawyer pleads guilty to bribe charge

first_imgA Crown Prosecution Service lawyer has admitted taking a share of a £20,000 bribe to drop a case. Sarfraz Ibrahim, a barrister who was the head of the advocacy unit at Gwent CPS, yesterday (Monday) admitted corruption, perverting the course of justice and misconduct in public office. Swansea Crown Court heard he was caught in a police sting operation mounted by anti-corruption detectives following a tip-off that he might accept bribes. Saifur Khan, who is not a CPS employee, has pleaded not guilty to aiding and abetting misconduct in public office and attempting to pervert the course of justice. His trial is expected to last several weeks, but the judge lifted restrictions on the reporting of Ibrahim’s case. A CPS spokeswoman said it was not appropriate to comment at this stage.last_img read more