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Transaction Reports Seagull AS GMT buys Seagull AS
GMT Communications Partners ("GMT)", the European media and communications focused private equity group, is delighted to announce that it has teamed up with the management and founding Chairman to invest in Seagull AS ("Seagull"), the leading provider of computer based training systems and e-learning for seafarers worldwide.
This transaction sees GMT, alongside Oscar Johansen and Roger Ringstad, Seagull's Managing Director, acquiring the shareholdings of certain of Seagull's existing shareholders, enabling Seagull to increase investment in product developement, sales and marketing and support for its customers.
Seagull has developed a state of the art training system and comprehensive library of training modules for use on-board vessels, in offices and maritime colleges, as well as online. Seagull's customers include many leading shipping companies and the system is in use today at more than 8,000 locations, the majority of which are seagoing vessels. The training systems include performance management and assessment solutions that are managed and hosted by Seagull, which enable shipping companies to meet and exceed Standards of Training, Certifications and Watchkeeping (STCW) and International Maritime Organization (IMO) standards.
Seagull has its headquarters in Norway, with offices in Germany, Greece, Japan, Poland, Singapore and the UK, enabling it to support a global customer base.
Natalie Tydeman, Partner at GMT, who will join the Board of the Company following the transaction,
said: "We are excited to join Oscar and Roger as shareholders in Seagull. Seagull is led by an excellent management team and is highly regarded within an industry where the importance of training and certification continues to increase. We have together developed an exciting plan to extend investment in training content and customer support, and to continue to grow the business within shipping and other specialist sectors."
Oscar Johansen, Chairman of Seagull, commented: "We are delighted to have found an investor with the skills, experience and financial resources required to help us take Seagull to the next stage of growth. GMT's access to international networks, expertise and support in the coming years will allow us to continue to develop our market-leading technology platform and focus commitment to service excellence. By combining our resources we will be able to ramp up our product development, sales and marketing and world-wide support for our clients."
Tenden Advokatfirma ANS (“Tenden”), a leading regional law firm south of Oslo, acted as legal advisors to the vendors and the management of Seagull.
Tenden has acted as legal advisor to Seagull since the establishment of the company.
The team from Tenden was led by Tor Bechmann and Odd Gleditsch d.y., both partners of Tenden. They are both also members of Tenden’s group for Transactions and Corporate law.
Risk & insurance due diligence provider:
GMT buys Seagull AS
Debt providers:
Legal advisor to the vendor and the management to Seagull AS:
Legal advisors to the equity provider:
Hawkpoint Financial advisor to the
equity provider: Financial advisor to the vendor:
Legal advisor to the debt Providers:
Financial advisor to the vendor:
Singapore Power Limited
S$1.59 billion Loan Facility Signed with 6 Banks for Singapore Power Limited’s Cable Tunnel Project
Singapore Power Limited’s (SP) underground cable tunnel project, announced on 17 September 2012, will be financed in part by loans from DBS Bank Ltd, Mizuho Corporate Bank Ltd, Oversea-Chinese Banking Corporation Limited, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo- Mitsubishi UFJ, Ltd. and United Overseas Bank Limited. DBS Bank acted as Financial Advisor to SP.
SP PowerAssets Limited, in its capacity as trustee-manager of the SP Cross Island Tunnel Trust, entered into a S$1.59 billion loan facility with the banks. SP PowerAssets Limited is the SP subsidiary that owns its electricity transmission and distribution assets in Singapore.
Proceeds from the loan facility will be used to finance the development, construction and operation of two cross-island cable tunnels. Constructed 60 metres underground, the tunnels will house extra-high voltage electricity transmission cables. Upon completion, the
tunnels will provide a long-term solution to the on-going upgrading and renewal of the power cable grid infrastructure in Singapore, serving future generations effectively, securely and with minimum inconvenience.
Singapore Power is a leading energy utility company in Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. Over a million industrial, commercial and residential customers in Singapore benefit from Singapore Power’s world-class transmission, distribution and market support services.
WongPartnership LLP was the legal adviser for the Singapore Power Group in relation to the construction contract for the S$2 billion cable tunnel project (the "Project"). The Project is expected to complete in 2018. Mr TAY Peng Cheng, Partner and Head of the Energy & Projects Practice at WongPartnership LLP, led the transaction.
S$1.59 billion Loan Facility Signed with 6 Banks
for Singapore Power Limited’s Cable Tunnel Project Loan providers:
Financial advisor to Singapore Power Group:
Legal adviser for Singapore Power Group in relation to the construction contract for the project:
These announcements appears as a matter of record only