Finance/Companies news briefs, July 25
Paradigm Geophysical ... Compagnie Generale de Geophysique ... OceanConnect.com ... Eletson Corp. ... Fuel & Marine Marketing LLC ... Keystone Shipping Co. ... Shell Marine ... Clarksons ... Stena Bulk ... BP Marine ... Nippon Mitsubishi Oil ... MIPCO
Paradigm Geophysical Ltd., Herzlia, Israel, agreed to acquire an 11% stake in Compagnie Generale de Geophysique's Flagship reservoir interpretation and characterization software division for 1.5 million Paradigm shares and $4 million in cash. Under the agreement, Paradigm would acquire CGG's Flagship operations, which include their products Integral Plus and Stratimagic. CGG and Paradigm also plan to develop a technological cooperation in the domain of interpretation software. The companies expect to close the acquisition and transfer of operations by late third quarter.
OceanConnect.com, an e-commerce marketplace for the purchase and sale of marine fuels and products, began a 90-day launch period. Initial transactions will be for delivery in the Rotterdam area. Transactions for delivery in Singapore, Fujairah, and the US will follow. Investors in OceanConnect.com include Eletson Corp., Fuel & Marine Marketing LLC (a joint venture of Chevron Corp. and Texaco Inc.), Keystone Shipping Co., Shell Marine Products, Clarksons, Stena Bulk AB, BP Marine, Nippon Mitsubishi Oil Corp., and Marubeni Corp. subsidiary MIPCO.