Member Info for Si_Derman

Overall it's being exported but is the work on the M55 for the MOD (DESA) initially and the ownership only being transfered to the Lithuanian Government on completion of the work.

But, others could include...

Villa Vie Residences, Fort Lauderdale, Florida.

Margaritaville At Sea, Palm Beach, Florida.

Recent Services Agreement with a "Global" oil services company. ???

Local tug just gone out to meet the incoming Islander. Should be going into dry dock during the next half hour.

Gleened some info from LSE's video link that the Odyssey (Breamar) will be switching places with the Islander and going in behind her. Would have been March 10th but now end of month early April. Says for two to three week stay depending on what they find underneath the waterline. With some work whilst alongside at the SRQ.

So, will that be two cruise ships in the BDD and one FSRU in the BBD.

Regardless of involvement , heard dry docking ain't cheap.

Not a bail out. Not a hand out. No money is coming from the gov. or the taxpayer. It's coming from the banks.

It's more that they are being asked to trust that the company can make a go of it with those funds and if they eff it up then and only then would they require anything. ANd even then, I guess it would after they have auctioned off the goods and chattels.

Not ideal, but thats is the price of trying to do things quickly as opposed to a more organic growth. imo :)

Okay, see your last list were "educated guesses", so as you were. Ignore my last bit. :)

Morning stokey. Well done for taking the time to compile your list. Hope you don't mind but...

"6. The new financing is restricted to being used to help HARL win export orders and bid on tenders. "

Unclear if you mean to bid on tenders purely as part of any export orders or just generally.

I'll re-post this response to a parlimentary question from K Jones regarding limitations of the funding.

"The Export Development Guarantee is designed to support lending to exporters for general working capital or capital expenditure purposes. There is no requirement to limit the use of such funds, but specific features of a transaction, for example if the Export Development Guarantee loan is intended for a specific investment, may make this necessary."

Not sure how you would nail down exactly what they mean by a "specific" feature or investment. "general working capital or capital expenditure purposes" could be almost anything from upgrading the yards to paying the wages. So not just export related, in that sense.

Your second 4 is starting to stray away from fact and more into supposition. It's a reasonable guess, but that's all.

Cheers. :)

What, the staff couldn't get the bus so they send the whole ship? :) Seems a bit odd. Must be using up fuel using the ships own generators for the ongoing work. Maybe their extension cable didn't quite reach the yard office. :) Is this something to do with the power issue that was spoken of before? Flagged it the other day that it was going out again. But this time it's going into the dry dock on it's return. Can't imagine they'll be nipping out once it's in there.

The whole issue of H&W getting the contract has been and continues to be a bugbare for Mr. Jones. Has asked similar questions since.

Question for Department for Business and Trade

Export Credit Guarantees

To ask the Secretary of State for Business and Trade, whether there are limitations on how Export Development Guarantee funding is used.

Asked 26 February 2024

The Export Development Guarantee is designed to support lending to exporters for general working capital or capital expenditure purposes. There is no requirement to limit the use of such funds, but specific features of a transaction, for example if the Export Development Guarantee loan is intended for a specific investment, may make this necessary.

Answered 4 March 2024

Is it all electioneering based or a gunuine axe to grind on behalf North East shipyards like A&P on Tyneside?

Interesting? More worring, tbh. Discussing such matters on a company based message board is one thing, but to see it all spread out like that in the National Press. Even if it is being stirred up by this Kevan Jones, again. Regardless of what the company might say, is seems thet have they only got enough working income because of this new Riverstone deal and the daily income from existing work just not quite enough?

Hmm?

Following the progression of this loan facillity, excerpts from the Financial Results in June of 2023.

"One of the keys to achieving our growth objectives is ensuring that we have enough working capital and a calibrated capital investment programme to meet the growing needs of the facilities. Whilst we have undertaken several equity raises over the past few years, our growing reputation, sizeable contract wins and a track record of delivery have all enabled us to explore other options of financing the business. Our first ever corporate debt facility for $35 million was entered into in March 2022 and was upsized to $100 million at the end of year. We will continue to seek larger levels of financing at lower cost as we continue to win new contracts and stabilise the business."

"... Riverstone Credit Partners, a New York based private credit fund. From an initial committed amount of $35 million, we have upsized the facility to $100 million during FY 2022. This deal has put us firmly in the corporate debt market. In order to bring down the cost of capital, we expect to refinance Riverstone out of the Company in 2023."

The refinancing of Riverstone out, is obviously taking longer and costing more than expected back then. Obvious worry that this is being done so close to a supposed completion date. But that seems to have been the norm all along.

On this matter, I'ld be showing, undecided, if that was an option.

GL :)

This increase sounds exactly the same as the one they did last year from $75 to $100. Fwiw, there was no RNS. It was initiallty dicovered in a similar way to this increase and was notified to the public via the Business update and outlook on the 1st of March. For reasons unknow, the update that we didn't get this year and could sorely do with to clear up numerous outstanding issues, as mentioned before. Here's the bit from last years RNS but could as easily have been from this year. :)

"Group financing

The Company is also pleased to announce that it has amended its debt facility with Riverstone Credit Partners LLC, upsizing the loan to $100 million (previously $75m). This upsized facility is fully committed and will be used to accommodate the Company's near-term working capital requirements whilst the Company concludes its £200m refinancing with UK Export Finance and Astra Asset Management. The Company has agreed further terms with Riverstone in which the interest payable will be accrued and paid on maturity thereby reducing the Company's cash outflow on a monthly basis.

This £200m refinancing is now expected to close in early Q2 2023, subject to credit committee approvals and finalisation of the credit agreement and other ancillary documentation."

BP. Unfortunately for the board, that was sober and you lost the coin toss as to post or not.

Still on my extended dry January and not had a drink since NYE 2020. :)

Away from home, finished Netflix and was just bored.

I would suggest that Stockholm Syndrome only looks un-healthy when viewed from an outsiders perspective looking in. Those inside could actually be quite content and reasonably happy, totally unaware that they are even in what the outsider views as a hostige situation, as they are free to leave whenever they want. They may leave with more, or less, than they arrived with. But still free to go. From those on the inside looking out it would seem that these ever present overlookers, looming over the wall, are infact the ones that are trapped. There is absolutly no doubt that these issuses being raised have substance. But the same list has been presented repeatedly over and over for many years. Speaking as a card carrying red flag waver that used to use the same material to "warn" people as to what they are getting into. To take no heed of the blatant, no nothing, rampers.... But, there is a saying attributed to Albert Einstein that insanity is doing the same thing over and over again and expecting different results. And tbh, people just don't care for the most part or think you have alterior motives, or shorting, bitter ex-holder or an ex-employee.... lol

I might have a few memory issues, but I've kept decent notes for over ten years. If I could just remember where I put them. :) And you could say I'm choosing to ignore those things from the past but in fact I just don't care so much any more. I might correct some untruths day to day but If people haven't done their own research then some may deserve to get fleeced. The overiding takeaway from all those things mentioned, all that "previous"... is it teaches to really read into what you are being told by RNS. Not what it says. What you are being told. Or not, in many cases.

GL :)

Is this the guy who is responsible?

https://filmdaily.co/wp-content/uploads/2021/06/data-lede-1024x768.jpeg

They normally do.

GL :)

In 2017 they had nothing but a hole in the ground and the incumbent board were ousted by shareholders headed up by Pocokc and Wale. And not much else for quite a while after that. Was that before you time H9?

Did you see my question to you the other day? It was a serious question, fwiw.

GL :)

Watching quietly in the background to see if and how it establishes itself and if it gives any confirmation of breaking that trend. Also noted that gap up, fwiw. :) Not taking any notice of the noise from a circle yerk of rampers with possible muliple accounts. IMO. Could be just after creating a "suckers rally" to lure some in whilst maing their percentage.

All a game, tbh. They come and go and some people think it's helpfull, but hey ho.

Sticking to my own plan and targets regardless.

GL

According to the Belfast harbour traffic website the Islander is about to have a little shuffle of position. Down for leaving the SRG on Sunday and going into the Belfast Dry Dock on Tuesday. There is also a brief visit for the day from the Coralwater to the SRQ tomorrow for some reason, which has happened before recently. Not sure if it has anything to do with the Islander, which I think was speculated previously. Will have to go back and check if it was just before the Islander nipped to the garage over the boarder for some cheap fuel. Not sure where the Islander will be between the times given for departure on Sunday and docking on Tuesday.

The Venture is back in tomorrow as the next Cory barge (9) is ready to be taken away on Tuesday also.

Busy, busy.

No signs of anything leaving or pinging the AIS at Appledore. Scilly related.

Why thank you Mr Caravan. But I'm sure you just want to see my tow hitch. ;)

Err, okay Scaffman. lol Not sure how to take that, but fwiw, I definitely quite content to be walking down. ;)

Not sure about advice though, more an observation. Just like happy little bunnies, they can be both cute and cuddly, but they can also be quite nutritous. Depends on your needs. :)

Didn't mention placing, fwiw. I made one observation yesterday in response to the subject and that was me done on the matter. For the time being. :)

"If that's the norm then why bother?" Same reason as there ever was but as in nature, adaptation to a changing environment has always been key to survival. Or in this case, increasing ones return on investment.