Page 9: of Maritime Reporter Magazine (September 2005)

September 2005 9

Stratos to Acquire Xantic

Stratos Global Corp. signed a letter of intent to purchase the shares of Xantic

B.V. Under the terms of the agreement,

Stratos will acquire 100 percent of

Xantic, jointly owned by KPN N.V. (65 percent) and Telstra Corporation Ltd. (35 percent), for approximately $191 million. The purchase price is subject to adjustment based upon audited EBITDA for the 12 months immediately preced- ing closing and specified working capi- tal levels. Xantic, with 2004 revenue of approximately $172 million, employs 270 people worldwide and operates two

Inmarsat Land Earth Stations in Burum,

Netherlands, and Perth, Australia. In addition, Xantic has been selected by

Inmarsat to host the new Satellite

Access Station for the next-generation

Inmarsat BGAN (Broadband Global

Area Network) service, slated for com- mercial launch later this year. "For some time, we've anticipated consolidation in the mobile satellite services sector, and our strategy has been focused on ensuring that Stratos leads that consolidation," said Jim Parm,

Stratos' president and chief executive officer. "Today, I'm pleased to announce that we have successfully executed on that strategy. With the acquisition of

Xantic, we will be even better posi- tioned to deliver enhanced service for our customers and additional value for our shareholders."

Stratos has arranged committed credit facilities to finance the acquisition and related transaction costs, and to refi- nance all of Stratos' existing credit facil- ities. RBC Capital Markets acted as exclusive financial advisor to Stratos on this transaction. The acquisition is sub- ject to competition clearances in

Australia and Norway, and is expected to close in late 2005 or early 2006.

Circle 4 on Reader Service Card

USCG Seeks Benkert

Award Nominees

The U.S. Coast Guard is soliciting applications for the biennial Rear

Admiral William M. Benkert, Marine

Environmental Protection Award for

Excellence. The program recognizes corporations and businesses involved in marine facility or vessel operations that have demonstrated sustained excellence and outstanding achievement in protect- ing the marine environment. It also encourages innovations in operations, maintenance, cargo handling, refueling, training, and provides a means for award recipients to share their successful meth- ods and techniques with others in indus- try.

Applications will be accepted from

December 1, 2005 to March 31, 2006.

Log into the award website at: http://www.uscg.mil/hq/g-m/mor/mor- 1/benkert_award/overview.htm to receive information on the application process.

The 2004 Benkert Award presentations were held during the American

Petroleum Institute (API) Tanker

Conference in San Diego, CA on June 28, 2004. The 2006 award presentations will once again be presented during the

API Tanker Conference at the Rancho

Bernardo Inn in San Diego, CA from

June 26, 2006. 2004 Award Recipients

Gold: Alaska Tanker Co. Beaverton, OR

International Maritime Transportation/Exxon Mobil, UK

Portland Pipe Line Co., South Portland, ME

Southeast Petroleum Resources Organization, Inc.,

Ketchikan, AK

Silver: Canal Barge Co., New Orleans, LA

SeaRiver Maritime, Houston, TX

Marathon Ashland Petroleum,LLC., Russell KY

Bronze: Todd Pacific Shipyards, Corp., Seattle WA

Honorable Mention: Ocean Shipholdings, Houston, TX

Green Buys Ships

Green Reefers ASA agreed to buy the reefer vessels Pilgrim, Pittsburg, Pride and Privilege. The vessels are 375,000 cu. ft. with high speed and on-deck con- tainer capacity that can be handled with the vessels own gear. Two of the vessels were built in 1992, the other pair in 1994. The transaction has an èn bloc price of $61.4 million. Delivery is planned at year end, when the vessels will enter the Green Reefers pool with a total of six sister vessels. Green Reefers operates a fleet of about 35 reefer ves- sels.

Diana Shipping Enters

Short Term Charter

Diana Shipping Inc., a global shipping transportation company specializing in dry bulk cargoes, entered one of its

Panamax dry bulk carriers, the Oceanis, into a time-charter contract with J.B.

Ugland Dry Bulk A/S for a period of approximately 24 days, estimated to begin on August 22, 2005, at a gross rate of $12,500 per day plus a $198,000 one- time payment. Applying the above men- tioned one-time payment to this fixture, and based on the estimated duration of 24 days, the effective gross time charter

Circle 249 on Reader Service Card

News

Winter Nominated as Secretary of the Navy

President George W. Bush announced his intent to nominate Donald C.

Winter, 57, to become Secretary of the Navy. Winter currently serves as corpo- rate vice president and president of Northrop Grumman's Mission Systems sec- tor, a position he has held since January 2000.

The company also announced that Jerry Agee, 62, deputy sector president of

Mission Systems, will serve as acting sector president. Agee, an 18-year veter- an of the company, has served as deputy sector president of Mission Systems since July 2004. "This announcement from the White House is a well-deserved honor for Don, and is testimony to his respect in both the military and intelli- gence communities," Sugar said. "If Don is confirmed, the expertise he has acquired during a 35-year career devoted to developing defense systems and supporting our military services will serve our nation very well."

Winter is a 30-year veteran of Northrop Grumman, and has also held senior systems engineering and program management positions for a variety of space system programs. He joined TRW Inc. in 1972 and was president and CEO of

TRW Systems when Northrop Grumman acquired TRW in December 2002.

From 1980 to 1982, Winter served as program manager for space acquisition, tracking, and pointing programs at the U.S. Defense Advanced Research

Projects Agency. He was awarded the Secretary of Defense Medal for

Meritorious Civilian Service. Winter earned a bachelor's degree (with highest distinction) in physics from the University of Rochester. He also received a master's degree and a doctorate in physics.

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