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Heritage Aviation acquires Atlantic Aviation’s Burlington FBO

first_imgHeritage Aviation, Inc.,Heritage Aviation, Inc has acquired the Atlantic Aviation FBO (Fixed Based Operator) at Burlington International Airport (KBTV). Operations at the location will be managed under the Heritage Aviation brand.  Transient general aviation aircraft will be handled at Heritage Aviation’s existing South Ramp Facility. Heritage Aviation now offers nearly 100,000 square feet of heated hangar space. The acquisition is effective today. It will boost employment at Heritage by 20 to 120. Julia Atherton, Public Relations Manager at Heritage, said there was some reduction in employment at Atlantic, which should be more than made up as Heritage continues to grow. She said Heritage has added 65 people in the last five years.Atherton said the former Atlantic facilities will remain open and be used to serve the Burlington Airport-based tenant aircraft community. She said only the transient general aviation aircraft will be directed to the facilities off Williston Road, where the Heritage facilities are accessed.She said terms of the deal will not be released.Meanwhile, Atlantic owner, Macquarie Infrastructure Company (NYSE: MIC), said in a statement that it had divested its BTV and Hayward, California, operations, saying they were “sub-scale.” Atlantic, it said, is negotiating the acquisition of additional US-based FBOs. Proceeds from the sales of the Hayward and Burlington operations will be retained to fund a portion of these acquisitions, should negotiations result in a purchase agreement.‘Atlantic concluded that its operations at each of Hayward and Burlington were sub-scale relative to their markets. Selling the FBOs at these airports provides Atlantic with an opportunity to pursue expansion into regions they believe have stronger growth prospects,’ added Hooke.Following the announcement of the sales, MIC reaffirmed its full-year guidance for Atlantic of EBITDA (earnings before interest taxes depreciation and amortization) of between $125 and $130 million.Atlantic operates the largest network of fixed base operations in the U.S. and opened its newest facility at Will Rogers Airport in Oklahoma City on June 21st.About Heritage AviationHeritage Aviation is a Burlington, Vermont based diversified aviation services Company providing FBO, Maintenance and Avionics, Charter and Aircraft Management.  The FBO division provides 24/7 ground handling, fueling, deicing and related aviation support services and is ideally situated as an international technical stop with U.S. Customs on-site.  The Company’s Diamond Award winning FAA certified repair station has provided aircraft maintenance and avionics services continuously for twenty-five years.  The Company’s charter division, Heritage Flight, operates aircraft globally and domestically.  Heritage Aviation operates a LEED Gold certified general aviation facility, including on-site renewable energy, as part of a commitment to environmental sustainability.About Macquarie Infrastructure CompanyMacquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic, everyday services, to customers in the United States. Its ongoing businesses consist of three energy-related businesses including a gas production and distribution business (The Gas Company in Hawaii), a controlling interest in a district energy business (District Energy), and a 50% indirect interest in a bulk liquid storage terminal business (International-Matex Tank Terminals). MIC also owns and operates an aviation-related airport services business (Atlantic Aviation). The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic(link is external).  July 1st, 2011 – Burlington, VT ‘Heritage Aviation, Inc . MIC.last_img read more

Sembcorp Marine to prepare Teekay’s FPSO for Cheviot field

first_imgSingapore’s Sembcorp Marine has signed an agreement with Teekay Offshore Partners for engineering, procurement and construction works related to the modification, repair and life extension of the Petrojarl Varg FPSO.Petrojarl Varg; Source: TeekayThe agreement was made between Sembcorp’s wholly-owned subsidiary Sembcorp Marine Rigs & Floater and Teekay’s subsidiary, Varg L.L.C.Sembcorp Marine said on Monday that the work scope includes detailed engineering, fabrication, installation and integration of the topside process skid; overhauling of existing internal turret and power generation; and repair and life extension of the vessel’s hull, tanks and various systems onboard.The work is scheduled for completion in July 2020 and, once finalized, the contract is estimated to be worth $166 million.The Petrojarl Varg FPSO will be operated by Alpha Petroleum Resources for deployment at the Cheviot field development and the Peel satellite accumulation, both of which are located within the UK Continental Shelf Blocks 2/10B, 2/15A and 3/11B in the UK North Sea.Alpha Petroleum last week entered into agreements with Teekay Offshore for the Petrojarl Varg FPSO unit to be deployed to the Cheviot oil field. The agreement called for Cheviot-specific process modifications to be made to the FPSO unit, ensuring that it could safely operate for the maximum 10-year term of the contract while maximizing production.Petrojarl Varg is a ship-shaped, turret moored, FPSO delivered in 1998. The FPSO has a storage capacity of 470,000 bbls and accommodation for 77 persons. The Teekay Petrojarl Varg has been laid up since Repsol decided to stop production at the Varg field in Norway in 2016.The effectiveness of the between Sembcopr Marine and Alpha Petroleum agreement remains subject to Alpha Petroleum Resources satisfying certain conditions precedent, including Alpha Petroleum Resources finalizing its debt facilities with a consortium of lenders and the approval by relevant authorities of Alpha Petroleum Resources’ final field development plan for the Cheviot field.Alpha Petroleum is targeting first oil production in 2Q 2021, at an expected rate of at least 30,000 barrels per day.The Cheviot development program will consist of a minimum of 18 wells: 13 production wells, two water injection wells and two gas injection wells. It also includes one production well established in the satellite Peel oil reservoir.last_img read more

Arsenal stars set for fresh pay cut

first_imgRelatedPosts Runarsson joins Arsenal on four-year deal Arsenal, Wolves want Michael Olise Akpom pens Middlesbrough loan deal Arsenal executives have piled pressure on their players to take wage reductions by confirming they have agreed to substantial pay cuts.As Sportsmail revealed earlier this week, the Gunners squad have rejected the club’s original proposal of a 12.5 per cent pay-cut for an entire year.Arsenal have been working on a fresh offer which the players, following talks among themselves, will vote on in the coming days.The squad, together with boss Mikel Arteta, will hold talks to discuss the issue – but players are under increasing pressure to accept reductions after the club revealed the executive team have volunteered to take a pay-cut of more than a third.As of the weekend, Gunners players were against accepting pay-cuts, but were open to considering wage deferrals.Even before the coronavirus crisis, which has deeply impacted the finances of clubs across the country, Arsenal were under pressure to reduce their wage bill following three seasons outside the Champions League.However, some players have shown sympathy towards the club’s financial difficulties and are ready to accept pay cuts.Arsenal have told players they will be paid back all of their proposed 12.5 per cent losses if they qualify for next season’s Champions League; the amount would also be reduced to 7.5 per cent if they make the Europa League.Sources claimed as part of the new proposals, the Gunners will extend the reimbursement agreement so that players would get their money back if they qualify for the Champions League inside two seasons.In a statement released to their fans on Wednesday, Arsenal said: “Our players have been keeping very busy during this difficult period, working hard at home on both their fitness and tactical work while training is suspended.“Over the past 10 days we have been in discussions with them around the potential financial challenges ahead, and how we are planning for those now.“These are productive and ongoing conversations around how our players might support their club in an appropriate way. We have not and will not make any comment on this matter until these private discussions have concluded.” Tags: ArsenalMikel Artetalast_img read more