p1-13:p1-14.qxd 18/05/2012 10:49 Page 1 June/July 2012 Thrane & Thrane IN THIS ISSUE takeover bid accepted satcoms Gigabytes onboard Cobham’s on again, off again move to buy Thrane & Thrane is now very much on, with 3G at sea – 6 as the Danish antenna manufacturer’s board of directors accepted a bid for the company, which it has recommended to shareholders Cutting costs at Wisby Tankers – 10 obham, parent company of offer Cobham had said that this price the initial offer. Competition driving Sea Tel, has announced that was final, and that it would not be Lars Thrane, who founded the maritime satcom to CCit has reached agreement increased unless another party made company with his brother and is cur- higher bandwidth – 12 with the board of directors of a bid for the company. rently a member of the board of man- Thrane & Thrane on the terms of a Cobham says that its u-turn in agement and board of directors of revised voluntary tender offer for offering an extra DKK15 per share is Thrane & Thrane, had stated at the software the company. based on the value of a dividend that time of the initial offer that he would Under the terms of the revised would otherwise have been declared not sell his share of the company offer, Thrane & Thrane shareholders in June 2012 in relation to the year to Cobham. Taking charge of your IT with service will be offered DKK435 in cash for ended 30 April 2012. However, he also seems to have orientated architecture – 23 each Thrane & Thrane share, an The revised offer values the share had a change of heart and has now increase of DKK15 per share over capital of Thrane & Thrane on a entered into a binding agreement to Using CBT to meet Cobham’s offer announced on 10 fully diluted basis at approximately accept the revised offer in relation to April 2012. £275 million (approximately US$445 his holding of 1,349,084 shares, repre- training requirements – 25 At the time of the initial DKK420 million), a 2.6 per cent increase from senting 22.7 per cent of the fully Eco-friendly fuel savings continued on page 2 – high as a kite – 28 electronics and navigation FOCUS ON ECDIS TRAINING Guide to ECDIS training regulations – 40 ECDIS familiarisation training and CBT – 42 High performance navigation – 44 Alternative systems and the future Management responsibility for Sea Tel would be transferred to Thrane & Thrane in Denmark once the takeover is completed of positioning – Dr Andy Norris – 50 “A Brand New World” www.reformstudio.no www.reformstudio.no Tormod Johannesen, IT Manager Wilson Ship Management, Bergen ”We are deploying Dualog Connection Suite on 83 ships in less than 12 months with only good feedback from the vessel users and offi ce staff ”, says Tormod Johannesen, the IT Manager of Wilson Ship Management in Bergen. “Dualog Connection Suite is a modern and fl exible product and this fact, combined with internal planning, has brought us into a brand new world in a minimum of time”, adds the happy IT Manager. www.dualog.com (+47) 77 62 19 00 or [email protected] p1-13:p1-14.qxd 18/05/2012 10:49 Page 2 SATCOMS continued from page 1 diluted share capital of Thrane & Thrane. 31 January 2012, on the basis of an enter- part of Cobham’s 'Excellence In Delivery' In addition, the other members of the prise value of DKK2,621 million (approx- programme. board of Thrane & Thrane have entered imately US$465 million). Assuming Cobham secures 100 per into an undertaking to accept the revised “We are very pleased that, by increas- cent ownership of Thrane & Thrane, the Vol 12 No 9 offer in relation to their respective indi- ing our offer to take account of the divi- company anticipates that the transaction vidual holdings, amounting to, in aggre- dend for the year now ended, we have would cover its cost of capital in the sec- Digital Ship Limited gate, 17,040 shares - representing 0.3 per reached agreement with the board of ond full year of ownership, and that it 2nd Floor, cent of the fully diluted share capital of Thrane & Thrane,” said John Devaney, would achieve a minimum of £4 million 8 Baltic Street East Thrane & Thrane. Cobham’s executive chairman. (approximately US$6.5 million) per London EC1Y 0UP, U.K. Cobham now owns or has received “Their recommendation will allow us annum of pre-tax synergies as a result of www.thedigitalship.com undertakings in respect of a total of to move quickly, and with certainty, with the transaction, in the areas of engineer- 2,819,919 shares, representing 47.4 per the integration of Thrane & Thrane into ing, production, distribution and corpo- cent of the fully diluted share capital of the Cobham group.” rate costs. PUBLISHER Thrane & Thrane, having already pur- “We believe that this is an outstanding Thrane & Thrane's satcom business Stuart Fryer chased 25.59 per cent from various insti- opportunity to bring together two world- has around 600 employees located in EDITOR tutional investors and on the open mar- class, highly complementary, commer- Denmark, the USA, Norway, Sweden, Rob O'Dwyer: Tel: +44 (0)20 7017 3410 ket before the bid was accepted by the cially focused satcom businesses and is in China and Singapore, working with a email: [email protected] Thrane board. line with our aim of prioritising invest- global network of distributors. The board of Thrane & Thrane has ment that will bring more balance For the twelve months to 31 January DEPUTY EDITOR now said that it will recommend the between our defence/security and com- 2012, the company generated revenue of Julie Ann Chan: Tel: +44 (0) 20 7017 3414 revised offer to its shareholders, and that mercial markets.” DKK1,092.4 million (approximately email: [email protected] it will "support and facilitate the making US$193 million), with profit before tax CONFERENCE PRODUCER of the revised offer." Next moves of DKK169.4 million (approximately Cathy Hodge: Tel +44 (0) 20 7253 2700 Cobham believes that this recommen- Should the takeover of the company go US$30 million). email: [email protected] dation will allow it to secure a higher ahead, Cobham says that routes to mar- For the same twelve month period acceptance rate which will "enable a ket for the two businesses will be com- Thrane & Thrane held net assets of ADVERTISING quicker and more effective integration bined and they will use a combined deal- DKK1,003.7 million (approximately Ria Kontogeorgou: Tel: +44 (0)20 7017 3401 of Thrane & Thrane into the Cobham er network. US$177.5 million) and gross assets of email: [email protected] group." Cobham also notes that it intends that DKK1,721.4 million (approximately PRODUCTION The offer price of DKK435 represents a management responsibility for the com- US$304 million). Vivian Chee: Tel: +44 (0)20 8995 5540 premium of 48 per cent on the closing bined maritime satcom business, which Cobham is substantially larger, email: [email protected] price per share from the Nasdaq OMX in will include Sea Tel, Cobham’s largest employing more than 10,000 people on Copenhagen on 24 February 2012, the last satcom business unit, would be trans- five continents and with preliminary rev- EVENTS trading day prior to Thrane & Thrane's ferred to Thrane & Thrane in Denmark enues for the year 2011 of approximately Diana Leahy Engelbrecht first announcement that it had received "as soon as practicable." US$3 billion. Tel: +44 (0)118 931 3109 an unsolicited offer for the company. Thrane & Thrane’s Danish facility Cobham has acquired nearly 50 com- email: [email protected] The price also represents a multiple of would be designated as a 'Cobham panies in the last decade, including Sea CONSULTANT WRITER 15.4 times Thrane & Thrane's operating Principal Operating Location' and Tel in 2003, which has since doubled both Dr Andy Norris (navigation) profit for the twelve month period up to would receive further investment as its revenue and R&D investment. DS [email protected] DIGITAL SHIP SUBSCRIPTIONS €180 per year for 10 issues Subscribe online at Satcom Direct has become a direct Danaos to install broadband www.thedigitalship.com, reseller for TriaGnoSys satellite com- contact [email protected], munications products and equipment system on 63 vessels or phone Diana Leahy Engelbrecht on: in the United States, and is now the +44 (0)118 931 3109 only TriaGnoSys reseller partner in the www.vizada.com country. UPCOMING CONFERENCES Vizada and its partner SRH Marine DIGITAL SHIP HONG KONG Intellian has appointed Vikaash Electronics report that they have signed a KITEC, Kowloon Sukul as EU operations manager, to be 24-month agreement with Danaos 10-11 October 2012 located at the company’s European sales Shipping Co Ltd to equip the company’s DIGITAL SHIP KOREA and support office in Rotterdam, the fleet of 63 vessels with a broadband com- Bexco, Busan, South Korea Netherlands. Mr Sukul will manage munications system. 30-31 October 2012 European sales and support operations The agreement includes the provision out of the office. of 1 GB of connectivity to the fleet over DIGITAL SHIP ATHENS Inmarsat FleetBroadband terminals, to be Metropolitan hotel, Athens Marlink has appointed Shinobu managed via Vizada's XChange and Crew 27-28 November 2012 Suzuki as its new Japan country manager. PC services. Ms Suzuki will be based in Marlink’s Greece-based Danaos Shipping pro- Vizada’s XChange platform will be used to manage the communications system Printed by Tokyo office and will have responsibility vides ship management services to one of The Manson Group Ltd for the Japanese and Korean markets.