SERVICES | SUPPLIERS
manpower and structure, as engineers
will be able to focus on the drilling activity,
not fault finding unnecessary problems.
GLOBAL DATA SYSTEMS
Businesses today are experiencing
the enormous productivity boost that
mobile wireless Internet delivers. GDS
LTE Services extends business, enabling
a workforce on the go to stay in touch
with the office, customers, and business
partners. With the LTE Medium and LTE
Large packages, GDS can enable a seamless wireless workflow, with the reliability
and connectivity through a complete
business-class solution.
SUBSEA INDUSTRIES
ZF Marine Krimpen is applying Subsea
Industries’ Ecoshield hard coating to the
nozzles and underwater components of
its azimuth thruster units supplied to vessels operating in inland waterways.
The Netherlands-based company, a
division of Germany’s ZF Group, is using
Ecoshield on thrusters supplied to a number of U.S.-based customers to reduce
operational wear and tear in brown waters
such as the Mississippi River.
The solution was found in Antwerp,
in 2015, when ZF approached Subsea
Industries to investigate whether it’s hard-coating could protect its thrusters from
the effects of abrasive waters.
After a series of patch tests proved
successful ZF Marine began applying the
hard-coating to all underwater areas of
the thruster. Since then, Ecoshield has
been applied to the ZF 1000hp azimuth
thrusters installed on 12 tow/pushboats
operating in US waters.
Subsea Industries has more than 400
ship references for Ecoshield on rudders
but is seeing a marked increase in application to thruster tunnels and gearboxes
due to the operational savings it brings
them.
HARMONY MERGER CORP
Harmony Merger Corp. and privately held
NextDecade, LLC jointly announced that
they have executed a non-binding letter
of intent for a business combination trans-
action, which would result in NextDecade
becoming a publicly listed company. Har-
mony is a publicly traded special purpose
acquisition company whose objective is to
take a company public via reverse merg-
er. Harmony currently has $117.5 million
of cash in trust. The proposed all-stock
transaction is expected to yield a com-
bined entity with a pro forma enterprise
value exceeding $1.0 billion at closing,
with additional stock consideration to be
paid to NextDecade shareholders upon
the achievement of certain milestones.
Assuming no redemptions by Harmony
stockholders, current Harmony stockholders will own approximately 13.4% of the
combined company immediately following
the Merger. Pursuant to the LOI, Harmony
and NextDecade have also reserved
capacity for strategic partners to invest
in the company prior to the closing of the
Merger.
NextDecade is a liquefied natural gas
development company focused on LNG
export projects and associated pipelines
in the State of Texas. NextDecade’s first
proposed LNG export facility, the Rio
Grande LNG project located in Brownsville, Texas, along with the associated Rio
Bravo pipeline originating in the Agua
Dulce market area, is well-positioned
among the second wave of U.S. LNG projects. NextDecade submitted its pre-filing
request to the Federal Energy Regulatory
Commission in March 2015 and filed its
formal application in May 2016. The company has robust commercial offtake and
gas supply strategies in place, and has
signed 30 mtpa of non-binding customer
commitments to date, indicating strong
market interest.
NextDecade’s principal equity holders
include funds managed by York Capital
Management, Valinor Management,
and Halcyon Capital Management, who
Decade. Harmony and NextDecade have
agreed to work together exclusively toward
entering into a definitive agreement
providing for the Merger. Completion of
the Merger is subject to the satisfaction
of certain conditions including, but not
limited to, execution of definitive agree-
ments, approval of the transaction by Har-
mony’s stockholders, receipt of regulatory
approval, and the retention of at least $25
million of cash in Harmony’s trust account
at closing. Assuming execution of a
definitive agreement and satisfaction of
closing conditions contained therein, the
proposed Merger is expected to close late
in the second quarter of 2017.
For the purposes of this transaction, Harmony is being represented by
Graubard Miller and NextDecade is being
represented by King & Spalding LLP.
Height Securities, LLC is acting as financial advisor to NextDecade.
There can be no assurance that a
definitive agreement will be entered
into or that the proposed Merger will be
consummated. Further, readers are cautioned that those portions of the letter of
intent that describe the proposed Merger,
including the consideration to be issued
therein, are non-binding.
Harmony has filed a proxy statement
requesting stockholders to approve an
extension of time to complete a business
combination to July 27, 2017. Notwithstanding the foregoing, Harmony has
agreed that if it is unable to enter into a
definitive agreement for an initial business
combination by April 27, 2017, it will
promptly file the necessary proxy materials with the SEC to seek stockholder
approval to dissolve and liquidate or to
have holders agree to a further extension
of time to complete an initial business
combination.
OLEUMTECH CORP
OleumTech® Corporation, a provider
of M2M communications and industrial automation solutions, announced
a partnership with Sigfox, the world’s
leading provider of connectivity for the
Internet of Things (IoT). As one of the
largest Original Equipment Manufacturer
partnerships for Sigfox globally to-date,
customers will soon benefit from out-of-the-box Low Power Wide Area (LPWA)
wireless connectivity leveraging OleumTech’s patented self-contained, battery-powered wireless transmitter technology.
