On Thursday, Shares of Boulevard Acquisition Corp. (NASDAQ:BLVD), gained 14.75% to $11.59, hitting its highest level.
Boulevard Acquisition, declared that it has reached a definitive agreement with The Dow Chemical Company (DOW) under which Boulevard will acquire AgroFresh, Dow’s post-harvest specialty chemical business, in a transaction that will result in AgroFresh becoming a publicly traded company with an anticipated initial enterprise value of $879 million, or 8.7x its estimated 2015 EBITDA.
AgroFresh is a global industry leader in providing innovative data-driven specialty chemical solutions aimed at enabling growers and packers of fresh produce to preserve and enhance the freshness, quality and value of fresh produce and to maximize the percentage of produce supplied to the market relative to the amount of produce grown. Its flagship product is the SmartFreshSM Quality System, a freshness protection technology proven to maintain firmness, texture and appearance of fruits during storage and transport. SmartFresh™ is presently commercialized in 45 countries worldwide.
Boulevard Acquisition Corp. does not have noteworthy operations. The company is in the process of evaluating and identifying targets through merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was founded in 2013 and is based in New York, the United States.
At the end of Thursday’s trade, Shares of Pioneer Energy Services Corp. (NYSE:PES), jumped 13.91% to $7.45.
Pioneer Energy Services, stated financial and operating results for the quarter ended March 31, 2015. Notable items for the first quarter and recent developments comprise:
- Debt payments of $45 million thus far in 2015, partially funded by net proceeds from the sale of drilling rigs and early termination payments received on certain drilling rig contracts.
- Since year-end 2014, sold 21 of our mechanical and lower horsepower electric drilling rigs and other equipment for total net proceeds of $24.8 million, and have four additional rigs designated as held-for-sale.
- Delivered a new-build 1,500 horsepower AC drilling rig with a multi-year term contract in April 2015.
- Drilling utilization in the first quarter was 83% based on an average fleet of 46 rigs.
- Well servicing rig utilization for the first quarter was 79% with pricing of $619 per hour.
Pioneer Energy Services Corp., through its auxiliaries, provides drilling services and production services to oil and gas exploration and production companies in the United States and Colombia. The company’s Drilling Services Segment provides contract land drilling services in Texas, North Dakota, Utah, Appalachia, and Colombia.
Hornbeck Offshore Services, Inc. (NYSE:HOS), ended its last trade with 11.95% gain, and closed at $22.85.
Hornbeck Offshore, declared results for the first quarter ended March 31, 2015. Following are highlights for this period and the Company’s future outlook:
- 1Q2015 sale of three OSVs to U.S. Navy resulted in pre-tax gain on sale of assets of $33.1 million ($0.57 per diluted share)
- Not taking into account gain on sale of assets, 1Q2015 diluted EPS was $0.42, an enhance of $0.11, or 35%, from the year-ago quarter
- Not taking into account gain on sale of assets, 1Q2015 EBITDA was $61.7 million, an enhance of $7.4 million, or 14%, from the year-ago quarter
- Not taking into account gain on sale of assets, 1Q2015 operating margin was 25%, up from 18% a year ago and 23% sequentially
- 1Q2015 avg new gen OSV dayrates were $26,705, down $900 from the sequential quarter and in-line with the preceding-year quarter
- 1Q2015 utilization of the Company’s new gen OSV fleet was 65% contrast to 75% a year-ago and 76% sequentially
- 1Q2015 effective utilization of the Company’s active new gen OSVs was 77% contrast to 75% a year-ago and 80% sequentially
- First 16 HOSMAX vessels have been placed in-service with final eight newbuild deliveries predictable during 2015 and 2016
- The Company has now stacked a total of 18 new generation OSVs, up from 12 since last stated
- Converted 300 class OSV was re-delivered as a Jones Act MPSV and right away began a 90-day charter in the GoM with options
- Contract backlog for new gen OSV vessel-days is presently at 52% and 36% for 2Q2015 and for the remainder of 2015, respectively
- Contract backlog for MPSV vessel-days is presently at 58% and 29% for 2Q2015 and for the remainder of 2015, respectively
- Forward line-item guidance updated to reflect latest stacked fleet, vessel sales to U.S. Navy and related O&M contract
- Cash opex and G&A savings due to proactive cost containment measures now up to $80 million on an annualized basis
- Purchase option for the sale of fourth 250EDF class OSV to U.S. Navy predictable to be exercised by third quarter of 2015.
Hornbeck Offshore Services, Inc., through its auxiliaries, operates offshore supply vessels (OSVs) and multi-purpose support vessels (MPSVs) in the U.S. Gulf of Mexico, Latin America, and internationally.
Finally, GrafTech International Ltd. (NYSE:GTI), closed at $4.84, with 11.78% gain.
GrafTech International, declared that Quinn Coburn, GrafTech’s Vice President of Finance and Treasurer, will assume the additional role of Interim Chief Financial Officer, effective May 15, 2015. Mr. Coburn’s appointment follows Erick R. Asmussen’s decision to accept a Chief Financial Officer role at another company.
GrafTech International Ltd. manufactures and sells graphite and carbon material science-based solutions. It operates through two segments, Industrial Materials and Engineered Solutions. The Industrial Materials segment manufactures and delivers graphite electrodes, which are components of the conductive power systems used to produce steel and non-ferrous metals.
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