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Date & time Oct 13 '17
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Stork Owners To Defy Oil Slump With Sale Plan

Sky News has learnt that Arle, a manager of private equity funds, has begun sounding out investment banks about work on a strategic review of Stork, a Dutch based company.

Stork is part owned by private equity funds linked to Candover, a buyout firm which was engulfed by the financial crisis of 2008 and which no longer makes new investments.

Sources close to Arle confirmed that it would shortly appoint advisers to examine options for Stork, which van cleef arpels clover necklace replica would include a sale worth more than development comes despite the fact that oil companies are shelving many projects requiring major capital expenditure and laying off staff.

Royal Dutch Shell became the latest company to delay a number of big investments when it said on Thursday that $15bn of capital spending would be pushed back because of the depressed oil price.

Stork works with companies in the chemical and power sectors, as well as the oil and gas industry, and has been performing strongly despite recent macroeconomic developments.

In its most recent results van cleef and arpel clover necklace replica announcement last November when the oil price decline had already been underway for several months Stork said that more challenging market conditions had led to "some temporary softness in the North Sea market".

It insisted, however, that the "underlying long term trend remains favourable".

Arnold Steenbakker, Stork's chief executive, van cleef arpel necklace replica said at the time: "Since the majority of our order book are maintenance and modifications related contracts, Stork is less exposed to [the fall in oil and gas prices].

"However, it may cause some postponement of activities in certain regions, like in the UK."

Employing 14,500 people globally, Stork is expected to publish its financial results for 2014 in March.

The company was taken private in 2008 by Candover, since when it has disposed of its technical services unit.

It remains under the same corporate entity as Fokker, an aerospace group, which is partly the legacy of expensive debt which is tied to the parent company, City sources said.

In an interview with Sky News on Thursday, Ben van Beurden, Shell's chief executive, reiterated the difficult operating environment in the North Sea.

"The existing conditions are indeed in a tough place the North Sea was a tough place to start off with," he said.

"The asset base is ageing, it is high cost, it is declining production so it is not fully utilised in areas, [and] it is a high tax regime at the moment.

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