Does anyone know what is going on at Braemar Seascope, dropped 20p today!

StockMarketWire.com
Braemar Shipping Services' underlying operating profits fell to £3.5m in the year to the end of February - down from £13.8m last time.

Revenue fell to £139.8m from £159.1m but the group said that after a challenging year, the overall results were ahead of revised market expectations.

The directors have recommended a final dividend of 5p per share which would take the total for the year to 14.0p - down from 26.0p last time.

Chairman David Moorhouse said: "As previously announced, Braemar experienced a challenging year and all of our divisional teams worked hard to deliver business performance for the group.

"Tough action was taken in the Technical division to restructure our businesses and address the cost base in this economic climate.

"Despite this we have maintained our core skills and capabilities and, as a result, are well placed for the future.

"The current financial year has started in line with the Board's expectations and we remain confident in our long term strategy to grow the business through both organic and acquisitive business development."

StockMarketWire.com
Braemar Shipping Services has announced the conditional acquisition of NAVES Corporate Finance GmbH, a corporate finance advisory business focused on the maritime industry.

The consideration payable for the acquisition is €24.00 million (subject to a customary adjustment based on target working capital) rising to a maximum of €35.00 million should earn-out payment terms and conditions be satisfied.

NAVES is led by managing partners Mark Kuchenbecker and Axel Siepmann who have over 40 years of combined professional experience in corporate finance and the maritime industry.

Braemar said the acquisition would result in the creation of a new financial division in which Kuchenbecker and Siepmann would take leadership roles.

StockMarketWire.com
Braemar Shipping Services said Monday it had delivered the 180,000m liquid natural gas vessel 'LNG Schneeweisschen' from DSME, South Korea, as part of its ongoing project with Uniper Global Commodities SE.

The vessel had been built for Japan based owners, MOL, and may be provided to Uniper under a 20 year transportation agreement, Braemar Shipping Services said.

Braemar's role was to identify and negotiate with the shipyards and shipowners to deliver the most cost effective and efficient shipping solution under the requirements of its client, Uniper.

StockMarketWire.com
Braemar Shipping Services plc said it had completed the sale of its incident response business, Braemar Response, to Grupo Ambipar for £0.774m.

The Response business was part of Braemar's Technical division and was an environmental consultancy, contracting and training service provider in the marine, oil & gas, road and rail industries. The business was sold as the company believed that it would benefit from having an alternative owner.

'We are delighted to have found an excellent home for Braemar Response in Grupo Ambipar. The disposal allows Braemar to focus on delivering its strategy for its core consultancy and professional services,' said James Kidwell, CEO of Braemar.