Deals this week: EMC, KKR Credit, QinetiQ
Global Eagle Entertainment’s business unit Emerging Markets Communications (EMC) has been contracted by Nakilat to provide marine VSAT communication services.
As part of the contract, EMC will provide VSAT services to a fleet of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carrier vessels, as well as crew.
Shipping loans worth $1.5bn will be bought by KKR Credit, an investment firm, in association with an undisclosed sovereign wealth fund, from Norddeutsche Landesbank, a business bank based in Germany.
The loans include both performing and non-performing ones corresponding to up to 100 vessels.
KKR Credit and the co-buyer will establish a shipping portfolio management company following the deal completion.
Norddeutsche Landesbank aims to manage its balance sheet more effectively through the sale.
QinetiQ has won an unmanned and autonomous systems demonstration contract from the UK’s Defence Science and Technology Laboratory (Dstl).
Awarded as part of the UK Royal Navy’s Unmanned Warrior exercise, the contract is meant to deliver the third phase of a multinational demonstration of the systems, known as Hell Bay 4.
The exercise will include multiple unmanned underwater, surface and air vehicles that will autonomously perform mine countermeasure missions.
QinetiQ Maritime Autonomy Centre (QMAC) will execute the contract work related to the exercise, which is scheduled to take place in Scotland this October.