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March 03, 2012 17:41 PM

Expanded Offshore "Cash Pool" Needed To Internationalize China's Yuan: Expert

BEIJING, March 3 (Bernama) -- An expanded offshore "capital pool" of China's yuan, or renminbi, is needed to promote wider international use of the currency, a senior investment banker who is also a member of China's top advisory body has suggested.

To increase the amount of yuan offshore, the Chinese government needs to create more channels for investing in yuan overseas and offer varied yuan-denominated investment products, Fang Fang, a member of the Chinese People's Political Consultative Conference (CPPCC) and vice chairman of J.P. Morgan Asia Investment Banking, told Xinhua news agency on Friday.

"Last year, I submitted a proposal aimed at facilitating the transfer of yuan between domestic and offshore markets, including expanding the yuan pool in Hong Kong," said Fang, who will attend the annual session of the CPPCC National Committee starting on Saturday.

"Some of my advice has been put in place since then, but more efforts remain to be made in expanding the offshore pool of Chinese currency," he said, adding that his proposal this year will mainly focus on this issue.

Fang said that as one of the most important offshore yuan markets, Hong Kong saw a slowdown in the growth rate of its renminbi deposits, which increased less than one-fold last year, compared with fourfold in 2010.

There were three reasons for the slowdown: reduced expectations for the yuan's appreciation, a decline in trade settlement due to slowdown in growth of Chinese exports, and limited investment opportunities in the offshore yuan market, Fang said.

As for how to increase the yuan pool, he proposed bolstering investment channels and options for the currency so as to attract more investors to put money into the offshore yuan market, thus securing a sufficient supply of the yuan.

This entails allowing investors to use the yuan for direct investment overseas and adding variety to yuan products, including introducing yuan-denominated assets and bulk commodities, the senior banker said.

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Expanded Offshore "Cash Pool" Needed To Internationalize China's Yuan: Expert

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Posted March 2, 2012

HOUSTON -- Hercules Offshore, Inc. (Nasdaq: HERO) announced the appointment of Son P. Vann to Vice President Investor Relations and Planning and John F. Wasmuth to Vice President Tax.

Mr. Vann joined the Company in June 2010 as the Director, Investor Relations and Finance. Prior to joining Hercules Offshore, he served in various financial roles in the investment banking industry at Jefferies & Company, Solomon Smith Barney and UBS. Mr. Vann holds a Bachelor of Business Administration in Finance from the University of Texas at Austin and is CFA Charterholder.

Mr. Wasmuth has served as our Director of Tax since he joined the Company in August 2010. His extensive experience in the oil and gas industry includes positions with Repsol Services Company, Cameron International and Shell Oil Company. Mr. Wasmuth holds a Bachelor of Business Administration in Accounting from the University of Texas at Austin and is a Certified Public Accountant (CPA).

Stephen M. Butz, Senior Vice President and Chief Financial Officer, stated, "With extensive experience in both the capital markets and energy industry, Son has been a vital asset to our Company and has already provided key contributions in strategic planning and execution of our growth initiatives.

"John has been an integral part of our management team and has provided a wealth of knowledge and experience in the tax arena. John's extensive international tax planning expertise is a tremendous asset to the company as we continue to expand our international operations. It is with great pleasure that we announce these officer appointments and look forward to both Son and John's continued contributions to Hercules Offshore."

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 42 jackup rigs, 17 barge rigs, 63 liftboats, two submersible rigs, and one platform rig. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. Hercules Offshore currently holds 28.0% of share capital in Discovery Offshore, a pure play, ultra-high specification jackup rig company. For more information, please visit our website at http://www.herculesoffshore.com.

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Hercules Offshore Appoints Son Vann and John Wasmuth

Hercules Offshore, Inc. announced the appointment of Son P. Vann to Vice President Investor Relations and Planning and John F. Wasmuth to Vice President Tax.

Mr. Vann joined the Company in June 2010 as the Director, Investor Relations and Finance. Prior to joining Hercules Offshore, he served in various financial roles in the investment banking industry at Jefferies & Company, Solomon Smith Barney and UBS. Mr. Vann holds a Bachelor of Business Administration in Finance from the University of Texas at Austin and is CFA Charterholder.

Mr. Wasmuth has served as our Director of Tax since he joined the Company in August 2010. His extensive experience in the oil and gas industry includes positions with Repsol Services Company, Cameron International and Shell Oil Company. Mr. Wasmuth holds a Bachelor of Business Administration in Accounting from the University of Texas at Austin and is a Certified Public Accountant (CPA).

Stephen M. Butz, Senior Vice President and Chief Financial Officer, stated, "With extensive experience in both the capital markets and energy industry, Son has been a vital asset to our Company and has already provided key contributions in strategic planning and execution of our growth initiatives.

"John has been an integral part of our management team and has provided a wealth of knowledge and experience in the tax arena. John's extensive international tax planning expertise is a tremendous asset to the company as we continue to expand our international operations. It is with great pleasure that we announce these officer appointments and look forward to both Son and John's continued contributions to Hercules Offshore."

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Hercules Offshore Welcomes New VPs

Reference is made to the notification sent on 1 March 2012 regarding a potential new bond issue by BW Offshore Limited. A NOK 500 million senior unsecured bond issue with expected maturity date on 15 March 2017 has successfully been completed. Settlement date is expected to be 15 March 2012.

The proceeds will be used for general corporate purposes.

An application will be made for the bonds to be listed on Oslo Brs.

DNB Markets, Nordea Markets, Pareto Securities and SEB Merchant Banking acted as joint lead managers of the bond issue.

For further information, please contact:

Knut R. Sthre, CFO, +47 9111 7876

Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322

About BW Offshore:

BW Offshore is a leading global provider of floating production services to the oil and gas industry. With the acquisition of Prosafe Production in 2010, the company has become the world`s second largest contractor with a fleet of 14 FPSOsand 2 FSOs represented in all major oil regions world-wide. BW Offshore has an excellent track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In30 years of production, BW Offshore has successfully executed more than 30 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. Further information is also available on http://www.bwoffshore.com

The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

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BW Offshore: Successful placement of bond

HOUSTON, March 2, 2012 /PRNewswire/ -- Hercules Offshore, Inc. (Nasdaq: HERO - News) announced the appointment of Son P. Vann to Vice President Investor Relations and Planning and John F. Wasmuth to Vice President Tax.

Mr. Vann joined the Company in June 2010 as the Director, Investor Relations and Finance. Prior to joining Hercules Offshore, he served in various financial roles in the investment banking industry at Jefferies & Company, Solomon Smith Barney and UBS. Mr. Vann holds a Bachelor of Business Administration in Finance from the University of Texas at Austin and is CFA Charterholder.

Mr. Wasmuth has served as our Director of Tax since he joined the Company in August 2010. His extensive experience in the oil and gas industry includes positions with Repsol Services Company, Cameron International and Shell Oil Company. Mr. Wasmuth holds a Bachelor of Business Administration in Accounting from the University of Texas at Austin and is a Certified Public Accountant (CPA).

Stephen M. Butz, Senior Vice President and Chief Financial Officer, stated, "With extensive experience in both the capital markets and energy industry, Son has been a vital asset to our Company and has already provided key contributions in strategic planning and execution of our growth initiatives.

"John has been an integral part of our management team and has provided a wealth of knowledge and experience in the tax arena. John's extensive international tax planning expertise is a tremendous asset to the company as we continue to expand our international operations. It is with great pleasure that we announce these officer appointments and look forward to both Son and John's continued contributions to Hercules Offshore."

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 42 jackup rigs, 17 barge rigs, 63 liftboats, two submersible rigs, and one platform rig. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. Hercules Offshore currently holds 28.0% of share capital in Discovery Offshore, a pure play, ultra-high specification jackup rig company. For more information, please visit our website at http://www.herculesoffshore.com.

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Hercules Offshore Announces Officer Appointments