Archive for September, 2012

UTi Worldwide makes organizational changes

Friday, September 21st, 2012

UTi Worldwide Inc., an international non-asset-based logistics company based in the British Virgin Islands jurisdiction, announced new steps that will facilitate improved integration and alignment between its freight forwarding and contract logistics and distribution businesses, streamline its organization and reduce complexity. The changes are effective starting from October 1, 2012.

As part of the organizational changes, the BVI company announced the appointment of Edward G. Feitzinger as the Company’s Executive Vice President, Global Operations. Mr. Feitzinger started to work in UTi Worldwide in 2010 as Executive Vice President, Logistics and Distribution. Prior to that, he was Senior Vice President at Golden Gate Logistics – a third-party logistics provider of freight forwarding and contract logistics services. In his new role in UTi Worldwide, Mr. Feitzinger will be responsible for all the operations concerning freight forwarding, contract logistics and distribution businesses of UTi Worldwide. Company’s regional leaders and product leaders will report to Mr. Feitzinger, who, in his turn, will report to company’s CEO, Eric W. Kirchner.

Also, the BVI company appointed Ronald W. Berger as Senior Vice President, Global Operating Processes and Chief Information Officer. Mr. Berger joined started his work in UTi Worldwide in 2009 as Senior Vice President, Global Operating Processes. Prior to taking this post, he served as Vice President and Chief Information Officer at FedEx Trade Networks, Inc. Now, in his expanded role, Mr. Berger will become a single person responsible for UTi’s information technology and global operating processes, including company’s transformation initiatives.

BVI company signed three-year contract in Argentina

Saturday, September 8th, 2012

FracRock International, Inc., oilfield technology and service company, incorporated in the British Virgin Islands, signed a three-year contract with an important E&P operator to provide well completion services in Argentina. The contract will be executed at market prices with a 5% discount, and a minimum 40% utilization. It would yield revenues more than $250 million over the initial term.

In addition to the traditional hydraulic fracturing methods based on 30,000 horsepower of modern hydraulic fracturing equipment, Frackrock will provide its unique environment-friendly EcoFrac Solutions that combine a number of exploration and production technologies allowing for a significant reduction in the use of water and horsepower while optimizing the number and placement of hydraulic fractures.

Executive chairman of the BVI company Bjarte Bruheim commented on this agreement: “Argentina has been a focal point for FracRock International since the Company’s formation and we are excited about securing such a meaningful agreement in such a short period of time.