MORGAN MARINE

Vessels: GCI Completes Sun Towing Tugs

Voyager and Quest could not be two more apt names for Sun Towings pair of new tugboats, as it was precisely this that was required to complete the vessel's construction. The two hulls were started nearly 10 years ago, and had more than 2,000 miles experience before the first main engines were installed. The hulls were originally built by Marine Power and Equipment in Seattle in 1990, and moved three different times, from Washington State through the Panama Canal to Texas, then finally to Louisiana. The odyssey of the hulls was well worth it, however, according to their owner, Captain Mike Smith of Sun Towing, Morgan City, La. The 150 x 40 x 19.5 ft. hulls finally made their way to Gulf Coast Industries (GCI), a yard owned by Garrel Chiasson and Randy Joubert II, in Amelia, La., where they were to be completed. Now finished, the vessels' respective journeys have come full circle, as they have returned to Washington state and have been placed on long term charter from Sun Towing by Foss Maritime. Captain Sam Smith saw the potential of the hulls and purchased them three years ago, and then sold them to his son, Captain Mike Smith. Captain Mike decided to use local companies as much as possible to complete the vessels, and contracted with Gulf Coast Industries to complete the steel work of the hulls, install all of the equipment, complete the piping systems, and install the SOLAS approved joiner work package.

Omega Morgan Names McCalla CEO/President

Omega Morgan, one of the West Coast’s leading heavy equipment transport companies, has named John McCalla CEO/President. McCalla comes to Omega Morgan from Warn Industries, also located in Portland.   McCalla began his career as a project engineer at General Motors and then joined Warn Industries.  He advanced through several positions at Warn and assumed the top executive leadership position in 2007

'Ghost Busters' Investigate Historic Ship

Specialists in paranormal research are investigating whether a historic whaling ship might be home to the ghost of a long-ago seafarer, according to an Associated Press report. AP reported that a five-member team from the Rhode Island Paranormal Research group visited Mystic Seaport last week to spend time on the Charles W. Morgan, a wooden whaling ship where several visitors have reported seeing the apparition. According to information on www.mysticseaport.com, The Charles W

Daewoo Shipbuilding for Sale?

South Korea intends to sell a controlling stake in Daewoo Shipbuilding and Marine Engineering, currently valued at 2.5 billion, in the second half of 2006, according to a Reuters report. State-run Korea Development Bank (KDB) and government restructuring agency KAMCO own a combined 50.6 percent stake in the world's second-biggest shipbuilder. KDB, which is managing the sale on behalf of other creditors, has recently named JP Morgan as a lead manager for the deal.

Rates Slashed On Five European Oil Giants

Morgan Stanley said on Wednesday it had cut ratings and price targets on five European oil service companies on fears the sector was not immune to a possible U.S. recession and global slowdown. Analysts at the investment bank cut their rating on Expro to "neutral" from "strong buy", on Coflexip and Stolt Offshore to "neutral" from "outperform" and on Bouygues Offshore to "outperform" from "strong buy". They cut their price target on Geophysique by 20 percent to 80 euros from 100

World Renowned Propeller Expert To Retire

After a career leading the modernization of U.S. ship and submarine technology, Dr. William B. Morgan, Head of the Carderock Division's Hydromechanics Directorate, is retiring December 30th with almost fifty years of service. During his career, the Iowa native brought computers into naval engineering, revolutionizing propeller design by shifting from empirical to theoretical, becoming the first in the world to put the theoretical propeller data into a computer

J. Ray Morgan City Facility Awarded Contract

J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott International Inc. ("McDermott"), announced that its Morgan City, Louisiana fabrication facility has been awarded a contract for the construction of flues, ducts and reactor panels by The Babcock & Wilcox Company ("B&W"), also a McDermott subsidiary. The contract is in support of B&W's Kansas City Power & Light LaCygne #1 SCR project and is valued at approximately $4 million

Conrad Adds to Management Team

Conrad Industries, Inc. announced today the appointment of Terry T. Frickey as Vice President and Chief Operating Officer, effective immediately. Terry will report to the Chief Executive Officer and have overall responsibility for the operations of the Company’s four shipyards. “We are excited to have Terry join our executive team,” said Johnny Conrad, Conrad’s President and Chief Executive Officer. “Terry has been involved in the shipyard business since

Bulk Carrier Charter Agreement With Morgan Stanley Capital Group

Paragon Shipping Inc. (NYSE: PRGN) entered into a fixed rate time charter agreement for its Panamax Vessel, M/V Coral Seas, with Morgan Stanley Capital Group Inc.  The M/V Coral Seas, a 2006 build, 74,477 dwt Panamax bulkcarrier, has been fixed to Morgan Stanley Capital Group Inc. for a period of 23 to 25 months at a gross daily rate of $12,000. In addition, the Charterers have an option to extend the charter period for an additional 11 to 13 months at a gross daily rate of $14

Marine Joiner Contractors

Mark A. Robicheaux, Inc., Marine Joiner Contractors, located in Morgan City, La., provides custom marine joiner services. Two companies have been added to the service family to provide more complete and controlled joiner packages. Robicheaux Manufacturing offers custom/modular yacht and plastic laminate marine furniture and millwork, and Robicheaux Insulation Systems provides insulation installations for the marine, industrial and offshore industries.