REDFISH

H.I.G. Capital Completes Acquisition of PetroCom

PetroCom LLC announced that an affiliate of H.I.G. Capital, a Miami-based private investment firm, has completed the previously announced acquisition of PetroCom. Headquartered in New Orleans, PetroCom is a leading cellular carrier in the Gulf of Mexico and a full-service telecommunications solutions provider for the offshore industry. Last year H.I.G., through its Bayside Capital affiliate, acquired Sola Communications, a leader in the delivery of telecommunications related services for the offshore oil and gas and emergency services markets. In connection with its acquisition of PetroCom, H.I.G. also obtained regulatory approval to combine the PetroCom and Sola businesses. PetroCom is the fifth Gulf area company in which H.I.G. has invested in the past few years. Others include Rotocraft Leasing in Broussard, La., Houma-based Redfish Rentals, Total Safety, which is based in Houston with offices throughout Louisiana, and Sola Communications.

Drilling Successes and Cost Reductions Offset Production Decline

Unocal Corporation's Spirit Energy 76 unit said its exploration drilling successes and aggressive development program on the Gulf of Mexico shelf area in the first half of 1999 should more than offset the natural production declines for the year. "We have a long record of low drilling and operating costs on the shelf, which enables us to enjoy returns that cannot be matched by the typical shelf operator," said Roger C. Beach, Unocal chairman and CEO.

Houston Ship Channel Project Complete

HOUSTON -- The Port of Houston Authority (PHA) last Thursday welcomed congressional leaders, the U.S. Army Corps of Engineers (USACE), and more than 300 other invited guests to celebrate the completion of the widening and deepening project expected to further fuel the port's remarkable growth. "This project has benefited from a great home-team," said PHA Chairman Jim Edmonds. "The support of our partners in Congress and the

PetroCom, LLC To Be Acquired by H.I.G. Capital Affiliate

PetroCom LLC has entered into a binding agreement to be acquired by an affiliate of H.I.G. Capital, a Miami-based private investment firm. Headquartered in New Orleans, LA, PetroCom is a leading cellular carrier in the Gulf of Mexico and a full-service telecommunications solutions provider for the offshore industry. PetroCom President Ken Wright commented, "We are thrilled to partner with a premier private equity firm as we enter our next stage of growth. H.I.G

Coast Guard Investigating Collision

Crewmembers of Coast Guard Marine Safety Office Houston-Galveston are investigating the collision between the freight ship Napoleon and a tugboat with four barges in the Houston Ship Channel Monday night. A Coast Guard watchstander at Vessel Traffic Service Houston received the report of the collision via the pilot aboard the Napolean at approximately 10:40 p.m. According to the report the collision occurred while the Napolean attempted to over take the tug Jonathan Thomas

Hope Shipyard Delivers M/V Redfish

Higman Marine Services of Houston, Texas, took delivery of its newest vessel, the M/V Red Fish. The vessel was built in five months by Hope Shipyard, located in Dulac, La. The pushboat is slightly larger than previous vessels built for Higman, measuring 78 ft by 32 ft with a 10 ft depth. The M/V Red Fish headed out from Hope’s fabrication yard on the Houma Navigational Waterway after a quick delivery to meet up with her first tow