Conrad Industries, Inc. announced that it has executed a letter of intent for the purchase of the assets of Swiftships Shipbuilders, LLC and Swiftships Technologies, LLC for approximately The Swiftships companies would also be eligible to receive an additional amount based on the performance of the assets during a three-year period after the closing. The Swiftships companies would use the proceeds of the asset sale to pay creditors. The letter of intent is non-binding with respect to the proposed acquisition, which is subject to the execution and closing of a definitive agreement. The letter of intent contains a binding exclusivity agreeme nt whereby the Swiftships parties have agreed that before October 31, 2002 they will negotiate exclusively with Conrad and not solicit any competing acquisition proposal or enter into any agreement with respect to a competing acquisition proposal. In addition, if prior to the end of the exclusivity period or within 180 days thereafter, any of the Swiftships parties accepts or enters into any agreement with respect to any competing acquisition proposal, the Swiftships parties must pay Conrad a fee of $1 million payable at the time the transaction contemplated by the competing acquisition proposal is consummated. In connection with the letter of intent, Conrad has entered into a loan agreement pursuant to which it has agreed to lend on a secured basis up to $500,000 from time to time to Swiftships
Joe Kernan, Vice Admiral, U.S. Navy (Ret.) has recently been appointed to the Board of Advisors of Swiftships Shipbuilders, LLC, a leading supplier of military and commercial watercraft to clients across the globe. Vice Admiral Kernan (Ret.) served in various leadership positions in the Department of Defense, which included Commanding Officer, SEAL Team Two, Commander, Naval Special Warfare Command, Commander US Fourth Fleet
The business of predicting the course of financial markets has led many companies - good and bad, large and small - to ruin. Perhaps, then, it is better to rely on tenets of nature, such as "Only the Strong Survive" when laying out business plans. Conrad Industries of Morgan City, La., has obviously ascribed to the latter, building a formidable fortress of a marine company with a wide geographic scope, including the recent news of its pending acquisition of Swiftships, an apparent $12
Taylor Made Environmental has been chosen to supply the air conditioning system for a new 110 ft. vessel being built by Swiftships in Morgan City, La. The vessel is being built for the National Park Service for operation in the Florida Keys, and is being fitted with an extra high capacity air conditioning system for the tropical climate. Taylor Made Environmental is supplying a 15-ton Marine Air Systems reverse-cycle modular 3-stage chiller with Hydromatic controls and 11 air handling units
Delta Wave Communications, LLC, has announced that it has been selected by Swiftships Shipbuilders, LLC to provide marine navigational electronics and a dynamic positioning (DP-2) system for two Swiftships 175’ fast supply vessel (FSV) new builds. The vessels, which will be operating in the Gulf of Mexico in support of the oil and gas industry, will allow for expanded capabilities in deep water operations
Last month, Swiftships Shipbuilders, LLC, in Morgan City, La., showcased the Anaconda-2 – an unmanned, 35-ft. craft in development – during a demonstration on the Atchafalaya River next to its HQ. The company partnered with the University of Louisiana at Lafayette more than a year ago to produce technology for a vessel that can navigate without a pilot aboard. Swiftships and ULL are designing a boat that uses Global Positioning System/sensory data
Conrad Industries, Inc. announced the award of a new construction program for the Corps of Engineers totaling $22.2 million which brings the total current backlog to approximately $33.2 million, excluding an option for one towboat valued at $5.6 million. The contract award calls for the construction of three 124-ft., 3000 hp, ABS Class towboats valued at $16.6 million with an option for one additional towboat valued at $5.6 million
Working from a proven Swiftship design with modifications to meet their particular needs, Tidewater Marine has ordered a pair of 145 x 26 ft. crewboats from Swiftships, in Morgan City, La. With space for 150 passengers and accommodation for up to nine crew, the boats will also be capable of carrying 16,000 U.S. gallons of fuel, 19,500 gallons of fresh water, 375 gallons of lube oil and 275 gallons of waste oil. An additional 6,600 gallons of ballast tankage is included
Swiftships Shipbuilders, LLC, Morgan City, La., is being awarded a $180,998,189 fixed-price letter contract for the detail design and construction of nine patrol boats and associated equipment and services for the Iraq Navy. This contract is in support of Foreign Military Sales (FMS) Case IQ –P-SAZ and U.S. Case E4-P-LBT. The contract is for nine Swiftships model 35PB1208E-1455 patrol boats along with six 30mm gun weapons systems, machine gun mounts and cradles, spare parts
Patrol And Combat Builders Fret About Budget Cuts But See Bright Spots. So far; so good. U.S. companies building patrol and combat craft aren’t happy about federal, state and city budget cuts but say they do see positive, demand-side factors. Much of their overseas business depends on the U.S. Foreign Military Sales program. The FMS, which transfers defense equipment and services to other nations, is retrenching now, however
Firms Building Sought-After Security Boats Have Multiyear Backlogs U.S. companies continue to land lucrative contracts with domestic and foreign customers for vessels that are designed or specially customized to meet defense, police and anti-piracy needs
Marcon International, Inc. of Coupeville, Washington has announced that Tidewater Marine International Inc. has sold its44.2m x 8.1m x 3.6m depth / 1.7m draft, 168mtdw, high-speed, aluminum crew / supply vessel Merlin Tide\ to private European operators for continued operation in oilfield service
Combat, Patrol and Law Enforcement Vessels Meet Multiple Missions with varied business plans. U.S. firms building patrol, combat and law enforcement craft are weathering government budget cuts by strengthening ties with clients and public agencies
Export hulls – through the FMS Program, as well as Direct Sales – are a key piece of the business model. Even as the crash in energy prices feeds the oversupply of offshore support vessels – a key staple of U.S. boatbuilding diets – and the dwindling backlogs of some
Conrad Industries, Inc. reported a net loss of $499,000 and loss per diluted share of $0.07 for the three months ended December 31, 2002 compared to a net loss of $151,000 and loss per diluted share of $0.02 for the fourth quarter of 2001. For the twelve
Swiftships Shipbuilders, LLC, Morgan City, La., is being awarded a $13,414,450 firm-fixed price contract for the design and construction of two 28 meter coastal patrol craft for the government of Egypt. The coastal patrol craft is used for coastal surveillance, search and rescue
Northrop Grumman Corporation (NYSE: NOC) has been awarded a contract to supply the navigation and communication systems for nine new 114.8 ft patrol boats being built for the Iraqi navy. The $19m firm, fixed-price contract was awarded to Northrop Grumman’s Sperry Marine business unit by
Dubai’s vision as a global maritime hub took another major step forward with the launch of the mixed-use Business District at Dubai Maritime City (DMC) under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai World.
ASRY turns in profitable first quarter 2012 despite continued recession The Kingdom of Bahrain’s Arab Shipbuilding & Repair Yard Co (ASRY) has turned in a profitable first quarter of 2012 despite the continued shipping recession and increased competition in the region.
Foreign Demand For U.S. Military And Commercial Vessels Is Brisk; For Now. In the heavy shadow of possible sequestration-induced federal budget cuts, some U.S. companies are busy supplying vessels to overseas customers under the Navy’s Foreign Military Sales program and through private
Marcon International Inc. reported the sale of two 105’ x 22’ x 8’ depth, aluminum crew boats by a private U.S. Owner to Mexican buyers. The triple screw, sister-vessels were built in 1981 and 1982 by Swiftships, Inc. in Lafitte, Louisiana.
Headquartered in Anaheim, California, Willard Marine is emerging as a leading supplier of patrol boats for international navies: recent sales include the Lebanon Armed Forces, Egyptian navy, Ukrainian navy and Iraqi navy, under U.S. Foreign Military Sales (FMS) programs. Details as follows:
Building patrol boats is big business, especially for foreign defense needs. U.S. yards compete on a global stage in the all-important maritime security workboat arena. Patrol boats have continued to enhance bottom lines at many U.S. vessel builders this year through sales that are usually
The sea trials of Rodi Marine’s crewboat, the M/V Riley Claire, have given Marine Jet Power a major breakthrough in the Gulf of Mexico crewboat market. The trial results show that all performance predictions were reached.
The US Department of Defense informs that Swiftships Shipbuilding, L.L.C., Morgan City, Louisiana, is being awarded an $18,000,000 not-to-exceed contract for the accomplishment of continuous lifecycle support for the Iraqi navy. DoD explains that this contract involves foreign military