In a development which could be seen as a positive one for the business of building boats in the U.S., First Wave Marine, Inc. said that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In addition, the company's current senior secured lender agreed to provide the First Wave with a post-confirmation $10 million revolving line of credit and an $8 million term loan. First Wave estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7% of the common stock of the Company, dramatically improves the Company's balance sheet, financial strength and competitiveness. First Wave President Grady Walker said, "Confirmation of this Plan represents the achievement of our goal to successfully restructure the Company. We are very grateful for the loyalty and support of our customers, employees, vendors, and lenders during our restructuring. This support made it possible for us to maintain our excellent vendor network, to keep our employees working, and to continue to provide the same high quality and uninterrupted service our customers expect from us. As a result, we are emerging poised and ready to exploit our new financial strength to better serve the evolving needs of our customers."
First Wave/Newpark Shipbuilding announced today that it has terminated its contract with Crest Hidayat Limited, a Malaysian company, due solely to the failure of Crest Hidayat Limited to meet its payment obligations under the contract and the failure of its parent corporation, Crest Petroleum Bhd, to fulfill its obligations as guarantor under the contract. Crest Petroleum has publicly reported the difficulty to be the result of the suspension of its credit sources
Center for Naval Engineering (CNE) Learning Site Great Lakes launched the first phase of Computer-Based Training (CBT) Nov. 28 with the first wave of Basic Engineering Common Core (BECC) students breaking in the new curriculum in an Integrated Learning Environment (ILE). Cmdr. Eddie Oleykowski, director of training, CNE, Norfolk, Va., supervised as the first class of 25 students officially made the transition from instructor-led training to CBT
The House Homeland Security Committee today approved needed reforms to the Transportation Worker Identification Credential (TWIC) program that would eliminate financial and logistical burdens faced by transportation workers under this federal security program. The Transportation Trades Department, AFL-CIO (TTD) supports language in the Securing Maritime Activities through Risk-based Targeting Act, known as the SMART Port Security Act (H.R
A&P Falmouth takes on a full time marine renewables business development manager, Amanda Pound A&P Falmouth, is positioned on the south coast of the UK in one of the world’s largest natural deep-water harbours. Falmouth is the largest ship-repair complex in the UK, with three large graving docks and extensive alongside berthing, providing facilities for a wide range of marine business. The company’s reputation in the marine renewable energy sector is continuing to
WaveRoller, the wave energy device created by wave energy developer AW-Energy has received independent performance verification, taking the wave power industry one step closer to commercialization. WaveRoller received its validation after operating in fully exposed ocean environment during testing campaigns in 2012 and 2013. AW-Energy submitted detailed data covering wave conditions and device performance for external verification
For years, forensic historians relied on survivor and eyewitness testimonies and, if available, material testing or intelligence reports to help gather evidence to piece together an event. In the early 1990's, seduced by computer technology, photo imagery analysis gained a tremendous uplift enabling imagery scientists to use special algorithms to enhance and sharpen images; changing the way we view the world today. History recorded that five midget submarines deployed as advance forces to
First Wave Secures Multiple Contracts First Wave/Newpark Shipbuilding, in Galveston, Texas, has had a busy spring. First, the company was awarded a contract by Diamond Offshore Drilling to install a crane and perform annual survey work on Ocean Lexington. That contract was completed in March. Next, the company won a contract from Smit Americas, Inc. for drydocking of Ocean Hercules. The vessel was drydocked on the shipyard's 7
Louisiana Economic Development (LED) has launched an integrated marketing campaign designed to focus business leaders around the globe on the unprecedented opportunity for investment in Louisiana. The campaign, dubbed “clean sheet,” features the most aggressive business incentives package in U.S. history, now available to businesses expanding, rebuilding or relocating in Louisiana. “At no time in history has a state experienced such an unparalleled opportunity to remake itself
Crowley Maritime Corporation will enhance its scholarship grants with the Maritime Studies Program of Williams College and Mystic Seaport beginning in fall 2009. The company has pledged to increase its donation from $10,000 to $20,000 a year for deserving and need-based students in the program. The increase in funding will allow two students each semester, or four students each year to benefit from the Thomas B. Crowley Sr. Memorial Scholarship Program.
David Evans and Associates, Inc.’s Marine Services Division commissioned its new 82-foot hydrographic survey and scientific vessel Blake in a ceremony held in the vessel’s homeport of Gulfport, Mississippi. At the ceremony, U.S
The first unit of a new bulk carrier developed by Mitsubishi Heavy Industries, Ltd. (MHI), a vessel offering superlative energy efficiency and environmental performance, was delivered today to Archer Daniels Midland Company (ADM) of the U.S
Today the first unit of a new bulk carrier developed by Mitsubishi Heavy Industries, Ltd. (MHI) was delivered to Archer Daniels Midland Company (ADM) of the U.S., following its completion at Oshima Shipbuilding Co., Ltd. of Nagasaki, an MHI licensing partner.
ClassNK has launched a feasibility study for a new marine renewable energy testing facility to be built in Singapore. The announcement was made at the 2014 Asian Clean Energy Summit held in Singapore on 28-29 October 2014. The study will pave the way for the establishment of the
Maersk Drilling’s fourth ultra deepwater drillship has been named in a ceremony held at the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. Lene Berg, wife of Gregers Kudsk, Vice President in Maersk Drilling, named the drillship 'Maersk Voyager'.
Ricardo has been selected by the U.S. Department of Energy (DOE) Office of Energy Efficiency and Renewable Energy to administer a ocean Wave Energy Converter (WEC) prize challenge, aimed at helping to bring this potential source of clean energy to commercial scale.
GreenSteam Optimizer is an onboard decision support system that is an adaptive, data-driven solution, helping the master to make the right decisions. Achieving maximum fuel efficiency means operating at the most efficient speed using as little fuel as possible
French state-owned nuclear power group Areva will likely decide this week to scale back investments in order to avoid having its credit rating downgraded to junk status, weekly newspaper Le Journal du Dimanche said. The paper, citing unnamed sources
Caterpillar Inc. announced its sponsorship of the 2014 High Horsepower Summit (HHP) Summit, now underway in New Orleans, Louisiana. The event is North America’s leading conference on the use of natural gas to fuel high horsepower operations
Three Castaways Rescued Safely off Indonesia. Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) has announced that on October 6, 2014, the MOL-operated/managed LNG carrier Senshu Maru founded drifting castaways in the Celebes Sea off Indonesia
On October 14 the Barge Master BM-T40 system motion-compensated knuckle boom crane pedestal was installed on the new Wagenborg Walk-to-Work vessel, designed and built by Royal Niestern Sander. The vessel and Barge Master system will be delivered in the first quarter of 2015
Because communication on the water is serious business, David Clark Marine offers a number of system solutions tailored to meet specific needs. On board the City of Marco Island’s Firestorm 32 High Speed Aluminum Fireboat, made by MetalCraft Marine
Crowley christens new ocean class, DP2 tugboat, Ocean Sun, in Louisiana As part of the company's new vessel build program, Crowley Maritime Corp. christened the latest of its four tugboats in the ocean class series, Ocean Sun, today in Lake Charles
Ocean Power Technologies, Inc., announced today that the PB40 PowerBuoy(R) fabricated for the WavePort Project has shipped from Santander, Spain to Bayonne, NJ with the intent to deploy off the coast of New Jersey in the first quarter of 2015
Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves, the second of a total three identical Seismic Research Support Vessels. Once the third of these so-called offshore chasers will