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First Wave

First Wave Emerges from Chapter 11

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 Terminates Contract with Crest Hidayat Limited

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


Naval Engineering Introduces Computer-Based Training

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


AFL-CIO Affiliate: Port Security Bill has Sensible TWIC Reforms

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


Marine Renewables Manager Named by UK Shipyard

Amanda Pound, David Daniel: Photo credit A&P

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 Obtains DNV GL Verification

Installation of WaveRoller

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


A New View

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


News Briefs

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 Launches Investment Initiative

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


Survitec, Ocenco Team Up to Meet EEBD Replacement Demand

The Ocenco M-20.2 EEBD Courtesy Survitec

Survitec Group, one of the world’s leading marine safety companies, is now working in partnership with Ocenco to replace thousands of M-20.2 Emergency Escape Breathing Devices (EEBDs) that are reaching the end of their service life. When SOLAS amendment regulations II-2/13.3.4 and 13.4.3 came into force on 1 July 2002, all vessels had to be equipped with EEBDs. At the time, one of the most popular choices was the maintenance-free Ocenco M-20.2 EEBD


New Satellite Technology Boosts Glacier Research

Tandem L is the name of a new satellite radar system Photo Alfred Wegener Institute

Researchers are developing a unique radar, which could allow a view of Earth's ice sheets Bremerhaven, November 4, 2016. Scientists from the Alfred Wegener Institute are developing with experts from the German Aerospace Centre (DLR) a new satellite measurement method for the observation from


MPFSV Harvey Stone Delivered to Harvey Gulf

Image: Robert Allan Ltd.

The Harvey Stone is a Multi-Purpose Field Support Vessel (MPFSV) that will serve as a dedicated field support vessel for the Shell Stones FPSO offshore terminal. Her primary duties will be to operate as the dedicated pull-back tug, in support of, and assisting the berthing


Crew Transfer Vessel Delivered to Swire Pacific Offshore

The Offshore Express 57 LCTV features DP-2 dynamic positioning technology and “walk to work” capability ensuring the fast and safe transfer of personnel to and from offshore oil and gas platforms. (Photo: Austal)

With its latest delivery to Swire Pacific Offshore (SPO), shipbuilder Austal Limited has delivered its second high speed crew transfer vessel this year, and its fourth offshore crew transfer vessel in the past 15 months.   The 57.6-meter, all-aluminum catamaran, named Pacific Kestrel


Indian Master Receives 2016 IMO Award for Exceptional Bravery at Sea

Captain Radhika Menon, Master of the oil products tanker Sampurna Swarajya, received the 2016 IMO Award for Exceptional Bravery at Sea for the rescue of severn fishermen during a severe storm. Photo: International Maritime Organization (IMO)

 The Master of an oil tanker who says she was “just doing her job” has received the highest International Maritime Organization (IMO)  bravery recognition for saving the lives of seven fishermen from a sinking fishing boat during a tumultuous storm in the Bay of Bengal in


This Day In Naval History: August 29

USS Decatur (DDG 73) (U.S. Navy photo)

1861 - During the Civil War, Seaman Benjamin Swearer lands with troops from the steam sloop of war, Pawnee, and takes part in the capture of Fort Clark, at Hatteras Inlet, N.C. He serves throughout the action and has the honor of being the first man to raise the flag on the captured fort


Julia Achieves Tropical Storm Status Again

Julia regained its designation as a tropical storm as it milled off the southeast coast of the United States on Friday, the National Hurricane Center said in an advisory. The center of the storm, which drenched parts of northeast Florida, Georgia and South Carolina earlier this week


Alfa Laval’s PureBallast Passes the 10-year Mark

Mingling onboard M/S Soya III during PureBallast ballast water treatment system 10-year anniversary (Photo: Alfa Laval)

Finland’s ratification of the International Maritime Organization’s (IMO) Ballast Water Management (BWM) Convention came just days before the 10-year anniversary of the launch of Alfa Laval’s PureBallast.   On September 15


DNV GL Approves Modification for Semi-Submersible Rigs

Photo: COSL Drilling Europe AS

 Following the accident involving COSLInnovator on 30 December 2015, some 100 semi-submersible rigs approved by DNV GL will be reviewed.    Preliminary assessments indicate that a limited number of rigs will be subjected to modifications or operational limitations.  


Feadship Unveils New Future Concept

Photo: Feadship

Feadship has marked the 10th anniversary of the Feadship Future Concept with a new "blueprint for inspiration."   Unveiled at the Monaco Yacht Show using a yacht model and an augmented reality experience, the 2016 FFC Choice offers a wealth of opportunities for autonomous living


New Zealand Navy Orders Polar-class Support Tanker

Image: Rolls-Royce

A new polar-class logistic support tanker for the Royal New Zealand Navy (RNZN) will be the first naval vessel to feature the Rolls-Royce Environship design with wave piercing bow.   The new vessel, which will replace the 30-year-old HMNZS Endeavor


Trelleborg Bears Weight of Largest Ever Offshore Facility

Shell’s Prelude FLNG (Photo: Shell)

Trelleborg’s engineered products operation has supplied a selection of bearing solutions for the world's first floating liquefied natural gas (FLNG) project – Shell’s Prelude FLNG.   Trelleborg has manufactured and delivered 52 vertical elastomeric bearings and 156


China Planning $100 bln Merger of Sinochem, ChemChina

Photo: Sinochem Group

 Chinese state-owned chemical companies Sinochem Group and ChemChina are in discussions about a possible merger to create a chemicals, fertilizer and oil giant with almost $100 billion in annual revenue, reports Reuters.   The deal was reportedly proposed by China’s central


Ohmsett: Advancing Spill Response Every Day

Photo: Ohmsett

The National Oil Spill Response Research and Renewable Energy Test Facility has been an integral part of the spill response community for more than three and a half decades.   Tucked away on the shores of the Sandy Hook Bay in central New Jersey resides Ohmsett – The National Oil


Ship Design: Monitoring and Analysis for Emissions Reduction

Example of vessel whereby the amount of cargo carried is difficult to quantify in single MRV indicator. (Picture courtesy of Spliethoff)

Designing for ship performance: monitoring and analysis for CO2 emissions reduction   In April 2015, the European Union adopted a mandatory Monitoring, Reporting and Verification (MRV) regulation for CO2 emissions resulting from maritime transport


Will Naval Operations Heat up in the Arctic?

U.S. Navy photo by John F. Williams

As diminishing sea ice in the Arctic Ocean expands navigable waters, scientists sponsored by the Office of Naval Research have traveled to the region to study the changing environment and provide new tools to help the U.S. Navy operate in a once-inaccessible area.  






 
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