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.
Hyundai Heavy Industries Co., Ltd. (HHI) announced today that it developed Hyundai Intelligent Collision Avoidance Support System (HiCASS) for the first time in Korea to ensure safe and optimum navigation of the vessels. The system searches the optimum sea routes and prevents collisions by
Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter
Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter
As the climate warms and sea ice retreats, the North is changing. An ice-covered expanse now has a season of increasingly open water which is predicted to extend across the whole Arctic Ocean before the middle of this century. Storms thus have the potential to create Arctic swell – huge
KVH says it plans to offer affordable delivery of AWT’s global weather data to subscribing vessels over the mini-VSAT Broadband network. KVH Industries explains that it has become the WEATHERlink launch partner for KVH’s IP-MobileCast content delivery service
AWT Collaborates with KVH Industries to Deliver BVS High-Resolution Weather Data via IP-MobileCast Content Delivery Service Applied Weather Technology, Inc. (AWT), a StormGeo company, today announced a partnership with KVH Industries, Inc
The new FloWave Ocean Energy Research Facility at Scotland's Edinburgh University can simulate waves 28m high – and tidal currents simultaneously – in a world-class testing facility for marine energy devices recently inaugurated at the University.
Milestone cleared for first marine hydrokinetic research lease offshore the west coast; step in efforts to explore new frontier of wave energy offshore Oregon As part of President Obama’s Climate Action Plan to create American jobs, cut carbon pollution and develop domestic energy sources
BMT ARGOSS (BMT) and Charta Software have announced a partnership to develop a multifunctional software package named METRIS, (Modelsysteem voor Evaluatie Tijpoortregeling en RIsico’S bodemberoering), meaning ‘Model system to evaluate tidal admission policy and risk of seabed
On May 22, the Water Resources Reform Development Act (WRRDA) of 2014, containing major recommendations of the Capital Development Plan (CDP), was passed by a vote 91-7 in the Senate. As MarineNews was going to press, President Obama finally signed the bill into law
Today in U.S. Naval History - July 7 1798 - Congress rescinds treaties with France; Quasi War begins with Frigate Delaware capturing French privateer, Croyable. 1846 - Commodore John D. Sloat lands at Monterey and claims California for U.S.
Palfinger Boats, Palfinger Ned-Deck and their partner Outreach Ltd. have secured a follow-up order from Sentinel Marine Ltd. The delivery of Sentinel Marine Ltd's fast rescue and aluminum daughter crafts order for four emergency response and rescue vessels (ERRVs)
COSCO (Guang Dong) Shipyard Co. Ltd is going to build a further two platform supply vessels of the ULSTEIN PX121 design for Vroon Offshore Services, the Netherlands. Ulstein has entered into an agreement with COSCO on delivering ship design
An earthquake of magnitude 6.8 occurred on Saturday off the eastern coast of Japan, triggering a small tsunami with waves up to 20 inches, but no damage on the northeast coast of the country will be reported, local meteorological agency said.
A super typhoon slammed into China on Friday killing one person, as the government ordered an all-out effort to prevent loss of life from a storm that has already killed at least 64 people in the Philippines. Typhoon Rammasun, with winds of up to 180 kph (112 mph)