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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


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


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


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


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


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


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


JWA to provide ShipDC with Marine Weather Info

Logos

The database service operated by ClassNK’s wholly owned subsidiary Ship Data Center (ShipDC) has been set to receive marine weather information from Japan Weather Association.   ShipDC acts as a platform for big data related to shipping by securely collecting


Japan Weather Association to Provide ShipDC with Marine Weather Info

class nk logo.jpg

The database service operated by ClassNK’s wholly owned subsidiary Ship Data Center (ShipDC) has been set to receive marine weather information from Japan Weather Association.   ShipDC acts as a platform for big data related to shipping by securely collecting


Papua New Guinea Bullish on LNG Potential

Map:  InterOil Corporation

 A new wave of investments in Papua New Guinea’s energy sector could see some $19 billion of projects launched in the coming years, boosting the country’s liquefied natural gas (LNG) output and providing employment to thousands.  


World's Newest, Largest Cruise Ship Leaves French Port

Photo: Royal Caribbean Cruises Ltd

 Tens of thousands of French well-wishers waved goodbye to the largest luxurious cruise ship named “Harmony of the Seas”as it set sail on its maiden voyage to the U.K. after 32 months in a French shipyard in Saint-Nazaire.  


Red Jet 6 Nearing Completion

Photo: Shemara Refit LLP

Red Jet 6, the new state-of-the-art 41 meter Hi-Speed catamaran currently under construction for ferry operator Red Funnel is rapidly nearing completion at Shemara Refit LLP’s yard in Cowes on the Isle of Wight. Work on the craft is progressing well with another important milestone


Maersk CEO: Negative Rates Hurting Shipping

Nils S. Andersen. Photo: Maersk Group

Negative interest rates are hurting  shipping industry by delaying the consolidation wave so badly needed, Bloomberg reports quoting Nils Smedegaard Andersen, chief executive officer of AP Moeller-Maersk.   He said that the monetary policy environment "means consolidation will be


Concrete Floating Docks Delivered to Boston FD

(Photo: SF Marina Systems USA)

As a part of a waterfront upgrade project at the Boston Fire Dept Burroughs Wharf Station, a floating dock system of Type 1200 concrete floating docks manufactured by SF Marina Systems USA was delivered. The Type 1200 system was design to withstand the vessel loads and wave action of the


Barge Master Wins Innovation Award at OTC

Photo: Barge Master

The Barge Master T40 motion compensated knuckle boom crane has been recognized for technological innovation, winning the Spotlight on New Technology Small Business Award at this year’s Offshore Technology Conference (OTC) in Houston.  


Transas Adds Weather Data to Navi-Planner 4000

Image: Transas

Transas has teamed up with Theyr Ltd (UK) to incorporate weather and ocean data within the Transas Navi-Planner 4000.   With the weather data from Theyr, the Transas Navi-Planner 4000 will provide end-users with important features like ON / OFF toggling of the weather overlay and its


Oceana Yard’s First Newbuild Delivered

CBO Oceana on her way to sea trial (Photo: Ulstein)

The new Oceana shipyard in Itajai, Brazil has delivered its first newbuild, a platform supply vessel of the PX105 design from Ulstein Group. The vessel was delivered to shipowner Oceana Offshore on March 30, 2016, and on April 1, the vessel started on a six-year chart for Petrobras.  


Rolls-Royce Delivers Design for Spanish Stern Trawler

Image: Rolls-Royce

Norwegian shipbuilding company Kleven has been awarded a contract for a fishing stern trawler ordered by the Spanish company Pesquera Ancora S.L.U. to be designed and equipped by Rolls-Royce.   The vessel is of Rolls-Royce’s NVC 374 WP design and is scheduled to be delivered from


Race 9 of Clipper Yacht Race to be Held in Qingdao

Photo: Clipper Round the World Yacht Race

 Crew members of Great Britain wave goodbye after setting off for Race 9 at the Clipper 2015-16 Round the World Yacht Race in Qingdao, east China's Shandong Province, Today,  March 20, 2016.    Clipper Round the World Yacht Race - Renowned by many as one of the toughest


Shipping Industry Signs Up to Pilot XVELA Platform

Photo by XVELA

 US-based XVELA, creators of a cloud-based vessel stowage and collaboration platform for ocean carriers and terminal operators, has announced that a wave of new terminal operators and shipping lines have signed on for pilot programs to put the XVELA platform to the test.  


Climate Change Link to Extreme Weather Easier to Gauge - U.S. report

global warming Courtesy Live Science

Scientists are better able to measure how climate change may cause extreme weather such as droughts, heat waves and heavy rain, but research does not clearly tie wildfires, tornadoes and hurricanes to global warming, the top U.S. scientific organization said on Friday.


This Day In Naval History - March 1

USS Harvest Moon (Wash drawing by R.G. Skerrett, 1903, depicting the ship underway during the Civil War. Courtesy of the Navy Art Collection, Washington, D.C. U.S. Naval Historical Center Photograph.)

  1865 - Side-wheel steamship Harvest Moon, while underway near Georgetown, S.C., with Rear Admiral John A. Dahlgren on board, hits a Confederate mine (or "torpedo" in contemporary terms) and sinks with the loss of one of her crew.  






 
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