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.
Automated welding equipment helps aluminum boat designer and builder navigate to increased productivity; advanced machines speed the fabrication process while maintaining high weld quality at MetalCraft Marine The fast-paced marine industry faces constant demands for efficiency and
Barge Master has delivered its first Barge Master T40 (BM-T40) motion compensated knuckle boom crane, the company announced. The BM-T40, installed on Wagenborg’s ‘Walk to Work’ vessel the Kroonborg, compensates for sea induced vessel motions in roll
Shipbuilder Ferus Smit has launched newbuild bulk carrier vessel Arklow Breeze on Friday, March 20 at Westerbroek. Arklow Breeze is the sixth and final vessel of a series to be delivered to a client from the city of Arklow, Ireland. The design is a bulk oriented general cargo ship that
Cruden is unveiling its new high speed boat simulator at the 7th HSBO Forum (Lisbon, May 4-6). Using detailed modelling and motion cueing techniques, as well as professional image generation developed in the automotive and motorsport industries (including Formula 1TM)
Twenty-nine migrants died of hypothermia aboard Italian coast guard vessels on Monday after being picked up from a boat adrift near Libya, reigniting criticism of the government's decision to end a full-scale search-and rescue mission last year.
A revolutionary new concept in marine propulsion, the first Volvo Penta Forward Drive (FWD), debuted today at an exclusive event at the Miami International Boat Show. Opening up a new realm for recreational water sports, the Volvo Penta FWD begins with forward-facing dual counter-rotating
The maritime environment has presented a complex and challenging operating environment for all of human history. Piracy has been the most dangerous threat for seafarers. The first prize winner of 2015 CIMSEC (Center for International Maritime Security) High School Essay Contest
The Australian Renewable Energy Agency (ARENA) today joined Minister for Industry and Science Ian Macfarlane to officially switch on the Carnegie Perth Wave Energy Project’s onshore power station. Following successful testing last year, the project is now up and running
The Royal Netherlands Navy has adopted Wave International's Wavestream bilge filters for all relevant size craft to ensure compliance with bilge water discharge legal requirements, theUK-based company announced today. Technautic BV of Wormerveer, The Netherlands Wavestream distributor
HydroComp is releasing a major upgrade for its NavCad software tool, the company announced today. NavCad has been used for resistance and propulsion prediction for nearly three decades, and a "Premium Edition" is now available for users wanting a greater level of analytical
Ferus Smit will launch newbuild bulk carrier Arklow Breeze on Friday, March 20 at Westerbroek. Arklow Breeze is the sixth and last vessel of a series to be delivered to a client from the city of Arklow, Ireland. The design is a bulk oriented general cargo ship that will be mainly employed
Royal Caribbean International will outdo itself again when it launches MV Harmony of the Seas in April 2016 which shall officially become the world’s largest cruise ship. The line says the third vessel in its Oasis class series, to be called Harmony of the Seas
Mammoet installed the Malampaya Phase 3 Depletion Compression Platform in the West Philippine Sea for Shell Philippines Exploration b.v. The Malampaya Depletion Compression Platform (DCP) is a new type of ‘self-installing platform;’ the platform floats into place over its end-location
Thordon Bearings seawater-lubricated COMPAC propeller shaft system given royal ‘seal’ of approval P&O Cruise’s new flagship Britannia was officially christened by the Queen yesterday at a naming ceremony in Southampton, U.K.
Debris from Japan's 2011 tsunami will continue to litter the North American coastline over the next three years, with everything from refrigerators to lumber and sports balls still floating offshore in the Pacific, an expert said on Tuesday.