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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


Crowley Expands Scholarship Program

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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.  


ULSTEIN to Build 2 Offshore Wind Service Vessels

Image courtesy of the Ulstein Group

Ulstein Verft has signed a shipbuilding contract with the Germany-based Bernhard Schulte for two service operation vessels (SOVs) of the ULSTEIN SX175 design developed by Ulstein Design & Solutions. The final detailed arrangements and equipment for the vessels have been developed and specified


ULSTEIN Sells 100th X-BOW Design

Photo courtesy of Ulstein

With the latest contract for two offshore wind service vessels for Bernhard Schulte/WINDEA Offshore, ULSTEIN has achieved 100 sales of the X-BOW hull line design. The milestone was achieved 10 years after the launch of the X-BOW design in 2005.


USCG Rescues Two Near Beaufort

Coast Guard Rescue 2 people and a dog

U.S. Coast Guard and Marine Corps helicopter crews rescued two people and a dog Sunday from a grounded sailboat near Beaufort. Watchstanders at Coast Guard Sector North Carolina in Wilmington received a call at approximately 11:50 a.m. from the operator of the 22-foot sailboat Serendipity who


Upgraded Winch Control from Rexroth

New DS2R electrohydraulic controller with proportional valve is now available for the Rexroth hydraulic axial piston units that function as secondary control devices in offshore winch applications (Image: Bosch Rexroth)

Bosch Rexroth has upgraded the electrohydraulic controller used on the company’s A4VSO and A4VSG hydraulic axial piston components, which function as secondary control units in the Rexroth Active Heave Compensation (AHC) system for offshore winching applications.  


Barge Master T700 to Be Installed on Boskalis Ndeavor

BM-t700 arrives in Singapore (Photo: Barge Master)

A Barge Master BM-T700 system was unloaded in Singapore today as it awaits the early 2015 arrival of DP-2 multipurpose vessel Boskalis Ndeavor.   According to Barge Master, the T700 will be mobilized on the Ndeavor and continue to the Phillipines where a bridge will be installed between two


Storm Halts Russian Exports from Black Sea

Russia's Black Sea port of Novorossiisk halted oil exports on Monday due to storm, while the loadings are not expected to resume before Friday, port sources said. "The wind is very strong there. Looks like it (stoppage) will last till Friday," a source said.


USCG Rescues Man Stranded in Bahamas

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  A man who was stranded on an island in the Bahamas for five days is safe after the Coast Guard rescued him Thursday afternoon. Rescued was Andrew Black, Bahamian national, 55-years old. While on a routine patrol, a Coast Guard MH-60 Jayhawk rescue helicopter crew spotted a man waving


Nine Missing From Sunken Cargo Ship in Batangas

Philippines Coast Guard search and rescue teams are searching for nine missing crewmembers from the cargo vessel M/V Sea Merchant which sunk approximately five nautical miles southeast of Malabrigo Point in Lobo, Batangas at around 6:45 a.m. January 1.  


World's Largest Container Ship Calls at Port of Felixstowe

Hong Kong-registered CSCL Globe

 The world’s largest container ship CSCL Globe arrives  on her first visit to Europe at the Port of Felixstowe today - with hundreds of people expected at viewing points to witness the occasion. The world’s largest container ship arrives on her first visit to Europe  to


Tsuneishi Builds 200th Kamsarmax Bulk Carrier

Ultra Lion (Photo: Tsuneishi Shipbuilding)

Tsuneishi Shipbuilding Co., Ltd. finished building an 82,000-mt D/W type bulk carrier Ultra Lion on January 7, 2015, marking the completion of the builder’s 200th Kamsarmax model vessel.   Built by Tsuneishi Group Shipbuilding, Inc


Statoil Evacuates North Sea Platforms Ahead of Storm

A Statoil offshore field (file photo, courtesy Statoil)

Norwegian oil and gas producer Statoil is moving some workers off seven North Sea platforms in anticipation of a weekend storm, but production should not be affect, a spokesman said on Friday. "We are partly unmanning the Statfjord B and C, Troll B, Snorre B, Veslefrikk


Optimarin, Goltens Ink WW Deal

Optimarin is a pioneer within the ballast water treatment industry. The Optimarin Ballast System installed aboard the Princess Cruises “Regal Princess” in 2000 was the first ballast water treatment system aboard an operatin

  Ballast Water Treatment (BWT) specialist Optimarin and Goltens, a leading provider of engineering and installation solutions for the shipping industry signed a non-exclusive worldwide agreement for retrofitting Optimarin’s Ballast System (OBS)


Great Ships of 2014: Quantum of the Seas

The 167,800 gt Quantum of the Seas. (Photo: RCL)

First ship in new class for RCCL   Meyer Werft delivered the latest in a long line of cruise ships that grow ever larger and more spectacular in their outfit, final finish and performance. The 167,800-gt cruise ship Quantum of the Seas was built for and delivered to Royal Caribbean Cruises


Great Ships of 2014: Top Coral Do Atlantico - A 'Mega' Pipelayer

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TOP Coral do Atlantico is the first of two, characterized by a high ppelay tension capacity of 550 tons and a storage capacity of 4,000 tons, designed to install umbilical and flexible flowlines and risers to connect subsea wells to floating production units in water up to more than 2


Great Ships of 2014: Harvest Frost

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The first of three bulk carriers was delivered to Archer Daniels Midland Company (ADM), unique in that the ship features a host of innovative technologies, including the Mitsubishi Air Lubrication System (MALS), which reportedly helps the ship to achieve a 27% reduction in CO2 emissions as






 
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