Marine link
 

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

411[1]_web.jpg

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 Adds ‘X-STERN’ to its Design Portfolio

An offshore vessel with the X-STERN has increased operability in harsh conditions

Ulstein Group introduced the X-STERN, a design feature increasing vessel operability through positive effects on station keeping, wave response, comfort and safety in harsh conditions. An X-STERN vessel can stay on position in harsh weather with the stern towards waves, wind and current


Storm Surge Halts Vessel Operations at Long Beach

Photo courtesy of the Port of Long Beach

Two cargo terminals at the Port of Long Beach announced Wednesday, Aug. 27, that they were suspending vessel operations for the day because 10- to 15-foot high wave surges powered by Pacific Hurricane Marie endangered longshore workers. Total Terminals International on Pier T


Fukushima Fallout: Resentment Grows

Image

   Like many of her neighbours, Satomi Inokoshi worries that her gritty hometown is being spoiled by the newcomers and the money that have rolled into Iwaki since the Fukushima nuclear disaster almost three and a half years ago.


Fortum Buys Stake in Wave Power Startup

  Finland's top utility, state-controlled Fortum, on Monday said it has acquired a 14 percent stake in Finnish wave energy developer Wello. Wello has developed a floating vessel that captures energy from waves and converts it into electrical power with a generator, Fortum said.


Bangladesh Police Seek Ferry Owner, Captain

Authorities in Bangladesh investigating the sinking of a ferry with nearly 250 people on board have lodged murder charges against the owner and five others, including the captain, taking an unprecedented step in a country where such disasters are all too common.


Mariners Urged to Brace for Heavy Weather

Hurricane Iselle (Image: NOAA)

The U.S. Coast Guard (USCG) is urging the public to prepare for the onset of heavy weather expected to impact the Hawaiian Islands Thursday. The effects of Hurricane Iselle and Tropical Storm Julio are expected to generate extreme sea conditions


Ocean Drone Live-tweeting Hurricane Iselle

Photo captured by Wave Glider Holoholo, courtesy of Liquid Robotics

As Hurricanes Iselle and Julio approach the Big Island of Hawai'i, Liquid Robotics’ Wave Glider, named Holoholo, is swimming near Kawaihae Harbor north of Kona, in the path of the storm. Not only is the glider navigating through the impending storm, it is also tweeting photos as it develops


Modelling to Unlock the Potential of Wave Energy Farms

  ARENA today announced $770,000 funding for Swinburne University of Technology to develop modelling on the performance of wave energy farms. The wave energy industry is emerging world-wide and there are few multiple device installations operating today


Royal Caribbean's Revitalization on 'Voyager of the Seas'

Voyager of the Seas

  Breaking surf-report: a wave unlike any other is due to hit Australian shores this summer when the newly revamped Voyager of the Seas arrives for her cruising season starting this November. A multimillion-dollar investment will see Australia’s largest ship packed with even more


Matson Ship Rescues 3 From Hurricane Stricken Sailboat

Sailboat Walkabout: Photo credit USCG

A container ship's crew rescued three people on Monday from their disabled sailboat after it took on water when it got caught in Hurricane Julio and encountered 30-foot waves hundreds of miles from Hawaii, a U.S. Coast Guard official said. The crew of the cargo vessel Manukai brought the three


USCG Crew Tows Disabled Vessel Near Ketchikan, Alaska

A Coast Guard boatcrew from Station Ketchikan tows a 15-foot disabled vessel near Ketchikan, Aug. 17, 2014.

  A Coast Guard boatcrew from Station Ketchikan assisted two boaters after their 15-foot vessel became disabled near Ketchikan, Sunday. The boatcrew safely transferred the boaters to the Coast Guard vessel and took the disabled vessel in tow before transporting them to Knuduson Cove.


Motion Compensation Aids Offshore Lifeboat Lift

A lifeboat on the Ampelmann system right before installation (Photo courtesy of Ampelmann)

In a refurbishment program to upgrade lifeboats on offshore platforms, Ampelmann completed a second successful reinstallation using its full motion compensation technology. The eight-metric-ton lifeboat was kept completely stationary above the vessel deck


Scotland Site for World's Biggest Tidal Array

Experimental tidal array: Photo CCL 3

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release. The Government has provided £10 million worth of grant funding to the Meygen project


Crowley Tug Participates in Rig Blackout Test

Ocean Sky tending to Noble drill rig John Day during blackout trials (photo by Captain Ward Davis)

Once again displaying their diversity for use in the domestic petroleum industry, one of Crowley’s four ocean class tugs, Ocean Sky, recently provided back-up station-keeping and holdback services during a routine blackout test of ultra-deepwater, semisubmersible oil rig Noble Jim Day in U.S


Queensland Turns Down Cruise Terminal Request

Australia's Queensland government has backed away from controversial plans to allow a cruise ship terminal to be built on state-owned land on the Gold Coast, according to the 'Brisbane Times'. Deputy Premier Jeff Seeney announced on Tuesday that in response to community concerns






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright