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


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


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


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


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


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


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.  


Design & Operation: Wind Farm Support Vessels

Pictured is Alicat, South Boats IOW 26m Wind Farm Support Vessel operated by Seacat Services.

Offshore wind farm development has been led globally by the UK, followed by Germany. Both countries have governments with long term commitments to renewable energy. Denmark, Belgium and The Netherlands are building wind farms, but they are a long way behind the leaders in offshore wind


Kalmar to Debut its latest at TOC Europe Exhibition

ONE is coming at TOC Europe

  Kalmar, part of Cargotec, will introduce yet another port industry first during the upcoming TOC Europe exhibition in Rotterdam, the Netherlands. On 9 June, ONE is coming.   Automation is widely accepted as the way towards improved productivity


Schaffner EMC's New Literature on ECOsin Active harmonic filters

ECOsine ® Active – new harmonic filters for 690 V systems

  Schaffner EMC introduces new literature detailing the company’s ECOsin Active harmonic filters with Germanischer Lloyd approval.  This proven technology injects corrective current to immediately compensate harmonics, phase-shift and load-imbalance


Barge Accident off Malaysia: 14 Lost

Image by Malaysian Maritime Enforcement Agency (MMEA)

 The Bolivian-registered Ocean Line 208 vessel, which was carrying sand, was hit by a huge wave at 4.20am today early morning and 14 people are feared to have drowned.   The barge carrying sand from Pengerang in Malaysia overturned after being hit by strong waves off Timur Tanjung


Damen Workboat Delivered to Green Marine

Photo: Damen

Marine operations company Green Marine Energy Support Services, based in Stromness, Orkney, took delivery of a Damen Multi Cat 2712 workboat for its offshore wave and tidal activities, the builder announced.   The vessel’s first job was laying the moorings for and towing Green


Iranian Ships Fire Shots at Singapore Tanker In The Persian Gulf

Photo by Iran Military

Iranian patrol boats opened fire on a Singapore-flagged oil tanker as it moved through the Strait of Hormuz in a confrontation, reports Reuters. The Alpine Eternity, a ship flagged to Singapore, fled toward the shore of the United Arab Emirates


ULSTEIN Reports ‘Good Results’ for 2014

Ulstein Verft (Photo: ULSTEIN)

Ulstein Group said it achieved a “good result” for 2014, with an operating turnover of NOK 2.7 billion compared to 2013’s NOK 2.3 billion.   Meanwhile, the group’s operating profit of NOK 184.1 million comes in under the NOK 317


Safeway: New Motion Compensated Gangway

Image: Van Aalst

The Van Aalst Group has introduced a new motion compensated gangway system under the brand name Safeway.   Developed and built in the Netherlands, the Safeway gangway bridge makes it possible for vessels to land at a broad range of offshore constructions


GAIL to Stop LNG Imports at Dabhol

Dabhol LNG terminal: GAIL

 GAIL India is all set to stop LNG imports at the Dabhol terminal in Ratnagiri district of Maharashtra from this month as the onset of monsoon will make operations difficult without a breakwater, says a PTI report.   The terminal cannot be operated during monsoon in absence of a


ClassNK releases PrimeShip-GREEN/ProSTA

PrimeShip and the concept of Total Ship Care

  ClassNK released PrimeShip-GREEN/ProSTA, making it the world’s first classification society to develop software which analyzes and calculates a ship’s speed trial results for EEDI calculation in compliance with the latest IMO Guidelines on 1 May 2015.  


JSMEA Offers Access to Japan’s Offshore Suppliers

JSMEA website.jpg

New website and brochure provide a comprehensive list of Japanese suppliers to the offshore industry   The Japan Ship Machinery and Equipment Association (JSMEA) has compiled a list of Japanese-made ship machinery and equipment products for offshore units


JSMEA Offers Access to Japan’s Offshore Suppliers

JSMEA website.jpg

New website and brochure provide a comprehensive list of Japanese suppliers to the offshore industry The Japan Ship Machinery and Equipment Association (JSMEA) has compiled a list of Japanese-made ship machinery and equipment products for offshore units


Port of Ngqura’s New Automated Mooring System

Photo: Port of Ngqura

The automated mooring system at the Port of Ngqura in South Africa’s east coast is poised to improve port efficiency and safety, cementing the deep water port’s position as a leading transshipment hub for the Sub-Saharan region. The system comprises 26 mooring units


USCG Medevacs Injured Mariner Near SW Pass

...

  A Coast Guard helicopter rescue crew medevaced a man south of Southwest Pass, at around 12 p.m., Tuesday. The crew of an MH-65 Dolphin helicopter from Coast Guard Air Station New Orleans was dispatched approximately four miles south of Southwest Pass to pick up a mariner who had


New Domestic Ferry for Faroe Islands Service

Photo courtesy of Knud E. Hansen

Third generation domestic ferry for service between Nólsoy and Tórshavn in the Faroe Islands.   According to the vessel's designer, this project is the second design within the last 15 years for the domestic ferry company Strandfaraskip Landsins and the third generation design






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