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.
Talisman Sinopec Energy UK has closed its Buchan Alpha platform in the North Sea, the company said on Wednesday, ahead of an expected severe winter storm. The Buchan Alpha is a floating production installation that contributes less than 5,000 barrels of oil per day to the Forties crude stream
On Friday, December 12, Ferus Smit’s Nb. 413, christened Arklow Brave, was launched at its Westerbroek yard. Arklow Brave is the fifth vessel in a series of six that will be delivered a client from the city of Arklow, Ireland. The design is a bulk oriented general cargo ship that
Following a full product trial in New Zealand, the Norwegian Coastal Administration (NCA) has signed its acceptance of the first of two ShipArrestor systems from Miko Marine, making Norway the first country with a system that gives it the ability to protect its shores from the danger of drifting
Ballast Water Treatment (BWT) specialist Optimarin and Goltens, a provider of engineering and installation solutions for the shipping industry, have signed a nonexclusive worldwide agreement for retrofitting Optimarin’s Ballast System (OBS)
Workboat construction now demands that naval architects factor in the physical demands on passengers and crew. As wind farm requirements increase, so too will the need for greater protections. A major challenge for the builders of next generation RHIBs and high speed craft is delivering
Ferus Smit will launch newbuild general bulk cargo vessel Arklow Brave on Friday, December 12, in Westerbroek. Arklow Brave is the fifth vessel in a series of six that will be delivered to a client from the city of Arklow, Ireland. The design is a bulk oriented general cargo ship that
Greece has sent a frigate to rescue a container ship believed to carrying hundreds of undocumented migrants and in distress off its southern island of Crete, the Greek coastguard said on Tuesday. The Kiribati-flagged vessel, with about 700 people aboard
MARIN was delighted to take part in a truly historic milestone in the industry when Daewoo Shipbuilding and Marine Engineering (DSME) asked MARIN to investigate the seakeeping ability of what would become the largest container vessel in the world - Maersk Line’s Triple-E.
Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime operations to promote the sustainable use of the world’s oceans.
Royal IHC (IHC) has today successfully launched Subsea 7's 550t pipelaying vessel, Seven Rio, at its shipyard in Krimpen aan den IJssel, The Netherlands. The naming ceremony was performed by Mrs Anelise Lara, Petrobras Executive Manager for the Libra Project.
One person was killed and the fate of more than 50 others was unknown after a South Korean fishing vessel sank in the Bering Sea off the coast of Russia's far eastern Chukotka region officials said on Monday. "When the fish were being hauled in, the vessel was hit by a wave
More than 50 people remain missing a day after a South Korean fishing vessel sank in the Bering Sea off the coast of Russia's far eastern Chukotka region as severe weather conditions hampered a rescue operation, officials said on Tuesday.
Dec. 7, 1941 is a day that America will never forget. Claiming more than 2,400 American lives, 21 ships sunk or damaged, and more than 300 aircraft lost, the attack on Pearl Harbor goes down as one of the worst attacks on American soil. The Japanese attack came in two waves
Spanish rescue teams said they had called off their search for more than 20 migrants who fell off their boat into the Mediterranean on Friday. Around 30 others, including a pregnant woman and eight children, were rescued after the vessel got into trouble south of Almeria
Design and Materials Combine to Improve Performance DuPont Performance Polymers and Ireland-based Technology from Ideas (TFI) collaborated to develop a novel way to allow moored devices to move with the sea, which dramatically reduces peak loads up to 70% and improves durability