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
Survitec Group, one of the world’s leading marine safety companies, is now working in partnership with Ocenco to replace thousands of M-20.2 Emergency Escape Breathing Devices (EEBDs) that are reaching the end of their service life. When SOLAS amendment regulations II-2/13.3.4 and 13.4.3 came into force on 1 July 2002, all vessels had to be equipped with EEBDs. At the time, one of the most popular choices was the maintenance-free Ocenco M-20.2 EEBD
Bloomberg quoted Robbert van Trooijen, APAC CEO of Maersk Line, saying that the current year (2017) will be more profitable than the last. Post-Hanjin, ocean freight customers now stressing stability and avoiding risk to supply chains, not just rates, he said.
The December 2015 sinking of fishing vessel Orin C and fatality of a mariner on board were cause by structural failure of the vessel’s hull and subsequent flooding, according to a marine accident brief released by the National Transportation Safety Board (NTSB).
Mitsui O.S.K. Lines, Ltd. today announced a plan to acquire a 5% share in Seajacks International Limited (Seajacks) Group, which owns and operates five Self-Elevating Platform vessels(*1), from Marubeni Corporation. This is a new offshore business for MOL, following FPSO(*2), FSRU (*3)
Mitsui O.S.K. Lines is investing in self-elevating platform vessel operator Seajacks International Limited (Seajacks) to move into offshore business following FPSO, FSRU, Shuttle Tanker, and Subsea Support Vessel. MOL has announced a plan to acquire a 5% share in Seajacks
As diminishing sea ice in the Arctic Ocean expands navigable waters, scientists sponsored by the Office of Naval Research have traveled to the region to study the changing environment and provide new tools to help the U.S. Navy operate in a once-inaccessible area.
Researchers are developing a unique radar, which could allow a view of Earth's ice sheets Bremerhaven, November 4, 2016. Scientists from the Alfred Wegener Institute are developing with experts from the German Aerospace Centre (DLR) a new satellite measurement method for the observation from
The Harvey Stone is a Multi-Purpose Field Support Vessel (MPFSV) that will serve as a dedicated field support vessel for the Shell Stones FPSO offshore terminal. Her primary duties will be to operate as the dedicated pull-back tug, in support of, and assisting the berthing
With its latest delivery to Swire Pacific Offshore (SPO), shipbuilder Austal Limited has delivered its second high speed crew transfer vessel this year, and its fourth offshore crew transfer vessel in the past 15 months. The 57.6-meter, all-aluminum catamaran, named Pacific Kestrel
The Master of an oil tanker who says she was “just doing her job” has received the highest International Maritime Organization (IMO) bravery recognition for saving the lives of seven fishermen from a sinking fishing boat during a tumultuous storm in the Bay of Bengal in
Hull Vane on New Patrol Vessel for Port of Rotterdam Shipyard Kooiman recently started building a new 25-meter patrol vessel for the Rotterdam Port Authority. The vessel will be delivered in the summer of 2017. The order followed a public tender process in which several shipbuilders competed with
The Philippines-based Islamist group ASG has conducted tens of attacks against vessels in the Sulu and Celebes seas since March 2016, although since October it has increasingly targeted larger commercial vessels, heightening the risk to global shipping in the region
At least 12 people drowned when a boat capsized near a town on Tanzania's coast, while at least 27 others were rescued, a senior police official said on Tuesday. The boat capsized in the early hours of the morning with an unknown number of passengers onboard
Advances in digital signal processing lead to more flexible power converters that can be programmed to meet the precise requirements of variable inputs/outputs required To operate marine electronics and communication devices, power converters such as inverters
A £350m ($431m) development plan to expand Aberdeen Harbour was approved on December 19, 2016. HR Wallingford has been involved in the project from its initial concept stages in 2010, and will be working with Aberdeen Harbour Board right through to construction
DNV GL presented its new standard for assessing the station keeping capability of DP (dynamic positioning) vessels at the European Dynamic Positioning Conference in London. The ability to assess and compare the position-keeping capability of a ship equipped with dynamic