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.
The Obama administration on Monday granted Royal Dutch Shell the final permit to drill for oil and gas in the Arctic for the first time since 2012, a move environmentalists vowed to fight. The Interior Department gave Shell the final permit to drill into the oil zone in the Chukchi Sea
The 12 Clipper Race yachts left the Gosport Marina and will perform a parade of sails alongside the Spinnaker Tower before heading off to London. As the boats left the marina, other crews waved goodbye and wished them luck for their quick journey to the capitol where they will have
Why bother about a bit of spray? In mild climate latitudes rain and spray water is hardly a concern; it will run off and the ship happily carries on. But going to the High North it’s different. With the economic development of the High North and Arctic areas
The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today, the company has become a leading builder of high speed passenger catamarans, survey craft, and research vessels
SBM Offshore has entered an agreement with Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK Line) for the acquisition of a stake in the joint venture companies incorporated for the purpose of owning and operating Floating Production Storage and Offloading (FPSO) Turritella
Facing a wave of lawsuits filed by workers recruited from India to work on the U.S. Gulf Coast, marine services company Signal International has filed for Chapter 11 bankruptcy protection to help save its business and resolve litigation, the Wall Street Journal reported.
Collaboration will help shipbuilding company offer built-in digital technologies to improve operational efficiency and decision making processes for ship owners Shipbuilder Hyundai Heavy Industries is collaborating with technology service provider Accenture to design a ‘connected
Aluminium Marine Consultants (AMC) celebrated its acquisition of ISO 9001 quality management certification in June by placing four High Speed Support Vessels (HSSV) under build simultaneously in its new Isle of Wight UK building hall.
Ingalls Shipbuilding has begun fabrication of Destroyer Delbert D. Black (DDG 119) for the U.S. Navy Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division Tuesday marked the start of fabrication for the U.S. Navy’s Arleigh Burke-class (DDG 51) guided missile destroyer
U.S. authorities have seized a submarine-like vessel loaded with more than seven tonnes of cocaine off the coast of El Salvador, the Guardian reports. U.S. Navy, Customs and Border Protection and Coast Guard personnel took part in the operation.
Layoffs at Newport News Shipbuilding could top 1,500 from now through 2016 as the company copes with a temporary drop in work, the company president told employees this week. In a letter to the workforce, President Matt Mulherin said layoffs will exceed 500 people this year
There will be significant growth in both investment and activity in the FLNG market over the next seven years, with Douglas-Westwood (DW) forecasting total expenditure of $58.3 billion in its new market report. Sixty-one percent of this spend is attributed to liquefaction infrastructure
Nautilus Minerals Inc. has awarded a contract for the design of the Solwara 1 dewatering plant to be used on the company’s production support vessel to the Brisbane office of engineering specialist DRA Group. Nautilus CEO, Mike Johnston, commented
One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015. The vessel will be the first ASD tug in the Mediterranean region with a Damen Render Recovery Escort winch. The family-owned
Massive explosions have injured hundreds in an industrial port in Tianjin, China, as shipments of explosives caught fire and triggered blast waves that could be felt for miles, Reuters reported. The initial explosions occurred roughly 30 seconds apart just before midnight local time