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
Crew members of Great Britain wave goodbye after setting off for Race 9 at the Clipper 2015-16 Round the World Yacht Race in Qingdao, east China's Shandong Province, Today, March 20, 2016. Clipper Round the World Yacht Race - Renowned by many as one of the toughest
Norwegian shipbuilding company Kleven has been awarded a contract for a fishing stern trawler ordered by the Spanish company Pesquera Ancora S.L.U. to be designed and equipped by Rolls-Royce. The vessel is of Rolls-Royce’s NVC 374 WP design and is scheduled to be delivered from
The new Oceana shipyard in Itajai, Brazil has delivered its first newbuild, a platform supply vessel of the PX105 design from Ulstein Group. The vessel was delivered to shipowner Oceana Offshore on March 30, 2016, and on April 1, the vessel started on a six-year chart for Petrobras.
Transas has teamed up with Theyr Ltd (UK) to incorporate weather and ocean data within the Transas Navi-Planner 4000. With the weather data from Theyr, the Transas Navi-Planner 4000 will provide end-users with important features like ON / OFF toggling of the weather overlay and its
Asia Vision LNG tanker docks at Cheniere's export terminal. A liquefied natural gas (LNG) tanker on Sunday docked at the Sabine Pass terminal in Louisiana, with only days to go before the United States ships its first export cargo of seaborne gas from the lower 48 states.
Floating foundations for wind turbines present some technical advantages, which is encouraging more and more industry players to develop new floaters. Firstly, they can be deployed in deep seas, independent of the soil conditions. Secondly, the installation and heavy maintenance can be done in
The United States has exported its first liquefied natural gas (LNG) cargo from the lower 48 states, after a tanker set sail from Cheniere Energy's Sabine Pass export terminal in Louisiana. The Asia Vision LNG tanker left the dock at the Sabine Pass terminal at 0139 GMT (7.39 p.m
Coast Guard Foundation’s March 4 event to recognize heroism and mission excellence The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of Coast Guard members and their families, announced today the details of its Annual Tribute to the 8th
Anthem of the Seas is forced to run around again after suffering a norovirus outbreak just weeks after being battered by 30-foot waves. Royal Caribbean's newest cruise ship, Anthem of the Seas, is cutting another trip short and heading back to Bayonne early, according to reports
China's first self-propelled floating dock Huachuan I began its inaugural sailing recently, which opens a new era, the official People's Liberation Army Daily said. With it, large ships can be repaired at sea instead of only on the shore
China's navy has launched its first self-propelled floating dock, giving it the ability to repair warships far from the coast, the official People's Liberation Army Daily said on Tuesday, Beijing's latest move to modernize its navy.
U.S. Department of Energy’s Wave Energy Prize announces nine finalist teams to continue in quest to win more than $2 million prize purse The U.S. Department of Energy (DOE) announced that nine teams have been named finalists in the Wave Energy Prize—a 20-month
1865 - Side-wheel steamship Harvest Moon, while underway near Georgetown, S.C., with Rear Admiral John A. Dahlgren on board, hits a Confederate mine (or "torpedo" in contemporary terms) and sinks with the loss of one of her crew.
Scientists are better able to measure how climate change may cause extreme weather such as droughts, heat waves and heavy rain, but research does not clearly tie wildfires, tornadoes and hurricanes to global warming, the top U.S. scientific organization said on Friday.
US-based XVELA, creators of a cloud-based vessel stowage and collaboration platform for ocean carriers and terminal operators, has announced that a wave of new terminal operators and shipping lines have signed on for pilot programs to put the XVELA platform to the test.