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
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
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
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
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.
Israeli company, Eco Wave Power, has opened a medium-scale wave energy generation system in the Black Sea Eco Wave Power (EWP) has recently installed a medium-scale wave energy power plant in the Black Sea. The installation of EWP's system, took place in recognition of the international 'Mother Earth Day,' celebrated in more than 175 countries every year. The Black Sea provided real-life conditions necessary for the testing of EWP's wave energy devices under uncontrolled wave heights and
The third of four Ocean Class Tugs has been delivered to Crowley from Bollinger Marine Fabricators. The Ocean Sun is DP 2, measures 156 feet in length and is rated at 10,880 HP. The vessel is outfitted for long-range, high-capacity ocean towing, rig moves, platform and floating production
The Department of the Interior recently announced the release of $475.25 million in emergency disaster relief funding to repair, rebuild and restore impacted areas in the aftermath of Hurricane Sandy. This will also provide investments in scientific data and studies to support recovery in the
ABB has delivered subsea transformers for fields in the North & Norwegian seas & the Gulf of Mexico for operation at depths of up to 2,000 m. Subsea transformers are an ABB innovation. Deployed in extreme conditions in ultra-deepwater
Alnmaritec announced the recent delivery of a new 50 passenger ferry to the Forth Crossing Bridge Constructors JV who are currently building the Forth Replacement Crossing over the Firth of Forth for the client, the Scottish Government. The £790M new bridge will sit alongside the famous
Peter Stephaich, Chairman of Campbell Transportation Company in Pittsburgh, PA, and Executive Committee member of Waterways Council, Inc. (WCI), testified before the House Transportation and Infrastructure Committee’s Water Resources and Environment Subcommittee on “Foundations for a
Following the launch of the IHC Beaver 65 DDSP in February, the first vessel has been sold to Advanced Construction Company, a member of the Al Geithy Group, based in Saudi Arabia. Testing was successful completed at IHC Merwede’s shipyard in Sliedrecht, The Netherlands
Four ships have docked recently at A&P Falmouth's shipyard in SW England for repairs and refitting work. RFA Mounts Bay, Serco tugs Eileen & Foreceful and the River Class patrol vessel, HMS Severn were the most recent arrivals.
Mitsubishi Heavy Industries, Ltd. (MHI) gets additional order to build 2 seismic vessels for Norway's Petroleum Geo-Services ASA (PGS). The order for the two vessels was placed upon exercise by PGS of the option right that was provided when two same type vessels were ordered to MHI in April 2011
Mark Mellinger, President of Headhunter, Inc., announced that the company’s Tidal Wave HMX Model 8202 sewage treatment plant was completed and exported to China for installation on the Panyu PY34-1 CEP, a $205 million gas production platform under construction in Qingdao by China Offshore
Liquid Robotics, an ocean data service provider and developer of the Wave Glider, was named the 2013 Gold Medal winner for innovation in power generation and utilization. Presented at the 26th Edison Awards Ceremony and Gala event, Liquid Robotics was honored for the creation of its wave
Afai Southern Shipyard awarded contracts to build 4 coastal fast rescue vessels for a Chinese Government agency. The contracts were signed between Afai and the Salvage Bureau of Ministry of Transport in the South China port city of Guangzhou.
IHC Merwede has successfully launched Subsea 7'ss 550t pipelaying vessel, Seven Waves, at its shipyard in Krimpen aan den IJssel, The Netherlands. The naming ceremony was carried out by Mrs Lucia Andrade, the ship’s God Mother and Subsea 7 Brazil’s Vice President Projects &
Applus RTD, a leader in the provision of integrity technology services, has unveiled its ultrasonic 3D inspection technology – the latest addition to its NDT3D technology range. The RTD IWEX (Inverse Wave Field Extrapolation) is an emerging Non Destructive Testing (NDT) technique
Pole Star Space Applications said it has partnered with Delta Wave Communications to pursue onshore opportunities. Delta Wave will offer Pole Star’s remote monitoring, security and tracking solutions to the North American energy exploration, chemical and oil and gas markets.
With construction underway on the first ever Oblique Icebreaker, research specialist Aker Arctic Technology has unveiled a new version of the vessel type that will bring ice management and pollution control in thick first year ice to a new level.