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
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
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
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
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
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.
Maersk Drilling informs it has taken delivery of its first ultra deepwater drillship, 'Maersk Viking', from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. The new vessel has started its voyage to the US Gulf of Mexico where it will commence a three year contract with
By Lawrence Hurley, Reuters The U.S. Supreme Court appeared closely divided on Monday as it weighed whether the administration of President Barack Obama exceeded its authority when crafting the nation's first greenhouse gas emissions regulations.
Lockheed Martin says it has signed a contract with Victorian Wave Partners Ltd. to begin developing the world’s largest wave energy project yet. The 62.5-megawatt peak power wave energy generation project will be built off the coast of Victoria, Australia
Incat Crowther is pleased to announce that Veecraft Marine has delivered a pair of 20m Monohull Crewboats and signed a contract to build a 30m Wave Piercing Catamaran Crew Boat. Hot on the heels of delivering Magen Defender and Masud Defender
Congressman Ed Whitfield (R-Ky.) was presented Waterways Council, Inc.'s (WCI) 13th Annual Leadership Service Award for his strong and continued leadership on ports and inland waterways issues. Congressman Whitfield was presented the Leadership Service Award on February 12, 2014 in Washington, DC
A cruise ship passenger has died and another was airlifted to hospital after the 22,000-tonne cruise ship 'Marco Polo' was hit by a freak wave in the English Channel during the recent storm. The cruise ship operators, Cruise & Maritime Voyages (CMV) confirm that after a freak wave hit
Technip inform they have been awarded by Statoil a substantial contract for future intervention services on the Asgard Subsea Compression Stations situated on the Norwegian contenental shelf. Ranking among the largest developments on the Norwegian continental shelf
The Australian Maritime Safety Authority (AMSA) has awarded two substantial new contracts to Brisbane-based company Australian Maritime Systems Limited to provide emergency towage services in Far North Queensland as well as to maintain its aids to navigation network.
MacGregor, part of Cargotec, has won an order worth around €23 million for six active heave-compensated (AHC) subsea cranes from the Dutch IHC Merwede. The cranes will be installed on three pipe-laying ships destined for the U.K. headquartered global offshore specialist, Subsea 7
Experience gained from four years in the offshore wind support vessel market is paying off for CTruk as it prepares to deliver SC Falcon, the company’s latest OWSV and the second CTruk 20T MPC for Sima Charters of Holland. Sea trials for the striking blue and yellow-liveried cat
The Philippine Coast Guard in Eastern Visayas assisted three fishermen who drifted towards the shoreline after rough seas battered their boat off Hilongos. Reports revealed that the three men were onboard a fishing boat that was battered by big waves and strong winds until it drifted towards
Ten people have been rescued after the bus they were travelling in was hit by a large wave on the seafront road at Newgale in Wales, and 6 from a disabled French commercial fishing vessel off the southwest of England coast in a 60 mph wind. Bus hit by wave
Members of the public have been urged to heed the advice of the Irish Coast Guard as Met Éireann has issued an orange weather warning. Southerly gales will develop overnight on all Irish coastal waters and on the Irish Sea, gradually veering southwest to west later tonight and
On January 27, 2014, three weeks after the last delivery in the Seatankers twelve series, Zhejiang delivered the seventh platform supply ship, Sea Spider, to the Seatankers Group. All twelve PSVs are designed by Ulstein. Sinopacific’s Zhejiang yard in Ningbo, China
Michael J. Toohey, President and CEO of Waterways Council, Inc. (WCI), issued the following statement today regarding President Obama’s State of the Union address last night: Waterways Council, Inc. and its members applaud President Obama’s urging of Congress to pass a Water