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First Wave

First Wave Emerges from Chapter 11

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 Terminates Contract with Crest Hidayat Limited

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


Naval Engineering Introduces Computer-Based Training

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


AFL-CIO Affiliate: Port Security Bill has Sensible TWIC Reforms

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


Marine Renewables Manager Named by UK Shipyard

Amanda Pound, David Daniel: Photo credit A&P

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 Obtains DNV GL Verification

Installation of WaveRoller

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 New View

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


News Briefs

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 Launches Investment Initiative

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 Expands Scholarship Program

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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.  


South Pole Telescope Finds Proof of Big Bang

Photo: Mammoet

Several recent media reports state that the existence of the Big Bang allegedly has been proven by BICEP, a telescope stationed at the South Pole. In 2011, Mammoet replaced the bearing of this monumental instrument, which now appears to have found ‘waves of gravity’ that were rippling


ONR Researchers Explore a Changing Arctic

Photo by Bill Shaw, Naval Postgraduate School

As sea ice continues to recede at a record pace in the Arctic, officials at the Office of Naval Research (ONR) on April 14 announced new efforts to determine the pace of change in what some are calling Earth's final frontier. Scientists sponsored by ONR have traveled to the Beaufort Sea in the


GoM Drill Rig Damaged, Coast Guard Monitoring

ENSCO 8506: Photo courtesy of Keppel

The U.S. Coast Guard (USCG) is overseeing response efforts, as the offshore drilling rig ENSCO 8506 began taking sea-water into a ballast tank after being hit by a large wave in heavy seas more than 100 miles south of Galveston. The ballast tank is located in one of the rig's column ballast


ClassNK Releases EEDI Verification Software – Free

File photo CCL

Japanese classification society ClassNK says it offers its Minimum Propulsion Power Calculation Software and ISO-based Progressive Speed Trial Analysis Software free of charge to the shipping Industry ClassNK has released its new PrimeShip-GREEN/MinPower software


WCI Honors Congressman Whitfield

Congressman Ed Whitfield (right) with Stephen Little, President/CEO of Crounse Corporation in Paducah, Kentucky

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


Bulletproof Crewboats Delivered in Nigeria

Photo: Incat Crowther

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


Lockheed Martin in Australian Wave Energy Project

Image courtesy of Lockheed Martin

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


Justices Question Obama Climate Change Regulations

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.


Maersk Drilling Takes Delivery of First of Four Ultra-Deepwater Drillships

Maersk Viking: Photo credit Maersk Drilling

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


China Patent for Rolls-Royce Bow Design

Environship: Image credit Rolls-Royce

Rolls-Royce informs it has been granted a patent in China for the Environship wave piercing bow technology for merchant vessels. The Environship concept, which can be adapted for different ship types, incorporates a range of Rolls-Royce technologies to deliver efficiency savings for ship owners


BOEM Assesses Prospects of Wave Energy off Oregon

As part of President Obama’s Climate Action Plan to create American jobs, cut carbon pollution and develop domestic energy sources, the Bureau of Ocean Energy Management (BOEM) is assessing whether there is competitive interest in wave energy research or development in an area of federal


German Ships Well-Met in Gulf of Aden Encounter

Hessen & AIDAdiva: EUNAVFOR photo

It’s not every day that passengers on board a civilian cruise liner would get so close to a warship on operations that they could wave to each other, but this is just what happened when the German cruise liner, AIDAdiva, with over 2,000 passengers on board


Tsunami Alerts Triggered by Chile 8.2 Quake

File image Tsumami Warning

A powerful earth quake identified by the US Geological Survey as situated about 52 miles north-west of the mining area of Iquique killed at least 5 people, and 6ft waves have hit some areas of Chile. Power cuts, fires  landslides are also mentioned by BBC News.


Kongsberg Maritime's Double Whammy 200th Anniversary

Plaque presentation: Photo Kongsberg

Kongsberg Geoacoustics informs it has delivered its 200th Geoswath Plus on Kongsberg Maritime’s 200th anniversary. Nick Burchill, Subsea Sales Manager for Kongsberg Maritime in Canada presented a plaque to Denis D'Amours, Director of the Canadian Hydrographic Service's Pacific Region


Rolls-Royce Secures Offshore Vessel Order

Image: Rolls-Royce

Global power systems company Rolls-Royce signed an £11 million contract with Spanish shipyard Gondan for a wave piercing offshore vessel to be delivered to Simon Møkster Shipping in Norway. According to Rolls-Royce, the vessel is designed to pierce through the waves under harsh


 
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