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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.  


New Domestic Ferry for Faroe Islands Service

Photo courtesy of Knud E. Hansen

Third generation domestic ferry for service between Nólsoy and Tórshavn in the Faroe Islands.   According to the vessel's designer, this project is the second design within the last 15 years for the domestic ferry company Strandfaraskip Landsins and the third generation design


USCG Medevacs Injured Mariner Near SW Pass

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  A Coast Guard helicopter rescue crew medevaced a man south of Southwest Pass, at around 12 p.m., Tuesday. The crew of an MH-65 Dolphin helicopter from Coast Guard Air Station New Orleans was dispatched approximately four miles south of Southwest Pass to pick up a mariner who had


Port of Ngqura’s New Automated Mooring System

Photo: Port of Ngqura

The automated mooring system at the Port of Ngqura in South Africa’s east coast is poised to improve port efficiency and safety, cementing the deep water port’s position as a leading transshipment hub for the Sub-Saharan region. The system comprises 26 mooring units


JSMEA Offers Access to Japan’s Offshore Suppliers

JSMEA website.jpg

New website and brochure provide a comprehensive list of Japanese suppliers to the offshore industry The Japan Ship Machinery and Equipment Association (JSMEA) has compiled a list of Japanese-made ship machinery and equipment products for offshore units


Thordon Bearings COMPAC System for Britannia

P&O Cruises Britannia features a water-lubricated COMPAC propeller shaft system (Photo: Thordon Bearings)

Thordon Bearings seawater-lubricated COMPAC propeller shaft system given royal ‘seal’ of approval    P&O Cruise’s new flagship Britannia was officially christened by the Queen yesterday at a naming ceremony in Southampton, U.K.  


Japanese Tsunami Debris Still Washing on US Shore

Debris from Japan's 2011 tsunami will continue to litter the North American coastline over the next three years, with everything from refrigerators to lumber and sports balls still floating offshore in the Pacific, an expert said on Tuesday.  


The (Welding) Tools of the Trade

Photo courtesy of The Lincoln Electric Company

Automated welding equipment helps aluminum boat designer and builder navigate to increased productivity; advanced machines speed the fabrication process while maintaining high weld quality at MetalCraft Marine    The fast-paced marine industry faces constant demands for efficiency and


Motion Compensation Crane Delivered

Photo: Barge Master

Barge Master has delivered its first Barge Master T40 (BM-T40) motion compensated knuckle boom crane, the company announced.   The BM-T40, installed on Wagenborg’s ‘Walk to Work’ vessel the Kroonborg, compensates for sea induced vessel motions in roll


Ferus Smit Launches Newbuild Bulker

Photo: Simon Marrink

Shipbuilder Ferus Smit has launched newbuild bulk carrier vessel Arklow Breeze on Friday, March 20 at Westerbroek.   Arklow Breeze is the sixth and final vessel of a series to be delivered to a client from the city of Arklow, Ireland. The design is a bulk oriented general cargo ship that


Cruden to Unveil High Speed Boat Simulator

Photo courtesy of Cruden

Cruden is unveiling its new high speed boat simulator at the 7th HSBO Forum (Lisbon, May 4-6). Using detailed modelling and motion cueing techniques, as well as professional image generation developed in the automotive and motorsport industries (including Formula 1TM)


American Boat Leads in Volvo Ocean Race Leg 5

Team Alvimedica: Volvo Ocean Race

 As the six-strong fleet Volvo Ocean Race continued to endure a helter-skelter ride toward Cape Horn in the Southern Ocean, the American boat Team Alvimedica took the lead, reports AP.   The Volvo Ocean Race fleet in the wild Southern Ocean was fighting two battles on Sunday –


All American Marine Delivers Ferry to Seattle

   The maiden voyage of the MV Sally Fox (photo courtesy of All American Marine)

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated at a ceremony on Vashon Island on Saturday. The Sally Fox is the first of two new ferries ordered by King County’s


First Ecobox Nordana Sky in Operation

Nordana Sky sailing the North Sea with the first load on her hatches (Photo: Flying Focus)

MV Nordana Sky was delivered to Symphony Shipping on March 26 after the vessel completed sea trials, the builder Ferus Smit announced.   Nordana Sky is the first vessel in a series of six ships in the new ECOBOX general/project cargo ship design


AIDA Cruises’ New Flagship Receives Signature Paint Job

Photo: AIDA Cruises

At the Mitsubishi shipyard in Nagasaki, Japan, the new flagship of AIDA Cruises is now receiving its beaming smile.   At the end of March, preparatory work began on the 300 m long white hull of AIDAprima to apply the painting to the bow that is typical for AIDA: kissing lips, eyes, and waves


Transboundary Oil Pollution Debated in IMO

Transboundary oil pollution damage resulting from offshore activities Courtesy Danish Maritime Authority

   A working group led by Denmark and Indonesia met in the IMO to consider the need to regulate the issue of transboundary oil pollution, on 13 April, 33 countries and a number of international organisations have just met at the IMO headquarters in London under the chairmanship of






 
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