Torch Offshore Adds to Deepwater Fleet

Wednesday, December 18, 2002
Torch Offshore, Inc. entered into an agreement for the purchase of the Wave Alert, a 340-ft. cable-laying dynamically positioned ("DP-2") vessel, from Global Marine Shipping Limited for approximately $10.9 million. The purchase of the vessel is being financed by Global Marine and will be paid off by the Company over a five-year period. The Company will rename this addition to its deepwater fleet the Midnight Wrangler. Delivery of the Midnight Wrangler to the Company is expected in March 2003 after the vessel has gone through its required drydock and all cable lay equipment has been removed. At that time, the company will take possession of the vessel and install a 125-ton crane. The company expects to use the vessel initially as a deepwater subsea construction vessel. Torch Offshore, Inc. Chairman and CEO, Lyle G. Stockstill, commented, "We believe the addition of the Midnight Wrangler to our deepwater fleet continues to strengthen our position as a deepwater capable company. This vessel is in outstanding condition and has 15,750 square feet of deck space. With the addition of the crane, we feel this vessel can perform deepwater construction in all regions of the world in various water depths."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Bangladesh, Thailand Plans Direct Coastal Shipping

Bangladesh and Thailand are planning to launch direct coastal shipping, connecting the Chittagong Port in the Bay of Bengal with the Ranong Port in the East of

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Port of Oakland Plans for Terminal Closure

Port of Oakland sets plan to shift cargo when terminal closes; ships move to neighbor berths; Saturday and night gates to help cargo flow   The Port of Oakland

Ship Sales

Vietnam Gets Fifth Submarine from Russia

The fifth of the six Kilo-class submarines that Vietnam purchased from Russia has arrived at Cam Ranh Bay, Thanh Nien news reported.   The submarine, which was

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

Shipbreaking Practices in 2015 Reveal Appalling Record -Report

Ignoring industry leaders and human rights and environmental organizations, ship owners continue to profit from dangerous and dirty shipbreaking practices on South Asian beaches in 2015,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0832 sec (12 req/sec)