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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Kenya Eyes Inland Cargo Logistics Hub to Serve Nearby States

Kenya aims to build a cargo logistics hub near the border with Uganda to receive and clear goods through customs that arrive by air, rail or road, easing pressure

Port of Ngqura’s New Automated Mooring System

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

General Mills Strategically placed in Port Salford

General Mills UK & Ireland – responsible for a range of market-leading brands, including Old El Paso, Green Giant, Betty Crocker and Nature Valley – is to be

Ship Sales

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Navios Buys 14 Distressed Ships from HSH Nordbank

Navios Group has agreed to acquire another 14 vessels from HSH Nordbank in the second major distressed fleet deal between the two parties in the past two years.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1429 sec (7 req/sec)