Friede Goldman Halter sells vessel repair unit

Thursday, June 01, 2000
Friede Goldman Halter Inc., which provides support for the offshore oil industry, announced it has agreed to sell its vessel repair unit to Bollinger Shipyards Inc. for $80 million. The all-cash deal with the Lockport, La.-based company, which is expected to be completed in July 2000, is structured as an asset sale and is subject to certain regulatory conditions. "We undertook to evaluate the strategic fit of each of our business lines," said J. L. Holloway, company chairman and CEO. "We determined that the vessel repair business did not fit our primary and long-term focus on large-scale offshore energy projects, highly complex commercial and government shipbuilding, and engineered products. The vessel repair business is an operating unit of Halter Marine, Friede Goldman Halter's Vessel segment, and consists of five vessel repair and maintenance facilities devoted in Louisiana and Texas. "We plan to focus our six vessel construction shipyards on capitalizing on Halter's experience and its position as the fourth-largest shipbuilder in the United States," Holloway said. The company expects the $80 million transaction and an additional $33 million in tax refunds to be collected during 2000 to provide "significant additional liquidity for Friede Goldman Halter as it enters a strengthening marketplace."

Maritime Today


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

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

Ship Repair & Conversion

EU Shipowners Want Progress at Alang Shipbreaking to Be Rewarded

Ship recycling practices in Alang, India, are gradually improving. The European Commission should acknowledge this positive development under the EU Ship Recycling Regulation.

Great Lakes Shipyard Performs USCG Drydocking

On April 25, Great Lakes Shipyard hauled out the U.S. Coast Guard’s 125’ x 52’ Aids to Navigation Barge (12001). Using the Shipyard’s 770-ton Marine Travelift,

Sipu Muin Modernization Work to Begin in May

Canadian Coast Guard plans upgrades for Air Cushion Vehicle   A scheduled modernization of the Canadian Coast Guard CCGS Sipu Muin will see the Air Cushion Vehicle

 
 
Maritime Security Naval Architecture Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0601 sec (17 req/sec)