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 Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Damen to Refit Helix Well Intervention Vessel

After having docked and repaired the MSV Seawell in 2012 and DSV Well Enhancer earlier this year, Damen Shiprepair Vlissingen (DSV) was contracted by Helix UK to

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ā€˜Nā€™ Class drilling rig, one of the largest in the North Sea,

Dutch Yards May Need to Rethink Contract Structures

Rotterdam-based law firm AKD said a recent decision of the Dutch courts means that shipyards in The Netherlands may no longer be able to rely on the right to retain

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1380 sec (7 req/sec)