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

Ship Repair & Conversion

Sea Installer Receives Crane Upgrade

A2SEA-owned jack-up leaves Damen Shiprepair Amsterdam able to handle bigger offshore wind installation projects   Damen Shiprepair Amsterdam (DSAm) has concluded

SPS Used for Pipe-Layer Upgrade

The 127,500dwt Solitaire has completed some of the most challenging projects in which heavy pipe has been laid in very deep waters.   Originally built in Japan as a mini-Capesize bulk carrier,

Wärtsilä, Zamakona Yards Join forces in Canary Island

Wärtsilä is enhancing its service offering by participating in a new maintenance hub in the Canary Islands. The facility, operated by one of Spain's biggest shipbuilding and ship repair groups,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0627 sec (16 req/sec)