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

Ship Repair & Conversion

All-electric Tube Benders Take a Step Forward

The tube bending machine innovator Unison said it is moving the technology forward again, with the completion of a groundbreaking all-electric machine that is capable

Construction Begins on Chouest’s B-Port

Sprawling facility located in Açu Port in São João da Barra, Rio de Janeiro-RJ, Brazil Officials representing the Edison Chouest Offshore family of companies

MN 100: VT Halter Marine, Inc.

900 Bayou Casotte Parkway Pascagoula, Mississippi 39581 Telephone: 228 696 6888 E-mail: sales@vthm.com Website: www.vthaltermarine.com CEO: William (Bill) E.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1025 sec (10 req/sec)