Signet Buys Harvey Gulf's Towing Division

By Eric Haun
Friday, May 16, 2014
Shane J. Guidry, Chairman & CEO, Harvey Gulf (left) and J. Barry Snyder, President, Signet Maritime sign closing documents on May 15 at Harvey Gulf International Marine in New Orleans, Louisiana for the sale of Harvey’s Offshore Towing Division to Signet Maritime.

Harvey Gulf International Marine has sold its towing division to Signet Maritime Corporation.

Through the deal, Signet will acquire eight offshore towing vessels (OTVs) ranging in size from 75 to 153 metric tons bollard pull. The sale will encompass all Harvey OTVs, spares, business and supplies.

The transfer of OTV ownership was completed on May 15, 2014 in New Orleans, Louisiana with financing provided by Wells Fargo Equipment Finance as part of a $209 million syndicated financing facility.

Signet said it has committed to retaining all crewmembers and plans for Tier 3 Generation of power onboard all eight tugs with conversions starting immediately. Upgrades and refurbishments will take place at Signet Shipbuilding & Repair in Pascagoula, Mississippi.

“The combination of Harvey and Signet follows a thorough due diligence process and is fully consistent with our strategy of being a one-stop turnkey source for all our customers’ needs,” said J. Barry Snyder, Signet’s President.

Harvey Gulf CEO, Shane Guidry, said the sale of Harvey Gulf’s towing division to longtime partner Signet Maritime is part of the company’s transformation strategy. Harvey Gulf also announced today a fourth generation of the Guidry family, Ashton Guidry, son of Shane Guidry, has joined the company.

Harvey Gulf’s towing division, which towed drilling rigs for 59 years, was once the company’s platform for growth when Shane Guidry and the Jordan Company purchased Harvey Gulf from the second generation of the Guidry family in 2008. Since then, Harvey Gulf has transformed to a provider of offshore supply, subsea construction, and crewing vessel services and quintupled in size, the company said.

“If my grandfather was alive today, he would be proud of what we have accomplished at Harvey Gulf and to see a fourth generation of our family enter the business, Shane Guidry said. “The sale of our towing division is just another step in the ongoing transformation of Harvey Gulf. In 2012, we signed contracts to build the first vessel in America that will operate using LNG as its primary fuel source. In 2013, we signed a contract to construct America’s first LNG marine fuel dock and began building the first Heavy Construction Vessels capable of delivering 100 metric tons to a depth of 4,000 meters. “

For Signet, the purchase expands its vessel classes and allows the company to broaden its service, offering more than 38 ASD tractor and conventional vessels to customers in the Gulf of Mexico and worldwide, the company noted.

The addition of the eight ocean-class offshore towing vessels not only enhances Signet’s fleet, but also enables it to provide ocean towing of semi-submersible, jack-up drilling rigs, TLPs, anchor handling and subsea pipeline installation support. Signet will continue to maintain its Offshore Towing Division operations from Port Fourchon, Louisiana.

Included vessels:

  •     Signet Warhorse I - 152.63 metric tons
  •     Signet Warhorse II - 153.58 metric tons
  •     Signet Warhorse III - 135.44 metric tons
  •     Signet Lightning - 98.76 metric tons
  •     Signet Thunder - 89.74 metric tons
  •     Signet Intruder - 86.98 metric tons
  •     Signet Titan - 82.81 metric tons 
  •     Signet Trojan - 75.7 metric tons
     
  • The Signet Warhorse II, is the most powerful ABS classed ocean towing vessel in Signet Maritime’s Offshore Towing Division. At 153.58 metric tons bollard pull, the Signet Warhorse II will lead the fleet providing ocean towing of rigs, spars and other vessels. (Photo: Signet)

    The Signet Warhorse II, is the most powerful ABS classed ocean towing vessel in Signet Maritime’s Offshore Towing Division. At 153.58 metric tons bollard pull, the Signet Warhorse II will lead the fleet providing ocean towing of rigs, spars and other vessels. (Photo: Signet)

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

People & Company News

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Japan Military Wants China "Crisis Management" Pact

Japan's highest-ranking military officer on Friday urged an early start to a "crisis management" mechanism with China amid conflicting claims to a group of tiny East China Sea islands.

Offshore

Japan Military Wants China "Crisis Management" Pact

Japan's highest-ranking military officer on Friday urged an early start to a "crisis management" mechanism with China amid conflicting claims to a group of tiny East China Sea islands.

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Workboats

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

A Classic Repower

The tug Falcon was built by Modern Marine Inc. in 1978. In the intervening years, companies that employed her have changed hands a number of times until 2013 when Vane Line Bunkering of Baltimore,

The Legal Consequences of 46 CFR Subchapter “M”

As the holiday season and the end of another year quickly approaches, the towing industry patiently waits for the Coast Guard to finalize the long-awaited towing vessel inspection rule.

Ship Sales

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

BMT-Designed Flex Ferries Delivered in Singapore

A trio of 38-metre Flex Ferries, built by Singapore’s Penguin Shipyard International and designed by Southampton-based BMT Nigel Gee, have been delivered to their new owner,

News

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion 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: 0.2662 sec (4 req/sec)