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

People & Company News

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

Offshore

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Workboats

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

U.S. Shipbuilding: ESG Nabs Two Z-Drive Tug Contracts

Eastern Shipbuilding (ESG) said that Suderman & Young Towing Company and Bay Houston Towing Company each exercised one additional Z-Drive Tug to be built at ESG.

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

News

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.3657 sec (3 req/sec)