Eastern Awarded Contract to Complete MPSV Builds for Hornbeck
Panama City Fla. based Eastern Shipbuilding Group announced it has been awarded a contract to complete construction of two ultra high-spec 400 class multipurpose support vessels (MPSVs) for Hornbeck Offshore Services (HOS).The newbuilds were originally started by Gulf Island Shipyards in Houma, La. before Hornbeck terminated the contracts in 2018 over what it described as "performance issues". Gulf Island then sued Hornbeck, claiming the two shipyard construction contracts were wrongfully terminated.
Hornbeck Offshore Discloses Revenue Growth in Its IPO Paperwork
Marine transportation services provider Hornbeck Offshore on Thursday made public its paperwork for a stock market listing in New York, which showed its revenue rose in the three months ended September.The listing will test the appetite for another stock flotation at a time when green shoots in the U.S. IPO market have been overshadowed by the poor post-debut performances of some high-profile firms that listed recently.Hornbeck intends to list its shares on the New York StockâŚ
Steamship Authority Buys Two OSVs to Be Converted to Freight Ferries
The Woods Hole, Marthaâs Vineyard and Nantucket Steamship Authority said it is planning to buy a pair of secondhand offshore supply vessels (OSV) to convert into replacements for two of its aging freight vessels.The sister OSVs, HOS Shooting Star and HOS Lode Star, will be purchased from Covington, La.-based Hornbeck Offshore Services. The 240-foot-long vessels, which were built in 2008 and 2009 respectively and formerly serviced the oil and gas industry off the Gulf Coast, willâŚ
US Navy Hires Hornbeck OSV
The U.S. Navy has hired a Hornbeck Offshore offshore support vessel (OSV) to support its submarine fleet operational and rescue requirements in the Atlantic Ocean, the U.S. Department of Defense said on Tuesday.The $8,766,200 firm-fixed-price contract is for the operation and crewing of the Jones Act-qualified, U.S.-flagged HOS Rosebud. The deal includes one 182-day base period, one 182-day option period and one 120-day option period, which, if exercised, would bring the cumulative value of the contract to $19âŚ
Vineyard Wind Taps ThayerMahan for Subsea Survey
Vineyard Wind, a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc. and Copenhagen Infrastructure Partners (CIP), announced a partnership with autonomous maritime solutions company ThayerMahan for seabed and infrastructure survey and inspection work in the waters off southern Massachusetts.Based in Groton, Conn., ThayerMahan, specializes in seabed surveys, acoustic mitigation and monitoring, and other maritime related services and has facilities in Connecticut and Massachusetts.
DeepOcean Charters Hornbeck Offshore's 'HOS Warland' for Gulf of Mexico Ops
Subsea services company DeepOcean has chartered Hornbeck Offshore's HOS Warland multi-purpose service vessel supporting the US Gulf of Mexico operations."The HOS Warland will extend DeepOceanâs capabilities in the larger construction end of the market through higher specification equipment installed onboard the vessel. The vessel has been part of DeepOceanâs offering for some time, but will now be secured through a time charter," DeepOcean said.DeepOcean said the firm charter would help it provide even better support to the fast-paced requirements of the IMR market, and to construction and installation projects that are managed, engineered, and executed by DeepOceanâs in-house team.
U.S. Navy Charters Hornbeck Offshore's OSV
U.S. offshore vessel operator Hornbeck Offshore, normally providing services to the offshore oil and gas industry, has now won a contract with the U.S. Navy.The company last week won a $7,510,000 firm-fixed-price contract with reimbursable elements for the long-term charter of the U.S. flagged offshore support vessel HOS Red Rock, which will provide support for Navy operations-at-sea. This contract includes a one-year base period with three one-year extension option periods, as well as one 11-month option period which, if exercised, would bring the cumulative value of this contract to $39,702,000. Work will be performed worldwide and is expected to be completed, if all options are exercised, by March 14, 2026.
Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown â whether cyclical or induced by a trade war â have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marineâs John Gellert, in reviewing its Q2 results, said: âActivity levels in the U.S.
Wärtsilä Thrusters on Sea Trials for Large SSCV
Performance of the propulsion solutions supplied by the technology group Wärtsilä exceeded the design specification and contributed to the success of the sea trials for the worldâs largest semi-submersible crane vessel (SSCV). The âSleipnirâ was built at Sembcorp Marineâs Tuas Boulevard Yard in Singapore for the Dutch offshore contractor Heerema Offshore Services (HOS). It was delivered from the yard in July.The huge vessel is designed for heavy lifting operations and is fitted with two cranes, each with a lifting capacity of 10,000 metric tonnes.
OSV Market: Which Way is Up?
Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the âfeast or famineâ conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipmentâŚ
Cautious Consolidation for OSV Companies Brings Market Change
Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.
Offshore Optimism is Cautiously on the Rise
Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isnât altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: âThe industry faces grave financial pressureâŚ
Gulf Island Launches MPSV for Hornbeck
Gulf Island Shipyards, a division of Gulf Island Fabrication, Inc. has launched the newly built M/V HOS Warhorse on Wednesday, November 2, 2016 at their Jennings, La. facility. The HOS Warhorse, the first of a two vessel contract for Hornbeck Offshore Services, will be relocated to Gulf Island Shipyardâs Houma location for final outfitting, testing, commissioning and delivery to Hornbeck during the first quarter of 2018. The HOS Warhorse is 365 feet long and will be outfitted with two largeâŚ
Launching of HOS Warhorse at Gulf Island Shipyards
Gulf Island Shipyards will launch the HOS Warhorse the newest vessel of Hornbeck Offshore services. The HOS Warhorse is the first of the 400 ES Class MPSVs in Hornbeckâs fleet. The Launching ceremony will commence on Tuesday, November 1st, 2016 at 9:00 at Gulf Island Shipyardsâ facility in Jennings Louisiana (111 Bunge Street, Jennings, LA 70546).
GE Equips New Multipurpose Supply Vessels
After equipping more than 20 purpose supply vessels (PSV)/multipurpose supply vessels (MPSV) for Eastern Shipbuilding, GE has once again been chosen by the builder to equip Hornbeck Offshore Servicesâ (HOS) next generation of U.S. flag, Jones Act-qualified MPSVs, constructed at Eastern Shipbuilding. The scope of GE technology onboard these two vessels include the first MKII MV3000 Active Front End (AFE) drive. Manufactured in Kidsgrove U.K., these drives have one of the highest power density of any drive ever produced by GEâs Marine SolutionsâŚ
Eastern Launches Second MPSV for Hornbeck
Eastern Shipbuilding Group, Inc. has launched the second of two 302âx76âx26â multipurpose service vessels in the HOSMPSV 310ES series for Hornbeck Offshore Services, LLC., the shipbuilder announced. The new vessel, HOS Woodland (Hull 242), was launched at Easternâs Allanton facility on Friday, June 19 at an event with hundreds of Eastern employees and guests in attendance. HOS Woodland is the second ship to be christened on Easternâs newly constructed 425â rocker beam system installed on the northeast corner of Allantonâs 760â launch basin.
Eastern Launches MPSV for Hornbeck Offshore
Eastern Shipbuilding Group, Inc. launched the HOS Warland (Hull 241) on Friday March 6, 2015 for Hornbeck Offshore Services, LLC. The HOS Warland is Easternâs first of two 302âx76âx26â multipurpose service vessels (MPSV) launched with the Hornbeck designation HOSMPSV 310ES. The second vessel, the HOS Woodland (Hull 242), will launch this summer. The launching event was held at Easternâs Allanton facility with hundreds of Eastern employees and guests in attendance. The HOS WarlandâŚ
Hornbeck Completes $114M Sale of OSVs to U.S. Navy
Hornbeck Offshore Services has closed the sale of three 250EDF class OSVs to the U.S. Navy, the company announced today. The three vessels were sold for cash consideration of $114 million, the company reported. This is expected to result in a gain on sale of assets of approximately $33.0 million ($20.8 million after-tax or $0.57 per diluted share). The HOS Arrowhead, the HOS Eagleview and the HOS Westwind have been supporting the Navy's submarine fleet on the east and west coasts since they were constructed in 2008 and 2009.
Top Marine Vessel Operators Overcome Challenges
U.S. marine vessel operators have invested in their fleets, adopted new technologies and switched to cleaner burning engines and fuels to stay in business. In this edition, we take a look at how industry leading marine operators have flourished, sometimes in tough circumstances. At family-run McAllister and Chouest, sons and daughters learned operations from the ground up, while CEO Todd Hornbeck revamped the first version of a company started by his dad. All value their employees and say workplace safety is a priority. Each of these companies is quick to meet customer demands.
Eastern Holds another Double Event for Hornbeck Offshore
Eastern Shipbuilding Group, Inc. announced another âdouble eventâ in Panama City, Florida. On Friday, August 8, 2014, the christening and subsequent launching of the HOS Brass Ring (Hull 209), was followed with the same day delivery of the HOS Black Rock (Hull 207) for Hornbeck Offshore Services, LLC. The launch event was held at Easternâs Allanton facility with hundreds of Eastern employees and guests in attendance with an afternoon of perfect weather and launch conditions. Attending the launch from Hornbeck was Bill Krewsky, Director of Engineering and Project Management.
DSS Secures HOS Jones Act MPSV for Gulf ROV Work
Delta SubSea Secures U.S.-Flagged DP-2 IMR/Construction Support Vessel for Deepwater ROV Operations in the GoM. Delta SubSea, LLC (DSS) has entered into an agreement with a subsidiary of Hornbeck Offshore Services, Inc. (HOS) for the HOS Bayou, one of Hornbeckâs recently constructed 300 class HOSMAX DP-2 multipurpose service vessels (MPSVs). The HOS Bayou is the newest U.S.-flagged Jones Act-compliant MPSV on the market today. Equipped with two Delta SubSea Schilling HD 150 HP work-class remotely operated vehicles (ROVs) from DSSâs fleet of ROVsâŚ
ESG Holds HOSMAX Double Launch Event
Eastern Shipbuilding Group, Inc. held its third HOSMAX Double Event in Panama City, Florida. On Friday, October 24, 2014, the christening and subsequent launching of the HOS Brairwood (Hull 210) the 10th HOSMAX launch in 20 months, followed with the same day delivery of the HOS Black Watch (Hull 208) both for Hornbeck Offshore Services, LLC. The launch event was held at Easternâs Allanton facility with hundreds of Eastern employees and guests in attendance with an afternoon of perfect weather and launch conditions.
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010, tracing the flow of deals in the post-financial crisis era. In this edition, we take a closer look at relevant U.S. offshore energy industry deal flow and market movements as they relate to oil prices over time, and highlight some recent middle market transactions.