Gulf Coast Shipyard Group Investment by Littlejohn

Press Release
Tuesday, May 28, 2013

Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, has made an equity investment in Gulf Coast Shipyard Group, Inc.

Gulf Coast Shipyard Group, is a manufacturer of a variety of ocean-going and inland marine vessels for commercial and military markets under the brand name TY Offshore, as well as superyachts under the brand name Trinity Yachts.

Centrally located on the Gulf Coast of the United States, Gulf Coast manufactures offshore supply vessels, tank barges, military patrol vessels, tugs and superyachts from two facilities located in Gulfport, MS and New Orleans, LA.

Gulf Coast entered the commercial vessel market in 2010 with the brand name TY Offshore and has invested significant capital into its facilities to serve the commercial vessel market and has successfully built a significant backlog of offshore supply vessels and inland tank barges.  The company also expanded its presence in the military vessel market.

Littlejohn & Co. intends to work closely with the existing Gulf Coast management team to support their strategic growth plans and continue investments in both shipyards.

John Dane III, President and CEO, will continue to lead the company as he has for the past 13 years since taking Trinity Yachts private from Halter Marine in 2000.  Felix S. Sabates Jr. will step down as Chairman to become an advisor and consultant to the new organization.

Mr. Dane stated, "Littlejohn has an impeccable reputation along with the ability to bring equity, strategy and experience in order to successfully grow our operations and market share.  I am also happy to announce that we will be starting a $9 million capital improvement program to the Gulfport, Mississippi yard which will increase our efficiency and annual output. These improvements will also upgrade our Syncrolift to 4,300 tons in anticipation of building ice class vessels for Arctic operations."
 


Shipbuilding

Japanese Yards Mull Shipbuilding Alliance

Four major Japanese shipbuilders are in discussions to form an alliance in hopes of riding out the industry slump.   Mitsubishi Heavy Industries, Ltd. (MHI) announced

Another Tug Launched for Suderman & Young

Eastern Shipbuilding Group, Inc. said it launched on August 15, 2016 the final vessel in a series of four Z-Tech Class Terminal & Escort Tugs being constructed for Suderman & Young Towing Company.

Esvagt Makes Vestdavit MissionEase First Choice for Mission Bay

Norway-based boat system and davit-handling specialist Vestdavit has secured a breakthrough order for its unique MissionEase multi-boat handling solution for mission bays,

Finance

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar 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: 0.0863 sec (12 req/sec)