All Coast Acquires Hercules Liftboats

Tuesday, July 02, 2013
Photo: All Coast

All Coast, LLC, a newly formed company for the marine services industry founded by John Powers and John Nesser III, has completed the acquisition of Hercules Offshore’s domestic liftboat assets.

This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105 to class 229, 10 inactive liftboats and additional related assets.

Powers and Nesser, All Coast managers and co-chief executive officers, each have more than 40 years of experience in the oil and gas, engineering and maritime industries.

Throughout his career, Powers has owned and operated  numerous energy and marine services companies including Power Offshore Services, LLC; Reeled Tubing, LLC; Seatrax, LLC; and Coastal Drilling Co.

Previously, Nesser served as the executive vice president and chief operating officer for McDermott International, where he held executive positions for more than 10 years.

All Coast domestic operations will be led by Byron Allemand, vice president and chief operating officer, and the operations center will remain in Lafayette, La.

Joining Powers and Nesser is The Fleming Corporation, a private equity investment firm that will provide capital and a long-term perspective on value creation. The new owners said they are committed to growing the fleet’s market-leading position. Financing for the acquisition and working capital has been provided by Whitney Bank.

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Captain of Ill-fated El Faro was Known as Trusted Mariner

The captain of the ill-fated cargo ship that sank in a hurricane off the Bahamas with no survivors last week was an experienced and highly trusted mariner who had spent a lifetime on the water,

Cordero Reconfirmed as FMC Commissioner

Mario Cordero was reconfirmed today as a U.S. Federal Maritime Commissioner.   Cordero joined the Federal Maritime Commission (FMC) as a Commissioner on June 3,

Chiarello: TOTE Continues Support to El Faro Families

Anthony Chiarello, President & CEO of TOTE, owner of the cargo ship presumed to have sunk with 33 mariners aboard last week amid Hurricane Joaquin, issued a statement


PCCI to Provide Revised Crane Load Chart

PCCI, Inc. of Alexandria, Virginia, was awarded a contract by the Department of Transportation/U.S. Maritime Administration (MARAD) to provide a new, revised

Adani Ports, L&T Ink Pact for Kattupalli Port Operations

Adani Ports  has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding Limited (L&T) for evaluating the operations of the port at Kattupalli,

Arctic Ice 'Too Thick' for Shipping Route

Sea ice in the Arctic is still too thick for Northwest Passage commercial shipping route in spite of warming temperatures. This is according to new research from York University.

Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
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: 0.4400 sec (2 req/sec)