Oceaneering Announces New Diving Vessel
Oceaneering International, Inc. (NYSE:OII) announced it has commissioned the construction of a dive support vessel (DSV) with an estimated capital cost of $17m. Oceaneering expects delivery of the 200 ft by 46 ft vessel from a U.S. Gulf Coast shipyard late in the fourth quarter of 2010. The new vessel will replace the Ocean Project, which was built in 1972. This state-of-the-art DSV will be U.S. flagged and outfitted to perform subsea inspection, repair and maintenance (IRM) services and support construction operations in the Gulf of Mexico. The vessel will have built-in diving equipment, including a dive control system and decompression chambers, to maximize the availability of deck space for job specific equipment and to ensure safe working conditions.
Gardner Named VP at Oceaneering
Oceaneering International, Inc. has appointed Philip D. Gardner as Senior Vice President, Manufacturing. Effective April 1, 2004, Mr. Gardner will assume worldwide P&L responsibility for Oceaneering's products group, which includes Oceaneering Multiflex and Oceaneering Intervention Engineering. In addition, he will have worldwide functional oversight responsibility for Materials Management and Quality Assurance in the oilfield sector. Mr. Gardner's career spans over twenty-five years in the oil and gas industry, most recently with Oil States Industries, Inc. where he served as President of AHSI, an offshore crane company. Mr. Gardner…
FGH Announces Extension of Debtor Exclusivity in Bankruptcy Process
Friede Goldman Halter, Inc. announced that the U.S. Bankruptcy Court has extended the exclusively period for filing of a reorganization plan until February 11, 2002. The primary secured lending group and the Official Unsecured Creditors’ Committee unanimously supported this extension. The restructuring committee of the board of directors has been evaluating expression of interest received from potential strategic and financial parties. These interested parties will conduct final due diligence in the next 30 days, and the restructuring committee expects to make its recommendation prior to February 1, 2002. Both the restructuring committee and the official unsecured creditors’ committee are evaluating all possible alternatives for the company.
J.L. Holloway Resigns as Chairman of FGH
Friede Goldman Halter, Inc. announced today that J.L. Holloway has resigned from the company's Board of Directors. Holloway, 57, has been the Chairman of the Board since April 1997. He served as the Chief Executive Officer and President of Friede Goldman Offshore, Inc. (formerly HAM Marine, Inc.) from its formation in 1982 until April 1997. "The Board has accepted J.L.'s resignation and is grateful for the many years of service he has given to Friede Goldman Halter and its predecessors," said T. Jay Collins, Board Member and Chairman of the Restructuring Committee; "We wish J.L. the best in his endeavors."
Collins Assumes CEO at FGH
The Board of Directors of Friede Goldman Halter have added the title of Chief Executive Officer to T. Jay Collins who presently serves as Chairman of FGH. Collins is overseeing the final stages of the bankruptcy process from the Board level, while continuing his full-time position as President of Oceaneering International, Inc. Jack Stone, who served as interim CEO, will continue his focus as the Chief Restructuring Advisor to FGH. Stone is a principal of Glass & Associates, Inc., a nationally prominent management-consulting firm, has been advising the Board of Directors since October 2001 on restructuring matters.
Oceaneering Acquires Ten Work Class ROVs From Fugro
Oceaneering International, Inc. announced that it has acquired from Fugro (USA), Inc. 10 work class ROVs and related assets in North America. Seven of the 10 vehicles are under contract -- four in Mexico, two in Canada, and one in the U.S. Gulf of Mexico. The purchase price was $16.5 million. T. Jay Collins, President and Chief Operating Officer, stated "We are very pleased to add these additional work class ROVs to Oceaneering's fleet, which now consists of 170 vehicles -- the largest in the industry with an estimated 38% market share. "This acquisition positions our North American ROV operation with additional vehicles to benefit from an expected increase in our ROV drill support services in 2005.
FGH Offshore Asset Sale Final
Friede Goldman Halter, Inc. (FGH) has completed the previous announced sale of substantially all of the assets of its offshore division to ACON Offshore Partners LP and its affiliates (ACON), a Delaware limited partnership. The sale was finalized for a purchase price of approximately $61 million (USD), consisting of cash and the assumption of secured debt. "We are pleased with the outcome in closing this transaction and we commend the Restructuring Committee of the Board of Directors and the Unsecured Creditors Committee for their efforts," said T. Jay Collins, FGH Chairman and CEO. Now that the sale of the offshore assets is complete, Friede Goldman Halter intends to concentrate on promulgation of its plan of reorganization.
