Charles Fabrikant News

Tim Clerc’s maritime career spans half a century, starting with his cadet training in 1969 in the U.K. He sees hybrid technology as one of the most transformational technological developments in maritime in that span, and the company is currently awaiting its 10th hybrid, the Seacor Yangtze. Clerc discusses the hybrid strategy and offers some practical insights.If you had to pick one technology that you think has made the business of running ships more efficient, more cost effective…

Florida-based transportation and logistics firm SEACOR Holdings Inc announced Monday it has entered into a deal with private equity firm American Industrial Partners (AIP) to take the company private in an all-cash transaction valuing it at about $1 billion, including net debt.SEACOR said New York-based AIP will commence a tender offer to buy all its outstanding shares at $41.50 apiece, a premium of about 14% to the company’s closing stock price on Friday, and a premium of approximately 31% over the 90-calendar day volume weighted average price.The agreement was approved by SEACOR’s board of directors and they recommend that SEACOR stockholders tender their shares in the offer.The deal is expected to close by the end of the first quarter of 2021.

A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…

SEACOR Holdings Inc. has appointed William “Bill” C. Long as the company's Executive Vice President, Chief Legal Officer and Corporate Secretary, effective immediately. He will report directly to Charles Fabrikant, SEACOR's Executive Chairman and Chief Executive Officer. Long brings to SEACOR more than 20 years of business and legal experience with publicly-traded companies. Prior to joining SEACOR Holdings, Long served as Senior Vice President, General Counsel and Secretary of GulfMark Offshore, Inc., and previously spent more than 17 years with Diamond Offshore Drilling, Inc., where he was Senior Vice President, General Counsel and Secretary.

SEACOR Holdings Inc.informed that Oivind Lorentzen their Chief Executive Officer has stepped down as Chief Executive Officer, but will continue as a director and non-executive Vice Chairman of the Board of Directors. Charles Fabrikant, Executive Chairman, assumed the position of Chief Executive Officer. In addition, the Company has appointed John Gellert and Eric Fabrikant as co-Chief Operating Officers. Mr. Gellert will oversee Offshore Marine Services and Mr. Eric Fabrikant will oversee Transportation Services, Witt O'Brien's and CLEANCOR Energy Solutions. Matthew Cenac, Chief Financial Officer, and Paul Robinson, Chief Legal Officer, have been elevated to the position of Executive Vice President.

U.S. Transportation Secretary Anthony Foxx today announced the appointment of 10 new members to the Marine Transportation System National Advisory Council (MTSNAC). Established in 2010, MTSNAC is comprised of leaders from commercial transportation firms, trade associations, state and local public entities, labor organizations, academics, and environmental groups that advise the Secretary on policies to ensure that the U.S. Marine Transportation System is capable of responding to projected trade increases.

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, has entered into a contract with Seabulk Tankers, Inc., a wholly owned subsidiary of SEACOR Holdings Inc., for the design and construction of one 50,000 deadweight ton LNG-conversion-ready product carrier with a 330,000 barrel cargo capacity, plus an option for one additional vessel. Construction is scheduled to begin in 2015, with delivery scheduled for the fourth quarter of 2016. This new tanker will be constructed at the NASSCO shipyard in San Diego…

Øivind Lorentzen, III, CEO of SEACOR Holdings Inc. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2012. Mr. Lorentzen follows a long succession of influential maritime industry leaders as Commodore. The 2012 Commodore Award will be presented to Mr. Lorentzen on March 21, 2012 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford,  Conn. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry. Lorentzen has served as CEO of SEACOR Holdings Inc. since September 2010.

Secretary of the Interior Ken Salazar directed the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEM) to issue new suspensions of deepwater drilling – set to last until at least November 30, 2010 -- on the Outer Continental Shelf (OCS), claiming a pause is needed to ensure that oil and gas companies implement adequate safety measures to reduce the risks associated with deepwater drilling operations and are prepared for blowouts and oil spills. “More than eighty days into the BP oil spill…

ENSCO International Incorporated and Chiles Offshore Inc. announced that they have signed a definitive merger agreement by which ENSCO will acquire Chiles. The Boards of both companies have approved the transaction. Under the terms of the merger agreement, Chiles' stockholders will receive 0.6575 shares of ENSCO common stock, plus cash of $5.25, for each share of Chiles' common stock. Total value of the transaction is approximately $578 million based on ENSCO's closing price as of May 14, 2002. After giving effect to the transaction and including the Chiles' rig currently under construction, the combined company will have a fleet of 56 offshore drilling rigs, in addition to ENSCO's fleet of 28 Gulf of Mexico oilfield support vessels.

The recent oil price fluctuations may have wreaked havoc with many offshore service companies; but Seacor Smit managed to pull through, relatively unscathed. With a strong balance sheet and a modernized fleet, Seacor Smit, a leading offshore service and supply company, managed to ride out the recent oil price fluctuation with minimal damages. Charles Fabrikant, chairman, president and CEO, points to the company's adherence to a policy of acquiring modern vessels, while pruning those less marketable, or more expensive to operate. The core of the program is replacing vessels serving primary markets - like deepwater - and shifting older assets to less demanding services. In the course of a year, Seacor disposed of 34 vessels, generating $144 million in cash.

In recent years the demand for large crew boats has continued to grow in the U.S. Gulf of Mexico and has increased in some foreign markets, such as West Africa and Mexico. As their size has grown, so has the horsepower employed by these boats as customers demand greater load capacities and greater speed. "The trend in the 170-ft. (51.8 m) class of boats is to more power and faster speeds," affirms Swiftships' A.J. Blanchard, at the Morgan City yard, "These boats have gone up in power from four 1,000-hp engines to four 1,350-hp engines and bigger jets. We've had more interest from both U.S. and foreign customers in all jet boats since the increase in jet size has removed concerns over the loaded speeds," Blanchard adds.

SEACOR SMIT Inc. signed a definitive agreement to acquire Gilbert Cheramie Boats, Inc. and related companies. The transaction contemplates purchase consideration of approximately $61 million to be paid in cash for all shares of voting and non-voting stock of the companies. No long-term debt will be assumed by SEACOR in the transaction, and the purchase consideration is subject to certain adjustments. The transaction, which is subject to customary closing conditions, is expected to close in March 2001. The companies are based in Golden Meadow, Louisiana, and their fleet is dedicated to serving the oil and gas industry in the Gulf of Mexico.

Seacor Smit Inc. announced that it has acquired SCF Corporation, a company that owns and operates inland river barges and that is substantially owned and controlled by certain Seacor directors. SCF owns 43 barges and is the 50% owner of a partnership that owns an additional 11 barges. These barges and partnership interest are valued at approximately $7.5 million. In addition, SCF manages an overall barge fleet of 262 units and owns 254,380 shares of Seacor's common stock. The transaction will result in the issuance of approximately 121,000 shares of Seacor stock net of the shares owned by SCF, which would be returned to treasury, and the payment to SCF's shareholders of approximately $2.9 million in cash, representing SCF's working capital.

Seacor Smit Inc. and Stirling Shipping Company Ltd., a private UK company based in Glasgow, Scotland, signed a letter of intent for Seacor to acquire all of the issued share capital of Stirling Shipping and certain subsidiaries. Purchase consideration will be based on the adjusted assets less liabilities of Stirling Shipping at closing and is estimated to total approximately 58 million pounds. The purchase price will be payable approximately 50% in cash, 20% in shares of Seacor common stock, 20% in loan notes and 10% in convertible notes. Stirling’s long term debt is projected to be approximately (pound)38.3 million at closing. The final price is subject to certain closing adjustments.

SEACOR Holdings Inc. Environmental Services Inc. position of Chief Financial Officer for SEACOR. Vice President and General Counsel, will become Corporate Secretary. worked together for the past 21 years and co-founded SEACOR in 1989. become today. developing its international presence. business more aggressively. acquisitions, and is the ideal leader to capitalize on SES' potential. water. 10 years and is familiar with our culture. Mr. Energy Authority. has worked in Houston, Singapore, France and the United Kingdom. Mr. years. Fort Lauderdale, Florida. and assist with other financial matters.

Seacor Smit raised its CEO's bonus by 140 percent last year as the provider of offshore marine services to the oil and gas industry reported higher revenue and net income. Chairman and CEO Charles Fabrikant's bonus rose to $600,000 in 2000 from $250,000 in 1999 while his base salary was unchanged at $500,000 in each of those years, Seacor told shareholders in the annual proxy filed with the Securities and Exchange Commission. "Bonus payments are discretionary in nature and are tied to performance during the year in which they were earned," Seacor said. Houston-based Seacor, which operates a fleet of marine vessels, said revenue rose 17 percent last year over 1999 and net income increased 10 percent.

Seacor Smit Inc. raised its CEO's bonus 140 percent last year as the provider of offshore marine services to the oil and gas industry reported higher revenue and net income. Chairman and CEO Charles Fabrikant's bonus rose to $600,000 in 2000 from $250,000 in 1999 while his base salary was unchanged at $500,000 in each of those years, Seacor told shareholders in the annual proxy filed with the Securities and Exchange Commission. "Bonus payments are discretionary in nature and are tied to performance during the year in which they were earned," Seacor said. Houston-based Seacor, which operates a fleet of marine vessels, said revenue rose 17 percent last year over 1999 and net income increased 10 percent.

Seacor Smit has signed a letter of intent to acquire all of the issued share capital of Putford Enterprises Ltd. and associated companies. Boston Putford’s standby safety vessels (SBSV), certain joint venture interest and vessels, and fixed assets will be acquired for approximately $30 million. The company’s SBSV fleet, including vessels held in joint ventures but excluding vessels managed for third parties, consists approximately of 18 vessels operating primarily in the southern U.K. sector of the North Seas. “Boston Putford is the market leader in the SBSV market in the southern North Sea with safety and multi-role vessels working for most of the field operators,” said Charles Fabrikant, Seacor’s Chairman and CEO.

The much anticipated turnaround in the Gulf of Mexico Oil Patch is happening, and the companies that supply boats and services in the area are feeling the impact. Consolidation has touched every facet of the marine business — every facet of business — for nearly a decade. Following the economic slowdown and resultant "weeding out of the weaklings" in the early 1990s, a new business plan stressing size and economic resource emerged. The plan, obviously, has not worked universally, as some companies overextended just as the market came crashing down in 1997. Today, for better or worse, a handful of enormous companies reign over the business of owning and operating vessels and rigs in the Gulf of Mexico region.

Seabulk International, Inc. and SEACOR Holdings Inc. announced that they have signed a definitive merger agreement. The Boards of Directors of both companies have unanimously approved the transaction. Under the terms of the merger agreement, Seabulk's stockholders will, subject to limited adjustments, receive 0.2694 of a share of SEACOR common stock plus cash of $4.00 for each issued and outstanding share of Seabulk common stock, which represents a 29% premium over Seabulk's closing share price on March 16, 2005 (based on SEACOR's closing share price of such date). In certain circumstances, the portion of the merger consideration payable in cash may be reduced and shares of SEACOR common stock, having a value on the closing date equal to the cash reduction, may be substituted therefor.