Ultrapetrol Expands PSV Fleet to 14 Vessels

MarineLink.com
Thursday, October 31, 2013

Ultrapetrol (Bahamas) Limited, an industrial transportation company serving marine transportation needs in three markets (river business, offshore supply business and ocean business), announced it has taken delivery of two new Platform Supply Vessels (PSVs) of the 4,500 Class type powered by diesel electric engines, DP2, FiFi1, directly from the building yard in China which have cost about $32 million each. The company initially has funded the vessel purchases with its own cash. Ultrapetrol also exercised an option to purchase a sister vessel on identical terms and conditions. Following delivery of this additional vessel, which is expected in the fourth quarter, Ultrapetrol's PSV delivered fleet will increase to 14 vessels.

Felipe Menendez, Ultrapetrol's President and Chief Executive Officer, said, "With the addition of these modern vessels, which are capable of supporting deep sea drilling in both the Brazilian and North Sea and other international markets, we have positioned the company to both enhance its earnings potential in the near-term and further take advantage of the long-term favorable fundamentals in the offshore supply industry."

Ultrapetrol also announced that notice of cancellation of a shipbuilding contract with an Indian shipyard for Hull No. V-387 (UP Onyx) was served on the yard due to excessive delays in delivering the vessel. The appropriate repayment demands have been made under the refund guarantees issued by certain banks.

ultrapetrol.net
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

U.S. Supreme Court Declines Exxon Mobil Appeal

The U.S. Supreme Court on Monday declined to review a ruling against Exxon Mobil Corp that ordered the company to pay $105 million in damages for polluting New

Sakhalin Energy, Sovcomflot Order Newbuild

The companies have signed a number of agreements for construction and long-term operation of the vessels for Sakhalin-2 project. At an official ceremony in Moscow,

BP to Outline Enhanced Oil Recovery

Euan Duncan, Discipline Lead Reservoir Engineer at BP, will address SPE Aberdeen’s members and the wider public on April 23, at a presentation covering how EOR

News

ISR Holds Crawler Crane Dedication Ceremony

International Ship Repair & Marine Services, Inc. (ISR) was awarded a $980,260 federal grant from the U.S. Department of Transportation Maritime Administration

Eastern Awarded NYC Firefighter Plate

Monday, April 7, 2014, at the Sea Air Space Exposition at the Gaylord National Convention Center - National Harbor, MD, Brian D’Isernia, Eastern Shipbuilding Group,

ESAB Releases Updated Columbus III

ESAB Welding & Cutting Products announces the release of Columbus III version 1.2, a powerful CAD/CAM programming and nesting software optimized for plasma, oxy-fuel, laser and waterjet cutting.

Vessels

Coast Guard Inspects Cleveland's First Containership

U.S. Coast Guard marine inspectors conducted safety and security examinations on the first-ever containership to arrive in Cleveland Saturday morning. The Fortunagracht,

Captain of Korean Ferry Praised Safety in Promotional Video

The captain of a ferry that sank off South Korea's southwestern tip with hundreds feared dead said in a promotional video four years ago that the journey was

Bodies found trapped in S Korean ferry

Divers searching for survivors of a capsized South Korean ferry saw three bodies floating through a window of a passenger cabin on Saturday but were unable to retrieve them,

Offshore Energy

BP to Outline Enhanced Oil Recovery

Euan Duncan, Discipline Lead Reservoir Engineer at BP, will address SPE Aberdeen’s members and the wider public on April 23, at a presentation covering how EOR

BP Spill Compensation Battles Rage On

BP pays billions in compensation but some claims still unpaid; Oil still appearing on beaches in Gulf of Mexico. Company says claims process is flawed, not all oil from spill.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Shipbuilding / Vessel Construction 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: 0.1382 sec (7 req/sec)