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First Wave

First Wave Emerges from Chapter 11

In a development which could be seen as a positive one for the business of building boats in the U.S., First Wave Marine, Inc. said that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In addition, the company's current senior secured lender agreed to provide the First Wave with a post-confirmation $10 million revolving line of credit and an $8 million term loan. First Wave estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7% of the common stock of the Company, dramatically improves the Company's balance sheet, financial strength and competitiveness. First Wave President Grady Walker said, "Confirmation of this Plan represents the achievement of our goal to successfully restructure the Company. We are very grateful for the loyalty and support of our customers, employees, vendors, and lenders during our restructuring. This support made it possible for us to maintain our excellent vendor network, to keep our employees working, and to continue to provide the same high quality and uninterrupted service our customers expect from us. As a result, we are emerging poised and ready to exploit our new financial strength to better serve the evolving needs of our customers."


First Wave Terminates Contract with Crest Hidayat Limited

First Wave/Newpark Shipbuilding announced today that it has terminated its contract with Crest Hidayat Limited, a Malaysian company, due solely to the failure of Crest Hidayat Limited to meet its payment obligations under the contract and the failure of its parent corporation, Crest Petroleum Bhd, to fulfill its obligations as guarantor under the contract. Crest Petroleum has publicly reported the difficulty to be the result of the suspension of its credit sources


Naval Engineering Introduces Computer-Based Training

Center for Naval Engineering (CNE) Learning Site Great Lakes launched the first phase of Computer-Based Training (CBT) Nov. 28 with the first wave of Basic Engineering Common Core (BECC) students breaking in the new curriculum in an Integrated Learning Environment (ILE). Cmdr. Eddie Oleykowski, director of training, CNE, Norfolk, Va., supervised as the first class of 25 students officially made the transition from instructor-led training to CBT


AFL-CIO Affiliate: Port Security Bill has Sensible TWIC Reforms

The House Homeland Security Committee today approved needed reforms to the Transportation Worker Identification Credential (TWIC) program that would eliminate financial and logistical burdens faced by transportation workers under this federal security program.   The Transportation Trades Department, AFL-CIO (TTD) supports language in the Securing Maritime Activities through Risk-based Targeting Act, known as the SMART Port Security Act (H.R


Marine Renewables Manager Named by UK Shipyard

Amanda Pound, David Daniel: Photo credit A&P

A&P Falmouth takes on a full time marine renewables business development manager, Amanda Pound A&P Falmouth, is positioned on the south coast of the UK in one of the world’s largest natural deep-water harbours. Falmouth is the largest ship-repair complex in the UK, with three large graving docks and extensive alongside berthing, providing facilities for a wide range of marine business. The company’s reputation in the marine renewable energy sector is continuing to


WaveRoller Obtains DNV GL Verification

Installation of WaveRoller

WaveRoller, the wave energy device created by wave energy developer AW-Energy has received independent performance verification, taking the wave power industry one step closer to commercialization. WaveRoller received its validation after operating in fully exposed ocean environment during testing campaigns in 2012 and 2013. AW-Energy submitted detailed data covering wave conditions and device performance for external verification


A New View

For years, forensic historians relied on survivor and eyewitness testimonies and, if available, material testing or intelligence reports to help gather evidence to piece together an event. In the early 1990's, seduced by computer technology, photo imagery analysis gained a tremendous uplift enabling imagery scientists to use special algorithms to enhance and sharpen images; changing the way we view the world today. History recorded that five midget submarines deployed as advance forces to


News Briefs

First Wave Secures Multiple Contracts First Wave/Newpark Shipbuilding, in Galveston, Texas, has had a busy spring. First, the company was awarded a contract by Diamond Offshore Drilling to install a crane and perform annual survey work on Ocean Lexington. That contract was completed in March. Next, the company won a contract from Smit Americas, Inc. for drydocking of Ocean Hercules. The vessel was drydocked on the shipyard's 7


Louisiana Launches Investment Initiative

Louisiana Economic Development (LED) has launched an integrated marketing campaign designed to focus business leaders around the globe on the unprecedented opportunity for investment in Louisiana. The campaign, dubbed “clean sheet,” features the most aggressive business incentives package in U.S. history, now available to businesses expanding, rebuilding or relocating in Louisiana. “At no time in history has a state experienced such an unparalleled opportunity to remake itself


Survitec, Ocenco Team Up to Meet EEBD Replacement Demand

The Ocenco M-20.2 EEBD Courtesy Survitec

Survitec Group, one of the world’s leading marine safety companies, is now working in partnership with Ocenco to replace thousands of M-20.2 Emergency Escape Breathing Devices (EEBDs) that are reaching the end of their service life. When SOLAS amendment regulations II-2/13.3.4 and 13.4.3 came into force on 1 July 2002, all vessels had to be equipped with EEBDs. At the time, one of the most popular choices was the maintenance-free Ocenco M-20.2 EEBD


First Floating Mega Island Tested

MARINs Olaf Waals pictured with the scale model of a mega floating island in its Offshore Basin in a storm of waves, wind and currents. (Images: MARIN)

Floating ports and cities possible solutions to sea level rise and overcrowded cities    MARIN (Maritime Research Institute) tested an innovative concept for a floating mega island. The island comprises 87 large floating triangles that are flexibility connected to one another


MarQuip Builds Exhaust with Silencer and SCR

Image: MarQuip

 Manufacturer of underwater exhaust outlets and water-cooled exhaust systems MarQuip said it is creating a marinized IMO TIER III-certified exhaust system for an Italian shipyard. Working in close cooperation with its partners, the Dutch company has developed a fully custom module


UK Partners to Launch Autonomous Vessels Testing Service

(Photo: BAE Systems)

The U.K.'s first maritime autonomous systems testing service is set to launch later this year.   BAE Systems said it has been awarded £457,000 (approximately $594,700) in grant funding from the Solent Local Enterprise Partnership (LEP) to design and deliver the U.K


Race Boat to Attempt US-Cuba Speed Record

(Photo: SilverHook / Lucas Cup)

An upcoming world speed record attempt by Nigel Hook and the crew of SilverHook will be a two-for-one as they set out to achieve the fastest crossing from the U.S. to Cuba, and then back.   Captain Hook has chosen August 17 to try to set two speed records in what is considered the most


Xodus, Green Marine Partner on Offshore Renewables

Pic: Xodus Group Ltd

 Xodus Group and Green Marine are partnering to provide an integrated service for the maintenance of offshore renewable assets.   The partners will utilise Xodus’ integrity management software XAMIN to capture and monitor live data from offshore marine assets


Ships Combine for Moreton Anniversary

HMAS Darwin glides up the Brisbane River during a recent port visit. Photo: Royal Australian Navy.

 In the middle an intense training and systems check period, HMAS Darwin slipped into the Brisbane River and berthed across from Navy’s home in southern Queensland, HMAS Moreton.   The frigate’s arrival in Brisbane coincided with the first anniversary since the local base


Vartdal Wins WISTA LeaderShip Award

Birgitte Ringstad Vartdal (Photo: WISTA)

Birgitte Ringstad Vartdal, CEO of Golden Ocean, has been awarded the WISTA LeaderShip Award 2017 by WISTA Norway as recognition of her contribution to the maritime industry, her competency and leadership skills within the traditionally male dominated role of CEO


Nor-Lines, Rolls-Royce Sign Service Agreement

Photos courtesy of Rolls-Royce

Nor Lines and Rolls-Royce have signed a “Power-by-the-Hour” service agreement for the two vessels Kvitbjørn and Kvitnos. The new service offering harnesses the power of “big data” to monitor, plan and perform maintenance and repairs on all the equipment it has


BMT Launches New Fleet Performance Management Solution

Pic: BMT SMART Ltd

 BMT SMART (BMT), a subsidiary of BMT Group, has launched SMARTNOON, a new solution that can deliver higher resolution vessel performance data based on noon reports.   Taking a vessel’s noon report as a starting point, SMARTNOON adds metocean data


Musician Cody Simpson is 'Ocean Advocate' for UN

The United Nations Development Programme to appoint globally-acclaimed Australian singer-songwriter Cody Simpson to inaugural role during the UN’s first ever Ocean Conference. Credit: UNDP

 To mark World Oceans Day on May 8, the United Nations Development Programme (UNDP)   named Australian musician Cody Simpson as its first-ever Ocean Advocate to help raise awareness of the crucial role the ocean plays in the health of the planet and people. 


Golar, Delfin to Jointly Develop US FLNG Project

A joint development agreement between Delfin Midstream and Golar LNG Limited will see the two jointly develop the Delfin LNG project off the coast of Cameron Parish, La.   The joint development agreement will facilitate the financing, marketing, construction


DONG, CWind Extend Crew Transfer Vessel Contract

Photo: CWind

CWind, a provider of services to the offshore wind industry, informs that DONG Energy, one of the key energy groups in Northern Europe, has granted CWind a two-year extension to its existing three-year Crew Transfer Vessel contract at the West of Duddon Sands Offshore Wind Farm in the Irish


Spread of GE Tech Ordered for DSV Newbuild

To be equipped with a suite of GE’s marine technologies, Shanghai Salvage Bureau’s newest deep-water diving support vessel (DSV) will become the world’s first-class deep-water DSV with a multi-saturation diving system and pipe lay system. (Photo: GE Marine)

Shanghai Salvage Bureau’s (SSB) new ship is purpose-designed for a range of roles including deep-water salvage operations, deep-water pipelay and construction as well as a saturation diving capability for up to 24 divers in two bells.


Ampelmann Introduces New Personnel Transfer Gangway

Photo: Ampelmann

Ampelmann has launched its latest gangway for personnel transfer: the A-type Enhanced Performace (AEP). Now providing clients with 10 percent greater workability in sea states up to 4m significant wave height; the AEP also has the ability to use smaller vessels to obtain similar performance


Shock Mitigation MD to Swim 1.5 Miles for Heart Foundation

Europes Largest Open Water Swim - Bournemouth UK PIER TO PIER V2.jpg

The managing director of Shock Mitigation is aiming to swim 1.5 miles at sea in the historic Pier to Pier event in Bournemouth, U.K. on Sunday, July 16.   John Haynes said, “At the NEXT GENERATION Man Overboard Prevention & Recovery Workshop in April 2017 we made a clear statement






 
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