First Wave Marine Completes Financing
First Wave Marine, Inc. announced that it has closed into a new senior credit facility with Foothill Capital Corporation. The consummation of the financing allowed First Wave to execute its Plan of Reorganization which was confirmed on January 16th and conclude its Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas. The new credit facility provides for a $10 million revolving line of credit and an $8 million term loan. First Wave President Grady Walker said, “With the restructuring behind us, First Wave can now focus all its energies on the business. We have the best people in the industry and world-class facilities, and with our much-improved financial structure First Wave is poised for profitable growth."
First Wave/Newpark Shipbuilding Awarded Contracts
First Wave/Newpark Shipbuilding has entered into agreements with Pride International for refurbishments of four offshore rigs including the addition of a twenty-eight man quarters module to one of the rigs. Refurbishments to the Pride South Carolina, Pride Mississippi, Pride Oklahoma and Pride Wisconsin will be performed at First Wave's Pelican Island Facility in Galveston, Texas; all rigs are expected to depart the shipyard by mid-August.
First Wave/Newpark Awarded Contract
First Wave/Newpark Shipbuilding has won a contract from Sasaran Perdana Sdn Bhd, a wholly owned subsidiary of Crest Petroleum Bhd, for the drydocking, repair and refurbishment of the semi-submersible tender assisted platform drilling rig to be renamed the Teknik Hidayat. The refurbishment will be performed at First Wave's Pelican Island Facility in Galveston, Texas and is expected to continue into the fourth quarter 2002. The rig is expected to arrive in Galveston in mid-June 2002.
First Wave Marine Files Reorganization Plan
First Wave Marine, Inc. announced that it has filed with the U.S. Bankruptcy Court for the Southern District of Texas, a Plan of Reorganization in the Company's Chapter 11 proceeding. The filing of the Plan should pave the way for the Company's emergence from bankruptcy in early fall after requisite Bankruptcy Court approvals can be obtained. The Plan calls for an exchange of all of First Wave's 11% Senior Notes for 96.7% of the common stock of the Company which will significantly improve the balance sheet and financial strength of the Company. The Committee of Unsecured Creditors has stated that it will support the Plan. On February 5, First Wave filed for relief under Chapter 11 of Title 11 of the United States Code in the Southern District of Texas.
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 Marine Secures Financing
First Wave Marine, Inc. announced that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In connection with the confirmation, First Wave announced that the company’s current senior secured lender has agreed to provide the company with a post-confirmation $10 million revolving line of credit and an $8 million term loan. The company 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 percent of the common stock of the company, dramatically improves the Company’s balance sheet, financial strength and competitiveness.
First Wave Marine Chosen to Participate in OSPP
First Wave Marine, Inc. announced that it has entered into the OSHA Strategic Partnership Program (OSPP) for the shipbuilding industry. First Wave qualified for the OSPP because its safety performance exceeds the industry average. In addition, the company was required to demonstrate that its safety and health program met or exceeded OSHA's requirements for the shipbuilding and ship repair industry. In an OSPP, OSHA establishes an extended, voluntary cooperative relationship with a qualified industry employer and other stakeholders, in order to encourage, assist and recognize their efforts to eliminate serious workplace hazards and to achieve a high level of worker safety and health. This particular OSPP is being administered through the Shipbuilders Council of America.
FirstWave/Newpark Adds To Senior Management Staff
FirstWave/Newpark Adds To Senior Management Staff Joining FirstWave/Newpark is Frank R. Pierce as corporate vice president and CFO, along with Tom Godfrey in the newly created position of vice president, ship repair. Pierce joins FirstWave with more than 20 years experience, most recently at GulfMark Offshore, a publicly held offshore vessel company. Godfrey, who has held many senior level positions in the industry, comes to FirstWave from Colonna's Shipyard where he was president & CEO.
FirstWave/Newpark Lands Diamond Offshore Job
FirstWave/Newpark Shipbuilding has been awarded a contract by Diamond Offshore Drilling of Houston, Texas for completion of upgrades to the drillship Ocean Clipper, which returned to Galveston for the additional upgrades on August 16. "We're pleased that Diamond brought Ocean Clipper back to our yard for this project," said Francis Fair, FirstWave's executive vice president Galveston Operations. "FirstWave performed work on Clipper earlier this year, and we appreciate Diamond's confidence in us to provide additional services for the vessel."
FirstWave Granted Contract By Blessey Marine
FirstWave/Newpark Shipbuilding was awarded a contract by Blessey Marine Services of Hanrahan, La. for the construction of a 30,000-bbl capacity double-hulled tank barge. Measuring 298 x 54 x 13 ft. (90.8 x 16.4 x 3.9 m) the vessel will be built at FirstWave's Greens Bayou Facility for a June 2000 delivery. FirstWave was also granted a contract by Global Industries of Carlyss, La. for a scheduled drydocking and routine regulatory maintenance of the Small Water-plane Area Twin Hull (SWATH) vessel MV Pioneer at the company's East Pelican Island Facility in Galveston.
FirstWave/Newpark Shipbuilding Awarded Contract by GLM
FirstWave/Newpark Shipbuilding has been awarded a contract from Global Marine Drilling Company of Houston, Texas for final commissioning of drilling equipment and other miscellaneous completion work on the newbuild drillship Glomar Jack Ryan. The vessel left builder Harland & Wolff Shipyard in Belfast, Northern Ireland, on August 20 and is scheduled to arrive at FirstWave's East Pelican Island Facility in Galveston early September.
Conrad Adds to Management Team
Conrad Industries, Inc. the appointment of Terry T. Frickey as Vice President and Chief Operating Officer, effective immediately. Company’s four shipyards. Conrad’s President and Chief Executive Officer. and Chief Executive Officer. Bollinger Houston shipyard and Manager of Repair Operations for the LEEVAC Industries Repair Group. From 1991 to 1994 he was President of Service Marine Industries, Inc. Louisiana. Cecil A. Financial Officer will become Executive Vice-President and Chief Financial Officer. Additionally, Richard D. Allen has joined the Company as Assistant Operations Manager. to have Richard join our team,” said Mr. various capacities starting at welder/fitter, foreman, superintendent, Yard Manager, General Manager, V.P. of Operations and President.
Springsteel Joins Liquid Robotics as CFO
Liquid Robotics, an ocean data services provider and developer of the first wave-powered Wave Glider marine today announced that Steven R. Springsteel, former CEO of Chordiant Software Inc. and President/CFO of Verity, has joined the company as Chief Operating Officer (COO) and Chief Financial Officer (CFO). Reporting directly to Bill Vass, CEO and President of Liquid Robotics, Springsteel will be responsible for all business operations and financial matters. Furthermore, he is tasked with scaling the company, growing the data services business and expanding Liquid Robotics' strategic industry partnerships in the oil & gas, defense, and science markets worldwide.
FirstWave/Newpark Awarded Trio of Contracts
Providing ship repair, conversion, new construction and related services for barges and other vessels, FirstWave/Newpark Shipbuilding has garnered three new contracts. Pleiades Shipping Agents awarded the company for collision damage repair of 55,000-dwt vessel, MT Nestos. The ship, which sustained damage on its port side near the bow and just above the waterline, underwent repairs at the company's East Pelican Island facility. FirstWave has also been granted a contract by East Boston-based Sterling Equipment for the construction of two 140 x 40 ft. offshore deck barges scheduled for delivery in 1999. In addition, the company will also repair the mat on the Phoenix VI rig for Rio Grande Supply Company. The jack-up rig was loaded on heavy lift barge Boa 16, to make the repairs.
FirstWave/Newpark Awarded Contract Duo
FirstWave/Newpark Shipbuilding was granted two contracts from Marine Drilling Company. The Marine Rig 202 arrived from Singapore on June 26 for skirt repairs and replacement to the rig mat. The Marine Rig 201 - also from Singapore arrived at Newpark's East Pelican Island Facility June 28 for minor repairs and loadout.
Barge Built by FirstWave/Newpark
E.I. duPont de Nemours & Co., Inc. has received EIDC 13, the second of three identical barges being built for the company by FirstWave/Newpark Shipbuilding. The inland service, double-skin tank barge measures 230 x 42 x 12 ft., and has a capacity of 2,200 short tons of product. The barge is certified by the USCG and will be used to transport sulfuric acid, oleum or spent sulfuric acid. It has two cargo tanks wth an electric-driven Lewis four-in. acid pump, stainless steel piping and provisions for inclusion of a vapor control system at a later date. The vessel was designed by Shearer & Assoc., Inc. FirstWave/Newpark Shipbuilding is also constructing a 250 x 42 x 14 ft. inland service double-skin tank barge for E.I. duPont capable of carrying either virgin or spent sulfuric acid.
FirstWave/Newpark Awarded Repair Contract
FirstWave/Newpark Shipbuilding was granted a contract by Pride Offshore of Houma, La. for repair and maintenance of the jack-up drilling rig Pride Colorado. The rig, which arrived at the company's East Pelican Island facility in Galveston during mid-October, will be drydocked on a heavylift barge for inspection and repair, if required. Newpark has completed three successful dockings on lift barges in the past.
FirstWave/Newpark Awarded Trio Of Contracts
Providing ship repair, conversion, new construction and related services for barges and other vessels, FirstWave/Newpark Shipbuilding has garnered three new contracts. Pleiades Shipping Agents awarded the company for collision damage repair of the 55,000-dwt vessel, MT Nestos. The ship, which sustained damage on its port side near the bow and just above the waterline, underwent repairs at the company’s East Pelican Island facility.
FirstWave/Newpark Contracted for Drill Rig Upgrade
Schlumberger/Sedco Forex has contracted FirstWave/Newpark Shipbuilding for upgrades and maintenance work on the offshore semi-submersible drilling rig Bill Shoemaker. The rig was brought into Newpark Shipbuilding's East Pelican Island yard in Galveston, Texas in December 1998. The company provides repair, conversion, new construction and related services for barges, boats, ships, offshore rigs, and other vessels in the offshore and inland marine industries.
Canal Barge Order for FirstWave/Newpark
FirstWave/Newpark Shipbuilding has been awarded a contract by Canal Barge Company, Inc. of New Orleans, La. for the construction of 10 double skin tank barges. All 10 barges are scheduled for delivery in 1999.
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. Crest has further advised the company that it is seeking to establish new funding for the project. The contract, announced by the company in June 2002, involved the repair and conversion of a semi-submersible drilling rig Teknik Hidayat, formerly known as Pan Producer, to a self-erecting tender-assist rig.
Liquid Robotics, Schlumberger Form Oil & Gas Joint Venture
Liquid Robotics, Inc. and Schlumberger announced the creation of Liquid Robotics Oil & Gas, a joint venture to develop services for the oil and gas industry using Wave Gliders, the world’s first wave-powered, autonomous marine vehicles. The joint venture will combine Liquid Robotics Wave Glider technology with Schlumberger oil and gas expertise and industry knowledge to integrate and deploy new solutions for customers worldwide. Liquid Robotics and Schlumberger have equal ownership of the joint venture.
Wave Energy Converter Installed Off US Coast
Northwest Energy Innovations deploys first wave energy converter at National Marine Renewable Energy Center, off Oregon coast. After a multi-day installation operation, Northwest Energy Innovations (NWEI), a Portland-based company, has successfully installed a wave energy device off the coast of Newport, Oregon. The device, known as Wave Energy Technology-New Zealand (WET-NZ), is now deployed at the Northwest National Marine Renewable Energy Center’s (NNMREC) open ocean test facility.