Optimarin H1 Revenues Soar as BWMS Market Picks Up
Ballast water treatment (BWT) specialist Optimarin reports positive developments in the market today, with the first six months of 2019 showing a year-on-year doubling of revenues, orders and a substantial increase in EBITDA. The Norwegian-headquartered company, has recorded increased business activity in key shipping areas such as North West Europe, South East Asia and the Mediterranean, while segments such as offshore are showing signs of recovery. “It’s a multi-faceted picture…
Market in Focus: Offshore Services Vessels
Newbuild MarketUnsurprisingly, across the offshore sectors, newbuild orders have been scarce to none. Oversupply is still a major problem for the industry and due to slippage, ordering vessels now would be counterproductive. Why order brand new vessels from a yard and wait several years for these to be delivered, when you can purchase readily available cheap tonnage direct from the yards ready to go?Source: Vessels ValueSale and purchaseIt has been a bumper year for sale and purchase activity within the OSV and OCV sectors…
Report: The U.S. Marine Market
A ‘work in progress,’ the North American brown water, shallow draft sectors have experienced a tumultuous year of evolution, changing market conditions, a rapidly shifting regulatory environment and new opportunities. Anything but boring; and within the pages of Maritime Reporter’ & Engineering News’ Annual Yearbook, Joseph Keefe, editor of sister-publication MarineNews, takes a deep dive into the issues driving the domestic waterfront.Workboat EmissionsMore than one year ago, Volkswagon learned the ultimate (and painful) meaning of the iconic U.S.
OSV Market: Which Way is Up?
Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipment…
Optimarin Sees Early Order Surge in 2019
In the quarter of a century since its formation in 1994, ballast water treatment (BWT) specialist Optimarin has never experienced a year quite like 2018.The Norwegian headquartered firm has revealed that the previous 12 months saw it sell more than 100 systems and achieve record revenues. However, according to company CEO Tore Andersen, 2019 is already shaping up to set a new standard, with the orderbook currently five times the size it was at this point in 2018. Revenues, he says…
Royal Caribbean Selects Optimarin BWMS for Three Ships
Royal Caribbean International chose Optimarin to provide its USCG compliant Optimarin Ballast System (OBS) for three flagship vessels. Optimarin has now retrofitted its BWMS tech on Independence of the Seas and Mariner of the Seas, with installation on Grandeur of the Seas set for Q1 2019.Optimarin has now sold approximately 700 OBS units, with more than 500 installed and operational, of which approximately 250 are retrofits.Alongside full IMO and USCG compliance, OBS has certification from a comprehensive range of classification organizations, including ABS, BV, DNV-GL, LR & MLIT Japan.
The Top 10 Maritime Stories for 2018
Choosing the ‘top stories of 2018’ was, this year, a difficult task. Many compelling story threads played out, dramatically impacting the North American waterfront, and in particular, the workboat sector – each in their own unique way. Read on to find out how and why.Autonomous Vessels: Ready or Not, Here They ComeFuturistic, remote-controlled autonomous marine vehicles aren’t coming. They are here. As the pace of change quickens, autonomous vessels are already providing service and value on the water.
Optimarin to Supply Seven OBS to Fednav
Optimarin signed a contract to supply seven of its USCG-approved Optimarin Ballast Systems (OBS) to Fednav, Canada's largest ocean-going dry-bulk shipowning and chartering group. Five of the units will be fitted on existing vessels within the 63-strong Fednav fleet, with two deliveries set for newbuilds. The order comes on top of agreements for five units made last year, signaling a growing relationship between the two market leaders.With recent orders for multiple systems from Höegh Autoliners…
Tidewater & GulfMark Consolidation Creates Largest OSV Fleet
VesselsValue's Head of Offshore Charlie Hockless weighs in on the merger between Tidewater and GulfMark."The consolidation between GulfMark and Tidewater is a positive for the market. With Tidewater’s steadfast and unyielding attitude towards the scrapping of non-performing vessels, this is a good chance for the market to reduce some of its oversupply. Hopefully with this new entity taking the lead, other market players might follow suit," said Hockless.Hockless continues, "It…
Tidewater Chooses UniSea
UniSea AS, a software developer and consultancy specializing in solutions for the shipping industry, has been selected by Tidewater Inc. as its partner in the digitalizing and standardizing of Tidewater’s business processes related to health, safety, environment and quality (HSEQ) and operations. The UniSea software suite will be implemented on all Tidewater vessels and in all offices in one of the largest contract’s in UniSea’s 21-year history.Tidewater Inc., headquartered in Houston…
Cautious Consolidation for OSV Companies Brings Market Change
Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.
Tidewater, Gulfmark Announce Filing of Definitive Proxy Statement
Parties say transaction could close on or about November 15, 2018.Offshore services providers Tidewater and GulfMark Offshore announced today the filing of the joint definitive proxy statement and prospectus with the U.S. Securities and Exchange Commission (SEC) regarding the pending business combination pursuant to which Tidewater has agreed to acquire all of GulfMark's outstanding shares in a stock for stock exchange. Both companies’ Boards of Directors continue to unanimously…
INSIGHTS: John Rynd / President , CEO and Director, Tidewater Inc.
Mr. John Rynd graduated from Texas A&M University with a Bachelor of Arts degree in Economics. He previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016. Prior to his time with Hercules, Mr. Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies. Beyond this, Mr.
Offshore Optimism is Cautiously on the Rise
Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…
Gulfmark Must Choose: Size or Specialty
Coming hot off the heels of July's announcement of a merger deal between offshore services firms Tidewater and Gulfmark, rival Harvey Gulf offered its $836 million fleet in a competing deal to merge with Gulfmark.Now Gulfmark is left to weigh its options.“With a combined fleet size of 274 vessels, a merger between GulfMark and Tidewater would lead to one of the largest OSV fleets in terms of overall size with an average age 10.7 years old,” said Matthew Freeman, VesselsValue Director.
Harvey Gulf Proposes Merger with GulfMark
New York listed offshore services provider GulfMark Offshore, Inc. said it is reviewing an unsolicited merger proposal from rival HGIM Corp. (Harvey Gulf), just weeks after entering a definitive agreement to merge with larger rival Tidewater Inc.Harvey Gulf’s nonbinding competing offer submitted August 1 proposes that it be acquired by GulfMark and the combined company remain publicly listed. GulfMark common stockholders would own 41.2 percent and Harvey stockholders would own 58.8 percent of the combined company…
Tidewater and GulfMark Announce Merger
Tidewater Inc. and GulfMark Offshore, Inc. announced Monday that the boards of directors of both companies have unanimously approved a definitive agreement to combine the two companies, creating the industry’s largest owner of offshore support vessels and continuing consolidation in the offshore sector.The combined company will be operated under the Tidewater brand and will be led by Tidewater president and CEO John Rynd, with the industry’s largest fleet and the broadest global operating footprint in the OSV sector…
BWT Market is Accelerating - Optimarin
Positive developments in the ballast water treatment (BWT) are reflected by a recent surge in new business orders and revenues, says BWT specialist Optimarin.The Norwegian headquartered firm, which has now sold close to 600 of its USCG-approved Optimarin Ballast Systems (OBS), says it has shattered its initial growth forecasts for the year to date, with both orders and income up by over 50 percent year-on-year.“2017 was our best ever year in business, so we honestly didn’t expect to outperform last year’s figures so comprehensively,” states Optimarin CEO Tore Andersen.
OSV Scrapping Rates Up 153% YTD
As the severity of the offshore energy downturn has increased and the likelihood of older vessels returning to work begins to diminish, owners have slowly come round to the importance of scrapping these vessels. According to VesselsValue, U.S. owners might be leading the way.According to VesselsValue, an online valuation and market intelligence service for the maritime and offshore sectors, in this current period of downturn, critics of offshore shipowners will say that owners have been guilty of not scrapping older tonnage in order to maintain a young and advanced fleet.
Darling, Parker join Tidewater
Tidewater has strengthened its management team with the appointments of David Darling as VP and Chief Human Resources Officer and Mark Parker as Vice President, Corporate Taxation. Darling joins Tidewater with over 24 years of domestic and international human resources experience, most recently as Senior Vice President and Chief Human Resources Officer for Gulfmark Offshore, Inc., where he was the Human Resource Director since 2007. Prior to Gulfmark, he served in executive human resources roles with Rigdon Marine and a subsidiary of Ford Motor Company. Darling has additional offshore vessel industry experience as a Vessel Master and Operations Manager.
Rubio Named CFO of GulfMark Offshore
GulfMark Offshore announced that Samuel "Sam" R. Rubio will be promoted to the position of Chief Financial Officer upon completion of the filing of the company’s Form 10-K. Rubio will replace James "Jay" M. Mitchell, who will transition his responsibilities to Rubio over the next several weeks. Rubio joined GulfMark in 2005 and became Vice President – Controller and Chief Accounting Officer in 2008 and was promoted to Senior Vice President – Controller and Chief Accounting Officer in 2012.
Driver-less Ships: Autonomy in the Maritime Sector
In a show of prototypes, a pod of unmanned sailboats from around the world competes to cross “The Atlantic” test tank in Horten, Norway. Cross the real ocean, and the Sail Bots race similarly challenges scholarly robotic-vessel designers to North America for a bit of station-keeping, collision-avoidance and “cargo moves”. For all, the future seems bright — the first commercial runs of unmanned vessels are underway or scheduled worldwide. These earliest movers have the support of governments, Google and grateful clients.
GoM Stakeholders Energized Despite Lingering Oil Bust
Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.