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Saturday, January 20, 2018

Hvide Marine Towing News

Hvide Marine Certified For Safety

Hvide Marine's subsidiary, Hvide Marine Towing, has been granted certification in the American Waterways' Operators' (AWO) Responsible Carrier Program. RCP is a voluntary program outlining strict standard of conduct and compliance for the towing and barge industry, addressing quality and safety systems for operations and management. Certified since 1997, Hvide Marine Towing's certification verifies the harbor and offshore towing company's continued compliance with the safety standards outlined by the RCP Code.

Hvide Marine Struggles to Return to Black

Hvide Marine Incorporated reported a net loss of $20.1 million or on revenues of $86 million for the quarter ended September 30, 1999. In the year-earlier period, the company had net income of $3.9 million on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999, of Lightship Tankers, LLC, a 50.75 percent-owned subsidiary, which was previously accounted for under the equity method. On an operating basis (results from operations before interest and taxes), the company had an operating loss of $6.2 million during the 1999 quarter versus operating income of $19.0 million in the 1998 quarter.

J. Erik Hvide Steps Down From Helm At Hvide Marine

On June 2, J. Erik Hvide, chairman and CEO of Hvide Marine has decided to step down from his position effective immediately. Hvide's decision, formally stated at Hvide Marine's Board of Directors meeting was furthered by two factors - Mr. Hvide's own personal reasons and the company's declining profits. Hvide, who has been with the company that bears his name for the past 29 years, took the small-family-owned operation started by his father, Hans J. Hvide in 1958, to a leading international provider of marine support and transportation services. The former head executive was a key player in crossing Hvide Marine over to a publicly-traded company in 1996, as well as skyrocketing the company's profits from $40 million to $400 million over the past five years.

J. Erik Hvide Steps Down

J. Erik Hvide Steps Down Hvide Marine named Jean Fitzgerald chairman, president and chief executive officer, replacing J. Erik Hvide, who resigned for personal reasons. Hvide will remain a member of the board of directors, the company said. Fitzgerald, 73, has been a director of the company since 1994. He will take up his position immediately, it said. Hvide, 50, steps down from active duty after 29 years of service with the company, which was founded by his father, Hans Hvide, in 1958.

Seabulk International: The Metamorphosis Continues

Over four decades ago, Hans J. Hvide and three partners formed Port Everglades Towing Company, the predecessor company of Hvide Marine, started with two harbor tugs. Under Hvide’s leadership, Port Everglades Towing expanded rapidly, eventually forming the three major business segments—Offshore Energy Support, Offshore & Harbor Towing, and Marine Transportation—of Hvide Marine Incorporated (HMI). Today, the company has grown into a worldwide enterprise, publicly traded on the Nasdaq stock exchange, with a fleet of nearly 240 vessels, more than 2,000 employees worldwide, and annual revenue exceeding $320 million. However, the past three years have been anything but smooth sailing for Hvide Marine.

Hvide Files Reorganization Plan

Hvide Marine, Inc. has filed a proposed Plan of Reorganization that, if confirmed, would deleverage its balance sheet, restore liquidity and enhance the Company's competitive position in the marketplace. The Plan is a result from discussions with the Official Committee of Unsecured Creditors appointed in Hvide's Chapter 11 case, including representatives of the holders of about 63 percent of the company's $300 million of 8 3/8 percent senior notes would exchange their Senior Notes for 9,800,000 shares of common stock of the reorganized Hvide Marine, representing 98 percent of the new common equity. Holders of the Trust Convertible Preferred Securities would receive 200…

Hvide Marine Files Reorganization Plan

Hvide Marine Incorporated has filed a proposed Plan of Reorganization, which - if confirmed - would deleverage its balance sheet, restore liquidity, and enhance the company's competitive position in the marketplace. The plan results from discussions with the Official Committee of Unsecured Creditors appointed in Hvide's Chapter 11 case, including representatives of the holders of approximately 63 percent of Hvide Marine's $300 million of 8.375 percent Senior Notes and nearly 50 percent of its outstanding Trust Convertible Preferred Securities. Under the plan, holders of the company's 8.375 percent Senior Notes would exchange their Senior Notes for 9…

Hvide Marine Creditors And Shareholders To Vote On Plan

Hvide Marine Inc. announced approval by the United States Bankruptcy Court for the District of Delaware of the Disclosure Statement regarding the company's proposed Plan of Reorganization. The Plan, which was filed on Oct. 1 and amended on Nov. 1, has the support of the Official Committee of Unsecured Creditors in Hvide's Chapter 11 case, including representatives of the holders of approximately 63% of Hvide Marine's $300 million of 8 3/8 percent Senior Notes and nearly 50 percent of its outstanding Trust Convertible Preferred Securities. "The decision by the Court allows us to proceed with the solicitation of votes on the Plan of Reorganization," commented Jean Fitzgerald, Chairman, President and CEO.

Hvide Christens Fourth Lightship Tanker

Hvide Marine Inc. christened HMI Ambrose Channel, the first all-new petro-chemical carrier built in the U.S. in nearly two decades and the fourth in a series of five double-hull lightship tankers being built for Hvide by Newport News Shipbuilding under the Double Eagle program. The christening ceremony took place at Newport News Shipbuilding in Newport News, Va. Named after the USCG lightship which formerly stood watch at the entrance to New York Harbor, HMI Ambrose Channel is jointly owned by wholly owned subsidiaries of Hvide and Newport News. She will be operated by Hvide Marine and marketed through Hvide's Ocean Specialty Tankers Corporation subsidiary in Houston.

Hvide Christens Fourth Lightship Tanker

Hvide Marine Inc. christened HMI Ambrose Channel, the first all-new petro-chemical carrier built in the U.S. in nearly two decades and the fourth in a series of five double-hull lightship tankers being built for Hvide by Newport News Shipbuilding under the Double Eagle program. The christening ceremony took place at Newport News Shipbuilding in Newport News, Va. Named after the USCG lightship which formerly stood watch at the entrance to New York Harbor, HMI Ambrose Channel is jointly owned by wholly owned subsidiaries of Hvide and Newport News. She will be operated by Hvide Marine and marketed through Hvide's Ocean Specialty Tankers Corporation subsidiary in Houston.

Kurz Joins Hvide As CEO

In the latest of various corporate changes that have occurred at Fort Lauderdale, Fla.-based Hvide Marine, the company has elected Gerhard E. Kurz as CEO and a member of its Board of Directors. He replaces James J. Gaffney, who had been serving as interim chairman and will now hold the position of non-executive chairman of the board. Jean Fitzgerald, who managed to bring Hvide to new levels by taking the fledgling company out of Chapter 11 bankruptcy, took on Hvide's reins as chairman and CEO following the resignation of longtime CEO, Erik Hvide last year. Fitzgerald, who recently underwent successful heart surgery, will continue to serve Hvide as a consultant and member of its Board.

Halter Begins Construction of Three Second Generation Hvide SDM

Halter Marine, Inc. has begun construction of three second generation Ship Docking Modules (SDM) at its Lockport, La. shipyard for Hvide Marine, Inc. The new tugs, designated SDM Mark II, follow the three original Halter-built SDMs, New River, St. Johns and Escambia. Two of the new vessels, Suwanee River and Peace River, are scheduled for delivery in 1999, and Kissimmee River, the third Mark II, will be delivered in 2000. The patented, double-ended 90 x 50 ft. SDM design, which requires only two crew members to operate, was conceived by Erik Hvide, chairman and president of Hvide Marine and refined by the Elliot Bay Design Group, Seattle, Wash. The design is critical to maneuvering large ships in and out of narrow ports and harbors.

Hvide CEO Hospitalized

Hvide Marine Inc. chairman and CEO Jean Fitzgerald has been hospitalized with a heart condition and was to undergo surgery Monday. Hvide, which provides marine support and transportation services, said Fitzgerald will be out of the office for at least four to six weeks. During his absence, president and COO Eugene Sweeney will assume responsibility for day-to-day operations and board member James Gaffney will serve as interim chairman.

Hvide Marine Announces Second Quarter Results

Hvide Marine Incorporated, Fort Lauderdale, Fla., reported a net loss of $23.7 million for the quarter ended June 30, 1999. These results reflect a loss of $14.1 million on the sale of assets. Last year, Hvide held a net income of $9.5 million. Revenues of $78.3 million for the 1999 quarter were down 28 percent from the previous year's figure of $109.3 million, which reflects the falloff in day rates and utilization for the company's fleet of offshore energy support vessels.

HMI Ambrose Channel Makes First New York Harbor Call

Hvide Marine Inc. announced the first visit of HMI Ambrose Channel, named for the USCG lightship that formerly stood watch at the entrance of New York Harbor, to the Port of New York and New Jersey. The vessel, one of the first all-new petrochemical carriers built in the U.S. in nearly two decades, passed through its namesake, the Ambrose Channel, on its way to Stapleton Anchorage. Under the command of veteran Hvide Marine Captain Dave Johnson, the tanker delivered 155,000 barrels of diesel oil from a refinery in Baton Rouge, La. Delivered in January 1999, the vessel complied with the mandate of Congress and the American people to build double-hull tankships to transport petroleum and chemical products in U. S. waters in the safest manner possible.

Hvide Marine Elects New General Counsel

Hvide Marine has appointed Alan R. Twaits as senior vice president, general counsel and secretary with responsibility for all legal activities of the company, its subsidiaries and affiliates. Twaits replaces Ronald J. Bjelland, who was appointed earlier this year and has since left the company due to health reasons. Prior to joining Hvide, Twaits was senior vice president, general counsel and secretary at Premier Cruise Lines. He has also held positions with Carnival Corp., Trusthouse Forte and Crowley Maritime Corp. As Hvide's general counsel, Twaits will have a significant role in installing and monitoring the company's Maritime Compliance Program.

Port Everglades Towing Celebrates 43 Years of Service

Port Everglades Towing in January celebrated its 43rd year of service to Port Everglades and Broward County. The company is a division of Hvide Marine, Inc., which was recently renamed Seabulk International, Inc. Founded on Jan. 23, 1958 by the late Hans Hvide and three partners, Port Everglades Towing began its franchised operation with two tugs. At the time, there were fewer than a thousand ship calls a year (fewer than three a day) at Port Everglades, and the port's annual revenues had just topped $1 million. Today, by comparison, Port Everglades receives nearly 6,000 ship calls a year (about 16 a day); has annual revenues of more than $75 million, and services nearly three million cruise passengers annually.

Tugz Florida Franchise Is Pending

Following months of intense scrutiny, financial due diligence, background checks and equipment review, Ronald C. Rasmus, president of TUGZ International, LLC, is confident his firm meets or exceeds all requirements for securing a franchise permit to provide tugboat and towing services at Port Everglades, Fla. If the franchise is awarded, TUGZ will be the first tug company to compete against Hvide Marine at the Fort Lauderdale port, one of the busiest ports on the eastern seaboard. "Despite its size as Florida's largest port and 5,809 ship calls a year, Port Everglades remains the only major, diversified port in the United States that limits its tug service, by government franchise, to a single tug company," says Mr. Rasmus.

Hvide Marine Announces 4Q and Full Year Results

Hvide Marine Inc. reported net income in the fourth Quarter ended December 31, 1998 totaled $1.9 million, compared with $9.8 million in the year-earlier period. Revenues for the quarter grew to $105.9 million from $67.4 million a year ago, as a result of increases in fleet size. For the full year, income before an extraordinary item totaled $22.5 million versus $27.6 million before an extraordinary item in 1997. After a loss related to the early extinguishment of debt, net income in 1998 was $21.7 million compared with $25.5 million in 1997. Revenues of $401.9 million in 1998 were up from $210.9 million in 1997, reflecting the growth in the company's fleet from 220 vessels to 282 vessels.

Tugz Florida Franchise Is Pending

Following months of intense scrutiny, financial due diligence, background checks and equipment review, Ronald C. Rasmus, president of TUGZ International, LLC, is confident his firm meets or exceeds all requirements for securing a franchise permit to provide tugboat and towing services at Port Everglades, Fla. If the franchise is awarded, TUGZ will be the first tug company to compete against Hvide Marine at the Fort Lauderdale port, one of the busiest ports on the eastern seaboard. "Despite its size as Florida's largest port and 5,809 ship calls a year, Port Everglades remains the only major, diversified port in the United States that limits its tug service, by government franchise, to a single tug company," says Mr. Rasmus.

Tugz Florida Franchise Is Pending

Following months of intense scrutiny, financial due diligence, background checks and equipment review, Ronald C. Rasmus, president of TUGZ International, LLC, is confident his firm meets or exceeds all requirements for securing a franchise permit to provide tugboat and towing services at Port Everglades, Fla. If the franchise is awarded, TUGZ will be the first tug company to compete against Hvide Marine at the Fort Lauderdale port, one of the busiest ports on the eastern seaboard. "Despite its size as Florida's largest port and 5,809 ship calls a year, Port Everglades remains the only major, diversified port in the United States that limits its tug service, by government franchise, to a single tug company," says Mr. Rasmus.

Hvide Marine Files Voluntary Chapter 11

Hvide Marine Inc. has submitted a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. This filing allows Hvide to operate its businesses in a regular fashion under court protection with adequate funding, while it continues discussions with representatives of specific major creditors and others on a restructuring plan that would deleverage its balance sheet, restore liquidity and enhance its competitive ability in the marketplace. To ensure liquidity throughout this period of reorganization, the company has secured a new $60 million debtor-in-possession (DIP) credit facility from its current bank syndicate, led by Citibank and BankBoston. The company expects to break off from Chapter 11 later this year or in early 2000.

Hvide Marine Sells Six Vessels to Tidewater

Hvide Marine Inc. signed an agreement in principle with Tidewater Inc. for the sale of six offshore support vessels for $22 million. The price includes the assumption by Tidewater of Hvide's remaining obligations for the cost of construction of three of the vessels that have not yet been delivered. The transaction, which has been approved by the Board of Directors of both companies, is subject to customary conditions, including the negotiation of definitive agreements, and is expected to close in early July. The six vessels being sold to Tidewater are part of the company's Seabulk Offshore fleet and include three vessels currently in operation - one 205-ft. platform supply vessel and two tractor tugs - and three 152-ft crewboats currently under construction.

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