Signet Buys Harvey Gulf's Towing Division
Harvey Gulf International Marine has sold its towing division to Signet Maritime Corporation. Through the deal, Signet will acquire eight offshore towing vessels (OTVs) ranging in size from 75 to 153 metric tons bollard pull. The sale will encompass all Harvey OTVs, spares, business and supplies. The transfer of OTV ownership was completed on May 15, 2014 in New Orleans, Louisiana with financing provided by Wells Fargo Equipment Finance as part of a $209 million syndicated financing facility.
Harvey Gulf Receives Court's Confirmation of Reorganization Plan
Harvey Gulf International Marine issues statement on status of Chapter 11 Reorganization. Today, the United States Bankruptcy Court, Southern District of Texas - Houston Division, confirmed the final Plan of Reorganization submitted by Harvey Gulf International Marine. The approval comes just 77 days following Harvey Gulf’s prepackaged filing, considerably faster than all previous Chapter 11 proceedings for vessel operators over the last five years. Following the hearing, Harvey Gulf CEO…
Harvey Gulf Announce $1 Billion Credit Facility
New Orleans based Harvey Gulf International Marine CEO Shane Guidry announced his company’s first public rating from Moody’s for a new $1 billion credit facility. Harvey Gulf CEO, Shane Guidry, said the rating will help increase the company’s EBDITA to over $500 million in 2016, through additional new builds and acquisitions. Moody's Investors Service assigned a first time corporate family rating (CFR) of B1 to HGIM Corp (Harvey), and a B1 rating to the company's proposed credit facility consisting of $250 million revolver and $750 million Term Loan B.
Harvey Gulf to Build America’s First LNG Bunkering Facilities
Harvey Gulf International Marine CEO, Shane Guidry, announced that Harvey Gulf has secured plans to construct and operate the first LNG marine fueling facility in the United States, to be located at its vessel facility in Port Fourchon, La. The fueling facility will be a vital addition to the growing national LNG supply infrastructure, supporting critical operations of the oil and gas industry’s offshore support vessel fleet operating on clean burning LNG. To support the development of the LNG fueling facility…
Wärtsilä to Provide Harvey Gulf Vessels Integrated Package
Wärtsilä has been awarded a contract by Eastern Shipbuilding Group, of Panama City, Florida to supply an integrated solution for a new multipurpose support vessel (MPSV) for Harvey Gulf International Marine of New Orleans. This offshore vessel is the first in a series of three MPSVs being built for Harvey Gulf. The Wärtsilä contract includes an option for the supply of equipment to the remaining two vessels of the series. Wärtsilä's scope of supply includes the engines, a turnkey installation of the Wärtsilä Control & Communication Centre (3C) integrated bridge…
Fourth LNG-powered OSV for Harvey Gulf
Harvey Gulf International Marine said it has accepted delivery of its fourth liquefied natural gas (LNG) powered offshore supply vessel (OSV). The M/V Harvey Freedom, built at Gulf Coast Shipyard Group in Gulfport, Miss. is 310’ x 64’ x 24.5’, U.S. Flagged Subchapter I and L, SOLAS compliant and capable of carrying 253,000 USG of fuel oil, 18,000 bbls of liquid mud, 1,600 bbls of methanol, 10,250ft3 of dry cement and 78,000 USG of LNG fuel. In addition to being powered by cleaner burning natural gas…
Jones Act MPSV Harvey Sub-Sea Delivered
Harvey Gulf International Marine has announced the delivery of the first of two, large capacity multipurpose support vessels (MPSV) scheduled for 2017 deliveries, enhancing the domestic Jones Act Fleet. This first vessel, the M/V Harvey Sub-Sea, is a Jones Act-qualified vessel that has the technical capabilities to efficiently, effectively and safely perform high quality field development activities that are currently being performed by a foreign fleet. As U.S. Customs & Border…
Gulf of Mexico is Ground Zero for the Jones Act
A vastly modernized U.S. offshore support fleet awaits the opportunity to perform Jones Act work in the U.S. Gulf of Mexico. Foreign operators, already here, predict disaster if a cabotage rule change takes effect. A change proposed by the US Customs and Border Protection (CBP) in its Customs Bulletin & Decision newsletter promises reversal of a 40-year practice that, until now, allowed the use of non-coastwise-qualified vessels in the transportation of pipeline repair material…
Harvey Gulf Grows Fleet, Inks Long-term Contracts
As vessel many vessel operators are stacking vessels and reducing fleet size, Harvey Gulf International Marine said it has signed four non-cancelable, long-term contracts for stacked vessels and has taken delivery of two new vessels, as well as redelivery of a vessel reconfigured for subsea services. Harvey Gulf announced the signing of long term contracts for the MPSV Harvey Intervention, 175' FSV Harvey Hustler, 180' FSV Harvey Runner and 220' FSV Harvey Express. These charters…
Harvey Gulf Closes Abdon Callais Offshore
New Orleans based Harvey Gulf International Marine, has announced the closing of its asset purchase of Abdon Callais Offshore, a deal worth $460 Million USD in cash, while simultaneously selling six of the older assets to Adriatic Marine for $72 Million USD. CEO Shane Guidry commented: "It's been a very busy year. Abdon Callais is the third company I have purchased in the last 12 months, adding 58 vessels to my fleet. Today, I have 14 vessels at 5 shipyards ranging in size from 220' to 340' in length under construction to meet our customer’s needs today and for the future.
Marine News Editor's Note, July 2015
This edition of MarineNews headlines the increasingly diverse articulated tug-barge (AT/B) units which are beginning to make up a large percentage of the domestic merchant fleet. Conventional, less expensive towed barges are much slower than the traditional ships they replaced. That’s one reason that ATB’s are here to stay. The demand for the now familiar AT/B grew out of the need for low cost, safe, reliable, and more rapid marine transportation. That story begins on page 23. It turns out that safety is important to just about everyone.
Market Snapshot: Offshore Outlook
Notwithstanding the recent surge in crude oil prices, it isn’t lost on anyone that the offshore oil exploration business is, and has been for some time, in the doldrums. In the U.S. Gulf, that pain can be seen through Chapter 11 filings and the sobering specter of vessel after vessel rolling off the shipyard ways and directly into cold iron layup. And, it doesn’t help that the shore-based shale drillers have not only found a way to drastically reduce their operating expenses, but also how to turn the valve off and on, seemingly at will, in response to market conditions.
Harvey Gulf Launches New Website
New Orleans based Harvey Gulf International Marine, has announced the launching of its completely remodeled corporate website: www.HARVEYGULF.com. The website has been updated to reflect the growth and presence of Harvey Gulf as one of the leaders in the U.S. oil and gas industry as well as being the leader in LNG powered offshore support vessels. Visitors to the website will be able to access detailed specification sheets for the fleet, information regarding the LNG vessels and LNG facility, Alaskan operations as well as information about Harvey’s continued commitment to safety and quality.
Harvey Gulf Acquires Bee Mar's Assets
Harvey Gulf International Marine’s CEO, Shane Guidry, announced that, on June 4, 2012, Harvey Gulf signed an agreement with Bee Mar, LLC to purchase all of Bee Mar’s vessels and assets. The purchase will include 10 Offshore Supply Vessels, which will increase Harvey Gulf’s fleet to a total of 32 vessels – with 24 deepwater, new generation Offshore Support Vessels and 8 deepwater towing vessels. Upon closing, Harvey Gulf will have operations in the U.S. Gulf of Mexico, Alaska, Mozambique Africa, Israel and Saudi Arabia.
Shell Trading, Harvey Gulf ink LNG Transport Contract
Harvey Gulf International Marine’s CEO Shane Guidry announced today the formation of new marine transportation company, Quality Liquefied Natural Gas Transport, LLC (“Q-LNG”), owned 70% by Shane Guidry and 30% by Harvey Gulf. Q-LNG will own and operate assets providing marine transportation of liquefied natural gas (“LNG”), a critical component of U.S. LNG infrastructure, commencing with a long-term contract with Shell Trading (U.S.) Company (“Shell”) to deliver LNG as a fuel source to various ports in Florida and the Caribbean. Mr.
Gulf Coast Shipyard Delivers MY Imagine
Gulf Coast Shipyard Group (GCSG) has delivered the Motor Yacht Imagine. The M.Y. Imagine, a Trinity built yacht, is a 193’x 32’x 14’6” custom designed semi-displacement aluminum hull and superstructure vessel that was constructed in GCSG’s yard located in New Orleans, Louisiana. The vessel meets the highest quality yacht standards in the world. It was designed by GCSG and is ABS classed for commercial yachting service. M.Y. Imagine is designed to accommodate 12 guests and a crew of 14 including a captain.
Wärtsilä to Equip US LNG Fueling Barge
Wärtsilä said it will provide a broad scope of products and solutions for a new articulated tug barge (ATB) that will be used to supply liquefied natural gas (LNG) fuel to cruise ships along the east coast of Florida, U.S. The 4,000 m3 capacity ATB is being built at the VT Halter Marine (VTHM) shipyard in Pascagoula, Miss. on behalf of Quality Liquefied Natural Gas Transport LLC (Q-LNG). When delivered, the vessel will be on a long-term charter with Shell Oil Co. The barge will be fitted with a Wärtsilä LNG cargo storage, handling and control system.
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.
Harvey Gulf Wins Charters & Orders Drydock
Harvey Gulf Awarded Four Long Term OSV Charters and Orders 9,000 Long Ton Drydock. Today, Harvey Gulf International Marine announced that it has signed long term charters for 3 of its LNG powered Offshore Supply Vessels, making Harvey Gulf the first company to build and contract Liquefied Natural Gas powered Offshore Support Vessels for Deepwater Exploration and Production in America. The HARVEY ENERGY, HARVEY POWER and HARVEY LIBERTY will begin providing deepwater OSV services immediately upon delivery in 2013 and 2014.
Harvey Gulf Breaks Ground with LNG Facility
Louisiana out in front on LNG bunkering infrastructure. New Orleans-based Harvey Gulf International Marine (HGIM) has announced the ground breaking of construction on its $25 million Phase 1, Slip B, LNG (Liquefied Natural Gas) fueling facility at their Port Fourchon, LA terminal. When operational later this year, HGIM’s LNG facility will be the first of its kind in the United States. This technologically-advanced, environmentally-safe, clean energy facility will be a vital addition to the growing national LNG supply infrastructure…
Harvey Gulf Buys 9 Bee Mar OSV's & to Stretch 5
Harvey Gulf International Marine closes its asset purchase purchase deal with Bee Mar LLC. The purchase price for the all-cash sale of Bee Mar's nine Offshore Supply Vessels was US$243-million. Harvey Gulf immediately renamed the vessels consistent with other Harvey Gulf vessels and began seeking bids to stretch 5 of the new vessels to meet 250’ OSV class specifications. Harvey Gulf also announced that it has exercised 2 of its 4 options to construct additional LNG OSV's at TY Offshore and added 2 additional options, which will eventually bring Harvey's new build LNG OSV's fleet to 10 vessels.
Harvey Gulf Files for Chapter 11 Bankruptcy
Louisiana-based Harvey Gulf International Marine LLC, which has more than 50 vessels in its fleet and supplies offshore oil rigs among other services, filed for Chapter 11 bankruptcy in Houston. Harvey Gulf did not immediately respond to requests for comment. The company said in court papers it had more than $1 billion in debt and has an agreement with lenders to reduce what the company owes. In return lenders would receive the equity in the company when it exits bankruptcy. Other creditors such as suppliers will be paid in full.
Harvey Gulf's Guidry Remains Confident as Bankruptcy Plays Out
In a March 10th E-mail to customers and media alike, Guidry charts the course ahead. In a terse E-mailed letter addressed to 'Valued Harvey Gulf Customers,' the U.S. flag offshore energy support CEO this weekend said, "I am pleased to report that the Bankruptcy Court has granted all of the first day relief requested by Harvey Gulf in our Chapter 11 proceedings. The letter continued, "Among the most significant relief granted was that Harvey Gulf is authorized to pay our all of our vendors in full and in our normal course of business.