Harvey Gulf Emerges From Chapter 11 Proceedings
Harvey Gulf International Marine announced that it has completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings. This marks the completion of the Plan of Reorganization approved by the bankruptcy court, 77 days following Harvey Gulf’s prepackaged filing. Under the reorganization, Harvey Gulf has shed approximately $1 Billion in debt and emerges with a dramatically de-leveraged balance sheet. Additionally, the Company has kept its commitments to its trade vendors, paying all unsecured claims in full.
Harvey Gulf to Reflag Some Assets as it Expands International Reach
Harvey Gulf International Marine has confirmed that it is going global with the reflagging of both Offshore Supply and Fast Supply Vessels to facilitate work in Mexico.Harvey will open additional offices in Mexico through its affiliate, Harvey Gulf International Marine de Mexico S.A.P.I. de C.V. Harvey will also establish itself in Trinidad and Guyana by opening offices and redeploying shore base personnel and vessels to those areas.Harvey will certify vessels for operation under Mexican flags to ensure its customers can receive Harvey service levels for their expanding Mexico operations.
Q-LNG, VTHM Execute LOI for Another LNG Bunkering Vessel
Quality Liquefied Natural Gas Transport, LLC (“Q-LNG”) announced its further commitment to support the cruise line industry and its liquefied natural gas (“LNG”) marine fueling needs by executing a letter of intent (“LOI”) with VT Halter Marine, Inc. (“VT Halter”) to construct an 8,000m3 LNG Bunkering Vessel on speculation.CEO, Shane Guidry, commented, “With the past and recent announcements by major cruise lines to build and deliver LNG powered cruise ships to the U.S. market…
LNG Bunker Barge Completes Trials
Harvey Gulf announced the successful completion of liquefied natural gas (LNG) trials for the Conrad-built 2,200 cubic meter bunkering barge, Clean Jacksonville, using Harvey Gulf’s LNG Bunkering Facility in Port Fourchon, La.The box shaped barge arrived 15 days ago to the Harvey Gulf LNG terminal where Harvey’s LNG staff developed terminal specific procedures for review and approval by USCG. These procedures outlined the safe and efficient means of loading and receiving LNG for the trials on the bunker barge.
Harvey Gulf Announces New BoD
Harvey Gulf International Marine’s parent, HGIM Corp., has announced the appointment of a new Board of Directors to serve following the company’s emergence from Chapter 11 proceedings.The seven member Board includes two current members remaining on the Board and five new members, each with expertise in individual areas particularly suited to support the company’s operation and development and collectively, creating a leadership platform that will enable Harvey Gulf to adjust and thrive in an ever-changing market. Shane Guidry. Mr.
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…
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…
Driving the Inland Waterways
Propulsion evolves, improves and powers forward in the inland markets. And, Z-Drive propulsion is the future. In a white paper released late in 2014 by The Shearer Group, Ed Shearer and Greg Beers outlined The Next Generation of inland vessels, what will drive design changes and the advantages of azimuthing stern drives – or ‘Z-Drives,’ for short. The authors point out that, until recently, towboats on all the inland waterways and Gulf Coast have traditionally been built using main engines connected to reduction gearboxes connected to long drive shafts passing through the towboat hull.
N.America's First LNG Marine Fuel Terminal Opens
Harvey Gulf announced the opening of the first marine LNG fueling terminal in North America. Less than a year after the delivery of the M/V Harvey Energy, America’s first LNG-powered vessel, Harvey Gulf accomplished another first when it completed a successful LNG bunkering of the Energy from the newly constructed LNG terminal facility at its operation base in Port Fourchon, La. The bunkering included the transfer of 43,000 gallons of LNG in approximately 2.25 hours without incident.
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…
Shell Deploys Third LNG-powered OSV
Shell Offshore Inc. today marked the delivery of the third liquefied natural gas (LNG) powered offshore supply vessel (OSV) in Port Fourchon, La. The new vessel, Harvey Liberty, chartered from specialist company Harvey Gulf International Marine, will join sister ships, Harvey Energy and Harvey Power, and support Shell’s deepwater operations in the Gulf of Mexico. “This is an important milestone for Shell and Harvey Gulf,” said Tahir Faruqui, Shell’s General Manager LNG North America.
Billy Smith Rejoins Trinity Yachts
William S. Smith III (Billy) has been named Chief Operating Officer (COO) of Trinity Yachts effective immediately. The announcement was made today by Shane Guidry, president and CEO of Harvey Gulf International Marine. Smith previously served as vice president of sales and marketing at Trinity Yachts and Gulf Coast Shipyard Group (GCSG), a position which was eliminated upon the purchase of the companies by Harvey Gulf on June 25, 2015. Smith is a founding member and current board member of the Superyacht Builders Association (SYBAss)…
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.
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.
GCSG Delivers Harvey Power
Gulf Coast Shipyard Group (GCSG) has delivered Harvey Power, the second LNG vessel operating in the United States—for Shell Upstream America’s deep water operations in the Gulf of Mexico—is fully in service. She is the second of six LNG OSVs being built for Harvey Gulf International Marine, and like her sistership Harvey Energy, Harvey Power is capable of operating on LNG or diesel fuel. Along with being able to operate on LNG, she also meets the strident criteria of the ABS Enviro+, Green Passport notation.
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.