United Defense Completes Acquisition of United States Marine Repair
United Defense Industries announced that it has completed its acquisition of United States Marine Repair, Inc. for $316 million to expand its services for the U.S. Navy. United Defense financed the acquisition by amending its existing credit facility to borrow an additional $300 million, and using cash on hand for the balance. "This acquisition expands our vital mission to support the U.S. Navy with superior technology and services. It's also a strategic growth platform because Naval ship modernization is a national defense priority," said United Defense President and Chief Executive Officer Tom Rabaut. Rabaut reiterated that he expects the acquisition to be accretive to earnings in the second half of 2002 in the range of approximately 5 to 10 percent annually.
US Marine Repair Joins Lockheed Martin LCS Team
The Lockheed Martin LCS Team is adding United States Marine Repair to its group of core teammates supporting the Sea Blade LCS solution. Using an open business model, the Lockheed Martin LCS Team is recruiting "best of breed" technical specialists from the U.S. and overseas in its bid to win this important transformational Navy program. "A key focus of Lockheed Martin's LCS proposal is to find the best companies, in the U.S. and abroad, to deliver to the Navy the most affordable and effective ship possible," said Fred Moosally, president of Lockheed Martin's Naval Electronics & Surveillance Systems. "Our team is harnessing world class expertise in a wide range of disciplines. United States Marine Repair provides ship repair and logistics services experience to the team.
USMR Will Acquire PACSHIP
United States Marine Repair Inc. (USMR), one of the U.S.' largest non-nuclear ship repair, modernization and conversion companies, has agreed to acquire Pacific Ship Repair and Fabrication (PACSHIP) with headquarters in San Diego, Calif. and additional facilities in the Puget Sound, Wash. area. The acquisition of PACSHIP, with annual revenues between $25 million and $35 million, gives USMR a 65 percent share of all the non-nuclear aircraft carrier repair work in San Diego. Additionally, the acquisition will position USMR with people and facilities to assist the Navy in performing non-nuclear work in the Navy's homeport in Puget Sound.
United States Marine Repair Promotes Dickinson
B. Edward Ewing, CEO of Norfolk-based United States Marine Repair (USMR), the largest non-nuclear ship repair, modernization and conversion company in the U.S., announced that Monty Dickinson will head USMR's West and Gulf Coast Shipyards. Dickinson joined USMR last January as president and general manager of the company's San Diego-based shipyard, Southwest Marine. In addition to managing that yard, Dickinson will spearhead leadership and operations of SWM's San Pedro, Calif. and Ingleside, Texas shipyards and San Francisco Drydock in the Bay area. Previously COO Alexander J. Krekich managed all shipyard operations. Under the new structure…
The contract started with 11 new Snorkel TB 60 telescoping booms that were shipped directly from the factory to Norshipco. The TB 60's have 500 lbs. unrestricted platform capacity, 66-ft. working height and 50-ft. horizontal reach capability. They are driveable at full height and use fully proportional ramp-on controls for boom lift, swing and drive. Norshipco is a division of United States Marine Repair, the largest non-nuclear ship repair company in the U.S. The company specializes in conversion, overhaul, modernization and maintenance of government and commercial ships and has the largest non-nuclear shipyard on the East Coast. Recently…
United Defense to Acquire United States Marine Repair
United Defense Industries announced that it has agreed to acquire closely held United States Marine Repair, Inc., a provider of non-nuclear ship repair, modernization, overhaul and conversion services to the United States Navy, for $316 million. Based in Norfolk, Va., United States Marine Repair serves defense and commercial customers at six strategically located ship repair operations in the major ports of Norfolk, Va.; San Diego, San Francisco and San Pedro, Calif.; Pearl Harbor, Hawaii; and Ingleside, Texas. In addition to the company's primary customer, the U.S. Navy, its current customers include the Military Sealift Command, the U.S. Army, the Maritime Administration, the U.S. Coast Guard, and commercial cruise lines such as Holland-America and Royal Caribbean.
USMR Files Registration Statement For Initial Public Offering
United States Marine Repair, Inc. (USMR) announced that it filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock. The shares will be offered by an underwriting group led by Lehman Brothers Inc., Credit Suisse First Boston Corporation, Bear, Stearns & Co. Inc. and Credit Lyonnais Securities (USA) Inc.
Camacho Returns to His Roots
December 7, 1941, "A day that will live in infamy," is undoubtedly a defining moment in U.S. history. The day the Japanese bombed Pearl Harbor is again in the public eye with the recent release of Touchstone Pictures' epic Pearl Harbor this past Memorial Day weekend. While the movie provides an interpreted portrayal of those events, no rendition could possibly compare it to a first-hand account. Having lived through the attack as an eight-year-old boy, Retired Admiral Dick Camacho, remembers the day as one that left many people living in fear. Camacho, who now serves as senior vice president for Government Business at United States Marine Repair (USMR)…
Ship Repair Yards Ask: Where's the Funding?
While much of the focus is trained on Naval new construction, the fact is that repair and maintenance on the existing U.S. Navy fleet has reached condition critical.Cutbacks from the Navy have left many vessels of its 300-member fleet to go without required repairs and maintenance because the money is not budgeted. Yards may however, find some relief at the end of this month, dependent upon whether Congress passes a supplemental bill for additional funding. Already five months into the government's fiscal year and ship repair yards have not seen a cent of additional funding from the Navy for the maintenance and repair of its fleet.
Hanson Retires from San Francisco DryDock
Carl Hanson, president and general manager of San Francisco Drydock (SFD), one of seven United States Marine Repair (USMR)ship repair facilities , including Southwest Marine (SWM) and NORSHIPCO on the East Coast, has retired. He had been with the company since 1978. Due to his extensive shipyard knowledge and experience, he will remain involved with the company on a case-by-case consulting basis. Hanson's shipyard career began in San Diego, Calif., at Triple A South ship repair facility, where he gained hands-on knowledge as a ship superintendent. When SWM opened a facility in San Francisco in 1978, Hanson left Triple A and moved north to help with the start-up.
United Defense Completes Acquisition of Honolulu Shipyards Assets
United Defense Industries, Inc. has completed its acquisition of the U.S. Navy ship repair business of Honolulu Shipyard Inc. (HSI) for $16.1 million. HSI had revenues of $40 million in 2003. The new company, Hawaii Shipyards, Inc., will continue to partner with Southwest Marine (SWM), a unit of United States Marine Repair (USMR), a UDI subsidiary. The Company recently announced a teaming agreement with Bath Iron Works, a subsidiary of General Dynamics, for work on the USS CHAFEE (DDG 90), home ported in Hawaii. "I welcome the HSI team to our family of shipyards," said Al Krekich, president of USMR. "We look forward to working with this well-established, talented group of ship repair professionals.
United Defense Wins Contracts
United Defense, Industries, Inc announced today the award to NORSHIPCO a division of United States Marine Repair of 2 multi-year, multi-ship, cost plus contracts by the U.S. Navy’s Supervisor of Shipbuilding and Repair (SUPSHIP), Portsmouth worth nearly $90 million if all options are exercised. The largest contract, for six LSD-41 and 48 class ships, puts the entire LSD fleet of this ship type on East and West coasts under maintenance contracts with United States Marine Repair, a subsidiary of United Defense. The Advance Planning award totals $52,610. The combined total contract award, if the Navy exercises all options, is approximately $64 million.
NORSHIPCO Receives Award
United Defense Industries, Inc. announced the receipt of one of the U.S. Navy’s most prestigious awards, the Theater Surface Combatants Award for Excellence, at its shipyard in Norfolk, Va. The award, formerly titled the AEGIS Excellence Award, was presented to NORSHIPCO, a member of the United States Marine Repair (USMR) family of shipyards, during a ceremony at the yard in August. Rear Adm. William J. Cobb, Jr. presented the award to Tom Epley, NORSHIPCO’s president and general manager, before a room filled with representatives from the Supervisor of Shipbuilding in Portsmouth, Va., Navy officials and shipyard workers. USMR, recently acquired by United Defense, now holds a total of four of these most coveted awards.
United Defense's Norfolk Shipyard Wins Ship Repair Contract
United Defense Industries, Inc. announced today the U.S. Navy's contract award to the Norfolk, Va., shipyard, NORSHIPCO, for the topside phased-maintenance, fixed-price availability work on the dock landing amphibious-class ship USS WHIDBEY ISLAND (LSD-41), the lead ship in its class home-ported in Norfolk. NORSHIPCO is a member of United States Marine Repair, Inc. (USMR), a subsidiary of United Defense. The basic award of the contract is valued at $12.2 million and with funded options, the total contract value would be in excess of $14 million. The ship is scheduled to arrive at NORSHIPCO on September 9, 2002. Work is expected to be completed on February 10, 2003. NORSHIPCO performed a similar availability on the WHIDBEY ISLAND in 1999.
United Defense Shipyard Wins Ship Repair Contract
United Defense Industries, Inc. announced today the U.S. Navy's award to Southwest Marine (SWM) of the advanced planning segment of the contract for dry docking and pier side work on the USS LAKE CHAMPLAIN (CG-57), a Ticonderoga-class Aegis cruiser home-ported in San Diego. Southwest Marine is a member of United States Marine Repair, Inc. (USMR), which was acquired by United Defense last month. The advanced planning segment of the contract is valued at $518,484. With funded options, the total contract value is in excess of $12 million. SWM is the prime contractor and has teamed with National Steel and Shipbuilding Company and Continental Maritime of San Diego to perform the work.
NORSHIPCO Weathers the Economic Storm
A down economy, a disabled drydock and a nation under heightened security measures — not exactly the best position for a ship repair facility to be in — or so one would think. Norfolk Shipbuilding & Drydock Corporation (NORSHIPCO) however has managed to stay on top with its steady stream of government and commercial work coming in into its yard. With 70 percent of NORSHIPCO's work on the government side, the yard has still had a steady stream of commercial work. According to Krekich, the work that was performed on MSC ship M/V SSG Edward A. Carter was successful in terms of schedule, costs and customer satisfaction. The 950-ft. (289.5 m) vessel, which arrived at NORSHIPCO on March 1, 2001, is under a long-term charter to MSC.
National Ship Repair Coalition Elects Chairman
RADM Richard Camacho, USN (Ret.) was unanimously elected today as Chairman of the National Ship Repair Coalition's Executive Committee. As Chairman of the Executive Committee, Camacho is the ship repair industry's leading national spokesman. "I'm honored to serve in this capacity," said Camacho after his election. national security. of technical and cost proposals for all USMR shipyards. Shipyards in Charleston, South Carolina, and Pearl Harbor, Hawaii. The National Ship Repair Coalition is the leading national trade organization for the U.S. ship repair industry. group that exclusively represents ship repair interests. Continental Maritime, Earl Industries, Moon Engineering, PacShip, Marine Hydraulics Int?l, Tecnico, Pacific Shipyards Int'l, and other leading companies.