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.
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.
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…
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.
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.
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.
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.
American Pride: Working Hard in the US Dredging Industry
We have had a great first couple of months at the Dredging Contractors of America. As the new CEO and Executive Director, I have begun to visit the companies, their facilities and associated dredging projects. So far, I have surveyed the beach re-nourishment project in Ocean City, Md. undertaken by Great Lakes Dredge and Dock. I’ve canvassed Weeks Marine’s repair and yard facility in Jersey City, N.J. In the last week of February, I visited Mike Hooks Inc.’s corporate headquarters and boatbuilding and repair yard in West Lake, La.
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.
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'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.
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…
Kuwait Oil Tanker Signs Financing Deal for 8 Tankers
Kuwait Oil Tanker Company (KOTC) said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported. The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said. Earlier, KOTC and South Korean construction firm Hyundai Heavy Industries have co-signed a contract worth USD 213.36 million to build three immense gas tankers, as part of a major KOTC fleet overhaul.
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)…
Fincantieri Services set-up in the U.S.
As part of its business development strategy in the United States, Fincantieri has established Fincantieri Services USA, a wholly owned subsidiary, based in Miami, Florida, which will be the focal point in the country for all the services and after sales activities on cruise ships of the Group. Fincantieri Services USA will be the sole front office for cruise customers, offering a wide range of services - particularly all those related to the life cycle management of the vessels - as well as focusing on repairs and refitting.
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.
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.
GoM Lease Sale to yield greater focus : NOIA
“The historic size of tomorrow’s Region-wide Gulf of Mexico lease sale, combined with improving market conditions and a shallow water incentive, may draw more interest from industry than we have seen in recent years. “Operators are global in nature and will bid where they believe they will get the most ‘bang for their buck’. The results of recent sales in the Mexican side of the Gulf of Mexico demonstrate that the United States cannot tread water by offering the same acreage time and time again without additional incentives.
Importers Buy U.S. Corn at Record Pace
Importers are buying U.S. corn at the fastest pace since the mid-1990s, according to U.S. government data, as tightening stocks in Latin America prompt a rush to purchase cargoes of the grain from animal feeders worldwide. A deepening drought in Argentina and limited corn supplies in Brazil, two of the three largest exporters, have opened a window of opportunity for top supplier the United States, which has the largest available surplus for export. The shopping spree comes as a rare bit of good news for U.S.
Great Lakes Shipyard Contracted for USCG Cutter Repairs
Great Lakes Shipyard hauled out the United States Coast Guard Cutter Neah Bay (WTGB-105) using its 770-ton capacity Travelift. The repair contract, awarded to the Shipyard in early March, includes routine drydocking and underwater hull maintenance such as inspection and testing of propulsion systems; overhaul of sea valves and shaft seal assemblies; and other various cleaning, inspections, and repairs. This is the first of the USCG’s nine 140-foot Bay Class ice breaking tugs to be drydocked using Great Lakes Shipyard’s new Marine Travelift.
Kuwait Oil Tankers Inks Financing for Eight Tankers
Kuwait Oil Tanker Company said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported. The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said. Reporting by Ali Abdelati