Hercules Offshore Sells Domestic Liftboats to All Coast (USA)

Hercules Offshore Sells Domestic Liftboats to All Coast (USA)

All Coast, LLC, a newly formed company for the marine services industry founded by John Powers and John Nesser III, has completed the acquisition of Hercules Offshore’s domestic liftboat assets.

This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105 to class 229, 10 inactive liftboats and additional related assets.

All Coast is a limited liability company, newly formed for this transaction, with John Powers and John Nesser III leading as Managers and Co-CEOs.

Powers and Nesser, All Coast managers and co-chief executive officers, each have more than 40 years of experience in the oil and gas, engineering and maritime industries.

Throughout his career, Powers has owned and operated numerous energy and marine services companies including Power Offshore Services, LLC; Reeled Tubing, LLC; Seatrax, LLC; and Coastal Drilling Co.

Hercules Offshore Sells Domestic Liftboats to All Coast (USA)

Previously, Nesser served as the executive vice president and chief operating officer for McDermott International, where he held executive positions for more than 10 years.

All Coast domestic operations will be led by Byron Allemand, vice president and chief operating officer, and the operations center will remain in Lafayette, La.

Nesser commented that “John and I have been looking for the opportunity to re-enter the liftboat industry as owners and operators for several years.

“We look forward to the challenge of serving the offshore market with the highest standards of service and safety,” Nesser further noted. “We expect to grow All Coast and expand our fleet with new acquisitions and new builds.”

Joining Powers and Nesser is The Fleming Corporation, a private equity investment firm that will provide capital and a long-term perspective on value creation. The new owners are committed to growing the fleet’s market-leading position. Financing for the acquisition and working capital has been provided by Whitney Bank.

Press Release, July 2, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2015 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Tanzania Oil & Gas Expo 2015

This event will be the hub for key players in the Oil and Gas industry, attracting leading oil, gas and petroleum companies from around the world…

read more >

Oil and Gas Training

EI Oil and Gas Training offers a comprehensive programme of courses for the oil and gas industry, both as classroom training ranging in duration from 1- to 5- days or as distance learning online, including our Certificates in Oil and Gas. We offer over 30 course titles in introductory, intermediate and advanced levels, making EI training an essential provider in the sector. Bespoke training delivered in-house is also available.

  More Info

read more >

SPE ASIA PACIFIC ENHANCED OIL RECOVERY CONFERENCE

Oil and gas are expected to remain an important source for future world energy demand. However, conventional oil and gas production from…

read more >

2015 NAPE Summer Exhibitor Rates

This event offers producers and purchasers a unique chance to connect, reconnect, and make deals…

read more >

Jobs>

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply