Harvey Gulf sells rig towing division

Today marks two milestones at Harvey Gulf International Marine. After 59 years of towing drilling rigs, Harvey Gulf has sold its towing division. Harvey Gulf also announced a fourth generation of the Guidry family, Ashton Guidry, son of CEO Shane Guidry, has joined the company.

Demonstrating its strength, the SIGNET WARHORSE II, is the most powerful ABS classed ocean towing vessel in Signet Maritime’s Offshore Towing Division. At 153.58 tonnes bollard pull, the SIGNET WARHORSE II will lead the fleet providing ocean towing of rigs, spars and other vessels.

Shane Guidry announced he is continuing the transformation of Harvey Gulf by selling its towing division to Signet Maritime Corporation. When Shane Guidry and the Jordan Company purchased Harvey Gulf from the second generation of the Guidry family in 2008, the towing division served as the platform for the company’s growth. Since then, Harvey Gulf has transformed to a provider of offshore supply, subsea construction, and crewing vessel services and quintupled in size.

Captain Numa J. Guidry founded Harvey Gulf in 1955, chartering his oyster-fishing vessel to Standard Oil Company to bring supplies to inland drill barges. Then, the total asset value of the small fleet was $15,000.00. Today, Harvey Gulf’s vessel fleet consists of 51 vessels with another 12 vessels under construction, totaling over $2 billion in value.

CEO Shane Guidry commented: “If my grandfather was alive today, he would be proud of what we have accomplished at Harvey Gulf and to see a fourth generation of our family enter the business. The sale of our towing division is just another step in the ongoing transformation of Harvey Gulf. In 2012, we signed contracts to build the first vessel in America that will operate using LNG as its primary fuel source. In 2013, we signed a contract to construct America’s first LNG marine fuel dock and began building the first Heavy Construction Vessels capable of delivering 100 metric tons to a depth of 4,000 meters.

Harvey Gulf is pleased to have sold its fleet of towing vessels to our longtime partner in towing, Signet Maritime. And we look forward to continuing to work as a team to bring the safest and most dependable service to both of our clients.”

Signet Maritime Corporation has acquired eight Harvey Gulf International Marine offshore towing vessels (OTVs) ranging in size from 153 to 75 metric tonnes bollard pull. The sale will encompass all Harvey OTVs, spares, business and supplies. Signet has committed to retention of all crewmembers and plans for Tier 3 Generation of power onboard all eight tugs with conversions starting immediately.

The purchase expands Signet’s vessel classes and allows the Company to broaden its service, offering over 38 ASD tractor and conventional vessels to customers in the Gulf of Mexico and worldwide.

When combined, the modern fleet under Signet ownership and operation will average 11 years of age. “The combination of Harvey and Signet follows a thorough due diligence process and is fully consistent with our strategy of being a “one-stop turnkey” source for all our customers’ needs,” stated J. Barry Snyder, Signet’s President.
“This acquisition will accelerate our growth plans and we are very excited to welcome the talented and hardworking employees of Harvey OTVs to the Signet team,” Snyder added.

May 16, 2014

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