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Thread: Harvey Gulf buys ACO (Unconfirmed) -Update (Confirmed)

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    Irishpirate78 is offline Just Browsing
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    Default Harvey Gulf buys ACO (Unconfirmed) -Update (Confirmed)

    Listening to the radio this morning and I heard several boats talking about the Harvey/ACO buyout finally happened. Same thing being said by everyone around Fourchon. Anyone got the inside track to confirm?
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    Yea I hear it was a done deal, just a little paperwork to get finished up and it looks like it got done. The DP 1 boats will be sold off.....maybe that's why the "action" on the Hornbeck DP1 boats dried up.
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    Whoever theorized about Harvey posturing for a big payday via IPO is looking like a genius at this point. What else could explain some of the moves they are making? Just showing "market share" on paper.
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    So now will there be an Infant Guidry of Galliano?
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    Default re: Harvey Gulf buys ACO (Unconfirmed) -Update (Confirmed)

    Quote Originally Posted by ryanwood86 View Post
    So now will there be an Infant Guidry of Galliano?
    my girlfriend has no idea why I am laughing, I tried to explain it, still looking at me funny. Only in the oil patch.
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    Default re: Harvey Gulf buys ACO (Unconfirmed) -Update (Confirmed)

    so I guess there is no reason to apply for employment with ACO unless you just hold a 100 ton
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    Default re: Harvey Gulf buys ACO (Unconfirmed) -Update (Confirmed)

    Quote Originally Posted by ryanwood86 View Post
    So now will there be an Infant Guidry of Galliano?
    I'm looking forward to seeing "St. Joseph the Hustler" coming up the channel.
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    Quote Originally Posted by rigdvr
    Whoever theorized about Harvey posturing for a big payday via IPO is looking like a genius at this point. What else could explain some of the moves they are making? Just showing "market share" on paper.
    Inevitable! Then they will slash dayrates as the fat cats on the board will refuse to pay someone with a HS diploma excess of six figures when that money could be going in their pockets instead. Joe boss baby! Here's to hoping that wont happen but strange things can happen when you're suddenly public.
    Last edited by z-drive; September 9th, 2013 at 02:45 AM.
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    Default re: Harvey Gulf buys ACO (Unconfirmed) -Update (Confirmed)

    Quote Originally Posted by ryanwood86 View Post
    Yea I hear it was a done deal, just a little paperwork to get finished up and it looks like it got done. The DP 1 boats will be sold off.....maybe that's why the "action" on the Hornbeck DP1 boats dried up.
    After talking to various sources the 200' DP-1 market has seen a decrease in day rates lately. They're down to the $10,500-13,000/day range whereas HOS was getting much higher for the vessels recently. In my opinion they were only taking jobs with super high day rates to have good numbers to show potential buyers. Day rates for mariners has affected this class of vessel more than anything else over the last year or so. They need 1600T guys, DP Certs, STCW, etc.... but you're pulling from the same pool of guys that are capable of working on a much bigger vessels for $800/day plus. To be profitable the licensed officers on these boats need to be in the $500/day range.

    I think its only a matter of time, middle of next year, that Harvey Gulf goes public. Too much money being spent on acquisitions, dock facilities and new builds for that size company.
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    Quote Originally Posted by Saltine

    After talking to various sources the 200' DP-1 market has seen a decrease in day rates lately. They're down to the $10,500-13,000/day range whereas HOS was getting much higher for the vessels recently. In my opinion they were only taking jobs with super high day rates to have good numbers to show potential buyers. Day rates for mariners has affected this class of vessel more than anything else over the last year or so. They need 1600T guys, DP Certs, STCW, etc.... but you're pulling from the same pool of guys that are capable of working on a much bigger vessels for $800/day plus. To be profitable the licensed officers on these boats need to be in the $500/day range.

    I think its only a matter of time, middle of next year, that Harvey Gulf goes public. Too much money being spent on acquisitions, dock facilities and new builds for that size company.
    I'm not saying they wont go public, but look how big Chouest has become, & still privately owned.. Of course Gary has not gone to the extent Shane has on "vessel" aquisitions. But there are many variables to consider.
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    Quote Originally Posted by Capnklump

    I'm not saying they wont go public, but look how big Chouest has become, & still privately owned.. Of course Gary has not gone to the extent Shane has on "vessel" aquisitions. But there are many variables to consider.
    I don't believe Gary used investment firms to the extent Shane is either. I know of some limited deals that got him out of a hard spot but if I'm reading the releases right, Harvey is growing primarily of outside investors?
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    Apples to oranges. Harvey is highly leveraged by outside investors; no reason to build market share and take on all that debt unless public is the goal.
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