Harvey Gulf Signs Fleet Expansion Agreements Totaling $540 Million

Updated: May 7, 2013 (Originally published May 5, 2013)

New Orleans-based Harvey Gulf International Marine has inked construction and asset purchase agreements for vessels totaling $540 million, Chief Executive Officer Shane Guidry said late last week.

The deals raise the total capital expenditures of Harvey Gulf to $1.7 billion since August 2008.

The first agreement is between Harvey Gulf and Eastern Shipbuilding Group for the construction of two STXCV 340-foot x 73-foot x 29.5-foot heavy lift construction vessels. The vessels, to be named the Harvey Sub-Sea and the Harvey Blue-Sea, will each feature 275 ton (250 metric ton) active heave compensated crane for deep water lowering; 12,000 square feet of usable deck space; and accommodations for 120 crewmembers in single and double occupancy quarters, along with three lounges, two gymnasiums, three conference rooms, and a 48 person theater and a heli-deck rated for a Sikorsky S-92 helicopter

The two vessels are in addition to a STXCV 310 light construction vessel, the Harvey Deep-Sea, also constructed by Eastern Shipbuilding Group. Harvey Gulf will take delivery of the Harvey Deep-Sea in July 2013.

The second agreement is between Harvey Gulf and TY Offshore for the construction of the company’s sixth dual fuel offshore vessel. This addition will enable Harvey Gulf to become the largest owner and operator of clean burning liquefied natural gas (LNG) offshore support vessels in the world.

The third and final agreement is the signing of an asset purchase with Gulf Offshore Logistics of Lafayette, Louisiana for 11 dynamically positioned class 2 offshore supply and fast supply vessels.

Harvey CEO Shane Guidry commented, “I am very pleased with the transactions I signed today, especially the acquisition agreement with Joel Broussard, of Gulf Offshore Logistics. Joel’s company philosophy of safety first is one we both share. The Gulf Offshore Logistics acquisition will complement our existing fleet of vessels, but most importantly it will bring additional diversity to Harvey with the addition of fast supply vessel’s. The two heavy construction vessels will allow my company to maintain its position as the largest United States flag owner of vessels with the ability of deploying over 148 tons (135 metric tons) to water depths of 11,482 feet (3,500 meters) with lifting hook heights of 131 feet (40 meters) above the main deck.”

Guidry added: “My commitment to our clients, the environment and our industry is clear. We are the only company in America building offshore supply vessels utilizing liquefied natural gas (LNG) as its fuel source regardless of the fact that these vessels have a construction cost of 20 percent percent higher than a conventional offshore supply vessel.”

Harvey Gulf this weekend opened a sales and engineering office in Houston to help support the company’s growth. The Houston team will be designing new vessel concepts while supporting new build growth and client needs.

Including the vessels announced, Harvey Gulf will own 46 deep water, DPS-2 vessels with an average age of less than five years old.

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