Signet Buys Harvey Gulf Offshore Tug Fleet

Signet Maritime bought eight tugs from Harvey Gulf International on 15 May 2014.

Signet Maritime Corporation announced today the acquisition of eight offshore towing vessels from Harvey Gulf International Marine as part of a $209 million financing facility from Wells Fargo Equipment Finance. The tugs range in size from 75 to 153 metric ton bollard pull.

The company notes that all Harvey Gulf crewmembers will remain in place as part of the acquisition and that they will convert the power plants on board all eight tugs to Tier III standards “with conversions starting immediately” at Signet Shipbuilding & Repair in Pascagoula, Mississippi.

The financing facility will also be used to complete the construction and purchase of three new-build escort ASD reverse tractor tugs, and the purchase of three existing bareboat chartered vessels.

With this acquisition, Signet’s global fleet now stands at 38 ASD tractor and conventional tugs averaging 11 years old.

“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.”

Shane J. Guidry, Chairman & CEO, Harvey Gulf said, “Our two companies share a strong culture of entrepreneurship and a focus on quality and service to the customer. I look forward to seeing the talented people of Harvey and Signet work together as we continue to fulfill our commitment to meet all our customer needs.”

The eight ABS-classed towing vessels acquired, and their bollard pull capacity include:

SIGNET WARHORSE I –152.63 metric tonnes
SIGNET WARHORSE II –153.58 metric tonnes
SIGNET WARHORSE III –135.44 metric tonnes
SIGNET LIGHTNING – 98.76 metric tonnes
SIGNET THUNDER – 89.74 metric tonnes
SIGNET INTRUDER – 86.98 metric tonnes
SIGNET TITAN – 82.81 metric tonnes
SIGNET TROJAN – 75.70 metric tonnes

Signet was one of the first to incorporate EPA Tier 3 engines into all its vessel designs. Most recently, Signet’s ASD reverse tractor tugs participated in the safe movements of Shell OLYMPUS, Chevron’s JACK & ST. MALO, Anadarko’s LUCIUS, and Chevron’s BIG FOOT.

Signet will continue to maintain its Offshore Towing Division operations from Port Fourchon, Louisiana.