Harvey Gulf International Marine sold eight offshore tugs to Houston-based Signet Maritime in May. The sale allows Harvey, La.-based Harvey Gulf to concentrate on its core business of operating offshore supply vessels.
“Harvey is building a portfolio to take the company public at some point,” said Richard Sanchez, senior marine specialist/marine editor, IHS Energy/Petrodata Marine. “I think it makes a lot of sense. My feeling is that straight-up oilfield support is more lucrative than the towing stuff.”
New York-based Jordan Company, a middle-market private equity firm, is Harvey Gulf’s majority owner. The company signed a $500 million deal with Shane Guidry and his brother Shawn in 2008 for a 76% interest Harvey Gulf.
Sanchez said Shane Guidry, Harvey Gulf’s chairman and CEO, decided several years ago to go after the small to medium platform supply vessel market in the Gulf.
“If you look at the small to medium boat market, while it seems large and oversupplied, that’s only the case if you count all the boats. If your clients are saying they only want the newest boats, with the latest technology, then I think you’re shrinking that number to about 30 to 40 boats,” said Sanchez. “So this is probably where [Harvey Gulf’s] angle is. Companies like Shell and BP have upped their requirements for boats they charter. They’re saying ‘We’re not just doing what’s required. We’re going above and beyond.’ So he’s tried to capture the small to medium, high-tech, boats that weren’t that old.”
In May, Master Boat Builders, Bayou La Batre, Ala., delivered the 201'×48'×16', DP-2 platform supply vessel Harvey Worker to Harvey Gulf. Designed by the shipyard, the new PSV is the first of three that Master Boat is building for Harvey Gulf. The Harvey Worker and a sistership were originally part of a multiboat contract for Abdon Callais Offshore. Harvey Gulf purchased Abdon Callais’ assets in 2013 for $460 million. “Master Boat is kind of the gurus of the small- to medium-sized PSV under 100 gross tons,” said Sanchez.
Sanchez said that Harvey Gulf is still going to need towing support for some of its contracts. “Towing is going to be part of the jobs they need to fulfill, and they’ll probably tap Signet to do those jobs,” he said.
All eight of the tugs sold to Signet —with bollard pulls ranging from 75.70 MT to 153.58 MT bollard pull — are scheduled for Tier 3 upgrades and refurbishments at Pascagoula, Miss.-based Signal Shipbuilding & Repair. — Ken Hocke
