HOUSTON – Signet Maritime announced today that it has acquired eight Harvey Gulf International Marine offshore towing vessels (OTVs) ranging in size from 153 to 75 metric tonnes bollard pull. The sale includes all Harvey OTVs, spares, business and supplies. Signet said it will retain all crewmembers.
The eight tugs are all scheduled for Tier 3 upgrades and refurbishment at Signet Shipbuilding & Repair in Pascagoula, Miss.
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 U.S. Gulf of Mexico and worldwide. When combined, Signet's fleet 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.”
Shane J. Guidry, chairman and CEO, of New Orleans-based 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.”
Signet specializes in rig moves, towing, ship assist and escort, vessel design, new vessel construction, repair and maintenance. Signet was one of the first to incorporate EPA Tier 3 engines into all its vessel designs. 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.
The addition of the eight ocean-class offshore tugs enhances Signet’s high-performance fleet and enables it to provide ocean towing of semisubmersibles, jackup drilling rigs, TLPs, anchor handling, and subsea pipeline installation support.
The deal was completed on May 15 in New Orleans with financing provided by Wells Fargo Equipment Finance as part of a $209 million syndicated financing facility. Signet will continue to maintain its Offshore Towing Division operations from Port Fourchon, La.
The Harvey Gulf purchase includes:
• Signet Warhorse I 152.63 MT bollard pull
• Signet Warhorse II 153.58 MT bollard pull
• Signet Warhorse III 135.44 MT bollard pull
• Signet Lightning 98.76 MT bollard pull
• Signet Thunder 89.74 MT bollard pull
• Signet Intruder 86.98 MT bollard pull
• Signet Titan 82.81 MT bollard pull
• Signet Trojan 75.70 MT bollard pull
