Beal Bank USA, Plano, Texas, has arranged a term loan of $450 million for Otto Candies LLC, Des Allemands, La. Beal Bank USA, part of one of the largest privately owned financial institutions in the nation, held total assets of approximately $16.4 billion as of Sept. 30, 2025.
In late October, Otto Candies LLC announced it had acquired the multipurpose support vessel (MPSV) fleet of Harvey Gulf International Marine, New Orleans. Shane Guidry, Harvey Gulf’s chairman and CEO told WorkBoat that Harvey Gulf received “just under $500 million” for the four vessels. He declined to share any financial terms.
The deal includes the 340'x73' Harvey Blue-Sea and Harvey Sub-Sea as well as the 302'x64' Harvey Deep-Sea and the 300'x64' Harvey Intervention. The four vessels were built by Eastern Shipbuilding Group Inc., Panama City, Fla., between 2012 and 2017.
The DP2 vessels are used in support of inspection, repair, and maintenance; survey; and light construction work. "Each of these vessels brings proven subsea capability and operational versatility that align with our mission to deliver safe, reliable, and efficient marine services," the Otto Candies company said in a statement. "The addition of these vessels strengthens our ability to meet the highest standards of performance while expanding our service offerings in both traditional and emerging offshore markets."
"Our overall strategy is to pursue growth opportunities that make both strategic and economic sense wherever they are available within our areas of expertise, while always maintaining our reputation as providers of the highest quality services available in our industry," Candies III told WorkBoat. "These acquisitions check all of those boxes for us."
The Subsea is currently operating in the offshore wind market based in Providence, R.I., while the Deep-Sea, Blue-Sea, and Intervention are supporting the oil and gas market out of Port Fourchon, La. The vessels are under contracts of varying durations, which are set to expire between the first quarter of 2027 and the first quarter of 2029.
"Acquiring four high-quality, high-demand vessels represents a pivotal moment for Otto Candies. These funds will help the company further develop their existing first-class platform in the Jones Act offshore markets, supporting both oil & gas and wind development and production,” Andy Longhurst, managing director and head of shipping for Beal Bank USA's wholly owned commercial lending subsidiary CSG Investments Inc., said in a statement announcing the loan. “With this facility, CSG is once again demonstrating our willingness to originate large transactions on a bilateral basis, supporting niche, but vital, maritime asset classes."
"This acquisition marks a major milestone for Otto Candies LLC, and we're grateful to Beal Bank USA for their critical role in making it happen,” Candies III said. “Their ability to move decisively and provide a clear, committed financing solution on a tight timeline was instrumental."
As far as the loan is concerned, Piper Sandler acted as sole placement advisor to Otto Candies LLC. The proceeds from the loan were used for general corporate purposes, including refinancing of existing indebtedness and paying for the acquisition of the four MPSVs from Harvey Gulf.
"Beal Bank USA is always looking to support large American owned and operated companies across industries with their secured financing needs," Farzin Dinyarian, managing director and head of oil & gas for CSG said.
