Signet acquires Harvey Gulf’s offshore towing vessels

Shane J. Guidry, Chairman & CEO, Harvey Gulf International Marine (left) and J Barry Snyder, President, Signet Maritime, sign off on the acquisition by Signet Maritime of Harvey Gulf's offshore towing vessel assets Shane J. Guidry, Chairman & CEO, Harvey Gulf International Marine (left) and J Barry Snyder, President, Signet Maritime, sign off on the acquisition by Signet Maritime of Harvey Gulf's offshore towing vessel assets

May 16, 2014Signet Maritime Corporation, Houston, TX, will expand its presence in the ship assist and escort and offshore towing markets, following the acquisition of eight offshore towing vessels from Harvey Gulf International Marine (HGIM), New Orleans, LA.

Ranging in size from 153 to 75 metric tonnes bollard pull, the vessels are part of a sale that encompasses all Harvey Gulf’s offshore towing vessels, spares, business and supplies. Signet has committed to retention of all crewmembers and plans for Tier 3 Generation of power onboard all eight tugs with conversions starting immediately.

The deal was completed with financing by Wells Fargo Equipment Finance as part of a $209 million syndicated financing facility. All vessels are scheduled for Tier 3 upgrade and refurbishment at Signet Shipbuilding & Repair in Pascagoula, MS. Signet will continue to maintain its Offshore Towing Division operations from Port Fourchon, LA.

The purchase expands Signet’s vessel classes and allows it to broaden its service, offering over 38 ASD tractor and conventional vessels to customers in the Gulf of Mexico and worldwide. When combined, the modern fleet under Signet ownership and operation 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,” says Signet President J. Barry Snyder. “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,” says Snyder.

HGIM Chairman and CEO Shane J. Guidry, says, “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 companies 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.

The addition of the eight ocean-class offshore towing vessels enhances Signet’s high-performance fleet and enables it to provide ocean towing of semi-submersible, jack-up drilling rigs, TLPs, anchor handling, and subsea pipeline installation support.

ACQUIRED OFFSHORE TOWING VESSELS

Vessel/Bollard pull

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