Two Harvey Gulf International Marine PSV 3250’s arrived without incident in Nigeria on August 12, 2019 and immediately began one-year contracts (see earlier story).
“We want to thank our local partner and our Nigeria employees for working 100 percent within our policies, procedures and most importantly our safety culture,” said CEO Shane Guidry. “We look forward to growing our business in the region.”
The company continues to expand globally, with two PSV 5400’s arriving in Trinidad on August 24, to begin drilling support, and a 210’ FSV en-route to the Caribbean to begin work in Guyana. It is also preparing two PSV 2750’s to be reflagged as Mexican in the upcoming months.
“We made a commitment to our shareholders to do everything humanly possible to continue to generate free cash flow, and we’re doing just that,” said Guidry. “Our company has consistently produced free cash flow through the entire downturn; none of our public peers can say they were able to do this. In 2017, only 30% of our business was generated from new contracts executed during that fiscal year, increasing to 50% in 2018 and more than 70% in 2019. We want to thank our clients for the global business and trust they have placed in Harvey to deliver on Safe Excellent Service (SES), something we continue, which we have done.”
Board member Warren Orlando commented, “Throughout the past two years I can truly say the dedication of this management team to Harvey Gulf, its customers, its employees and its shareholders is something I’ve never seen in my 40 years in the industry. I was a bit surprised earlier this year when the team decided to expand globally with plans to reactivate ten vessels by mid-2019. Well, today Harvey has ten vessels working in five foreign countries…great job team.”