Harvey Gulf in new $540 million fleet expansion

MAY 3, 2013 — Harvey Gulf International Marine CEO Shane Guidry today announced the execution of three agreements for vessels totaling $540 million, taking the company’s total capital expenditures since August 2008 to $1.7 billion.

Harvey Gulf’s newbuild binge now includes to STXCV offshore construction vessels

The first agreement is between Harvey Gulf International Marine and Eastern Shipbuilding Group. It covers the construction of two STXCV 340 ft x 73 ft x 29.5 ft heavy lift construction vessels.

To be named the Harvey Sub-Sea and the Harvey Blue-Sea, both vessels will have the following features:

A two hundred fifty (250) metric ton active heave compensated crane for deep water lowering.

Twelve thousand (12,000) square feet of usable deck space.

Accommodations for 120 crew members in single and double occupancy quarters, along with three lounges, two gymnasiums, three conference rooms and a 48 person theater.

A heli-deck rated for a Sikorsky S-92 helicopter.

The two vessels are in addition to a STXCV 310 Light Construction Vessel, the Harvey Deep-Sea, set for delivery from Eastern Shipbuilding in July 2013.

ANOTHER NEWBUILD FOR TY OFFSHORE

The second agreement is between Harvey Gulf International Marine and TY Offshore for the construction of the sixth dual fuel offshore vessel to be owned and operated by Harvey Gulf International Marine. This addition will enable Harvey Gulf to become the largest owner/operator of clean burning LNG Offshore Support Vessels in the world.

ACQUISTION FROM GULF OFFSHORE LOGISTICS

The last agreement is the signing of an asset purchase with Gulf Offshore Logistics of Lafayette, Louisiana for eleven DPS-2 offshore supply and fast supply vessels.

Mr. Guidry commented, “I am very pleased with the transactions I signed today, especially the acquisition agreement with Joel Broussard, of Gulf Offshore Logistics. Joel’s company philosophy of safety first is one we both share. The Gulf Offshore Logistics acquisition will complement our existing fleet of vessels, but most importantly it will bring additional diversity to Harvey with the addition of fast supply vessels. The two heavy construction vessels will allow my company to maintain its position as the largest United States flag owner of vessels with the ability of deploying over one hundred thirty-five (135) metric tons to water depths of three thousand five hundred (3,500) meters with lifting hook heights of forty (40) meters above the main deck. My commitment to our clients, the environment and our industry is clear. We are the only company in America building offshore supply vessels utilizing liquefied natural gas (LNG) as the fuel source regardless of the fact that these vessels have a construction cost of twenty percent higher than a conventional offshore supply vessel.”

“On May 4, 2013, I will open a sales and engineering office in Houston, Texas to help support my company’s growth,” continued Mr. Guidry. “At Harvey Gulf, we take time to clearly listen to our client’s needs, demands and desires and that’s what we buy or build.” said Mr. Guidry. The Houston team will be designing new vessel concepts while supporting new build growth and client needs.”

With the vessels reported in today’s announcement, Harvey Gulf International Marine will own 46 deep water, DPS-2 vessels with an average age of less than five years old.