Signet Maritime acquires Harvey Gulf OTV fleet

Signet Maritime Corporation, a global marine transportation provider has completed its acquisition of eight Harvey Gulf International Marine offshore towing vessels (OTVs) ranging in size from 153 to 75 metric tonnes bollard pull. The sale will encompass all Harvey OTVs, 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 Corporation said in a press release.

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 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,” stated J. Barry Snyder, Signet’s President. Further, he commented, “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 & CEO, 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.”

Since 1976, Signet has been a preeminent maritime transportation source for quality vessels. The Company specializes in rig moves, towing, ship assist and escort, vessel design, new vessel construction, repair and maintenance. Keeping the Company at the forefront of technology in the maritime industry, Signet was one of the first 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.

The transfer of OTV ownership was completed on May 15, 2014 in New Orleans, Louisiana with financing provided 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, Mississippi. Signet will continue to maintain its Offshore Towing Division operations from Port Fourchon, Louisiana.

Signet Maritime Corporation is a diverse international marine transportation and logistics services company. Since 1976, Signet has specialized in cargo handling, towing and tugboat services, ship management and vessel design, with concentration in the Americas, Africa and the Middle East.