The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady.
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.
Vancouver, Wash. based Tidewater Transportation and Terminals announced it will expand its service on the Columbia Snake River System.The Pacific Northwest focused inland marine transportation company has been awarded a $3.2 million grant from the U.S. Department of Transportation Maritime Administration (MARAD) to aid in the expansion of its barge service from the Port of Morrow in Boardman, Ore.
The U.S. Department of Transportation’s Maritime Administration (MARAD) awarded $9.5 million in grants to eight marine highways projects across the Nation under the America’s Marine Highway Program. The funding supports the enhancement of navigable waterways and expands existing waterborne freight services in Illinois, Indiana, Kentucky, Louisiana, New York, New Jersey, Oregon, Tennessee
US Offshore Support Vessel Analysis 2018 and 2019. The US GOM Offshore Support Vessel (OSV) market is suffering, utilization remains poor, and many owners are still squeezed financially. However, a poor market forces people to adapt and for those willing to take risks, the upside can be extremely large.US Owners 2018 vs.
Vancouver, Wash. based Tidewater Transportation and Terminals announced Friday it has hired Johan Sperling as its new Vice President and Chief Operating Officer.Sperling will have direct oversight and responsibility for the maintenance and engineering department, vessel operations, dispatch and terminal operations.
Conrad Shipyard announced it has hired Robert A. Socha to lead the company’s sales and marketing efforts as vice president of sales and marketing. He will work collaboratively with other Conrad business groups, including business development, engineering and product development, contracts, estimating and operations.
Huntington Ingalls Industries (HII) announced that The Apprentice School at its Newport News Shipbuilding division has been approved by the State Council of Higher Education for Virginia to operate as a postsecondary institution. The certification gives the school the authority to grant academic degrees, further enhancing its national reputation as the model apprenticeship program.
Cryopeak LNG Solutions Corporation said Wednesday it has signed a Memorandum of Understanding with marine bulk fuels transporter Island Tug & Barge Ltd. (ITB) to deliver liquefied natural gas (LNG) bunkering services in Southwest British Columbia, Canada.Cryopeak and ITB have developed a design for a 4,000-cubic-meter articulated tug and barge (ATB) which is planned to be in operation in 2023.
Huntington Ingalls Industries (HII) hosted commencement exercises on Saturday for 145 graduates of the company’s Apprentice School at Newport News Shipbuilding. The ceremony, held at Liberty Baptist Church Worship Center in Hampton, commemorated the school’s centennial graduating class.
Tidewater, which owns and operates the largest fleet of offshore support vessels in the industry, announced that Larry T. Rigdon has been elected Chairman of the Board effective October 28th.Rigdon replaces Dr. Thomas R. Bates, Jr., who has recently resigned from the board, said a press note.Rigdon has been a member of the Tidewater Board of Directors since August 2017.
Tidewater Transportation and Terminals said it recently added Aaron Degodny as its new Vice-President and Chief Commercial Officer. As part of Tidewater’s executive leadership team, Degodny will focus on establishing strategic partnerships in new markets, expanding and strengthening client relationships, and extending the regional and global footprint of Tidewater