Harvey Gulf files for bankruptcy

Another well-known US offshore vessel owner, Harvey Gulf International Marine, has filed for bankruptcy.

Shane Guidry-led Harvey Gulf reportedly has more than US$900M of debt. According toVesselsValue, Harvey Gulf has assets valued at US$989.98 million, including 61 vessels and two newbuilding contracts.

Website Reorg Research reported last month that Harvey Gulf was being advised by Blackhill Partners and Vinson & Elkins and is seeking to restructure using a restructuring agreement similar to those used by OSV majors GulfMark Offshore and Tidewater last year.

Harvey Gulf was backed several years ago by private equity company Jordan Co who supported Mr Guidry in his acquisition of the company, which invested significantly in vessels powered by liquefied natural gas (LNG) and in a refuelling facility for LNG-fuelled vessels. In 2013 it acquired another OSV company Abdon Callais and in 2015 acquired Gulf Coast Shipyard.

In March 2017 the company was downgraded by Moody’s and in September 2017 it failed to make payments due on its debt and entered into a forbearance agreement with its lenders.