US owner is eyeing opportunities in key global markets and is looking to expand through a merger or acquisition
Expanding its global operational footprint, US-based Harvey Gulf International Marine has signed two one-year charter contracts to deploy two US-flag platform supply vessels (PSVs) to Nigeria.
The two PSVs, each with deadweight of 3,250 tonnes and dynamic positioning class 2, will be capable of working in shallow water ports with 4.5 m of transit depth. They will set sail for Nigeria in late June, and are expected to be joined by two 1,000-m2 deck vessels in Q3 2019, reported Harvey Gulf.
“We are continuing with our commitment to our shareholders of doing all we can to continue to generate positive EBITDA and cash flow, which cannot be achieved without operating globally”, said Harvey Gulf chief executive Shane Guidry. “In 2018, our EBITDA was generated two ways, 50% was from long term non-cancelable legacy contracts, and 50% from the spot market and new contracts. Since making the commitment to provide global service less than nine months ago, we now have vessels contracted in six countries: Mexico, Trinidad, Suriname, Guyana, Nigeria and, of course, the United States”.
Mr Guidry said Harvey Gulf is in discussions to deploy multi-purpose support vessels and LNG-powered PSVs to the North Sea, Brazil and Australia later this year and next, and fast support intervention vessels to Angola.
As Offshore Support Journal reported, Harvey Gulf is also adding operational flexibility by fitting its fleet with battery-hybrid power packs to its LNG-powered PSVs.
Harvey Gulf has also made no secret about its ambitions to expand through acquisition. Mr Guidry said, “Companies need to merge in order to create larger operating profiles and reduce costs, thus increasing investor returns. Over the years, Harvey Gulf has done exactly that with the purchase of three US competitors. Together with my management team, we stand ready to merge and operate any combined business.”
VesselsValue head of offshore Robert Day told Offshore Support Journal that Harvey Gulf has strong interest in the North Sea, noting, “Who they are intending to takeover or merge with and when is not yet clear, but it will be very interesting to watch its development over the coming months”.