Nigerian charters underpin Harvey Gulf’s global expansion

Harvey Gulf International Marine (HGIM) reported that two of its platform supply vessels (PSVs), each with a deadweight of 3,250 tonnes, arrived in Nigeria in August to begin their charters.

HGIM chief executive Shane Guidry said, “We want to thank our local partner and our Nigerian employees for working 100% within our policies, procedures and most importantly our safety culture. We look forward to growing our business in the region.”

HGIM continues to expand globally, with two additional PSVs, each with a deadweight of 5,400 tonnes, arriving in Trinidad in August to begin drilling support. HGIM also reports that a 64-m fast supply vessel will begin work in Guyana, and two 2,750-dwt PSVs will be placed under the Mexican flag in the coming months.

Two 3,100-dwt PSVs, Harvey Leader and Harvey Legend, are currently under the Mexican flag, according to UK-based ship valuations firm VesselsValue. Both vessels were built by Bollinger Shipyards, Lockport, Louisiana, in 2010.

“We made a commitment to our shareholders to do everything humanly possible to continue to generate free cash flow, and we’re doing just that,” said Mr Guidry. “Our company has consistently produced free cash flow through the entire downturn; none of our public peers can say they were able to do this. In 2017, only 30% of our business was generated from new contracts executed during that fiscal year, increasing to 50% in 2018 and more than 70% in 2019,” he added.

HGIM board member Warren Orlando said he was “a bit surprised” earlier this year when HGIM decided to expand globally with plans to reactivate 10 vessels by mid-2019. “Well, today Harvey has 10 vessels working in five foreign countries... great job, team,” said Mr Orlando.

Outside the US, HGIM has vessels operating in Nigeria, Trinidad, Guayana, Suriname and Mexico.