rss icon Subscribe
desktop mobile

Harvey Gulf's Guidry Remains Confident as Bankruptcy Plays Out

Shane Guidry, Chairman & CEO Harvey Gulf

By Joseph Keefe

In a March 10th E-mail to customers and media alike, Guidry charts the course ahead.
In a terse E-mailed letter addressed to 'Valued Harvey Gulf Customers,' the U.S. flag offshore energy support CEO this weekend said, "I am pleased to report that the Bankruptcy Court has granted all of the first day relief requested by Harvey Gulf in our Chapter 11 proceedings. The motions were uncontested, and the court recognized the overwhelming support for the prepackaged plan by Harvey Gulf's lenders and equity holders."
The letter continued, "Among the most significant relief granted was that Harvey Gulf is authorized to pay our all of our vendors in full and in our normal course of business. This is true both for services performed before, and after, our filing date. Harvey Gulf is permitted to contract, provide services, and make payments, all in our normal course of business going forward."
Guidry finished up with some timing advice and one of his trademark predictions, adding, "I am also pleased to report that the judge set a confirmation hearing for April 24, 2018 for my company to exit Chapter 11, at which time it will be fully restructured, with a very robust balance sheet, with approximately $1 billion dollars of less debt, and possibly having achieved the quickest ever chapter 11 bankruptcy restructuring for a company this size."
Responding to queries from MarineNews for further clarification, Guidry responded via E-mail, "The restructuring will allow me to continue to dominate the US market since both my competitors haven't, that being Hornbeck and Chouest. With 1 billion of less debt, we'll be able to give much better pricing on a long term basis during this prolonged downturn and still be profitable."
Asked about the fate of the 'Q-LNG' collaboration with Shell - the project involving a newbuild LNG ATB bunker vessel - Guidry replied, "QLNG is and will remain separate from Harvey. Harvey is merely a minority shareholder minority rights only. I own 70 percent of QLNG and will forever." He added, "As far as our new build program, we have only one vessel left to deliver to ourselves from our Shipyard."
Last week's news that Louisiana-based Harvey Gulf International Marine LLC, which has more than 50 vessels in its offshore support fleet, had filed for Chapter 11 bankruptcy in Houston rattled an already shaky Jones Act offshore support market. Shane Guidry, this weekend, nevertheless remained optimistic and put a positive spin on last week's news, and the road ahead.

Mar 11, 2018

 

Contracts

Hyundai Mipo Dockyard Licensed by GTT

GTT has signed a Technical Assistance and License Agreement (TALA) with South Korean shipbuilder Hyundai Mipo Dockyard (HMD) targeting the outfitting of gas carriers

Diana Shipping Signs TC Contract for m/v Artemis with Ausca

Image: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a

Incat Crowther Design for S. African Special Forces

Image: Incat Crowther

Incat Crowther signed a design contract with Cape Town based shipbuilder Veecraft Marine for the

Energy

Goliat Oilfield Shut for Maintenance

(Photo: Eni)

Oil production at Eni's Arctic Goliat field off the coast of Norway was shut on Monday for planned

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

© Kees Smits / MarineTraffic.com

Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the

Aker BP CEO Predicts Fast Johan Sverdrup Ramp-up

Illustration / TRY courtesy Equinor

Aker BP, a partner in Norway's giant Johan Sverdrup oilfield, expects a fast ramp-up of production

Maritime Apps