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



CEMEX UK Orders Dredger Newbuild

(Image: Lloyd’s Register)

CEMEX UK has signed a contract with Damen Shipyards Group to build the first in a new generation

Mitsui Delivers Bulker to Ostria Marine

M.V. CHRISTINA Photo Mitsui Engineering & Shipbuilding

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 66,000 dwt type bulk

ADNOC Signs Major Offshore Concession Agreements with Total

Image: Abu Dhabi National Oil Company

The Abu Dhabi National Oil Company (ADNOC) has signed agreements with Total of France


McDermott and CB&I Conclude Merger

Image: CB&I

McDermott International and CB&I announced that the companies have received antitrust clearance

Lamprell, GustoMSC join forces to develop Jackup Rig design

Jack Up Rig Photo AdobeStock

Lamprell announced its exclusive collaboration with GustoMSC to develop the Lamprell Jackup-43

Angola to Export 48 Crude Cargoes in May

File Image: A typical Crude carrier at sea. Credit: EuroNav

Angola's state firm Sonangol is expected to export 48 cargoes of crude oil in May

Maritime Apps