Signet Maritime expands its fleet with tug acquisitions

The sale covers Harvey Gulf’s towing division, ending the New Orleans based company’s 59 year history of providing towing services. For Houston based Signet Maritime Corporation, the acquisitions will result in the company having over 38 ASD, tractor and conventional towing vessels at their disposal available to serve customers in the Gulf of Mexico and worldwide. The eight ocean-class offshore towing vessels will enhance Signet’s existing fleet, providing ocean towing services for sectors including semi-submersibles, jack-up drilling rigs, TLPs, anchor handling and subsea pipeline installation support.

Signet’s new additions are a varied selection of vessels and at the time of writing the name-changing process was underway, details of the vessels involved (with their Signet prefix names) are as follows. Signet Warhorse I, delivered in 2002 by Patti Marine, 44m LOA, twin GM main engines total 7,462kW, bollard pull 152.6mt. Signet Warhorse II, delivered in 2008 by Eastern Shipbuilding, 45m LOA, twin GM main engines total 7,456kW, bollard pull 153.5mt. Signet Warhorse III, delivered in 2002 by Thoma-Sea Boatbuilders, 45m LOA, twin GM main engines total 7,463kW, bollard pull 135.4mt. Signet Lightning, delivered in 1999 by Thoma-Sea Boatbuilders, 37m LOA, twin EMD main engines, bollard pull 98.7mt. Signet Thunder, delivered in 2002 by Candies Shipbuilders, 38.1m LOA, twin EMD main engines total 5222kW, bollard pull 89.7mt. Signet Intruder, delivered in 2001 by Candies Shipbuilders, 38.1m LOA, twin NREC main engines total 5222kw, bollard pull 86.9mt. Signet Titan, delivered in 1997 by Patti Marine, 38m LOA, twin GM main engines total 4580kW, bollard pull 82.8mt. Signet Trojan, delivered in 1976 by Halter Marine, 34.9m LOA, twin GM main engines total 4580kW, bollard pull 75.7mt.

The sale includes all spares, business and supplies covering the vessels and Signet has committed to the retention of all crewmembers and to continue with plans for Tier 3 generation of power on board all eight tugs, conversions starting immediately. When combined with existing vessels, Signet’s fleet will average eleven years of age.

J. Barry Snyder, Signet Maritime’s president stated: “The combination of Harvey and Signet follows a thorough due diligence process and is fully consistent with our strategy of being a “one-stop turnkey” source for all our customers’ needs.” Clearly looking towards the future Mr Snyder added: “This acquisition will accelerate our growth plans and we are very excited to welcome the talented and hardworking employees of Harvey OTVs to the Signet team.” Shane J. Guidry, Chairman & CEO, Harvey Gulf said: “Our two companies share a strong culture of entrepreneurship and a focus on quality and service to the customer. I look forward to seeing the talented people of Harvey and Signet work together as we continue to fulfil our commitment to meet all our customer needs.”

Signet Maritime has, since 1976 been recognised as a preeminent maritime transportation service provider specialising in rig moves, towing, ship assist and escort, vessel design, new vessel construction, repair and maintenance. At the forefront of technology, they were one of the first companies to incorporate EPA Tier 3 engines into all its vessel designs. Recently their tugs participated in the safe movement of Shell’s Olympus, Chevron’s Jack & St Malo, Andarko’s Lucius and Chevron’s Big Foot. The transfer of ownership of the eight vessels involved was completed recently in New Orleans, Louisiana by Shane J. Guidry, Chairman & CEO Harvey Gulf and J. Barry Snyder, President Signet Maritime. Financing for the deal is provided by Wells Fargo Equipment Finance as part of a $200m syndicated financing facility.

By Peter Barker