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Bollinger Shipyards Goes Shopping and Picks Up Gulf Island
Posted on 4/19/21 at 9:16 pm
Posted on 4/19/21 at 9:16 pm
Heard the news a few weeks ago that Chouest was buying Gulf Island. I doubted the information, but that turned out to be true as Bollinger Shipyards announced today it was buying Gulf Island.
Bollinger Shipyards is owned by Chouest through an ownership agreement between Bollinger CEO Ben Bordelon and the Chouest family.
Yahoo News
I have no ill will on this acquisition except that now most major builders of vessels in the bayou area will now be controlled by one larger big company. You do have some other players like Thoma-Sea, Chet Morrison, and a few others.
Chouest has definitely been on a buying spree lately: Bollinger in 2015 and Grand Isle Shipyard in 2017.
Next thing you know they will be buying Danos.
Bollinger Shipyards is owned by Chouest through an ownership agreement between Bollinger CEO Ben Bordelon and the Chouest family.
Yahoo News
I have no ill will on this acquisition except that now most major builders of vessels in the bayou area will now be controlled by one larger big company. You do have some other players like Thoma-Sea, Chet Morrison, and a few others.
Chouest has definitely been on a buying spree lately: Bollinger in 2015 and Grand Isle Shipyard in 2017.
Next thing you know they will be buying Danos.
This post was edited on 4/19/21 at 9:23 pm
7
Posted on 4/19/21 at 9:44 pm to Tarps99
quote:
Chet Morrison
frick him
he bought belle isle and ran everybody else out who had been hunting and enjoying it for generations, gating off waterways and generally being a chode about it
Posted on 4/19/21 at 9:52 pm to cgrand
I was wondering who bought that.
Posted on 4/19/21 at 9:55 pm to Tarps99
quote:
Next thing you know they will be buying Danos.
Do they still own the old Mcdermott yard in Amelia?
Posted on 4/19/21 at 10:11 pm to Tarps99
quote:
Heard the news a few weeks ago that Chouest was buying Gulf Island. I doubted the information, but that turned out to be true as Bollinger Shipyards announced today it was buying Gulf Island.
Bollinger Shipyards is owned by Chouest through an ownership agreement between Bollinger CEO Ben Bordelon and the Chouest family.
Proof that when you owe the bank $100s of millions, you really own them.
Posted on 4/19/21 at 10:19 pm to slackster
Are you talking about the Chouest?
Posted on 4/19/21 at 10:28 pm to Tarps99
quote:
Chet Morrison
Did they re-emerge from the bankruptcy? I think it was rooster and the parent company that filed maybe?
Posted on 4/20/21 at 4:23 am to Powerman
quote:
Do they still own the old Mcdermott yard in Amelia?
I believe so.
But that is an integrated services facility if I recall and not vessel construction.
During the early part of the downturn in the oil and gas industry, they did shrink some of the Amelia operations with a round of layoffs, but I haven’t seen much after.
Posted on 4/20/21 at 6:43 am to GREENHEAD22
quote:
Are you talking about the Chouest?
I’ve always understood they have a frick ton of debt.
Posted on 4/20/21 at 8:28 am to slackster
I have heard it both ways. I would think they are sitting on a pile of cash before I would think they are up to their chin but we live in a crazy world so who knows. They literally printed $ for a good chunk of the 90s and 2000s when they were getting insane day rates and long contracts from the majors. That being said the industry has been in a general downturn for going on 7-8 yrs now so who knows.
This post was edited on 4/20/21 at 10:14 am
Posted on 4/20/21 at 9:54 am to Tarps99
Is GIFI completely out of Louisiana now?
Posted on 4/20/21 at 10:00 am to GREENHEAD22
quote:
have heard it both ways. I would think they are sitting on a pile of cash before I would think they are up to their chin but we live in a crazy work so who knows. They literally printed $ for a good chunk of he 90s and 2000s when they were getting insane day rates and long contracts from the majors. That being said the industry has been in a general downturn for going on 7-8 yrs now so who knows.
The family has a ton of money, obviously, but the company is debt ridden from what I understand. Their expansions have been costly but banks have a vested interest in seeing them make it through so they’ll do what they need to keep them going. They’re probably fine longer term, but they haven’t been matching that 401k in a while...
Posted on 4/20/21 at 10:30 am to slackster
Yea I know the boat industry has been hell since 14 or so. shite on of the last jobs I did on the D&C side in 14 we had one of the new HOSS MAX boats from Hornbeck on contract for 15k a day. 320-330ft state of the art boat for dirt cheap.
Posted on 4/20/21 at 9:30 pm to Tarps99
They only bought the shipyard, not GIFI as a whole.
Also Danos won’t be selling anytime soon.
Also Danos won’t be selling anytime soon.
Posted on 4/20/21 at 10:04 pm to Jj283
No, Danos is putting the squeeze on the whole GOM.
Posted on 4/21/21 at 6:36 am to GREENHEAD22
Yep. Worked for them for 6 years. Good People. Smart People. Been family owned since the beginning and I seriously doubt that ever changes.
Also someone was asking about the yard in Amelia, I’m almost certain that they have moved all fabrication activity back to the yard in Larose. They may be using the left side of the highway for lay-down space for various companies but I’m not sure.
I’m pretty sure they painted over the giant Danos logo that used to be on the side of the main fab shop, it was visible from Hwy 90 when it was there.
Also someone was asking about the yard in Amelia, I’m almost certain that they have moved all fabrication activity back to the yard in Larose. They may be using the left side of the highway for lay-down space for various companies but I’m not sure.
I’m pretty sure they painted over the giant Danos logo that used to be on the side of the main fab shop, it was visible from Hwy 90 when it was there.
Posted on 4/21/21 at 10:19 am to Tarps99
wonder if it includes the Mermentau yard Gulf Island bought from Leevac?
Posted on 4/21/21 at 2:02 pm to slackster
quote:Seems shitty they don’t match the 401K. I would guess the insurance is shite too.
They’re probably fine longer term, but they haven’t been matching that 401k in a while...
This post was edited on 4/21/21 at 2:30 pm
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