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re: .
Posted on 4/5/20 at 12:39 pm to baldona
Posted on 4/5/20 at 12:39 pm to baldona
Most old boats are being sent to overseas markets or scrapped. A shite ton of new generation, state of the art boats are in stack. They cant be sold because there are no buyers. The 3 big players in the gulf are Chouest, Harvey Gulf, and Hornbeck and they all have plenty of their own vessels stacked. Tidewater has been scrapping brand new boats, but there are just way too many vessels in the oilfield right now and it isn't changing anytime soon.
For whatever reason, nobody saw this coming in 2013. Chouest had their island class 312 newbuild program, Harvey Gulf bought GOL, ACO, and BeeMar and started the LNG newbuild program and built 2 340 MPSVs. And Hornbeck had a huge Tigershark newbuild program and a 320 newbuild program.
Everybody knows there are too many boats but nobody wants to be the ones that actually start scrapping brand new, DP2 vessels
For whatever reason, nobody saw this coming in 2013. Chouest had their island class 312 newbuild program, Harvey Gulf bought GOL, ACO, and BeeMar and started the LNG newbuild program and built 2 340 MPSVs. And Hornbeck had a huge Tigershark newbuild program and a 320 newbuild program.
Everybody knows there are too many boats but nobody wants to be the ones that actually start scrapping brand new, DP2 vessels
This post was edited on 4/5/20 at 12:46 pm
2
Posted on 4/5/20 at 12:46 pm to Captain Crackysack
quote:
The 3 big players in the gulf are Chouest, Harvey Gulf, and Hornbeck and they all have plenty of their own vessels stacked. Tidewater has been scrapping brand new boats, but there are just way too many vessels in the oilfield right now and it isn't changing anytime soon.
You forgot SEACOR, and they have been scrapping AHTS Vessels that are only 20 years old.
Posted on 4/5/20 at 12:48 pm to Captain Crackysack
quote:
Harvey Gulf bought GOL,
No they didn’t. GOL and REC merged.
Harvey bought ACO
Posted on 4/5/20 at 12:51 pm to tgrbaitn08
GOL still exists but Harvey bought most of their good tonnage. The Harvey Condor, Hawk, Seahawk, Raven, and Eagle were all GOL boats.
Posted on 4/5/20 at 12:56 pm to Captain Crackysack
Yeah they bought a few but REC now operates all of GOL boats.
Posted on 4/5/20 at 5:45 pm to baldona
quote:
stacking costs money.
It does cost the company money having them sit there and not making money, but the boats are put on port risk insurance, which is cheap, depending on the company and where you have them stack there are dockage fees plus, again depending on the company the maintenance and if they have a crew to stand by on one vessel to look after the fleet.
quote:
I mean what's the point of holding onto an old boat? If they can't find a use for them fairly quickly, as in produce a market for them by rebranding/ refitting then it seems like that's a major long term issue.
They can’t sell it, they have no choice. And if a public company like Hornbeck has a boat on the books for $6mm, and the fair market value is only $3mm, well the board of directors would never approve that sale. There’d rather sit on it.
Posted on 4/6/20 at 12:30 am to tgrbaitn08
quote:
Been a long time coming. Todd has been paying himself a $3mm salary for the past 5 years since shite went to shite stashing money away waiting for this day.
Rewarding himself for all the capital destruction...well done shitbag.
Posted on 4/28/20 at 4:43 am to VMO7
(no message)
This post was edited on 6/9/20 at 8:09 am
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