Third Generation of Guidry Family to Acquire Harvey Gulf International Marine

Harvey, LA (July 17th): Harvey Gulf International Marine Inc. announced today that it has entered into a purchase agreement pursuant to which two of its current owners, Shane and Shawn Guidry, along with The Jordan Company, L.P., a New York based private equity firm with over $5 billion of equity capital under management, will acquire the company in a transaction valued at approximately $500 million. Under the terms of the agreement, current owners, Shane and Shawn Guidry, and management will retain 24% of their outstanding equity interests, and The Jordan Company, L.P. will own the remaining 76%.

Through the sale, Shane J. Guidry will remain Chief Executive Officer of Harvey Gulf and all its affiliates, positions he has held since 1997, and also become the Chairman of the Board and Chief Executive Officer of the entity acquiring Harvey Gulf, HGIM Corp. Robert L. Gwinn has been promoted to President and Chief Sales Officer. Shawn Guidry will become Executive Vice President & Chief Operating Officer of Harvey Gulf, assuming the role in the operation undertaken at Guidry Brothers Towing (which will be merged into Harvey Gulf) by his uncle, Dick Guidry, for the past 40 years in Galliano, Louisiana. Chris Paule will be Harvey Gulf's Chief Financial Officer. Steve Sorgenfrei will continue as Harvey Gulf's Vice President of Logistics, and Robert Vosbein, Jr. will continue as General Counsel.

Shane and Shawn Guidry are the third generation of the Guidry family to own and operate Harvey Gulf. Through the sale, they will be able to continue to develop and grow the company that has operated for over 53 years. Founded in 1955, and headquartered in Harvey, Louisiana, Harvey Gulf is a marine transportation company that specializes in towing drilling rigs AND providing Offshore Supply and Multi-Purpose Dive Support vessels for deepwater water operations in the U.S. Gulf of Mexico.

Harvey Gulf has long been known for operating the most powerful towing vessels with superior rig towing safety equipment. Through the specialization of its towing vessels and emphasis on Safety and Environmental management, Harvey Gulf became the leader in towing the largest drilling rigs in the Gulf of Mexico.

Seeing the future need for vessels to support deepwater operations in addition to its towing vessel fleet, Harvey Gulf began its ongoing fleet expansion to include Offshore Supply Vessels (OSV's) in 2003. Like its towing vessels, Harvey Gulf's new-generation OSV's are characterized by large size, high cargo capacities and sophisticated electronics and navigation systems. They range in size from 240 ft. to 280 ft. in length, and include vessels that, in addition to traditional offshore supply services, can support deepwater rig mooring operations with Reel Spooling Units, as well as surveying activities, offshore and subsea construction, pipeline inspection and repair and dive support services.

Following the sale, Harvey Gulf will be in a better position to take advantage of other growth opportunities in the oil and gas industry. Chairman and CEO Shane Guidry commented, "The sale will support the company's experienced management team and mariners with the resources needed to continue to provide our loyal customers with the same level of service and the safety standards they have become accustomed to. Also, it will give us the resources we need to accelerate the expansion of our fleet to meet our customers' growing future needs."

Richard Caputo, Managing Partner of Jordan, said, "Harvey Gulf established a strong position in the deepwater market before others saw the need by building the largest and most technically advanced vessels available and supporting them with effective safety and environmental systems and teams. As a result, the company is very well strategically positioned, and we are excited to be a part of its continued growth in this sector."

The Board of Directors of Harvey Gulf and partners of Jordan have all unanimously approved the sale. The transaction is expected to close in 30 days, subject to regulatory approvals.

• About Harvey Gulf International Marine, Inc.

Harvey Gulf International Marine, Inc. is a family owned and operated marine transportation company, providing responsive service to the energy industry for the past 53 years. Currently, Harvey Gulf International Marine, Inc. owns and operates the largest Ocean Towing, Offshore Supply, Multi-Purpose Supply, and Offshore Supply Mooring Line Vessels in the Gulf of Mexico. For additional information, visit www.harveygulf.com.


• About The Jordan Company, L.P.

The Jordan Company (www.thejordancompany.com), founded in 1982, is a leading middle-market private equity firm with over $5 billion of assets under management and a successful track record of investing in and growing businesses across a wide range of industries. The firm's partners have been investing together for more than two decades, establishing The Jordan Company as one of the most experienced and stable investment teams in private equity. The investment team is supported by the firm's Operations Management Group, which initiates and supports operational improvements in portfolio companies. The firm generates deal flow through a well-developed network of sourcing relationships. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.

Media Contact: Robert A. Vosbein, Jr., Harvey Gulf International Marine, Inc. / 504-348-2466 / [email protected]


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