Harvey Gulf Signs Charters for Two U.S.-Flag PSVs

Today, Harvey Gulf announced that it has signed two, one-year charters in Nigeria, Africa for the placement of two U.S. Flag, 3250DWT DPS-2 Platform Supply Vessels, both fully capable of safely working in shallow water ports with 4.5 meters of transit depth. 

CEO Shane Guidry commented, “We are continuing with our commitment to our shareholders of doing all we can to continue to generate positive EBITDA and cash flow, which cannot be achieved without operating globally. In 2018, our EBDITA was generated two ways, 50% was from long term non-cancelable legacy contracts, and 50% from the spot market and new contracts. Since making the commitment to provide global service less than nine months ago, we now have vessels contracted in six countries: Mexico, Trinidad, Suriname, Guyana, Nigeria and, of course, the United States. Harvey Gulf is committed to deliver the same Safe Excellent Service (SES) in these countries that our clients are accustomed to receiving from us here in the U.S. Our highly trained crews and boots on the ground in all six countries are absolutely committed to accident-free service.  Additionally, we are in discussions to bring MPSV’s and LNG-Dual Fuel PSV’s to the North Sea, Brazil and Australia later this year and into 2020, as well as DPS-2 FSIV’s into Angola.”

When asked about future plans for Harvey Gulf, CEO Shane Guidry was clear, “Companies need to merge in order to create larger operating profiles and reduce costs, thus increasing investor returns. Over the years, Harvey has done exactly that with the purchase of three U.S. competitors. Together with my management team, we stand ready to merge and operate any combined business.”

Both PSV’s will depart for Nigeria in late June. The Company also expects to send two, 1000 sq. meter deck vessels to the area in the third quarter.