Martin Ferron, President, stated, "We are very pleased to have concluded this complicated transaction and are now focused on getting the acquired assets back to work, especially given the extra demand generated by Hurricane Katrina. We expect this to happen on a phased basis before the end of the year due to the need to drydock several of the vessels. The Midnight Express will be placed in service this year in its present condition, but will require significant upgrade work next year to reach its optimum pipelay capability. We expect the overall drydocking and upgrade budget to be around $30 million for all of the assets.
"The deal should be accretive to fourth quarter earnings this year and we expect the acquired assets to generate between $25 million - $30 million of operating cash flow on a full year basis."
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