First Wave to Focus on Offshore Energy Sector

First Wave Marine, Inc. has agreed to sell substantially all of the assets of its two Houston subsidiaries, Newpark Shipbuilding - Brady Island, Inc. and Newpark Shipbuilding - Pasadena, Inc., to Southwest Shipyard, LP. The transaction is expected to close in June.

First Wave president Grady Walker commented that "First Wave will now be able to focus all of its energies on our Galveston operations. The proceeds from this sale will be used to retire substantially all of the company's remaining debt and to provide additional working capital to devote to better serving the needs of our customers in the offshore drilling rig and vessel markets."

First Wave is a leading shipyard company in the Houston-Galveston area. The company provides repair, conversion, new construction and related services for offshore rigs, barges, boats, ships and other vessels in the offshore energy and marine industries.