A subsidiary of Gulf Island Fabrication Inc. will acquire all assets, including leasehold interest at Louisiana marine fabrication facilities, of LEEVAC Shipyards LLC through an asset purchase agreement, Gulf Island said Dec. 23.
The marine fabrication facilities are in Jennings, La., and Lake Charles, La., and all the company’s machinery and equipment is included in the $20 million transaction. LEEVAC and its affiliates entered the agreement, Gulf Island said.
About $112 million of incremental contract backlog would be provided through the deal.
Through a working capital adjustment, Gulf Island would receive a reduction for assumption of LEEVAC’s net liabilities and settlement payments on ongoing fabrication projects when the deal closes. Gulf Island will pay a nominal amount of cash at the closing, but could receive cash, the company added. Closing is scheduled for the end of fourth-quarter 2015 or the start of first-quarter 2016.
PPHB LP was Gulf Island’s financial adviser. Jones Walker LLP was its legal adviser.
Gulf Island Fabrication Inc. is an offshore drilling and production platform manufacturer based in Houston.
Recommended Reading
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.