A tug and offshore support vessel builder has found a buyer for one of its under-used shipyards.
Gulf Island Fabrication has agreed to sell its North Yard facilities in Aransas Pass, Texas, US, for US$28M as it reduces its assets and improves its balance sheet.
This sale to an unnamed buyer includes associated equipment, except crawler cranes, on the site and is expected to be completed in Q4 2018. This deal is subject to customary closing conditions, including an inspection period by the purchaser.
Gulf Island Fabrication president and chief executive Kirk Meche said this sale was “another significant step in our previously announced plan to rationalise underutilised assets and strengthen our balance sheet and liquidity.”
This sale will give Gulf Island Fabrication “increased flexibility as we continue to strategically reposition ourselves to more diversified markets and customers,” said Mr Meche. He anticipates more sales of underutilised assets in the future.
Gulf Island Fabrication is headquartered in Houston, Texas, and has fabrication and shipyard facilities in Louisiana and Texas. It constructs workboats, offshore and towage vessels and complex steel structures for oil, gas and petrochemical production and transportation. It also provides related installation, hook-up, commissioning, repair and maintenance services.
In August, Gulf Island Fabrication won a contract to build a second of two towboats for the US inland towage market. The first vessel for this order was awarded in May this year. Both towboats will be built to ABS rules for US trade with power ratings of 2,460 kW at Gulf Island’s shipyard in Houma, Louisiana.
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