Bollinger buys Gulf Island s Houma shipyard
The two companies are among Houma-Thibodaux s largest employers.
Bollinger officials said the purchase will expand the company s construction and repair capacity to better serve its key defense and commercial customers.
Gulf Island said the sale of its shipyard and some of its long-term vessel construction contracts will bring in about $28.6 million. Gulf Island expects to net about $15 million after paying off liabilities associated with some of the shipbuilding contracts it will not complete as well as other expenses.
“The addition of the new Houma shipyard further strengthens our position within the U.S. defense industrial base as a leading shipbuilder and vessel repair company,” Ben Bordelon, CEO and president of Bollinger Shipyards, said in a news release.
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Press release content from Business Wire. The AP news staff was not involved in its creation.
Bollinger Shipyards Acquires Gulf Island Fabrication’s Shipyard Facilities
April 19, 2021 GMT
LOCKPORT, La. (BUSINESS WIRE) Apr 19, 2021
Bollinger Shipyards (“Bollinger”), a privately-held leading designer and builder of steel military and commercial vessels for the past three quarters of a century, today announced that it has acquired Gulf Island Fabrication, Inc.’s (“Gulf Island”) (NASDAQ: GIFI) Shipyard facilities, expanding Bollinger’s new construction and repair capacity and capabilities to better serve its key defense and commercial customers. Financial terms of the transaction were not disclosed.
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Photo: Bollinger Shipyards US shipbuilders and the offshore sector have added their support to new US President Biden this as an Executive Order dealing with “Buy American” showed explicit support for the Jones Act.
The wording, from a brief published by the White House, states: “The President will continue to be a strong advocate for the Jones Act and its mandate that only US-flag vessels carry cargo between US ports, which supports American production and America’s workers. With the signing of the 2021 National Defense Authorization Act [NDAA], the Jones Act has also been affirmed as an opportunity to invest in America’s workers as we build offshore renewable energy, in line with the President’s goals to build our clean energy future here in America.”