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.
Bollinger Acquires Gulf Island Fabrication s Houma Shipyard – gCaptain
gcaptain.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gcaptain.com Daily Mail and Mail on Sunday newspapers.
Gulf Island Announces Sale of Shipyard Division Assets and Long-Term Contracts
streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.