Raceland, La.-based Adriatic Marine has entered into a contract with C&E Boat Rental to take over operations of one 220’ DP-2 and two 170’ DP-1 offshore supply vessels. Adriatic Marine will also take delivery of another 220’ DP-2 OSV presently under construction for C&E Boat Rental in Bayou La Batre, Ala., with an expected delivery date of September 2014. This transaction is scheduled to close in the next 30 days.
With the addition of the three OSVs, Adriatic Marine will have a fleet of 21 DP-1/DP-2 OSVs, ranging in length from 170’ to 220’ and having an average age of four years.
Adriatic Marine also has three 200’ DP-2 OSVs with methanol capabilities, seven 220’ DP-2 OSVs and two 260’ DP-2 OSVs on order, with deliveries commencing in July 2014.
Additionally, Adriatic Marine owns and operates a fleet of ABS-classed, oceangoing deck barges, all of which were built within the last three years. Adriatic Marine has ordered two additional 100’x260’x16’ deck barges and two 72’x260’x16’ deck barges to add to its fleet, with deliveries commencing in October 2014.
Yes, they just hired 4 mariners from my B&B of late.
Relocated their business to a much larger building and property just a few blocks away, about 1 year, ago.
Yes, an up and growing company right down the street from my B&B.
Last time I was in fourchon they had five or six tied up at the Baker Hughes dock out of work. I was told by a captain that works there that they target spot jobs over term jobs.
Most all of their boats are short to medium term jobs but as the company grows I would imagine more long term contracts are in their future. Before buying the Callais boats from Harvey, their self built boats were specifically built to specialize in the on shelf construction market with the 170’s sleeping almost 30 and the 190’s more than that. Charging room / board to that many greatly increases the day rate.
[QUOTE=rkbakula;136783]Last time I was in fourchon they had five or six tied up at the Baker Hughes dock out of work. I was told by a captain that works there that they target spot jobs over term jobs.[/QUOTE]
Term jobs in the Shelf Market don’t exist. There are too many mom and pop operators that get into that market with a handful of boats and willing to work cheaper than others constantly driving down the day rates. Why would any oil company sign a long term charter contract when there’s tons of boats that can fit the bill and are ready to replace the current boat at the drop of a hat. This is why you see a major difference in deepwater operations and shelf operations. On the shelf the company man will run off a boat every time the boat says they can’t do something, it’s illegal or unsafe. In deep water operations the company man can’t run off a boat because it’s got a 5 year charter that’s very hard to break without any penalties.
The operators in the shelf market are fighting for scraps and the oil companies sit back and love it.
I’m on the one of our bigger boats and we have 40 people on board. Just say we get 100 dollars a man that’s 4000 more a day on top of the day rate. The company continues to put money back into the company and it shows with the new builds and purchase of other companies. I am proud to be a part of this company.
[QUOTE=Adriatic1;137404]I’m on the one of our bigger boats and we have 40 people on board. Just say we get 100 dollars a man that’s 4000 more a day on top of the day rate. The company continues to put money back into the company and it shows with the new builds and purchase of other companies. I am proud to be a part of this company.[/QUOTE]
I think Adriatic has some nice vessels as far as the shelf market is concerned. They’re taking on a lot of debt in a very short period of time and hopefully they can keep their vessels busy. Good to see a small guy making waves every now and then.
They are following a mini Chouest type plan. Self built boats gives you a lot of power. Not sure how they do the financing side. The guy running the company is also ex Chouest so there are many similarities from paperwork and policies to the IMS and MT equipment. Heck, I got better tech service from MT when at Adriatic then I do at ECO…guess “paying” customers come first. Lol
[QUOTE=rigdvr;137471]They are following a mini Chouest type plan. Self built boats gives you a lot of power. Not sure how they do the financing side. The guy running the company is also ex Chouest so there are many similarities from paperwork and policies to the IMS and MT equipment. Heck, I got better tech service from MT when at Adriatic then I do at ECO…guess “paying” customers come first. Lol[/QUOTE]
Not a bad route to go if the owner cares about building a superior product than the competitor for the same price. Most owners want to build the se product for cheaper and that does work sometimes. That is until times get slow and the customer has many boats to choose from and yours doesn’t stand out at all. But if you built a superior boat than the competition you should be the clear choice.
But this is the boat business so throw all sensible logic out of the window.
Worth a shot though. In my opinion, one of the best options in 100ton employment. When I apply for jobs, I always apply where I want to be first and work my way down the list I make for myself.