Server: Microsoft-IIS/2.0 Date: Thu, 20 Nov 1997 18:58:39 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Tue, 02 Sep 1997 13:16:48 GMT Content-Length: 8179
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PRESS
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GULFPORT, Miss... Halter Marine Group, Inc. (AMEX:HLX) Gulfport, Miss. has signed an agreement to acquire the stock of Bludworth Bond Shipyard, Inc. which owns and operates shipyards in Houston and Texas City, Tex. The two shipyards which specialize in drydock and dockside repair and conversion of boats and barges, will become the 18th and 19th shipyards of Halter Marine Group, Inc. Terms were not disclosed and closing of the purchase is subject to the fulfillment of certain conditions. The announcement was made by John Dane III, chairman, president and CEO of Halter Marine Group, Inc. He said, "This acquisition is an ideal fit for Halter because Bludworth Bond has a large, loyal and similar customer base to ours. Expanding Halter's presence in the repair and conversion business is one of our strategic goals, and this acquisition is an opportunity that will help us achieve that objective. It will complement the work of our six nearby TDI-HALTER, Inc. facilities which do similar work on offshore drilling units. Bludworth Bond has an outstanding reputation in the industry and we intend to build on the good name it has earned." Total annual revenues of the company's two shipyards, which employ about 300 persons is approximately $25 million. Harold Bludworth will remain as president and no major changes are anticipated in the operation of the company or in the number of its employees. The Houston shipyard has three drydocks with distances of 58 feet between wingwalls with lifting capacities to 1,200 short tons. It has 1,500 linear feet of sheet pile bulkhead and a water depth of 23 feet. Its cranes and cherry pickers can lift from 26,000 pounds to 70,000 pounds. The Texas City yard has three drydocks with distances of 58 feet to 84 feet between wingwalls and lifting capacities up to 4,500 short tons. It can drydock boats and barges up to 425 feet and can perform dockside repairs and conversions at its 350 foot bulkhead with a 28 foot water depth. The Houston facility is on a ten acre site at the intersection of Brays Bayou and the Houston Ship Channel. The Texas City yard is located on the Texas City Industrial Canal, Dock 42, 2201 Dock Road. Bludworth Bond's history dates to the 1870's when commercial sail boats plied the Gulf of Mexico and B. L. Bludworth lofted his first wooden boat near Rockport, Tex. A decade later, the yard was prospering and J. L. Bludworth had moved the business to Harbour Island, across Aransas Bay from the original Rockport site. In 1905 he moved the operation to Galveston, and it was later moved to Houston. The Texas City yard was added in 1986. The company's name is derived from two grandsons of B. L. Bludworth, Harold Bludworth and L. M. Bond. Halter Marine Group, Inc. includes 17 shipyards in Texas, Louisiana, Mississippi and Florida. The company specializes in the design, construction, conversion and repair of a wide variety of vessels for commercial, government and pleasure boat markets as well as offshore mobile drilling units. Shipyards of the Halter Marine Group, Inc. have built more than 2,000 vessels in the past 40 years.
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