Tidewater has a pair of 265-ft. PSVs under construction at the company's Houma, La.based Quality Shipyard -- which is led by Joseph Badeaux Vice President & General Manager -- with delivery anticipated at the end of 2009 or early 2010.
however, as drilling companies' earnings have beaten Wall Street estimates in recent months. "We had such as great run," Bennett said of the last two fiscal years. "People got used to every quarter being better and better. When things soften up and you go through an official recession, people look for any glimmer of hope" Bennett said crude oil stabilizing above $60 per barrel is great news, but to expect volatility. "We are living in a world that is much more reactionary," Bennett said. "We have to get used to volatility, whether it be in our own pocket book or on Wall Street." Despite the ups and downs and the myriad of is-
sues affecting the oil and gas sector, many companies are moving ahead with new construction plans. Tidewater, for instance, has more than 40 new vessels under construction in shipyards worldwide. Two 265-foot PSVs are under construction at the company's Houma, La.-based Quality Shipyard, with delivery anticipated at the end of 2009 or early 2010. Galliano, La.-based Edison Chouest Offshore recently announced its contract award to build a $150 million arctic supply vessel for Royal Dutch Shell and will decide by the end of the year whether that construction takes place at Chouest's new facility in Houma, La., called LA Ship or at a shipyard the company acquired last year in Tampa, Fla. In Mobile, Ala., state officials began construction in June on a 67,000 square-foot training cen-
An artist rendering of the new 153-foot Sentinel Class USCG Patrol Boat. The Coast Guard awarded the contract to Bollinger Shipyards to build the new Fast Response Cutters. The award could be worth $1.5 billion if options for all 34 vessels are exercised. August 2009 www.marinelink.com 23