Rigdon Marine secures new credit and equity - to double size of its fleetNews // January 17, 2006
Rigdon Marine plans to build another 10 PSVs to complement its GPA640s.
Rigdon Marine Corporation in the US has announced the completion of a series of financial transactions which will strategically position the company for future growth, and has also announced that it plans to acquire 10 more PSVs and thus double the size of its fleet.
Rigdon Marine Corporation recently signed a US$170 million credit facility with a group of European banks led by DVB Bank and secured US$30 million in equity investment.
The newly restructured Rigdon Marine Corporation has replaced its original financial capitalization for the recently completed GPA 640 series of 10 technically advanced PSVs and has obtained additional financing for a new series of 10 vessels, which it has on a firm contract with a major Louisiana shipbuilder.
Construction for the GPA 654 Class of PSVs is expected to be completed in the autumn of 2008, and new boats will double the company’s operational fleet.
“The success of our initial fleet of 10 diesel-electric platform support vessels, designed by Guido Perla & Associates has given the company the capability of attracting investment capital and attractive long-term debt financing,” said Larry T Rigdon, President and CEO of Rigdon Marine Corporation.
“Furthermore," said Rigdon, "our organization is committed to the redevelopment of the State of Louisiana. Our operations department will remain in the State, and we will construct our next 10 vessels in the State.”