By Mark Edward Nero
Kvichak Marine Industries, a Seattle-based subsidiary of Vigor Industrial, has been awarded a shipbuilding contract by the Water Emergency Transportation Authority of San Francisco for the design and construction of two all-aluminum 400 passenger-only ferries.
The vessel replacement project is part of WETA’s ongoing fleet renewal process, the organization’s executive director, Nina Rannells, said. The new vessels will replace two vessels in the Transportation Authority’s 12-vessel fleet that are approaching the end of their expected life.
The 135-foot by 38-foot, all-aluminum catamarans, which are designed by Australian company Incat Crowther, will have a draft of 6.75 feet and will feature MTU 12V4000 M64+ EPA Tier III engines rated 1,950 BHP at 1830 RPM, coupled with ZF7600 reduction gears. An exhaust after treatment system will also be included. Service speed will be 27 knots.
Kvichak has awarded Nichols Brothers Boat Builders the subcontract to provide the bolt-on superstructure for the project. From 2007 to 2010, the two companies collaborated on the delivery of four 118-foot, environmentally friendly ferries currently in service for WETA in the San Francisco Bay area.
The latest catamarans are to be the 700th and 701st vessels built by Kvichak. They’re anticipated to be in service by the summer of 2017.
According to the Transportation Authority, the contract is worth $32 million and is being funded through a combination of Federal Transit Administration grant funds, bridge tolls, grant funds, and a transportation sales tax.
Showing posts with label Vigor Industries. Show all posts
Showing posts with label Vigor Industries. Show all posts
Thursday, April 16, 2015
Friday, February 18, 2011
Vigor Completes Purchase of Todd Shipyards
Oregon-based Vigor Industries on Tuesday completed the $130 million purchase of Seattle's Todd Pacific Shipyards.
Based on a final tender offer made in January, 88 percent of Todd shares were tendered by shareholders. Vigor was offering $22.27 per share under the tender offer.
The Todd board of directors unanimously approved the Vigor agreement in December 2010.
In January, Vigor obtained antitrust approval from the federal government to move forward with the Todd purchase.
With the completion of the sale, Todd Pacific Shipyards Corporation becomes a wholly owned subsidiary of Vigor Industrial and will become Vigor Shipyards, Inc., with Vigor President Frank Foti as its CEO and Todd CEO Steve Welch as its President.
Based on a final tender offer made in January, 88 percent of Todd shares were tendered by shareholders. Vigor was offering $22.27 per share under the tender offer.
The Todd board of directors unanimously approved the Vigor agreement in December 2010.
In January, Vigor obtained antitrust approval from the federal government to move forward with the Todd purchase.
With the completion of the sale, Todd Pacific Shipyards Corporation becomes a wholly owned subsidiary of Vigor Industrial and will become Vigor Shipyards, Inc., with Vigor President Frank Foti as its CEO and Todd CEO Steve Welch as its President.
Thursday, February 3, 2011
Vigor Extends Tender Deadline for Todd Shipyards
A proposed $130 million purchase of Seattle's Todd Shipyards by Oregon-based Vigor Industries has hit some minor turbulence.
Shareholders of Todd had until January 28 to tender shares to Vigor for purchase at $22.27 each. However, under the terms of the agreement approved by the Todd board, Vigor needed to obtain a minimum of 67 percent of the outstanding shares before moving forward with the purchase.
By the expiration of the tender offer on Jan. 28, Vigor had amassed 2.9 million shares, or 50.7 percent of the outstanding shares. The firm has now extended the tender offer until February 4.
Vigor officials downplayed the situation as a show of reluctance on shareholders' part, saying instead that it was likely due to several large block shareholders hoping to get more money per share by waiting. However, as of Feb. 3, the Todd price per share was still slightly below the Vigor tender offer and has not risen above the $22.27 offered since Jan. 25.
If Vigor fails to reach the 67 percent minimum, the firm plans to call a vote of the shareholders.
Vigor plans to take Todd private if the deal is approved and combine the two firms.
The Todd board of directors unanimously approved the Vigor agreement in December 2010. Todd’s directors and officers and certain other stockholders who own an aggregate of approximately 15.3 percent of Todd’s outstanding stock also entered into agreements at the time pursuant to which they agreed to transfer their Todd shares to Vigor and to vote their shares in favor of a merger if a vote is taken.
Last month, Vigor obtained antitrust approval from the federal government to move forward with the Todd purchase.
Shareholders of Todd had until January 28 to tender shares to Vigor for purchase at $22.27 each. However, under the terms of the agreement approved by the Todd board, Vigor needed to obtain a minimum of 67 percent of the outstanding shares before moving forward with the purchase.
By the expiration of the tender offer on Jan. 28, Vigor had amassed 2.9 million shares, or 50.7 percent of the outstanding shares. The firm has now extended the tender offer until February 4.
Vigor officials downplayed the situation as a show of reluctance on shareholders' part, saying instead that it was likely due to several large block shareholders hoping to get more money per share by waiting. However, as of Feb. 3, the Todd price per share was still slightly below the Vigor tender offer and has not risen above the $22.27 offered since Jan. 25.
If Vigor fails to reach the 67 percent minimum, the firm plans to call a vote of the shareholders.
Vigor plans to take Todd private if the deal is approved and combine the two firms.
The Todd board of directors unanimously approved the Vigor agreement in December 2010. Todd’s directors and officers and certain other stockholders who own an aggregate of approximately 15.3 percent of Todd’s outstanding stock also entered into agreements at the time pursuant to which they agreed to transfer their Todd shares to Vigor and to vote their shares in favor of a merger if a vote is taken.
Last month, Vigor obtained antitrust approval from the federal government to move forward with the Todd purchase.
Tuesday, January 25, 2011
Todd Shipyards Finds No 3rd Party Buyer, Class Action Suit Filed By Shareholders
The Todd Shipyards Corporation, being pursued as a purchase target by Vigor Industrial, announced Tuesday that it has not found an alternate buyer and will not extend an option to continue seeking a third-party purchaser.
In December, the Portland, Oregon-based Vigor entered into an agreement to purchase the 94-year-old Todd, which operates ship building, maintenance and repair facilities in Bremerton, Everett and Seattle.
Part of the agreement allowed Todd to solicit acquisition proposals from alternative purchasers. This so-called "go shop" period expires on Jan. 28. However, Todd had the option under the agreement to ask for a 14-day extension past the expiration of the "go shop" period at 11:59 p.m. EST on Jan. 28.
Under the terms of the agreement, the current all-cash tender offer by Vigor of $22.27 per share for the nearly 5.8 million shares of outstanding Todd stock, or approximately $130 million, expires at one minute after the "go shop" period on Jan. 28.
A stockholder vote will still have to be taken to accept the Vigor's tender offer, however, the Todd board of directors unanimously approved the Vigor agreement in December 2010. Todd’s directors and officers and certain other stockholders who own an aggregate of approximately 15.3 percent of Todd’s outstanding stock also entered into agreements at the time pursuant to which they agreed to transfer their Todd shares to Vigor and to vote their shares in favor of a merger if a vote is required by law. Two weeks ago Vigor obtained antitrust approval from the federal government to move forward with the Todd purchase.
Under the terms of the tender offer, Todd will merge with Nautical Miles, Inc., a Vigor subsidiary. Nautical will merge with and into Todd following completion of the deal, with Todd surviving as a wholly owned-subsidiary of Vigor.
“Todd is Puget Sound’s leading shipyard and the combination of Vigor and Todd will create the largest and most capable marine services company in the Pacific Northwest,” said Frank Foti, the President of Vigor in December following the signing of the agreement with Todd. “The combination of resources and capabilities will allow the combined companies to expand both the scope and capacity of their ship repair and new construction business.”
Vigor officials have stated that the firm has obtained enough financing to purchase all 5.78 million outstanding Todd shares as well as refinance all existing Todd debt.
The terms of the agreement set 67 percent of outstanding Todd stock as the minimum Vigor must purchase for the deal to close. In the event that the minimum condition is not met, and in certain other circumstances, the parties have agreed to complete the transaction through a one-step merger after receipt of shareholder approval.
As of the end of 2010, at least a half-dozen shareholder-representing law firms have said they were investigating the agreement and how the Todd board may have abrogated its fiduciary responsibility and short-changed certain shareholders.
On January 20, the Maryland law firm of Brower Piven announced it had begun a class action lawsuit in the Washington Superior Court, King County, on behalf of all shareholders of Todd.
The suit alleges that Todd's directors and officers have breached their fiduciary duties to the company's stockholders, "including the duties of good faith, loyalty, and due care." The suit also alleges that Vigor and Woodbourne Partners, L.P., a private investment company that holds Todd shares, aided and abetted the alleged breaches of fiduciary duties by the Todd officers and directors cited in the suit.
In December, the Portland, Oregon-based Vigor entered into an agreement to purchase the 94-year-old Todd, which operates ship building, maintenance and repair facilities in Bremerton, Everett and Seattle.
Part of the agreement allowed Todd to solicit acquisition proposals from alternative purchasers. This so-called "go shop" period expires on Jan. 28. However, Todd had the option under the agreement to ask for a 14-day extension past the expiration of the "go shop" period at 11:59 p.m. EST on Jan. 28.
Under the terms of the agreement, the current all-cash tender offer by Vigor of $22.27 per share for the nearly 5.8 million shares of outstanding Todd stock, or approximately $130 million, expires at one minute after the "go shop" period on Jan. 28.
A stockholder vote will still have to be taken to accept the Vigor's tender offer, however, the Todd board of directors unanimously approved the Vigor agreement in December 2010. Todd’s directors and officers and certain other stockholders who own an aggregate of approximately 15.3 percent of Todd’s outstanding stock also entered into agreements at the time pursuant to which they agreed to transfer their Todd shares to Vigor and to vote their shares in favor of a merger if a vote is required by law. Two weeks ago Vigor obtained antitrust approval from the federal government to move forward with the Todd purchase.
Under the terms of the tender offer, Todd will merge with Nautical Miles, Inc., a Vigor subsidiary. Nautical will merge with and into Todd following completion of the deal, with Todd surviving as a wholly owned-subsidiary of Vigor.
“Todd is Puget Sound’s leading shipyard and the combination of Vigor and Todd will create the largest and most capable marine services company in the Pacific Northwest,” said Frank Foti, the President of Vigor in December following the signing of the agreement with Todd. “The combination of resources and capabilities will allow the combined companies to expand both the scope and capacity of their ship repair and new construction business.”
Vigor officials have stated that the firm has obtained enough financing to purchase all 5.78 million outstanding Todd shares as well as refinance all existing Todd debt.
The terms of the agreement set 67 percent of outstanding Todd stock as the minimum Vigor must purchase for the deal to close. In the event that the minimum condition is not met, and in certain other circumstances, the parties have agreed to complete the transaction through a one-step merger after receipt of shareholder approval.
As of the end of 2010, at least a half-dozen shareholder-representing law firms have said they were investigating the agreement and how the Todd board may have abrogated its fiduciary responsibility and short-changed certain shareholders.
On January 20, the Maryland law firm of Brower Piven announced it had begun a class action lawsuit in the Washington Superior Court, King County, on behalf of all shareholders of Todd.
The suit alleges that Todd's directors and officers have breached their fiduciary duties to the company's stockholders, "including the duties of good faith, loyalty, and due care." The suit also alleges that Vigor and Woodbourne Partners, L.P., a private investment company that holds Todd shares, aided and abetted the alleged breaches of fiduciary duties by the Todd officers and directors cited in the suit.
