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the offshore oil fields.” On the other end of the spectrum, Bollinger Shipyards builds offshore oil field support vessels and fast mili- tary patrol boats among other types of vessels and has 12 shipyards between New Orleans and Houston. Benjamin G. Bordelon, Executive Vice President, Repair, at Bollinger Shipyards said “Coming off of a down market in 2009 we finished the year on a high note with the award of three options on our USCG Sentinel Class Patrol Boat program. Bollinger entered 2010 with optimism as the oil and gas market showed signs of rebound.” “Our new construction backlog was fairly constant in 2010. We delivered OPA'90 tank barges to Bouchard Transportation and K-Sea Transportation, and multiple DP II classed OSV’s. Our backlog was solidified when we announced the award of the next generation tugs for Crowley as well as several other barge contracts. Our workforce will remain strong for the remainder of 2010.” However, Bordelon said, “As for 2011, we are prepared to go through a down market for the majority of our business segments. The current deep- water drilling moratorium is creating uncertainty in the market and has created a situation that makes it near- ly impossible for companies to make any future plans. We are also seeing that the de facto moratorium in the shallow waters is playing a similar role for that market.” From a fledgling yard’s perspective, Dave Reidt of Argosy Boat Company said “2010 has been a really difficult year for us as we spent over 18 months finding sufficient funding for our new yard. As a new start up ship- yard it is difficult to secure customers in such a depressed market. 2011 will be substantially better, especially when we prove our fuel savings are not just speculation, they are real.” Argosy Boat Company builds diesel- electric powered inland river tow- www.marinelink.com MN 39 While others are not, we continue to lend! Independence Bank is pleased to announced the financing of: Independence Bank 1370 South County Trail • East Greenwich, RI 02818 USA www.independence-bank.com Click on commercial lending Call Mike Sammartino 401-471-6318 Toll Free: 1-877-252-8583, ext. 318 EMAIL: msammartino@independence-bank.com Subbase Drydock, Inc. of St. Thomas, USVI Financing of New 1000 Ton Drydock May Ship Repair of Staten Island, NY Working Capital Loan Love City Car Ferries, Inc. of St. John, USVI Vessel Refurbishment Loan USA Island Seafood, Inc. of Saipan, Commonwealth of the Northern Mariana Islands, USA Financing of Processing Plant, Fishing Vessels and Working Capital Borinken Towing & Salvage, LLC of St. Croix, USVI Financing of two Tugs and two Barges Velvet Maritime of Hahnville, LA Financing of Tug Boat Marine & Fishery Finance MarineNews Yearbook Boatyards 2010
