American Oilfield Divers acquires Gulf Coast Marine Divers, two vessels and offshore diving equipment in separate transactions.LAFAYETTE, La.--(BUSINESS WIRE)--April 24, 1996--American Oilfield Divers Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DIVE) announced today that in anticipation of improved demand in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east diving market, it has acquired substantially all of the operating assets Operating Assets Another term for working capital. of Gulf Coast Marine Divers Inc., a medium-sized privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , for an undisclosed sum. AOD See HD DVD. also announced that in separate transactions, it has acquired two four-point anchor boats from two separate boat companies, and acquired from Offshore Diving and Salvage Inc., diving and related equipment, including diving chambers, diving compressors and ancillary equipment. Offshore Diving and Salvage is a diving contractor currently in Chapter 7 liquidation. "Based on several industry indicators, expectations are high that demand in the Gulf of Mexico diving market will steadily increase during the next several years," said George C. Yax, AOD's chairman of the board, chief executive officer and president. "As a result, I believe these are timely acquisitions which will increase our capacity to serve our Gulf of Mexico customer base. We anticipate that the acquisition of Gulf Coast assets will produce a minimum of $3 million to $4 million of revenue for AOD over the next nine months. We expect to employ most of Gulf Coast's offshore personnel and look forward to working with them going forward." Operating assets acquired from Gulf Coast Marine Divers include the four-point anchor boat Four Point IV (renamed the American Independence), the 110-ft. diving support vessel A diving support vessel is a ship that is used as a floating base for professional diving projects. Commercial Diving Support Vessels emerged during the 1960s and 1970s when the need arose for diving operations to be performed below and around oil production platforms and Sonya Maria (renamed the American Scout), as well as miscellaneous diving and marine construction equipment. In addition, Gulf Coast employed approximately 69 offshore personnel, including diving supervisors, divers, tenders and vessel hands. The two four-point anchor boats acquired by AOD were the 220-ft. Seahawk Retriever retriever: see sporting dog. retriever Any of several dog breeds, bred to retrieve game, that have a thick, water-resistant coat, keen sense of smell, and “soft” mouth that does not damage game. Retrievers are 22–24 in. (renamed the American Constitution) and the 170-ft. New Constructor (renamed the American Triumph). Both vessels will be operated in the Gulf of Mexico, replacing two vessels in AOD's Gulf of Mexico fleet which will be positioned overseas for international opportunities, particularly in the West African market. "In addition to their short-term impact on the Gulf of Mexico diving market, these acquisitions should produce long-term benefits throughout AOD, as these assets can be relocated to take advantage of opportunities in our other diving markets," Yax said. AOD is a leading provider of diving services, subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". products, marine construction and environmental services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico, U.S. West Coast, internationally and to certain U.S. inland customers. CONTACT: American Oilfield Divers Inc., Lafayette Greg Rosenstein, Cathy Green, 318/234-4590 |
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