Bollinger completes shipyard buys

LOCKPORT, La. - Louisiana-based Bollinger Shipyards has agreed to acquire a pair of American marine subsidiaries of ST Engineering North America in efforts to expand ship construction and repair capabilities in support of clients. The acquisition of VT Halter Marine and ST Engineering Halter Marine Offshore of Pascagoula, Miss., is expected to close before by the end of December and includes government programs (Coast Guard’s Polar Security Cutter and Navy Auxiliary Personnel Lighter-Small program) and two dormant yards and two shipyards in Pascagoula, Bollinger said Nov. 7. ST Engineering said it would receive about $15M cash from the transaction, subject to net working capital adjustments and potential earnout payments of up to $10.25M post-closing, subject to the award of future shipbuilding contracts to Halter Marine. The Singapore-based company plans to continue investing in its U.S. defense segment and commercial businesses, which include sites in Mobile, (Ala.) Aerospace Engineering and Pensacola, Fla. Bollinger has 14 shipyards in Louisiana and builds the CG’s Sentinel-class Fast Response Cutter, Navy Mine Countermeasures Unmanned Surface Vessel and Towing, Salvage and Rescue Ships programs and the Regional Class Research Vessel for the National Science Foundation and Oregon State University. (Government Wire 11/07/22) Bollinger to Buy 2 US Marine Businesses of ST Engineering; Ben Bordelon Quoted - GovCon Wire

ST Engineering to exit marine business: News - ST Engineering to Exit U.S. Marine Business | ST Engineering (stengg.com) 

UPDATE Nov. 15: 

Bollinger completes purchase of MS ship facilities

Louisiana-based Bollinger Shipyards has completed its $15M cash purchase of two U.S. marine subsidiaries of ST Engineering North America in Mississippi. The transaction expands its shipbuilding and repair capabilities in support of government/commercial clients. Bollinger will bring into its portfolio the Coast Guard’s Polar Security Cutter, the Navy’s Auxiliary Personnel Lighter-Small program and other ongoing efforts at VT Halter Marine and ST Engineering Halter Marine Offshore and two dormant yards and two shipyards in Pascagoula. The two shipyards were renamed Bollinger Mississippi Shipbuilding and Bollinger Mississippi Repair. The deal was first announced Nov. 7. (GovConWire 11/15/22)